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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file
Number: 002-73024
GARATMORE VARIABLE INSURANCE TRUST
(Exact name of registrant as specified in charter)
1200 RIVER ROAD, CONSHOHOCKEN, PENNSYLVANIA 19428
(Address of principal executive offices) (Zip code)
ELIZABETH A. DAVIN, ESQ.
NATIONWIDE PLAZA
COLUMBUS, OHIO 43215
(Name and address of agent for service)
Registrant's telephone number, including area code: (484) 530-1300
Date of fiscal year end: 12/31/03
Date of reporting period: 06/30/03
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Include a copy of the report transmitted to stockholders pursuant to Rule
30e-1 under the Act (17 CFR 270.30e-1).
- --------------------------------------------------------------------------------
GARTMORE VARIABLE INSURANCE TRUST
SEMI ANNUAL REPORT JUNE 30, 2003
- --------------------------------------------------------------------------------
GARTMORE VARIABLE INSURANCE TRUST
SEMI ANNUAL REPORT
JUNE 30, 2003
TABLE OF CONTENTS
Gartmore GVIT Nationwide Fund. . . . . . . . . . . . . . . . . . 2
Gartmore GVIT Growth Fund. . . . . . . . . . . . . . . . . . . . 4
Gartmore GVIT Government Bond Fund . . . . . . . . . . . . . . . 6
GVIT Small Company Fund. . . . . . . . . . . . . . . . . . . . . 8
Gartmore GVIT Money Market Fund. . . . . . . . . . . . . . . . . 17
Gartmore GVIT Money Market Fund II . . . . . . . . . . . . . . . 21
J.P. Morgan GVIT Balanced Fund . . . . . . . . . . . . . . . . . 22
Gartmore GVIT Mid Cap Growth Fund. . . . . . . . . . . . . . . . 30
Nationwide GVIT Strategic Value Fund . . . . . . . . . . . . . . 32
Comstock GVIT Value Fund . . . . . . . . . . . . . . . . . . . . 34
Federated GVIT High Income Bond Fund . . . . . . . . . . . . . . 36
GVIT Equity 500 Index Fund . . . . . . . . . . . . . . . . . . . 42
Van Kampen GVIT Multi Sector Bond Fund . . . . . . . . . . . . . 48
GVIT Small Cap Value Fund. . . . . . . . . . . . . . . . . . . . 56
GVIT Small Cap Growth Fund . . . . . . . . . . . . . . . . . . . 61
Gartmore GVIT Worldwide Leaders Fund . . . . . . . . . . . . . . 63
Dreyfus GVIT Mid Cap Index Fund. . . . . . . . . . . . . . . . . 65
Turner GVIT Growth Focus Fund. . . . . . . . . . . . . . . . . . 70
Gartmore GVIT Global Technology and Communications Fund. . . . . 71
Gartmore GVIT Global Health Sciences Fund. . . . . . . . . . . . 72
Gartmore GVIT Nationwide Leaders Fund .. . . . . . . . . . . . . 73
Gartmore GVIT Emerging Markets Fund. . . . . . . . . . . . . . . 74
Gartmore GVIT International Growth Fund. . . . . . . . . . . . . 77
Dreyfus GVIT International Value Fund. . . . . . . . . . . . . . 80
Gartmore GVIT Investor Destinations Aggressive Fund. . . . . . . 84
Gartmore GVIT Investor Destinations Moderately Aggressive Fund . 85
Gartmore GVIT Investor Destinations Moderate Fund. . . . . . . . 86
Gartmore GVIT Investor Destinations Moderately Conservative Fund 87
Gartmore GVIT Investor Destinations Conservative Fund. . . . . . 88
Gartmore GVIT U.S. Growth Leaders Fund . . . . . . . . . . . . . 89
Gartmore GVIT Global Utilities Fund. . . . . . . . . . . . . . . 90
Gartmore GVIT Global Financial Services Fund . . . . . . . . . . 92
Gartmore GVIT Developing Markets Fund .. . . . . . . . . . . . . 93
Statements of Assets and Liabilities . . . . . . . . . . . . . . 97
Statements of Operations . . . . . . . . . . . . . . . . . . . . 103
Statements of Changes in Net Assets. . . . . . . . . . . . . . . 109
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . 133
Notes to Financial Statements. . . . . . . . . . . . . . . . . . 177
- --------------------------------------------------------------------------------
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT NATIONWIDE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------
COMMON STOCKS (99.7%)
AEROSPACE/DEFENSE (0.8%)
Boeing Co. (The) . . . . . . . . . . . . 341,826 $ 11,731,468
------------
BANKS (4.3%)
Bank of America Corp.. . . . . . . . . . 159,678 12,619,352
Bank of New York Co., Inc. (The) . . . . 316,262 9,092,533
J.P. Morgan Chase & Co.. . . . . . . . . 358,525 12,254,385
U.S. Bancorp . . . . . . . . . . . . . . 923,611 22,628,469
Wachovia Corp. . . . . . . . . . . . . . 221,547 8,853,018
------------
65,447,757
------------
BIOTECHNOLOGY (1.6%)
Amgen, Inc. (b). . . . . . . . . . . . . 355,695 23,632,376
------------
BROADCAST MEDIA/CABLE TELEVISION (2.7%)
AOL Time Warner, Inc. (b). . . . . . . . 1,638,477 26,363,095
Viacom, Inc. Class B (b) . . . . . . . . 335,631 14,653,649
------------
41,016,744
------------
CAPITAL GOODS (5.5%)
Deere & Co.. . . . . . . . . . . . . . . 197,985 9,047,915
Dover Corp.. . . . . . . . . . . . . . . 242,474 7,264,521
Eaton Corp.. . . . . . . . . . . . . . . 164,424 12,925,371
General Electric Co. . . . . . . . . . . 1,006,275 28,859,966
PACCAR, Inc. . . . . . . . . . . . . . . 201,048 13,582,803
Pall Corp. . . . . . . . . . . . . . . . 519,224 11,682,540
------------
83,363,116
------------
CHEMICALS (2.0%)
Dow Chemical Co. . . . . . . . . . . . . 362,191 11,213,433
Praxair, Inc.. . . . . . . . . . . . . . 310,123 18,638,393
------------
29,851,826
------------
COMPUTER EQUIPMENT (3.2%)
Dell Computer Corp. (b). . . . . . . . . 482,354 15,416,034
Hewlett-Packard Co.. . . . . . . . . . . 1,574,002 33,526,242
------------
48,942,276
------------
COMPUTER NETWORKS (1.1%)
Cisco Systems, Inc. (b). . . . . . . . . 958,464 15,996,764
------------
COMPUTER SOFTWARE & SERVICES (8.0%)
Affiliated Computer Services, Inc.
Class A (b). . . . . . . . . . . . . . . 231,638 10,592,806
Microsoft Corp.. . . . . . . . . . . . . 2,333,846 59,769,796
Oracle Corp. (b) . . . . . . . . . . . . 1,200,689 14,432,282
Sun Microsystems, Inc. (b) . . . . . . . 3,326,843 15,303,478
Unisys Corp. (b) . . . . . . . . . . . . 1,638,085 20,115,684
------------
120,214,046
------------
CONGLOMERATES (1.6%)
3M Co. . . . . . . . . . . . . . . . . . 101,821 13,132,873
Ingersoll-Rand Co. . . . . . . . . . . . 236,828 11,206,701
------------
24,339,574
------------
CONSTRUCTION & BUILDING MATERIALS (1.8%)
Centex Corp. . . . . . . . . . . . . . . 176,292 13,713,755
Masco Corp.. . . . . . . . . . . . . . . 551,373 13,150,246
------------
26,864,001
------------
CONSUMER DURABLE (0.6%)
Fortune Brands, Inc. . . . . . . . . . . 164,864 8,605,901
------------
CONSUMER PRODUCTS (1.6%)
Procter & Gamble Co. (The) . . . . . . . 263,696 23,516,409
------------
DRUGS (8.7%)
Eli Lilly & Co.. . . . . . . . . . . . . 230,850 15,921,725
Merck & Co., Inc.. . . . . . . . . . . . 426,171 25,804,654
Mylan Laboratories, Inc. . . . . . . . . 234,785 8,163,474
Pfizer, Inc. . . . . . . . . . . . . . . 1,811,716 61,870,102
Wyeth. . . . . . . . . . . . . . . . . . 441,821 20,124,947
------------
131,884,902
------------
E-COMMERCE & SERVICES (0.0%)
eBay, Inc. (b) . . . . . . . . . . . . . 1,400 145,852
------------
FINANCIAL/BANKS (0.9%)
Mellon Financial Corp. . . . . . . . . . 509,447 14,137,154
------------
FINANCIAL SERVICES (7.8%)
Capital One Financial Corp.. . . . . . . 162,089 7,971,537
Citigroup, Inc.. . . . . . . . . . . . . 753,548 32,251,853
Fannie Mae . . . . . . . . . . . . . . . 221,409 14,931,823
FleetBoston Financial Corp.. . . . . . . 397,329 11,804,645
Golden West Financial Corp.. . . . . . . 10,100 808,101
Goldman Sachs Group, Inc.. . . . . . . . 120,830 10,119,513
Merrill Lynch & Co., Inc.. . . . . . . . 175,982 8,214,840
Morgan Stanley . . . . . . . . . . . . . 162,891 6,963,590
Washington Mutual, Inc.. . . . . . . . . 178,421 7,368,787
Wells Fargo & Co.. . . . . . . . . . . . 351,204 17,700,682
------------
118,135,371
------------
FOOD & BEVERAGE (2.7%)
Kraft Foods, Inc. Class A. . . . . . . . 231,426 7,532,916
PepsiCo, Inc.. . . . . . . . . . . . . . 517,643 23,035,114
Sysco Corp.. . . . . . . . . . . . . . . 353,362 10,614,994
------------
41,183,024
------------
HEALTHCARE (5.7%)
Boston Scientific Corp. (b). . . . . . . 149,178 9,114,776
Johnson & Johnson. . . . . . . . . . . . 542,407 28,042,441
Manor Care, Inc. (b) . . . . . . . . . . 451,618 11,294,966
Medtronic, Inc.. . . . . . . . . . . . . 232,738 11,164,442
St. Jude Medical, Inc. (b) . . . . . . . 280,011 16,100,633
UnitedHealth Group, Inc. . . . . . . . . 13,000 653,250
WellPoint Health Networks, Inc. (b). . . 118,462 9,986,347
------------
` 86,356,855
------------
HOTELS/MOTELS (0.5%)
Starwood Hotels & Resorts
Worldwide, Inc.. . . . . . . . . . . . . 261,285 7,470,138
------------
INSTRUMENTS - SCIENTIFIC (0.7%)
PerkinElmer, Inc.. . . . . . . . . . . . 808,337 11,163,134
------------
INSURANCE (2.5%)
American International Group, Inc. . . . 372,286 20,542,742
Chubb Corp.. . . . . . . . . . . . . . . 164,955 9,897,300
MetLife, Inc.. . . . . . . . . . . . . . 275,920 7,814,054
------------
38,254,096
------------
LEISURE PRODUCTS (1.2%)
Brunswick Corp.. . . . . . . . . . . . . 710,671 17,780,988
------------
- --------------------------------------------------------------------------------
2
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT NATIONWIDE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MANUFACTURING (1.6%)
Illinois Tool Works, Inc.. . . . . 283,483 $ 18,667,356
Tyco International Ltd.. . . . . . 280,698 5,327,648
--------------
23,995,004
--------------
MEDICAL PRODUCTS (0.5%)
Baxter International, Inc. . . . . 315,849 8,212,074
--------------
METALS & MINING (1.3%)
Alcoa, Inc.. . . . . . . . . . . . 366,500 9,345,750
Phelps Dodge Corp. (b) . . . . . . 263,085 10,086,679
--------------
19,432,429
--------------
OIL & GAS (4.2%)
ChevronTexaco Corp.. . . . . . . . 166,353 12,010,687
ConocoPhillips . . . . . . . . . . 218,636 11,981,253
Exxon Mobil Corp.. . . . . . . . . 604,890 21,721,600
Nabors Industries Ltd. (b) . . . . 247,300 9,780,715
Sunoco, Inc. . . . . . . . . . . . 222,030 8,379,412
--------------
63,873,667
--------------
PAPER & FOREST PRODUCTS (1.1%)
International Paper Co.. . . . . . 199,308 7,121,275
Weyerhaeuser Co. . . . . . . . . . 176,897 9,552,438
--------------
16,673,713
--------------
PRINTING & PUBLISHING (1.0%)
Gannett Co., Inc.. . . . . . . . . 189,056 14,521,391
--------------
RAILROADS (1.7%)
CSX Corp.. . . . . . . . . . . . . 219,546 6,606,139
Norfolk Southern Corp. . . . . . . 1,012,566 19,441,267
--------------
26,047,406
--------------
RESTAURANTS (2.4%)
McDonald's Corp. . . . . . . . . . 357,941 7,896,178
Wendy's International, Inc.. . . . 420,855 12,192,169
Yum! Brands (b). . . . . . . . . . 541,304 16,000,947
--------------
36,089,294
--------------
RETAIL (4.3%)
Home Depot, Inc. . . . . . . . . . 470,294 15,576,137
Linen 'n Things, Inc. (b). . . . . 130,500 3,081,105
Lowe's Companies, Inc. . . . . . . 346,286 14,872,984
Office Depot, Inc. (b) . . . . . . 463,400 6,723,934
Target Corp. . . . . . . . . . . . 432,563 16,368,184
Wal-Mart Stores, Inc.. . . . . . . 155,402 8,340,425
--------------
64,962,769
--------------
SEMICONDUCTORS (4.4%)
Applied Materials, Inc. (b). . . . 1,030,867 16,349,551
Intel Corp.. . . . . . . . . . . . 1,437,538 29,877,789
Micron Technology, Inc. (b). . . . 367,900 4,278,677
Taiwan Semiconductor
Manufacturing Co. Ltd. ADR-TW (b). 858,533 8,654,013
Texas Instruments, Inc.. . . . . . 388,250 6,833,200
--------------
65,993,230
--------------
STEEL (0.5%)
Nucor Corp.. . . . . . . . . . . . 151,586 7,404,976
--------------
TECHNOLOGY (0.5%)
United Technologies Corp.. . . . . 109,980 7,789,883
--------------
TELECOMMUNICATIONS (5.6%)
AT&T Corp. . . . . . . . . . . . . 204,985 3,945,961
AT&T Wireless Services, Inc. (b) . 950,807 7,806,125
BellSouth Corp.. . . . . . . . . . 1,037,394 27,625,803
SBC Communications, Inc. . . . . . 701,359 17,919,722
Verizon Communications, Inc. . . . 684,455 27,001,750
--------------
84,299,361
--------------
TOBACCO (1.1%)
Altria Group, Inc. . . . . . . . . 351,655 15,979,203
--------------
TRAVEL SERVICES (0.7%)
Sabre Holdings Corp. . . . . . . . 418,400 10,313,560
--------------
UTILITIES (3.3%)
Cinergy Corp.. . . . . . . . . . . 183,571 6,753,577
Dominion Resources, Inc. . . . . . 308,021 19,796,510
Entergy Corp.. . . . . . . . . . . 152,978 8,074,179
Progress Energy Inc. . . . . . . . 161,799 7,102,976
Southern Co. (The) . . . . . . . . 245,574 7,652,086
--------------
49,379,328
--------------
TOTAL COMMON STOCKS 1,505,001,060
--------------
MUTUAL FUNDS (0.8%)
MUTUAL FUNDS (0.8%)
Biotech HOLDRs Trust . . . . . . . 99,329 12,242,299
--------------
TOTAL MUTUAL FUNDS 12,242,299
--------------
TOTAL INVESTMENTS
(COST $1,475,588,189) (A) - 100.5% 1,517,243,359
LIABILITIES IN EXCESS
OF OTHER ASSETS - (0.5)% (6,981,570)
--------------
NET ASSETS - 100.0% $1,510,261,789
--------------
--------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
TW Taiwan
See notes to financial statements.
- --------------------------------------------------------------------------------
3
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------------
COMMON STOCKS (99.2%)
AEROSPACE/DEFENSE (1.0%)
Lockheed Martin Corp. . . . . . . . . . 51,500 $ 2,449,855
-----------
BANKS (1.0%)
State Street Corp.. . . . . . . . . . . 32,000 1,260,800
The Bank of New York Co., Inc.. . . . . 44,000 1,265,000
-----------
2,525,800
-----------
BIOTECHNOLOGY (2.6%)
Amgen, Inc. (b) . . . . . . . . . . . . 97,000 6,444,680
-----------
BROADCAST MEDIA/CABLE TELEVISION (4.3%)
AOL Time Warner, Inc. (b) . . . . . . . 170,500 2,743,345
Clear Channel Communications, Inc. (b). 29,700 1,258,983
EchoStar Communications Corp. (b) . . . 58,000 2,007,960
Fox Entertainment Group, Inc. (b) . . . 45,100 1,297,978
Viacom, Inc. Class B (b). . . . . . . . 79,600 3,475,336
-----------
10,783,602
-----------
BUSINESS SERVICES (2.6%)
Aramark Corp. (b) . . . . . . . . . . . 52,400 1,174,808
Bearingpoint, Inc. (b). . . . . . . . . 92,000 887,800
Cendant Corp. (b) . . . . . . . . . . . 149,000 2,729,680
First Data Corp.. . . . . . . . . . . . 43,000 1,781,920
-----------
6,574,208
-----------
CAPITAL GOODS (4.8%)
Dover Corp. . . . . . . . . . . . . . . 27,000 808,920
General Electric Co.. . . . . . . . . . 351,000 10,066,680
Pall Corp.. . . . . . . . . . . . . . . 50,000 1,125,000
-----------
12,000,600
-----------
CHEMICALS (0.4%)
Praxair, Inc. . . . . . . . . . . . . . 17,300 1,039,730
-----------
COMMUNICATIONS EQUIPMENT (0.3%)
Corning, Inc. (b) . . . . . . . . . . . 90,000 665,100
-----------
COMPUTER EQUIPMENT (3.4%)
Dell Computer Corp. (b) . . . . . . . . 207,670 6,637,133
Hewlett-Packard Co. . . . . . . . . . . 93,000 1,980,900
-----------
8,618,033
-----------
COMPUTER NETWORKS (3.4%)
Cisco Systems, Inc. (b) . . . . . . . . 342,450 5,715,491
Foundry Networks, Inc. (b). . . . . . . 190,500 2,743,200
-----------
8,458,691
-----------
COMPUTER SOFTWARE & SERVICES (11.2%)
Cognos, Inc. (b). . . . . . . . . . . . 46,600 1,258,200
InterActive Corp. (b) . . . . . . . . . 73,000 2,888,610
Microsoft Corp. . . . . . . . . . . . . 466,340 11,942,966
Oracle Corp. (b). . . . . . . . . . . . 384,000 4,615,680
Symantec Corp. (b). . . . . . . . . . . 45,000 1,973,700
Synaptics, Inc. (b) . . . . . . . . . . 20,000 269,200
VERITAS Software Corp. (b). . . . . . . 180,350 5,170,635
-----------
28,118,991
-----------
CONGLOMERATES (0.5%)
Ingersoll-Rand Co.. . . . . . . . . . . 27,500 1,301,300
-----------
CONSUMER PRODUCTS (2.0%)
The Procter & Gamble Co.. . . . . . . . 56,110 5,003,890
-----------
DRUGS (5.0%)
Eli Lilly & Co. . . . . . . . . . . . . 27,400 $ 1,889,778
Forest Laboratories, Inc. Class A (b) . 21,500 1,177,125
Genentech, Inc. (b) . . . . . . . . . . 23,500 1,694,820
Merck & Co., Inc. . . . . . . . . . . . 61,400 3,717,770
Wyeth . . . . . . . . . . . . . . . . . 89,000 4,053,950
-----------
12,533,443
-----------
ENTERPRISE SOFTWARE/SERVICES (0.0%)
Microstrategy, Inc. (b) . . . . . . . . 1 33
-----------
ENTERTAINMENT (1.6%)
Carnival Corp.. . . . . . . . . . . . . 80,000 2,600,800
The Walt Disney Co. . . . . . . . . . . 65,500 1,293,625
-----------
3,894,425
-----------
FINANCIAL SERVICES (8.3%)
American Express Co.. . . . . . . . . . 59,100 2,470,971
Capital One Financial Corp. . . . . . . 24,800 1,219,664
Citigroup, Inc. . . . . . . . . . . . . 110,500 4,729,400
Fannie Mae. . . . . . . . . . . . . . . 51,250 3,456,300
Legg Mason, Inc.. . . . . . . . . . . . 37,700 2,448,615
MBNA Corp.. . . . . . . . . . . . . . . 92,000 1,917,280
Merrill Lynch & Co., Inc. . . . . . . . 40,000 1,867,200
Morgan Stanley. . . . . . . . . . . . . 37,200 1,590,300
Wells Fargo & Co. . . . . . . . . . . . 24,750 1,247,400
-----------
20,947,130
-----------
FOOD & BEVERAGE (3.2%)
Coca-Cola Co. . . . . . . . . . . . . . 75,800 3,517,878
PepsiCo, Inc. . . . . . . . . . . . . . 103,000 4,583,500
-----------
8,101,378
-----------
HAZARDOUS WASTE DISPOSAL (0.5%)
Stericycle, Inc. (b). . . . . . . . . . 33,200 1,277,536
-----------
HEALTHCARE (9.1%)
Anthem, Inc. (b). . . . . . . . . . . . 49,500 3,818,925
Barr Laboratories, Inc. (b) . . . . . . 43,600 2,855,800
Boston Scientific Corp. (b) . . . . . . 50,400 3,079,440
Caremark Rx, Inc. (b) . . . . . . . . . 4,200 107,856
Express Scripts, Inc. (b) . . . . . . . 27,700 1,892,464
Guidant Corp. . . . . . . . . . . . . . 32,800 1,455,992
Johnson & Johnson . . . . . . . . . . . 111,800 5,780,060
Medtronic, Inc. . . . . . . . . . . . . 38,000 1,822,860
UnitedHealth Group, Inc.. . . . . . . . 40,800 2,050,200
-----------
22,863,597
-----------
HOTELS & CASINOS (0.6%)
MGM Mirage (b). . . . . . . . . . . . . 47,500 1,623,550
-----------
INSURANCE (1.3%)
American International Group, Inc.. . . 58,400 3,222,512
-----------
MANUFACTURING (0.8%)
Danaher Corp. . . . . . . . . . . . . . 30,500 2,075,525
-----------
OIL & GAS (2.1%)
Apache Corp.. . . . . . . . . . . . . . 21,260 1,383,176
Murphy Oil Corp.. . . . . . . . . . . . 35,900 1,888,340
Patterson-UTI Energy, Inc. (b). . . . . 62,500 2,025,000
-----------
5,296,516
-----------
- --------------------------------------------------------------------------------
4
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (CONTINUED)
PHARMACEUTICALS (8.6%)
McKesson Corp. . . . . . . . . . . . 86,600 $ 3,095,084
Mylan Laboratories, Inc. . . . . . . 40,000 1,390,800
Pfizer, Inc. . . . . . . . . . . . . 502,840 17,171,986
------------
21,657,870
------------
PIPELINES (0.0%)
Enbridge Energy Management LLC . . . 58 2,648
Kinder Morgan Management LLC . . . . 42 1,573
------------
4,221
------------
RESTAURANTS (1.2%)
Brinker International, Inc. (b). . . 81,200 2,924,824
------------
RETAIL (9.7%)
Best Buy Co., Inc. (b) . . . . . . . 39,000 1,712,880
Home Depot, Inc. . . . . . . . . . . 110,500 3,659,760
Lowe's Companies, Inc. . . . . . . . 105,000 4,509,750
Office Depot, Inc. (b) . . . . . . . 90,000 1,305,900
Target Corp. . . . . . . . . . . . . 127,200 4,813,248
The Gap, Inc.. . . . . . . . . . . . 180,300 3,382,428
Wal-Mart Stores, Inc.. . . . . . . . 94,300 5,061,081
------------
24,445,047
------------
SEMICONDUCTORS (8.2%)
Applied Materials, Inc. (b). . . . . 205,000 3,251,300
Emulex Corp. (b) . . . . . . . . . . 92,500 2,106,225
Integrated Circuit Systems, Inc. (b) 71,300 2,240,959
Intel Corp.. . . . . . . . . . . . . 406,300 8,444,539
Marvell Technology Group Ltd. (b). . 93,500 3,213,595
QLogic Corp. (b) . . . . . . . . . . 26,000 1,256,580
------------
20,513,198
------------
TELECOMMUNICATIONS (1.5%)
Juniper Networks, Inc. (b) . . . . . 88,200 1,091,034
Nextel Communications, Inc. (b). . . 90,000 1,627,200
Sprint Corp. (PCS Group) (b) . . . . 198,000 1,138,500
------------
3,856,734
------------
TOTAL COMMON STOCKS 249,222,019
------------
WARRANTS (0.0%)
ENTERPRISE SOFTWARE/SERVICES (0.0%)
Microstrategy, Inc. 78
------------
TOTAL WARRANTS . . . . . . . . . . . 390 $ 78
------------
- -------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -------------------------------------------------------------
CONVERTIBLE BONDS (0.0%)
ENTERPRISE SOFTWARE/SERVICES (0.0%)
Microstrategy, Inc.,7.50%, 6/24/07. $ 1,600 1,856
------------
TOTAL CONVERTIBLE BONDS 1,856
------------
TOTAL INVESTMENTS
(COST $233,530,471) (A) -99.2% 249,223,953
OTHER ASSETS IN EXCESS
OF LIABILITIES - 0.8% 1,977,564
------------
NET ASSETS - 100.0% $251,201,517
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
See notes to financial statements.
- --------------------------------------------------------------------------------
5
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ---------------------------------------------------------------------------
U.S. TREASURY OBLIGATION (0.2%)
U.S. TREASURY INFLATION PROTECTED BOND (0.2%)
3.88%, 04/15/29. . . . . . . . . . . . . . . . $ 2,830,000 $ 4,036,675
------------
TOTAL U.S. TREASURY OBLIGATION 4,036,675
------------
U.S. GOVERNMENT SPONSORED & AGENCY OBLIGATIONS (74.1%)
AGENCY FOR INTERNATIONAL DEVELOPMENT (1.0%)
Fond's D'Equipment Communication,
7.29%, 05/01/23. . . . . . . . . . . . . . . . 9,000,000 10,951,920
Government Backed Trust T-1,
3.17%, 05/15/07. . . . . . . . . . . . . . . . 10,000,000 9,072,360
------------
20,024,280
------------
FEDERAL FARM CREDIT BANK (1.1%)
6.30%, 09/23/04. . . . . . . . . . . . . . . . 10,000,000 10,621,390
5.55%, 03/26/08. . . . . . . . . . . . . . . . 10,000,000 11,323,330
------------
21,944,720
------------
FEDERAL HOME LOAN BANK (2.8%)
5.74%, 02/25/05. . . . . . . . . . . . . . . . 4,135,000 4,432,187
7.32%, 04/21/05. . . . . . . . . . . . . . . . 8,500,000 9,410,988
5.80%, 08/12/05. . . . . . . . . . . . . . . . 6,395,000 6,981,031
5.12%, 03/17/06. . . . . . . . . . . . . . . . 5,000,000 5,042,600
5.70%, 06/07/06. . . . . . . . . . . . . . . . 5,835,000 6,080,986
5.24%, 12/18/08. . . . . . . . . . . . . . . . 16,375,000 18,412,705
5.91%, 04/07/09. . . . . . . . . . . . . . . . 6,860,000 7,965,955
------------
58,326,452
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (14.7%)
5.00%, 01/15/04. . . . . . . . . . . . . . . . 1,500,000 1,531,667
3.50%, 04/19/04. . . . . . . . . . . . . . . . 25,000,000 25,479,000
2.35%, 10/08/04. . . . . . . . . . . . . . . . 15,000,000 15,048,615
6.80%, 08/22/05. . . . . . . . . . . . . . . . 5,000,000 5,567,885
6.79%, 08/26/05. . . . . . . . . . . . . . . . 5,000,000 5,569,155
2.63%, 02/06/06. . . . . . . . . . . . . . . . 17,000,000 17,160,106
6.75%, 05/30/06. . . . . . . . . . . . . . . . 4,400,000 5,018,024
5.70%, 07/11/06. . . . . . . . . . . . . . . . 10,000,000 10,011,930
5.38%, 08/16/06. . . . . . . . . . . . . . . . 10,000,000 10,455,350
6.70%, 01/09/07. . . . . . . . . . . . . . . . 5,000,000 5,786,830
5.50%, 04/01/07. . . . . . . . . . . . . . . . 4,686,495 4,824,709
3.35%, 04/01/08. . . . . . . . . . . . . . . . 20,000,000 20,512,560
6.00%, 05/25/12. . . . . . . . . . . . . . . . 30,000,000 31,183,200
5.50%, 08/15/13. . . . . . . . . . . . . . . . 8,538,131 8,883,439
6.00%, 06/27/17. . . . . . . . . . . . . . . . 20,000,000 22,114,480
5.50%, 10/15/17. . . . . . . . . . . . . . . . 18,750,000 19,862,829
5.50%, 10/15/17. . . . . . . . . . . . . . . . 15,000,000 15,895,688
6.00%, 03/15/19. . . . . . . . . . . . . . . . 10,000,000 10,703,044
5.50%, 01/15/20. . . . . . . . . . . . . . . . 8,000,000 8,331,841
6.00%, 02/15/21. . . . . . . . . . . . . . . . 8,613,200 9,221,004
6.50%, 09/15/23. . . . . . . . . . . . . . . . 18,000,000 19,218,316
6.00%, 01/15/28. . . . . . . . . . . . . . . . 3,500,000 3,636,060
6.50%, 04/15/30. . . . . . . . . . . . . . . . 18,939,588 19,360,028
6.50%, 03/15/31. . . . . . . . . . . . . . . . 9,271,461 9,695,635
7.50%, 05/01/33. . . . . . . . . . . . . . . . 400,000 423,725
------------
305,495,120
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (11.9%)
3.15%, 07/15/04. . . . . . . . . . . . . . . . 5,890,000 5,894,683
2.65%, 03/25/05. . . . . . . . . . . . . . . . 8,000,000 8,028,784
2.10%, 09/30/05. . . . . . . . . . . . . . . . 30,000,000 30,232,710
2.32%, 10/21/05. . . . . . . . . . . . . . . . 21,400,000 21,619,157
2.75%, 12/16/05. . . . . . . . . . . . . . . . 25,000,000 25,194,950
5.50%, 05/03/06. . . . . . . . . . . . . . . . 10,000,000 10,377,360
2.50%, 05/19/06. . . . . . . . . . . . . . . . 14,000,000 14,073,850
5.15%, 05/03/07. . . . . . . . . . . . . . . . 10,000,000 10,595,950
6.50%, 07/25/08. . . . . . . . . . . . . . . . 5,000,000 5,393,647
5.00%, 09/01/09. . . . . . . . . . . . . . . . 8,010,166 8,261,150
4.50%, 04/01/10. . . . . . . . . . . . . . . . 31,136,693 32,062,361
7.41%, 04/01/10. . . . . . . . . . . . . . . . 14,624,719 16,946,801
4.00%, 05/01/10. . . . . . . . . . . . . . . . 24,957,029 25,418,214
6.25%, 07/19/11. . . . . . . . . . . . . . . . 12,000,000 12,551,532
5.38%, 11/15/11. . . . . . . . . . . . . . . . 40,000 44,989
6.68%, 05/01/16. . . . . . . . . . . . . . . . 4,579,023 5,311,037
6.00%, 09/01/17. . . . . . . . . . . . . . . . 986,116 1,029,261
9.25%, 10/25/18. . . . . . . . . . . . . . . . 250,439 278,408
6.30%, 10/17/38. . . . . . . . . . . . . . . . 13,267,846 14,510,767
------------
247,825,611
------------
FINANCIAL ASSISTANCE CORPORATION (1.0%)
8.80%, 06/10/05. . . . . . . . . . . . . . . . 18,825,000 21,478,873
------------
GUARANTEED EXPORT TRUST (0.8%)
7.12%, 04/15/06. . . . . . . . . . . . . . . . 15,698,965 16,775,600
------------
HOUSING & URBAN DEVELOPMENT (1.6%)
7.08%, 08/01/16. . . . . . . . . . . . . . . . 9,000,000 10,696,428
6.51%, 08/01/18. . . . . . . . . . . . . . . . 10,000,000 11,460,840
6.62%, 08/01/20. . . . . . . . . . . . . . . . 10,000,000 11,230,770
------------
33,388,038
------------
PRIVATE EXPORT FUNDING (0.3%)
5.80%, 02/01/04. . . . . . . . . . . . . . . . 1,600,000 1,643,760
6.86%, 04/30/04. . . . . . . . . . . . . . . . 4,764,000 4,978,999
------------
6,622,759
------------
RESOLUTION FUNDING STRIPS (4.1%)
5.91%-6.53%, 01/15/13. . . . . . . . . . . . . 100,000,000 68,583,800
6.76%-7.16%, 07/15/13. . . . . . . . . . . . . 25,000,000 16,611,050
------------
85,194,850
------------
U.S. TREASURY BONDS (27.6%)
12.75%, 11/15/10 . . . . . . . . . . . . . . . 45,000,000 56,696,490
13.88%, 05/15/11 . . . . . . . . . . . . . . . 10,000,000 13,393,360
11.25%, 02/15/15 . . . . . . . . . . . . . . . 85,000,000 144,845,270
7.50%, 11/15/16. . . . . . . . . . . . . . . . 27,000,000 36,651,447
8.75%, 05/15/17. . . . . . . . . . . . . . . . 35,000,000 52,389,260
8.88%, 08/15/17. . . . . . . . . . . . . . . . 45,000,000 68,076,540
9.00%, 11/15/18. . . . . . . . . . . . . . . . 40,000,000 61,754,680
8.75%, 05/15/20. . . . . . . . . . . . . . . . 50,000,000 76,494,150
8.00%, 11/15/21. . . . . . . . . . . . . . . . 22,000,000 31,871,642
6.25%, 08/15/23. . . . . . . . . . . . . . . . 13,000,000 15,923,986
5.25%, 11/15/28. . . . . . . . . . . . . . . . 14,000,000 15,239,770
------------
573,336,595
------------
U.S. TREASURY NOTES (4.3%)
1.63%, 03/31/05. . . . . . . . . . . . . . . . 28,250,000 28,444,219
10.00%, 05/15/10 . . . . . . . . . . . . . . . 35,000,000 40,526,185
5.00%, 02/15/11. . . . . . . . . . . . . . . . 15,000,000 16,836,915
3.88%, 02/15/13. . . . . . . . . . . . . . . . 2,410,000 2,479,945
------------
88,287,264
------------
- --------------------------------------------------------------------------------
6
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------------------
U.S. GOVERNMENT SPONSORED & AGENCY OBLIGATIONS (CONTINUED)
U.S. TREASURY STRIPS (2.9%)
9.04%, 05/15/11 . . . . . . . . . . . . . . . $10,000,000 $ 9,455,190
8.43%, 11/15/11 . . . . . . . . . . . . . . . 45,000,000 41,841,090
5.33%, 11/15/24 . . . . . . . . . . . . . . . 25,000,000 8,556,800
--------------
59,853,080
--------------
TOTAL U.S. GOVERNMENT SPONSORED &
AGENCY OBLIGATIONS 1,538,553,242
--------------
MORTGAGE-BACKED SECURITIES (21.7%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (8.5%)
Gold Pool #C01184, 6.50%, 06/01/31. . . . . . 69,316 72,131
Gold Pool #C60657, 6.50%, 11/01/31. . . . . . 327,077 340,362
Pool #170217, 8.00%, 03/01/17 . . . . . . . . 5,081 5,505
Pool #309774, 8.00%, 11/01/08 . . . . . . . . 57,742 61,297
Pool #C01172, 6.50%, 05/01/31 . . . . . . . . 324,616 337,801
Series 107-F, 8.65%, 12/15/04 . . . . . . . . 191,182 191,566
Series 1136-H, 6.00%, 09/15/21. . . . . . . . 1,677,827 1,707,697
Series 13-PL, 7.00%, 08/25/22 . . . . . . . . 15,000,000 15,414,528
Series 1541-H, 7.00%, 10/15/22. . . . . . . . 4,750,000 4,843,966
Series 1583-J, 6.50%, 03/15/22. . . . . . . . 3,785,566 3,808,560
Series 1711-PD, 6.75%, 06/15/23 . . . . . . . 4,396,000 4,505,199
Series 2043-VH, 6.50%, 05/15/14 . . . . . . . 3,271,000 3,424,417
Series 2050-PG, 6.00%, 12/15/11 . . . . . . . 18,715,202 18,992,641
Series 2063-PL, 6.25%, 04/15/12 . . . . . . . 8,309,107 8,462,381
Series 2102-TR, 6.00%, 10/15/11 . . . . . . . 8,926,402 9,033,449
Series 2115-PL, 6.00%, 11/15/10 . . . . . . . 6,356,167 6,384,682
Series 2138-JN, 6.00%, 12/15/11 . . . . . . . 10,228,087 10,327,896
Series 2149-TG, 6.50%, 09/15/27 . . . . . . . 10,000,000 10,210,036
Series 2348-JE, 6.50%, 11/15/14 . . . . . . . 10,000,000 10,396,831
Series 2353-PC, 6.50%, 09/15/15 . . . . . . . 10,000,000 10,413,017
Series 2362-VD, 7.00%, 07/15/21 . . . . . . . 10,000,000 10,566,878
Series 2458-TE, 6.00%, 08/15/31 . . . . . . . 15,000,000 15,549,158
Series 2485-PQ, 6.00%, 12/15/26 . . . . . . . 8,365,666 8,575,109
Series 2496-VK, 6.00%, 02/15/19 . . . . . . . 15,000,000 16,029,431
Series 2580-VA, 5.50%, 09/15/10 . . . . . . . 6,957,375 7,335,683
--------------
176,990,221
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (10.0%)
6.50%, 05/01/30 (b) . . . . . . . . . . . . . 1,500,000 1,578,914
Pool #250559, 7.50%, 03/01/26 . . . . . . . . 173,156 186,512
Pool #251532, 10.50%, 11/01/17. . . . . . . . 41,964 48,028
Pool #252228, 7.00%, 12/01/28 . . . . . . . . 109,346 116,141
Pool #252396, 7.00%, 09/01/28 . . . . . . . . 389,367 411,206
Pool #252471, 8.50%, 04/01/28 . . . . . . . . 407,290 443,732
Pool #323286, 7.13%, 09/01/07 . . . . . . . . 9,127,206 10,114,592
Pool #375411, 6.97%, 10/01/07 . . . . . . . . 3,841,838 4,409,518
Pool #375593, 6.68%, 12/01/07 . . . . . . . . 8,681,506 9,262,628
Pool #380276, 6.36%, 04/01/08 . . . . . . . . 4,866,439 5,526,233
Pool #380348, 6.28%, 05/01/08 . . . . . . . . 14,043,254 15,918,461
Pool #380538, 6.24%, 08/01/08 . . . . . . . . 6,385,979 7,239,445
Pool #381089, 5.70%, 01/01/09 . . . . . . . . 4,743,180 5,274,745
Pool #383661, 6.62%, 06/01/16 . . . . . . . . 11,257,465 13,535,765
Pool #50544, 8.00%, 03/01/22. . . . . . . . . 102,397 111,552
Pool #535159, 7.00%, 02/01/30 . . . . . . . . 300,000 316,082
Pool #535723, 7.00%, 02/01/31 . . . . . . . . 269,988 284,401
Pool #538673, 8.00%, 06/01/23 . . . . . . . . 88,391 96,150
Pool #555456, 5.50%, 04/01/18 . . . . . . . . 288,387 301,004
Pool #591224, 7.00%, 08/01/31 . . . . . . . . 659,004 693,996
Pool #633937, 6.50%, 03/01/32 . . . . . . . . 720,235 751,085
Pool #649431, 6.50%, 07/01/32 . . . . . . . . 436,071 454,748
Pool #650872, 7.00%, 07/01/32 . . . . . . . . 941,217 991,193
Pool #672366, 5.50%, 12/01/17 . . . . . . . . 3,661,675 3,803,772
- ------------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ------------------------------------------------------------------------------
MORTGAGE-BACKED SECURITIES (CONTINUED)
FEDERAL NATIONAL MORTGAGE ASSOCIATION (CONTINUED)
Pool #703444, 5.00%, 05/01/18 . . . . . . . . . . $ 199,980 $ 206,825
Pool #73442, 7.08%, 05/01/06. . . . . . . . . . . 7,457,545 8,269,416
Pool #M80696, 6.00%, 08/01/08 . . . . . . . . . . 3,494,800 3,602,275
Series 1991-73A, 8.00%, 07/25/21. . . . . . . . . 279,506 304,483
Series 1992-192J, 6.50%, 08/25/07 . . . . . . . . 1,851,493 1,899,912
Series 1992-68Z, 8.00%, 05/25/07. . . . . . . . . 5,428,590 5,800,608
Series 1993-149M, 7.00%, 08/25/23 . . . . . . . . 10,000,000 10,863,350
Series 1993-188PH, 6.25%, 03/25/13. . . . . . . . 2,797,068 2,910,137
Series 1993-223C, 6.50%, 05/25/23 . . . . . . . . 5,000,000 5,099,533
Series 1994-33H, 6.00%, 03/25/09. . . . . . . . . 4,860,170 5,171,184
Series 1994-76H, 5.00%, 02/25/24. . . . . . . . . 10,000,000 10,356,659
Series 1997-26B, 7.00%, 05/18/27. . . . . . . . . 5,000,000 5,458,239
Series 1998-M2C, 6.43%, 02/17/30. . . . . . . . . 4,500,000 4,978,089
Series 1999-64LF, 7.00%, 07/25/26 . . . . . . . . 2,367,447 2,373,697
Series 2001-25N, 6.50%, 02/25/15. . . . . . . . . 6,924,000 7,180,136
Series 2001-41QN, 6.50%, 01/25/15 . . . . . . . . 14,944,800 15,579,098
Series 2001-60VD, 6.00%, 04/25/19 . . . . . . . . 15,160,363 15,910,088
Series 2001-T11B, 5.50%, 09/25/11 . . . . . . . . 6,215,000 6,994,061
Series 2002-49KC, 5.50%, 09/25/11 . . . . . . . . 10,000,000 10,206,368
------------
205,034,061
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (2.6%)
7.00%, 05/15/30 (b) . . . . . . . . . . . . . . . 400,000 421,665
Pool #348813, 7.50%, 06/15/23 . . . . . . . . . . 294,042 314,789
Pool #366564, 7.50%, 09/15/23 . . . . . . . . . . 329,295 352,530
Pool #387078, 7.00%, 04/15/09 . . . . . . . . . . 155,722 167,295
Pool #536369, 7.50%, 11/15/30 . . . . . . . . . . 49,642 52,763
Pool #551733, 7.00%, 03/15/32 . . . . . . . . . . 400,000 422,487
Pool #552525, 7.00%, 04/15/32 . . . . . . . . . . 1,000,000 1,056,218
Pool #781525, 6.50%, 11/15/32 . . . . . . . . . . 5,299,474 5,570,481
Pool #781572, 6.00%, 01/15/33 . . . . . . . . . . 350,000 367,328
Pool #781613, 7.00%, 02/15/33 . . . . . . . . . . 999,900 1,056,638
Series 2002-29VC, 6.50%, 02/16/13 . . . . . . . . 27,830,766 28,895,719
Series 2002-49VB, 6.50%, 08/20/17 . . . . . . . . 10,000,000 10,726,887
Series 96-22VB, 7.00%, 08/16/13 . . . . . . . . . 4,640,000 4,790,817
------------
54,195,617
------------
VETERANS ADMINISTRATION (0.6%)
Vendee Mortgage Trust,
Series 1996-2, 6.75%, 06/15/26. . . . . . . . . . 11,693,702 13,163,600
------------
TOTAL MORTGAGE-BACKED SECURITIES 449,383,499
------------
SOVEREIGN AGENCIES (2.8%)
UNITED STATES (2.8%)
Overseas Private Investment Corp.,
4.05%, 11/15/14 . . . . . . . . . . . . . . . . . 26,717,600 27,805,006
Overseas Private Investment Corp.,
4.10%, 11/15/14 . . . . . . . . . . . . . . . . . 28,752,000 29,908,406
------------
TOTAL SOVEREIGN AGENCIES 57,713,412
------------
TOTAL INVESTMENTS
(COST $1,950,118,228) (A) - 98.8% 2,049,686,828
OTHER ASSETS IN EXCESS
OF LIABILITIES - 1.2% 25,929,674
------------
NET ASSETS - 100.0% $2,075,616,502
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Mortgage Dollar Roll Security
STRIPS Separate Trading of Registered Interest and Principal Securities
See notes to financial statements.
- --------------------------------------------------------------------------------
7
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------
COMMON STOCKS (93.7%)
AUSTRALIA (0.7%)
BUILDING & CONSTRUCTION (0.1%)
James Hardie Industries NV. . . . . . . . . . . 152,691 $ 720,912
----------
CLOTHING (0.1%)
Billabong International Ltd.. . . . . . . . . . 167,898 691,369
----------
COMMERCIAL SERVICES (0.1%)
Mayne Group Ltd.. . . . . . . . . . . . . . . . 291,287 535,263
----------
FOOD/BEVERAGE (0.1%)
Coca-Cola Amatil Ltd. . . . . . . . . . . . . . 178,105 682,037
----------
METALS (0.1%)
BHP Steel Ltd.. . . . . . . . . . . . . . . . . 451,234 1,125,747
----------
MULTI-MEDIA (0.1%)
Publishing and Broadcasting Ltd.. . . . . . . . 60,418 400,331
----------
PUBLISHING (0.1%)
John Fairfax Holdings Ltd.. . . . . . . . . . . 306,199 591,415
----------
4,747,074
----------
BELGIUM (0.2%)
CONSUMER CYCLICALS (0.1%)
D'Ieteren Trading . . . . . . . . . . . . . . . 4,468 640,327
----------
MEDICAL - DRUGS (0.1%)
Omega Pharma SA . . . . . . . . . . . . . . . . 27,093 824,475
----------
1,464,802
----------
BRAZIL (0.2%)
AEROSPACE/DEFENSE (0.2%)
Empresa Brasileira de Aeronautica SA. . . . . . 62,885 1,201,104
----------
CANADA (0.2%)
FOOD/BEVERAGE (0.2%)
Cott Corp. (b). . . . . . . . . . . . . . . . . 51,000 1,055,190
----------
FINLAND (0.2%)
MANUFACTURING - CAPITAL GOODS (0.1%)
Uponor Oyj. . . . . . . . . . . . . . . . . . . 32,291 749,044
----------
TELECOMMUNICATIONS (0.1%)
Elisa Communications Oyj (b). . . . . . . . . . 53,321 458,009
----------
1,207,053
----------
FRANCE (0.9%)
BUILDING & CONSTRUCTION (0.1%)
Eiffage SA. . . . . . . . . . . . . . . . . . . 16,479 1,548,901
----------
DIVERSIFIED OPERATIONS (0.1%)
Financiere Marc de Lacharriere SA . . . . . . . 15,731 433,553
----------
ELECTRONIC COMPONENTS/INSTRUMENTS (0.0%)
Confidur (b). . . . . . . . . . . . . . . . . . 105,000 30,144
----------
MEDIA (0.2%)
Trader NV (b) . . . . . . . . . . . . . . . . . 143,237 1,266,544
----------
MEDICAL - HOSPITAL MANAGEMENT & SERVICES (0.2%)
Generale de Sante (b) . . . . . . . . . . . . . 104,865 1,246,365
----------
MISCELLANEOUS MANUFACTURING (0.2%)
Bacou-Dalloz (b). . . . . . . . . . . . . . . . 11,086 1,085,921
----------
TRANSPORTATION (0.1%)
Norbert Dentressangle . . . . . . . . . . . . . 13,998 $ 385,469
----------
5,996,897
----------
GERMANY (0.2%)
ELECTRONIC COMPONENTS/INSTRUMENTS (0.1%)
Epcos AG (b). . . . . . . . . . . . . . . . . . 50,386 642,254
----------
RETAIL (0.1%)
Takkt AG. . . . . . . . . . . . . . . . . . . . 177,530 876,627
----------
1,518,881
----------
GREECE (0.2%)
BUILDING - HEAVY CONSTRUCTION (0.0%)
Aktor SA Technical Co.. . . . . . . . . . . . . 21,063 120,455
----------
TELECOMMUNICATIONS (0.2%)
Germanos SA . . . . . . . . . . . . . . . . . . 39,558 662,317
Vodafone Panafon. . . . . . . . . . . . . . . . 66,488 441,312
----------
1,103,629
----------
1,224,084
----------
HUNGARY (0.1%)
MEDICAL - DRUGS (0.1%)
Gedeon Richter Rt. GDR. . . . . . . . . . . . . 12,114 860,094
----------
IRELAND (0.2%)
FINANCIAL SERVICES (0.1%)
Depfa Bank PLC. . . . . . . . . . . . . . . . . 11,485 881,012
----------
FOOD PRODUCTS (0.1%)
Greencore Group . . . . . . . . . . . . . . . . 234,886 782,221
----------
1,663,233
----------
ISRAEL (0.1%)
ELECTRONIC COMPONENTS/INSTRUMENTS (0.1%)
M-SYSTEMS Flash Disk Pioneer (b). . . . . . . . 42,213 469,831
----------
ITALY (0.5%)
BUILDING & CONSTRUCTION (0.1%)
Buzzi Unicem SpA. . . . . . . . . . . . . . . . 98,303 668,287
----------
BUILDING - HEAVY CONSTRUCTION (0.1%)
Astaldi SpA . . . . . . . . . . . . . . . . . . 328,386 780,601
----------
CERAMIC PRODUCTS (0.0%)
Granitifiandre SpA. . . . . . . . . . . . . . . 34,387 267,731
----------
MACHINERY & EQUIPMENT (0.2%)
Interpump Group SpA . . . . . . . . . . . . . . 274,460 1,112,571
----------
PUBLISHING (0.1%)
Mondadori (Arnoldo) Editore SpA . . . . . . . . 103,400 750,433
----------
3,579,623
----------
JAPAN (3.9%)
AUDIO/VIDEO PRODUCTS (0.1%)
D & M Holdings, Inc. (b). . . . . . . . . . . . 168,000 449,119
----------
BROKERAGE SERVICES (0.2%)
Matsui Securities Co. Ltd.. . . . . . . . . . . 116,300 1,186,488
----------
- --------------------------------------------------------------------------------
8
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
JAPAN (CONTINUED)
CHEMICALS - DIVERSIFIED (0.2%)
Dainippon Ink & Chemical, Inc.. . . . . . 293,000 $ 592,954
Kaneka Corp.. . . . . . . . . . . . . . . 108,000 665,585
Sumitomo Bakelite Co. Ltd.. . . . . . . . 85,000 354,653
-----------
1,613,192
-----------
COMMERCIAL SERVICES (0.1%)
Nichii Gakkan Co. . . . . . . . . . . . . 13,800 689,569
-----------
COMPUTERS - INTEGRATED SYSTEMS (0.3%)
AGrex, Inc. . . . . . . . . . . . . . . . 15,400 257,789
Argo Graphics, Inc. . . . . . . . . . . . 32,100 513,279
NEC Soft Ltd. . . . . . . . . . . . . . . 37,200 817,889
Net One Systems Co. Ltd.. . . . . . . . . 131 642,590
-----------
2,231,547
-----------
DIVERSIFIED (0.1%)
Amano Corp. . . . . . . . . . . . . . . . 84,000 489,694
-----------
ELECTRONIC COMPONENTS/INSTRUMENTS (0.6%)
Dainippon Screen Mfg. Co. Ltd. (b). . . . 152,000 744,335
Hosiden Corp. . . . . . . . . . . . . . . 84,800 632,778
Kinseki Ltd.. . . . . . . . . . . . . . . 112,000 638,934
Shinko Electric Industries Co. Ltd. . . . 35,000 682,074
UMC Japan (b) . . . . . . . . . . . . . . 1,022 1,089,451
Yamaichi Electronics Co. Ltd. . . . . . . 45,600 473,184
-----------
4,260,756
-----------
ELECTRONICS (0.1%)
Anritsu Corp. . . . . . . . . . . . . . . 101,000 550,947
Denki Kogyo . . . . . . . . . . . . . . . 112,000 299,413
-----------
850,360
-----------
ENGINEERING SERVICES (0.1%)
Meitec Corp.. . . . . . . . . . . . . . . 15,900 483,323
-----------
ENTERTAINMENT SOFTWARE (0.1%)
Capcom Co. Ltd. . . . . . . . . . . . . . 41,000 422,719
-----------
FINANCIAL SERVICES (0.2%)
Shohkoh Fund & Co. Ltd. . . . . . . . . . 6,030 557,929
The Chiba Bank Ltd. . . . . . . . . . . . 165,000 585,384
The Joyo Bank Ltd.. . . . . . . . . . . . 144,000 401,749
-----------
1,545,062
-----------
GAS UTILITY (0.0%)
Shizuokagas Co. Ltd.. . . . . . . . . . . 94,000 256,773
-----------
INSTRUMENTS - SCIENTIFIC (0.1%)
Jeol Ltd. . . . . . . . . . . . . . . . . 139,000 443,365
-----------
LEASE/RENTAL (0.1%)
Diamond Lease Co. Ltd.. . . . . . . . . . 56,000 935,082
-----------
MACHINERY/MACHINE TOOLS (0.3%)
Hitachi Construction Machinery Co. Ltd. . 77,000 533,533
Modec, Inc. (b) . . . . . . . . . . . . . 1,600 13,325
Mori Seiki Co. Ltd. . . . . . . . . . . . 95,800 563,271
Tsubaki Nakashima Co. Ltd.. . . . . . . . 89,500 643,253
-----------
1,753,382
-----------
MANUFACTURING (0.2%)
Kawasaki Heavy Industries Ltd.. . . . . . 644,000 659,688
Mitsui Engineering & Shipbuilding
Co. Ltd.. . . . . . . . . . . . . . . . . 606,000 762,073
-----------
1,421,761
-----------
METALS (0.2%)
Mitsubishi Materials Corp. (b). . . . . . 602,000 772,084
Tokyo Steel Manufacturing Co. Ltd.. . . . 96,400 378,134
-----------
1,150,218
-----------
REAL ESTATE (0.2%)
Heiwa Real Estate Co. Ltd.. . . . . . . . 328,000 734,807
Urban Corp. . . . . . . . . . . . . . . . 80,800 510,068
-----------
1,244,875
-----------
RETAIL (0.2%)
Parco Co. Ltd.. . . . . . . . . . . . . . 169,000 598,168
The Daimura, Inc. . . . . . . . . . . . . 95,000 381,345
Toys "R" Us - Japan Ltd.. . . . . . . . . 53,700 661,886
-----------
1,641,399
-----------
SOFTWARE (0.4%)
Fuji Soft Abc, Inc. . . . . . . . . . . . 22,800 407,295
Hitachi Software Engineering Co. Ltd. . . 25,300 524,647
Nippon System development Co. Ltd.. . . . 58,100 804,183
Nomura Research Institute Ltd.. . . . . . 8,900 685,613
-----------
2,421,738
-----------
TELECOMMUNICATIONS (0.1%)
ITX Corp. (b) . . . . . . . . . . . . . . 756 496,760
-----------
25,987,182
-----------
MEXICO (0.4%)
FINANCIAL SERVICES (0.2%)
Grupo Financiero Banorte. . . . . . . . . 360,277 1,019,587
-----------
RETAIL (0.1%)
Grupo Elektra, S.A. de C.V. . . . . . . . 57,477 706,392
-----------
TELEVISION (0.1%)
TV Azteca SA. . . . . . . . . . . . . . . 150,000 975,000
-----------
2,700,979
-----------
NETHERLANDS (0.3%)
BROADCASTING & TELEVISION (0.2%)
Fox Kids Europe (b) . . . . . . . . . . . 146,882 910,829
-----------
SATELLITE TELECOMMUNICATIONS (0.1%)
New Skies Satellites NV (b) . . . . . . . 160,354 902,298
-----------
1,813,127
-----------
SOUTH AFRICA (0.1%)
METALS & MINING (0.1%)
Northam Platinum Ltd. . . . . . . . . . . 593,714 972,394
-----------
SOUTH KOREA (0.3%)
ELECTRONICS & ELECTRICAL EQUIPMENT (0.2%)
KH Vatec Co. Ltd. . . . . . . . . . . . . 4,152 378,877
Wooyoung Co. Ltd. . . . . . . . . . . . . 196,379 891,062
-----------
1,269,939
-----------
- --------------------------------------------------------------------------------
9
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOUTH KOREA (CONTINUED)
FINANCIAL SERVICES (0.1%)
Daishin Securities Co.. . . . . . . . . . 53,990 $ 935,616
-----------
2,205,555
-----------
SPAIN (0.1%)
BUSINESS SERVICES (0.1%)
Prosegur, Cia de Seguridad SA . . . . . . 48,717 720,001
-----------
MULTI-MEDIA (0.0%)
Recoletos Grupo de Communication SA . . . 24,527 149,278
-----------
869,279
-----------
SWITZERLAND (0.2%)
BROKERAGE SERVICES (0.1%)
CIE Financiere Tradition. . . . . . . . . 12,036 706,406
-----------
MEDICAL PRODUCTS (0.1%)
Centerpulse (b) . . . . . . . . . . . . . 1,344 361,661
-----------
1,068,067
-----------
TAIWAN (0.1%)
COMPUTER EQUIPMENT (0.1%)
U-TECH Media Corp.. . . . . . . . . . . . 421,000 389,252
-----------
UNITED KINGDOM (1.4%)
AIRLINES (0.1%)
EasyJet PLC (b) . . . . . . . . . . . . . 115,814 439,554
-----------
AUTO/RELATED PRODUCTS (0.2%)
Vardy PLC . . . . . . . . . . . . . . . . 160,941 1,107,455
-----------
BREWERY (0.1%)
Majestic Wine PLC . . . . . . . . . . . . 46,572 488,002
-----------
BROADCASTING & PUBLISHING (0.1%)
Hit Entertainment PLC . . . . . . . . . . 216,650 883,824
-----------
BUILDING & CONSTRUCTION (0.2%)
Westbury PLC. . . . . . . . . . . . . . . 172,176 1,054,071
-----------
ELECTRONIC EQUIPMENT (0.1%)
Chubb PLC . . . . . . . . . . . . . . . . 981,075 1,222,286
-----------
EQUIPMENT PROVIDERS (0.1%)
Spirent PLC . . . . . . . . . . . . . . 1,579,290 684,092
-----------
INSURANCE (0.1%)
Cox Insurance Holdings PLC (b). . . . . . 599,751 901,959
-----------
INTERNET SERVICES (0.1%)
NDS Group PLC ADR (b) . . . . . . . . . . 56,160 869,918
-----------
RETAIL (0.1%)
HMV Group PLC . . . . . . . . . . . . . . 278,612 614,918
-----------
TECHNOLOGY (0.1%)
Eidos PLC (b) . . . . . . . . . . . . . . 177,551 399,926
-----------
TELEVISION (0.1%)
Chrysalis Group PLC . . . . . . . . . . . 251,792 845,531
-----------
9,511,536
-----------
UNITED STATES (83.1%)
ADVERTISING/MARKETING (0.5%)
Getty Images, Inc. (b). . . . . . . . . . 79,400 3,279,220
-----------
AEROSPACE/DEFENSE (1.7%)
Alliant Techsystems, Inc. (b) . . . . . . 40,175 2,085,484
Armor Holdings, Inc. (b). . . . . . . . . 27,200 364,480
Ducommun, Inc. (b). . . . . . . . . . . . 22,200 313,020
Herley Industries, Inc. (b) . . . . . . . 31,200 529,776
MTC Technologies, Inc. (b). . . . . . . . 35,400 830,484
Orbital Sciences Corp. (b). . . . . . . . 126,600 924,180
Titan Corp. (b) . . . . . . . . . . . . . 53,200 547,428
United Defense Industries, Inc. (b) . . . 153,500 3,981,790
Veridian Corp. (b). . . . . . . . . . . . 53,101 1,852,694
-----------
11,429,336
-----------
AUCTION HOUSE (0.2%)
Ritchie Brothers Auctioneers, Inc. (b). . 40,500 1,559,655
-----------
AUTO & AUTO PARTS (1.6%)
Donaldson Co., Inc. . . . . . . . . . . . 48,600 2,160,270
Gentex Corp. (b). . . . . . . . . . . . . 115,600 3,538,516
Lear Corp. (b). . . . . . . . . . . . . . 14,500 667,290
O'Reilly Automotive, Inc. (b) . . . . . . 72,300 2,414,097
Terex Corp. (b) . . . . . . . . . . . . . 87,500 1,708,000
-----------
10,488,173
-----------
AUTO - RETAIL (0.2%)
Aftermarket Technology Corp. (b). . . . . 35,900 377,309
Group 1 Automotive, Inc. (b). . . . . . . 12,700 411,607
Sonic Automotive, Inc. (b). . . . . . . . 20,600 451,346
-----------
1,240,262
-----------
BANKING (1.1%)
Bank United Corp. (b) . . . . . . . . . . 40,000 3,200
BankAtlantic Bancorp, Inc. Class A. . . . 122,830 1,460,449
BOK Financial Corp. (b) . . . . . . . . . 35,495 1,369,042
Boston Private Financial Holdings, Inc. . 74,500 1,570,460
Cathay Bancorp, Inc.. . . . . . . . . . . 35,000 1,560,300
First Niagara Financial Group, Inc. . . . 55,300 771,988
Sky Financial Group, Inc. . . . . . . . . 41,600 903,552
-----------
7,638,991
-----------
BEVERAGES/ALCOHOLIC (0.1%)
The Robert Mondavi Corp. Class A (b). . . 39,400 997,214
-----------
BIOTECHNOLOGY (0.2%)
Edwards Lifesciences Corp. (b). . . . . . 45,000 1,446,300
-----------
BREWERY (0.1%)
Adolph Coors Co.. . . . . . . . . . . . . 13,300 651,434
-----------
BUILDING & CONSTRUCTION (0.5%)
Beazer Homes USA, Inc. (b). . . . . . . . 5,600 467,600
Chicago Bridge & Iron Co. . . . . . . . . 38,400 870,912
NVR, Inc. (b) . . . . . . . . . . . . . . 4,000 1,644,000
York International Corp.. . . . . . . . . 22,100 517,140
-----------
3,499,652
-----------
BUSINESS SERVICES (0.3%)
Dollar Thrifty Automotive Group, Inc. (b) 24,900 461,895
Modis Professional Services, Inc. (b) . . 112,492 773,945
The BISYS Group, Inc. (b) . . . . . . . . 45,800 841,346
-----------
2,077,186
-----------
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10
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
CHEMICALS (0.8%)
Cabot Microelectronics Corp. (b). . . . . . . . 26,300 $ 1,327,361
Lubrizol Corp.. . . . . . . . . . . . . . . . . 27,200 842,928
Olin Corp.. . . . . . . . . . . . . . . . . . . 95,000 1,624,500
OM Group, Inc.. . . . . . . . . . . . . . . . . 117,000 1,723,410
-----------
5,518,199
-----------
COMMUNICATIONS & MEDIA (1.4%)
Adtran, Inc. (b). . . . . . . . . . . . . . . . 28,000 1,436,120
Emmis Communications Corp.
Class A (b) . . . . . . . . . . . . . . . . . . 96,700 2,219,265
Foundry Networks, Inc. (b). . . . . . . . . . . 54,900 790,560
Harte-Hanks, Inc. . . . . . . . . . . . . . . . 134,400 2,553,600
R.H. Donnelley Corp. (b). . . . . . . . . . . . 64,000 2,334,080
-----------
9,333,625
-----------
COMPUTER SERVICE (1.1%)
Advanced Digital Information Corp. (b). . . . . 88,100 880,119
Cerner Corp. (b). . . . . . . . . . . . . . . . 97,500 2,237,625
CIBER, Inc. (b) . . . . . . . . . . . . . . . . 38,000 266,760
Compuware Corp. (b) . . . . . . . . . . . . . . 153,200 883,964
Earthlink, Inc. (b) . . . . . . . . . . . . . . 118,600 935,754
Extreme Networks, Inc. (b). . . . . . . . . . . 158,000 837,400
MICROS Systems, Inc. (b). . . . . . . . . . . . 31,600 1,042,168
Unisys Corp. (b). . . . . . . . . . . . . . . . 43,000 528,040
-----------
7,611,830
-----------
COMPUTER SOFTWARE (3.0%)
Altiris, Inc. (b) . . . . . . . . . . . . . . . 25,999 521,280
Autodesk, Inc.. . . . . . . . . . . . . . . . . 50,000 808,000
Avid Technology, Inc. (b) . . . . . . . . . . . 28,000 981,960
Cognos, Inc. (b). . . . . . . . . . . . . . . . 35,000 945,000
Concerto Software, Inc. (b) . . . . . . . . . . 59,900 550,481
EPIQ Systems, Inc. (b). . . . . . . . . . . . . 72,700 1,248,259
FileNET Corp. (b) . . . . . . . . . . . . . . . 19,800 357,192
Group 1 Software, Inc. (b). . . . . . . . . . . 8,900 163,137
Jack Henry & Associates, Inc. . . . . . . . . . 50,500 898,395
Legato Systems, Inc. (b). . . . . . . . . . . . 69,000 578,910
Mantech International Corp. Class A (b) . . . . 86,400 1,657,152
McData Corp. (b). . . . . . . . . . . . . . . . 138,000 2,001,000
Micromuse, Inc. (b) . . . . . . . . . . . . . . 94,500 755,055
MicroStrategy, Inc. (b) . . . . . . . . . . . . 8,400 306,012
Neoware Systems, Inc. (b) . . . . . . . . . . . 46,000 705,640
Novell, Inc. (b). . . . . . . . . . . . . . . . 244,500 753,060
Parametric Technology Corp. (b) . . . . . . . . 247,100 753,655
SanDisk Corp. (b) . . . . . . . . . . . . . . . 34,000 1,371,900
Scientific Games Corp. (b). . . . . . . . . . . 105,500 991,700
Verint Systems, Inc. (b). . . . . . . . . . . . 56,700 1,440,747
Western Digital Corp. (b) . . . . . . . . . . . 197,500 2,034,250
-----------
19,822,785
-----------
COMPUTER SYSTEMS (0.2%)
Brocade Communications Systems,
Inc. (b). . . . . . . . . . . . . . . . . . . . 85,200 501,828
Cray, Inc. (b). . . . . . . . . . . . . . . . . 111,779 883,054
-----------
1,384,882
-----------
CONSTRUCTION & HOUSING (1.1%)
D. R. Horton, Inc.. . . . . . . . . . . . . . . 49,000 1,376,900
Emcor Group, Inc. (b) . . . . . . . . . . . . . 8,700 429,432
Hovnanian Enterprises, Inc. Class A (b) . . . . 31,000 1,827,450
Ryland Group, Inc.. . . . . . . . . . . . . . . 30,000 2,082,000
Simpson Manufacturing Co., Inc. (b) . . . . . . 51,000 1,866,600
-----------
7,582,382
-----------
CONSULTING SERVICES (0.7%)
FTI Consulting, Inc. (b). . . . . . . . . . . . 51,600 1,288,452
Maximus, Inc. (b) . . . . . . . . . . . . . . . 66,200 1,829,106
MemberWorks, Inc. (b) . . . . . . . . . . . . . 83,600 1,651,100
The Advisory Board Co. (b). . . . . . . . . . . 5,400 218,808
-----------
4,987,466
-----------
CONSUMER GOODS & SERVICES (2.5%)
AptarGroup, Inc.. . . . . . . . . . . . . . . . 138,100 4,971,600
Blyth, Inc. . . . . . . . . . . . . . . . . . . 26,900 731,680
Church & Dwight Co., Inc. . . . . . . . . . . . 110,900 3,629,757
Harman International Industries, Inc. . . . . . 21,000 1,661,940
International Flavors & Fragrances, Inc.. . . . 15,000 478,950
Lancaster Colony Corp.. . . . . . . . . . . . . 31,400 1,213,924
Matthews International Corp. Class A. . . . . . 89,900 2,225,924
Russ Berrie & Company, Inc. . . . . . . . . . . 29,900 1,091,649
The Dial Corp.. . . . . . . . . . . . . . . . . 50,800 988,060
-----------
16,993,484
-----------
CONTAINERS (0.5%)
Ball Corp.. . . . . . . . . . . . . . . . . . . 7,300 332,223
Constar International, Inc. (b) . . . . . . . . 110,500 838,695
Crown Holdings, Inc. (b). . . . . . . . . . . . 200,000 1,428,000
Temple-Inland, Inc. . . . . . . . . . . . . . . 20,400 875,364
-----------
3,474,282
-----------
CORRECTIONAL SERVICES & FACILITIES (0.2%)
Corrections Corp. of America (b). . . . . . . . 49,000 1,241,170
-----------
COSMETICS (0.5%)
Alberto-Culver Co. Class A. . . . . . . . . . . 65,100 3,240,678
-----------
DATA PROCESSING & REPRODUCTION (0.7%)
Documentum, Inc. (b). . . . . . . . . . . . . . 68,500 1,347,395
Fair, Issac and Co., Inc. . . . . . . . . . . . 60,750 3,125,588
-----------
4,472,983
-----------
DIAGNOSTIC EQUIPMENT (0.2%)
Biosite Diagnostics, Inc. (b) . . . . . . . . . 26,000 1,250,600
-----------
DIVERSIFIED MANUFACTURING OPERATIONS (0.3%)
A.O. Smith Corp.. . . . . . . . . . . . . . . . 9,600 270,240
Pall Corp.. . . . . . . . . . . . . . . . . . . 20,300 456,750
Pentair, Inc. . . . . . . . . . . . . . . . . . 37,500 1,464,750
-----------
2,191,740
-----------
E - COMMERCE (0.1%)
Freemarkets, Inc. (b) . . . . . . . . . . . . . 67,300 468,408
-----------
EDUCATION (0.9%)
Corinthian Colleges, Inc. (b) . . . . . . . . . 27,800 1,350,246
DeVry, Inc. (b) . . . . . . . . . . . . . . . . 70,000 1,630,300
Education Management Corp. (b). . . . . . . . . 4,600 244,628
ITT Educational Services, Inc. (b). . . . . . . 96,500 2,822,625
-----------
6,047,799
-----------
ELECTRIC INTEGRATED (0.3%)
Black Hills Corp. . . . . . . . . . . . . . . . 24,250 744,475
DQE, Inc. . . . . . . . . . . . . . . . . . . . 76,200 1,148,334
-----------
1,892,809
-----------
- --------------------------------------------------------------------------------
11
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
ELECTRONIC COMPONENTS/INSTRUMENTS (0.9%)
Agere Systems, Inc. Class A (b). . . . . . . . . . . 224,600 $ 523,318
Artisan Components, Inc. (b) . . . . . . . . . . . . 47,000 1,062,670
ChipPAC, Inc. (b). . . . . . . . . . . . . . . . . . 122,000 935,740
FLIR Systems, Inc. (b) . . . . . . . . . . . . . . . 38,000 1,145,700
Itron, Inc. (b). . . . . . . . . . . . . . . . . . . 15,600 336,336
MEMC Electronic Materials, Inc. (b). . . . . . . . . 146,000 1,430,800
Microsemi Corp. (b). . . . . . . . . . . . . . . . . 56,000 896,000
-----------
6,330,564
-----------
ELECTRONICS (2.0%)
Actel Corp. (b). . . . . . . . . . . . . . . . . . . 64,900 1,330,450
Aeroflex, Inc. (b) . . . . . . . . . . . . . . . . . 92,300 714,402
Brady Corp. Class A. . . . . . . . . . . . . . . . . 46,000 1,534,100
Cree Research, Inc. (b). . . . . . . . . . . . . . . 60,700 988,196
Electro Scientific Industries, Inc. (b). . . . . . . 27,100 410,836
Engineered Support Systems, Inc. . . . . . . . . . . 43,750 1,830,938
Hubbell, Inc.. . . . . . . . . . . . . . . . . . . . 26,800 887,080
Invision Technologies, Inc. (b). . . . . . . . . . . 25,400 631,190
Power Integrations, Inc. (b) . . . . . . . . . . . . 85,000 2,067,200
Trimble Navigation Ltd. (b). . . . . . . . . . . . . 20,100 460,893
Varian Semicondutor Equipment
Associates, Inc. (b) . . . . . . . . . . . . . . . . 81,000 2,410,560
-----------
13,265,845
-----------
ENERGY SOURCES (0.4%)
Headwaters, Inc. (b) . . . . . . . . . . . . . . . . 40,900 600,821
Maverick Tube Corp. (b). . . . . . . . . . . . . . . 104,273 1,996,828
-----------
2,597,649
-----------
ENTERTAINMENT (0.0%)
Ameristar Casinos (b). . . . . . . . . . . . . . . . 13,800 294,630
-----------
ENTERTAINMENT SOFTWARE (0.6%)
Take-Two Interactive Software, Inc. (b). . . . . . . 143,500 4,066,790
-----------
FINANCIAL (5.2%)
Affiliated Managers Group, Inc. (b). . . . . . . . . 22,900 1,395,755
American Capital Strategies Ltd. . . . . . . . . . . 32,800 818,032
Central Pacific Financial Corp.. . . . . . . . . . . 88,100 2,440,370
Colonial Bancgroup, Inc. . . . . . . . . . . . . . . 56,100 778,107
Community First Bankshares, Inc. . . . . . . . . . . 49,200 1,343,160
Cullen/Frost Bankers, Inc. . . . . . . . . . . . . . 58,100 1,865,010
Digital Insight Corp. (b). . . . . . . . . . . . . . 159,200 3,032,760
Doral Financial Corp.. . . . . . . . . . . . . . . . 39,000 1,741,350
Financial Federal Corp. (b). . . . . . . . . . . . . 92,700 2,261,880
First Midwest Bancorp, Inc.. . . . . . . . . . . . . 63,000 1,815,030
First State Bancorp. . . . . . . . . . . . . . . . . 30,000 825,300
Hudson United Bancorp. . . . . . . . . . . . . . . . 26,100 891,315
Legg Mason, Inc. . . . . . . . . . . . . . . . . . . 24,000 1,558,800
Portfolio Recovery Associates, Inc. (b). . . . . . . 15,400 480,326
Southwest Bancorp of Texas, Inc. (b) . . . . . . . . 45,000 1,462,950
Sterling Bancshares, Inc.. . . . . . . . . . . . . . 99,037 1,295,404
Texas Regional Bancshares, Inc. Class A. . . . . . . 42,670 1,480,649
The Chicago Mercantile Exchange. . . . . . . . . . . 18,797 1,308,835
UCBH Holdings, Inc.. . . . . . . . . . . . . . . . . 48,000 1,376,640
Webster Financial Corp.. . . . . . . . . . . . . . . 74,600 2,819,880
Westamerica Bankcorp.. . . . . . . . . . . . . . . . 69,900 3,011,292
-----------
34,002,845
-----------
FINANCIAL SERVICES (2.6%)
Bank of Hawaii Corp. . . . . . . . . . . . . . . . . 30,000 994,500
Corporate Executive Board Co. (b). . . . . . . . . . 103,600 4,228,952
East-West Bancorp, Inc.. . . . . . . . . . . . . . . 81,798 2,956,180
Factset Research Systems, Inc. . . . . . . . . . . . 67,300 2,964,565
iPayment Holdings, Inc. (b). . . . . . . . . . . . . 15,100 362,400
Mid-State Bancshares . . . . . . . . . . . . . . . . 76,700 1,514,825
Prosperity Bancshares, Inc.. . . . . . . . . . . . . 40,600 781,550
Provident Financial Group, Inc.. . . . . . . . . . . 50,570 1,296,109
Provident Financial Services, Inc. . . . . . . . . . 61,900 1,179,195
R & G Finanical Corp. Class B. . . . . . . . . . . . 29,000 861,300
TierOne, Corp. (b) . . . . . . . . . . . . . . . . . 30,000 584,100
-----------
17,723,676
-----------
FOOD & BEVERAGE (1.7%)
AFC Enterprises, Inc. (b). . . . . . . . . . . . . . 43,600 708,064
American Italian Pasta Co. (b) . . . . . . . . . . . 80,100 3,336,165
Darden Restaurants, Inc. . . . . . . . . . . . . . . 20,050 380,549
Del Monte Foods Co. (b). . . . . . . . . . . . . . . 70,000 618,800
Hormel Foods Corp. . . . . . . . . . . . . . . . . . 31,000 734,700
Krispy Kreme Doughnuts, Inc. (b) . . . . . . . . . . 13,200 543,576
P.F. Chang's China Bistro, Inc. (b). . . . . . . . . 24,000 1,181,040
Performance Food Group Co. (b) . . . . . . . . . . . 45,000 1,665,000
Ruddick Corp.. . . . . . . . . . . . . . . . . . . . 25,500 400,860
Smithfield Foods, Inc. (b) . . . . . . . . . . . . . 74,500 1,707,540
-----------
11,276,294
-----------
FOOD - RETAIL (0.2%)
The J.M. Smucker Co. . . . . . . . . . . . . . . . . 39,000 1,555,710
-----------
FOOD DISTRIBUTORS, SUPERMARKETS & WHOLESALERS (0.1%)
SUPERVALU, Inc.. . . . . . . . . . . . . . . . . . . 35,900 765,388
-----------
GAMING/HOTELS (1.0%)
Global Payment, Inc. . . . . . . . . . . . . . . . . 53,000 1,881,500
Kerzner International Ltd. (b) . . . . . . . . . . . 100 3,221
Penn National Gaming, Inc. (b) . . . . . . . . . . . 77,500 1,592,625
Shuffle Master, Inc. (b) . . . . . . . . . . . . . . 61,000 1,792,790
Station Casinos, Inc. (b). . . . . . . . . . . . . . 46,000 1,161,500
-----------
6,431,636
-----------
HEALTHCARE (7.4%)
American Healthways, Inc. (b). . . . . . . . . . . . 94,400 3,409,728
Apria Healthcare Group, Inc. (b) . . . . . . . . . . 115,300 2,868,664
Charles River Laboratories
International, Inc. (b). . . . . . . . . . . . . . . 71,200 2,291,216
Coventry Health Care, Inc. (b) . . . . . . . . . . . 68,600 3,166,576
Datascope Corp.. . . . . . . . . . . . . . . . . . . 19,800 584,694
Davita, Inc. (b) . . . . . . . . . . . . . . . . . . 63,000 1,687,140
Haemonetics Corp. (b). . . . . . . . . . . . . . . . 77,100 1,441,770
Henry Schein, Inc. (b) . . . . . . . . . . . . . . . 62,000 3,245,080
IDEXX Laboratories, Inc. (b) . . . . . . . . . . . . 82,700 2,785,336
Immucor, Inc. (b). . . . . . . . . . . . . . . . . . 30,000 653,700
K-V Pharmaceutical Co. (b) . . . . . . . . . . . . . 126,400 3,513,920
Mentor Corp. . . . . . . . . . . . . . . . . . . . . 206,000 3,992,279
Mid Atlantic Medical Services, Inc. (b). . . . . . . 58,400 3,054,320
Odyssey Healthcare, Inc. (b) . . . . . . . . . . . . 84,700 3,133,900
Patterson Dental Co. (b) . . . . . . . . . . . . . . 52,800 2,396,064
Protein Design Labs, Inc. (b). . . . . . . . . . . . 109,000 1,523,820
- --------------------------------------------------------------------------------
12
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
HEALTHCARE (CONTINUED)
Renal Care Group, Inc. (b) . . . . . . . 59,200 $ 2,084,432
Respironics, Inc. (b). . . . . . . . . . 47,500 1,782,200
Serologicals Corp. (b) . . . . . . . . . 46,900 639,247
Techne Corp. (b) . . . . . . . . . . . . 29,000 879,860
VISX, Inc. (b) . . . . . . . . . . . . . 224,500 3,895,075
-----------
49,029,021
-----------
HEALTHCARE SERVICES (2.0%)
Amsurg Corp. (b) . . . . . . . . . . . . 82,000 2,501,000
Cholestech Corp. (b) . . . . . . . . . . 110,000 1,085,700
Dendrite International, Inc. (b) . . . . 228,200 2,939,216
Gene Logic, Inc. (b) . . . . . . . . . . 24,750 147,758
Omnicare, Inc. . . . . . . . . . . . . . 103,300 3,490,507
Surmodics, Inc. (b). . . . . . . . . . . 30,200 921,100
Wilson Greatbatch Technologies, Inc. (b) 57,990 2,093,439
-----------
13,178,720
-----------
HOUSEHOLD FURNISHING & APPLIANCES (0.2%)
La-Z-Boy, Inc. . . . . . . . . . . . . . 37,700 843,726
Select Comfort Corp. (b) . . . . . . . . 24,700 404,586
-----------
1,248,312
-----------
INDUSTRIAL/MISCELLANEOUS (0.2%)
Agnico-Eagle Mines Ltd.. . . . . . . . . 135,000 1,566,000
-----------
INFORMATION TECHNOLOGY (0.1%)
Symbol Technologies, Inc.. . . . . . . . 69,300 901,593
-----------
INSTRUMENTS - CONTROLS (0.3%)
PerkinElmer, Inc.. . . . . . . . . . . . 167,399 2,311,780
-----------
INSURANCE (3.2%)
Arch Capital Group Ltd. (b). . . . . . . 58,000 2,014,340
Brown & Brown, Inc.. . . . . . . . . . . 82,600 2,684,500
Endurance Specialty Holdings Ltd.. . . . 21,100 629,835
HCC Insurance Holdings, Inc. . . . . . . 86,000 2,543,020
Hilb, Rogal & Hamilton Co. . . . . . . . 43,900 1,494,356
IPC Holdings Ltd.. . . . . . . . . . . . 25,000 837,500
Max Re Capital Ltd.. . . . . . . . . . . 95,000 1,422,150
Montpelier Re Holdings Ltd. (b). . . . . 45,400 1,434,640
Proassurance Corp. (b) . . . . . . . . . 55,700 1,503,343
Reinsurance Group of America, Inc. . . . 49,000 1,572,900
RLI Corp.. . . . . . . . . . . . . . . . 22,431 737,980
Stancorp Financial Group, Inc. . . . . . 23,600 1,232,392
W. R. Berkley Corp.. . . . . . . . . . . 54,650 2,880,055
-----------
20,987,011
-----------
INTERNET (0.6%)
CheckFree Corp. (b). . . . . . . . . . . 135,785 3,780,254
-----------
INTERNET APPLICATIONS SOFTWARE (0.4%)
Avocent Corp. (b). . . . . . . . . . . . 26,000 778,180
eResearch Technology, Inc. (b) . . . . . 34,000 753,440
Network Associates, Inc. (b) . . . . . . 47,500 602,300
Packeteer, Inc. (b). . . . . . . . . . . 51,000 794,070
-----------
2,927,990
-----------
INTERNET CONTENT (0.1%)
CNET Networks, Inc. (b). . . . . . . . . 77,300 481,579
-----------
INTERNET FINANCIAL SERVICES (0.1%)
NetBank, Inc.. . . . . . . . . . . . . . 63,700 838,292
-----------
INTERNET SERVICES (0.5%)
J2 Global Communications, Inc. (b) . . . 22,526 1,035,745
Macromedia, Inc. (b) . . . . . . . . . . 17,000 357,680
Riverstone Networks, Inc. (b). . . . . . 1 1
United Online, Inc. (b). . . . . . . . . 75,000 1,900,501
-----------
3,293,927
-----------
MACHINERY (0.1%)
Joy Global, Inc. (b) . . . . . . . . . . 39,200 578,984
-----------
MACHINERY & CAPITAL GOODS (2.1%)
Circor International, Inc. . . . . . . . 91,500 1,631,445
Cognex Corp. (b) . . . . . . . . . . . . 54,200 1,211,370
Dionex Corp. (b) . . . . . . . . . . . . 56,600 2,249,850
IDEX Corp. . . . . . . . . . . . . . . . 20,600 746,544
Kaydon Corp. . . . . . . . . . . . . . . 24,900 517,920
Kennametal, Inc. . . . . . . . . . . . . 21,400 724,176
Manitowoc Co., Inc.. . . . . . . . . . . 23,300 519,590
Roper Industries, Inc. . . . . . . . . . 47,900 1,781,880
Zebra Technologies Corp. (b) . . . . . . 61,710 4,639,975
-----------
14,022,750
-----------
MATERIALS & COMMODITIES (0.3%)
Delta & Pine Land Co.. . . . . . . . . . 47,300 1,039,654
Mueller Industries, Inc. (b) . . . . . . 25,000 677,750
-----------
1,717,404
-----------
MEDICAL - INFORMATION SYSTEMS (0.4%)
IMPAC Medical Systems, Inc. (b). . . . . 36,200 755,856
NDC Health Corp. . . . . . . . . . . . . 108,200 1,985,470
-----------
2,741,326
-----------
MEDICAL EQUIPMENT & SUPPLIES (0.4%)
Advanced Neuromodulation
Systems, Inc. (b). . . . . . . . . . . . 15,000 776,550
Biolase Technology, Inc. (b) . . . . . . 71,000 761,830
Cyberonics, Inc. (b) . . . . . . . . . . 62,000 1,333,620
-----------
2,872,000
-----------
MEDICAL INSTRUMENTS (0.1%)
Thoratec Corp. (b) . . . . . . . . . . . 61,000 908,900
-----------
MEDICAL PRODUCTS (1.3%)
ALARIS Medical Systems, Inc. (b) . . . . 81,500 1,055,425
Dade Behring Holdings, Inc. (b). . . . . 49,300 1,143,267
Digene Corp. (b) . . . . . . . . . . . . 50,000 1,361,500
Gen-Probe, Inc. (b). . . . . . . . . . . 32,700 1,336,449
Integra LifeSciences Holdings (b). . . . 18,000 474,840
Interpore International, Inc. (b). . . . 42,000 534,660
Invitrogen Corp. (b) . . . . . . . . . . 15,200 583,224
Martek Biosciences Corp. (b) . . . . . . 25,100 1,077,794
Owens & Minor, Inc.. . . . . . . . . . . 55,100 1,231,485
-----------
8,798,644
-----------
MEDICAL PROVIDERS (0.3%)
AMERIGROUP Corp. (b) . . . . . . . . . . 5,048 187,786
Select Medical Corp. (b) . . . . . . . . 49,800 1,236,534
WellChoice, Inc. (b) . . . . . . . . . . 24,200 708,576
-----------
2,132,896
-----------
METALS (0.1%)
USEC, Inc. . . . . . . . . . . . . . . . 125,500 881,010
-----------
- --------------------------------------------------------------------------------
13
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
METALWORKING WHOLESALE INDUSTRIAL MACHINERY (0.3%)
MSC Industrial Direct Co. Class A (b). . . . . . . 106,500 $ 1,906,350
-----------
MULTI-MEDIA (0.6%)
Cumulus Media, Inc. (b). . . . . . . . . . . . . . 62,865 1,190,034
Metro-Goldwyn-Mayer, Inc. (b). . . . . . . . . . . 78,600 976,212
Sinclair Broadcast Group, Inc.
Class A (b). . . . . . . . . . . . . . . . . . . . 182,600 2,119,986
-----------
4,286,232
-----------
OFFICE EQUIPMENT & SUPPLIES (0.4%)
United Stationers, Inc. (b). . . . . . . . . . . . 68,100 2,463,177
-----------
OIL & GAS (6.1%)
Cabot Oil & Gas Corp. Class A. . . . . . . . . . . 62,500 1,725,625
Cal Dive International, Inc. (b) . . . . . . . . . 77,800 1,696,040
Cimarex Energy Co. (b) . . . . . . . . . . . . . . 82,848 1,967,640
FMC Technologies, Inc. (b) . . . . . . . . . . . . 79,500 1,673,475
Helmerich & Payne, Inc.. . . . . . . . . . . . . . 67,800 1,979,760
Key Energy Services, Inc. (b). . . . . . . . . . . 189,700 2,033,584
National-Oilwell, Inc. (b) . . . . . . . . . . . . 92,052 2,025,144
New Jersey Resources Corp. . . . . . . . . . . . . 42,150 1,496,325
Newfield Exploration Co. (b) . . . . . . . . . . . 110,700 4,156,784
Oceaneering International, Inc. (b). . . . . . . . 90,100 2,302,055
Offshore Logistics, Inc. (b) . . . . . . . . . . . 43,500 946,125
Patterson-UTI Energy, Inc. (b) . . . . . . . . . . 38,662 1,252,649
Precision Drilling Corp. (b) . . . . . . . . . . . 17,000 641,920
Pride Intl, Inc. (b) . . . . . . . . . . . . . . . 100,000 1,882,000
Questar Corp.. . . . . . . . . . . . . . . . . . . 42,900 1,435,863
Rowan Cos., Inc. (b) . . . . . . . . . . . . . . . 50,700 1,135,680
Smith International, Inc. (b). . . . . . . . . . . 28,000 1,028,720
St. Mary Land & Exploration Co.. . . . . . . . . . 64,400 1,758,120
Superior Energy Services, Inc. (b) . . . . . . . . 130,000 1,232,400
Swift Energy Co. (b) . . . . . . . . . . . . . . . 46,400 510,400
Ultra Petroleum Corp. (b). . . . . . . . . . . . . 148,983 1,923,371
Unit Corp. (b) . . . . . . . . . . . . . . . . . . 112,900 2,360,738
Varco International, Inc. (b). . . . . . . . . . . 63,900 1,252,440
XTO Energy, Inc. . . . . . . . . . . . . . . . . . 94,899 1,908,419
-----------
40,325,277
-----------
OIL & GAS EXPLORATION SERVICES (0.7%)
Denbury Resources, Inc. (b). . . . . . . . . . . . 125,000 1,678,750
Evergreen Resources, Inc. (b). . . . . . . . . . . 9,124 495,524
Pogo Producing Co. . . . . . . . . . . . . . . . . 22,000 940,500
Western Gas Resources, Inc.. . . . . . . . . . . . 38,100 1,508,760
-----------
4,623,534
-----------
PAINT, VARNISHES, ENAMELS (0.3%)
RPM, Inc.. . . . . . . . . . . . . . . . . . . . . 66,400 913,000
Valspar Corp.. . . . . . . . . . . . . . . . . . . 19,800 835,956
-----------
1,748,956
-----------
PAPER PRODUCTS (0.2%)
Bowater, Inc.. . . . . . . . . . . . . . . . . . . 13,100 490,595
Pope & Talbot, Inc.. . . . . . . . . . . . . . . . 95,000 1,049,750
-----------
1,540,345
-----------
PHARMACEUTICALS (3.0%)
AdvancePCS (b) . . . . . . . . . . . . . . . . . . 38,700 1,479,501
American Pharmaceutical Partners, Inc. (b) . . . . 23,800 806,820
Amylin Pharmaceuticals, Inc. (b) . . . . . . . . . 42,000 919,380
Angiotech Pharmaceuticals, Inc. (b). . . . . . . . 21,500 875,910
Biomarin Pharmaceutical, Inc. (b). . . . . . . . . 42,500 414,800
Bradley Pharmaceuticals, Inc. (b). . . . . . . . . 85,500 1,410,750
Connetics Corp. (b). . . . . . . . . . . . . . . . 45,000 673,650
CV Therapeutics, Inc. (b). . . . . . . . . . . . . 18,000 533,880
Enzon Pharmaceuticals, Inc. (b). . . . . . . . . . 60,400 756,208
Eon Labs, Inc. (b) . . . . . . . . . . . . . . . . 34,000 1,195,100
Medicis Pharmaceutical Corp. Class A . . . . . . . 27,500 1,559,250
Millennium Pharmaceuticals, Inc. (b) . . . . . . . 31,500 495,495
NBTY, Inc. (b) . . . . . . . . . . . . . . . . . . 53,600 1,128,816
Neurocrine Biosciences, Inc. (b) . . . . . . . . . 21,000 1,048,740
Pharmaceutical Resources, Inc. (b) . . . . . . . . 55,300 2,690,898
SICOR, Inc. (b). . . . . . . . . . . . . . . . . . 79,500 1,617,030
Taro Pharmaceuticals USA, Inc. (b) . . . . . . . . 30,000 1,646,400
United Therapeutics Corp. (b). . . . . . . . . . . 33,600 731,808
-----------
19,984,436
-----------
PRINTING & PUBLISHING (0.9%)
Lee Enterprises, Inc.. . . . . . . . . . . . . . . 23,700 889,461
Moore Wallace, Inc. (b). . . . . . . . . . . . . . 253,929 3,727,677
Valassis Communications, Inc. (b). . . . . . . . . 56,100 1,442,892
-----------
6,060,030
-----------
REAL ESTATE INVESTMENT TRUST (1.0%)
American Financial Realty Trust. . . . . . . . . . 46,700 696,297
CBL & Associates Properties, Inc.. . . . . . . . . 33,500 1,440,500
Developers Diversified Realty Corp.. . . . . . . . 29,000 824,760
Friedman, Billings, Ramsey Group, Inc.
Class A. . . . . . . . . . . . . . . . . . . . . . 88,980 1,192,332
Liberty Property Trust . . . . . . . . . . . . . . 33,000 1,141,800
SL Green Realty Corp.. . . . . . . . . . . . . . . 33,700 1,175,793
-----------
6,471,482
-----------
RESORTS/THEME PARKS (0.2%)
Vail Resorts, Inc. (b) . . . . . . . . . . . . . . 84,700 1,140,909
-----------
RESTAURANTS (1.4%)
Applebee's International, Inc. . . . . . . . . . . 50,000 1,571,500
CEC Entertainment, Inc. (b). . . . . . . . . . . . 70,200 2,592,486
IHOP Corp. . . . . . . . . . . . . . . . . . . . . 39,600 1,250,172
Panera Bread Co. (b) . . . . . . . . . . . . . . . 35,800 1,432,000
Ruby Tuesday, Inc. . . . . . . . . . . . . . . . . 105,000 2,596,650
-----------
9,442,808
-----------
RETAIL (2.9%)
American Eagle Outfitters, Inc. (b). . . . . . . . 27,200 492,864
AnnTaylor Stores Corp. (b) . . . . . . . . . . . . 31,500 911,925
Big Lots, Inc. (b) . . . . . . . . . . . . . . . . 54,900 825,696
Callaway Golf Co.. . . . . . . . . . . . . . . . . 95,000 1,255,900
Chico's FAS, Inc. (b). . . . . . . . . . . . . . . 16,600 349,430
Claire's Stores, Inc.. . . . . . . . . . . . . . . 44,400 1,125,984
CSK Auto Corp. (b) . . . . . . . . . . . . . . . . 140,000 2,023,000
Dress Barn, Inc. (b) . . . . . . . . . . . . . . . 41,100 520,737
Guitar Center, Inc. (b). . . . . . . . . . . . . . 28,000 812,000
Hancock Fabrics, Inc.. . . . . . . . . . . . . . . 91,200 1,472,880
Hot Topic, Inc. (b). . . . . . . . . . . . . . . . 48,000 1,291,680
Linen 'n Things, Inc. (b). . . . . . . . . . . . . 91,500 2,160,315
Michaels Stores, Inc. (b). . . . . . . . . . . . . 36,600 1,392,996
Pacific Sunwear of California, Inc. (b). . . . . . 78,500 1,891,065
- --------------------------------------------------------------------------------
14
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
RETAIL (CONTINUED)
Payless ShoeSource, Inc. (b) . . . . . 28,500 $ 356,250
Petco Animal Supplies, Inc. (b). . . . 85,200 1,852,248
Quiksilver, Inc. (b) . . . . . . . . . 37,600 620,024
-----------
19,354,994
-----------
SCHOOLS (0.2%)
Career Education Corp. (b) . . . . . . 17,800 1,217,876
-----------
SEMICONDUCTOR EQUIPMENT (0.6%)
Atmel Corp. (b). . . . . . . . . . . . 247,900 627,187
Atmi, Inc. (b) . . . . . . . . . . . . 29,000 724,130
EDO Corp.. . . . . . . . . . . . . . . 29,200 516,840
Entegris, Inc. (b) . . . . . . . . . . 33,200 446,208
Fairchild Semiconductor International
Corp. Class A (b). . . . . . . . . . . 36,700 469,393
Photronics, Inc. (b) . . . . . . . . . 56,800 991,160
Tektronix, Inc. (b). . . . . . . . . . 25,700 555,120
-----------
4,330,038
-----------
SEMICONDUCTORS (1.5%)
02Micro International Ltd. (b) . . . . 77,000 1,240,470
GlobespanVirata, Inc. (b). . . . . . . 307,500 2,536,875
Integrated Circuit Systems, Inc. (b) . 98,400 3,092,712
PMC-Sierra, Inc. (b) . . . . . . . . . 160,000 1,876,800
Skyworks Solutions, Inc. (b) . . . . . 185,000 1,252,450
-----------
9,999,307
-----------
STEEL (0.2%)
Carpenter Technology Corp. . . . . . . 23,900 372,840
Reliance Steel & Aluminum Co.. . . . . 60,000 1,242,000
-----------
1,614,840
-----------
TECHNOLOGY (1.0%)
Black Box Corp.. . . . . . . . . . . . 52,900 1,914,980
CACI International, Inc. Class A (b) . 39,200 1,344,560
Electronics For Imaging, Inc. (b). . . 120,600 2,446,974
Intergraph Corp. (b) . . . . . . . . . 59,500 1,279,250
-----------
6,985,764
-----------
TELECOMMUNICATION EQUIPMENT (1.7%)
Advanced Fibre Communications,
Inc. (b) . . . . . . . . . . . . . . . 112,900 1,836,883
Arris Group, Inc. (b). . . . . . . . . 110,400 547,584
Harris Corp. . . . . . . . . . . . . . 40,700 1,223,035
Plantronics, Inc. (b). . . . . . . . . 24,600 533,082
Polycom, Inc. (b). . . . . . . . . . . 204,300 2,831,598
Tekelec (b). . . . . . . . . . . . . . 152,900 1,727,770
UTStarcom, Inc. (b). . . . . . . . . . 40,000 1,422,800
West Corp. (b) . . . . . . . . . . . . 42,600 1,135,290
-----------
11,258,042
-----------
TELECOMMUNICATION SERVICES (0.1%)
Nextel Partners, Inc. Class A (b). . . 67,400 492,020
-----------
TELECOMMUNICATIONS (0.3%)
Boston Communications Group, Inc. (b). 31,000 531,030
Enterasys Networks, Inc. (b) . . . . . 581,000 1,760,430
-----------
2,291,460
-----------
TIRE & RUBBER (0.2%)
Cooper Tire & Rubber Co. . . . . . . . 85,000 1,495,150
-----------
- -------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
UNITED STATES (CONTINUED)
TOYS (0.4%)
Hasbro, Inc.. . . . . . . . . . . . . . . 40,100 $ 701,349
Leapfrog Enterprises, Inc. (b). . . . . . 34,000 1,081,540
Marvel Enterprises, Inc. (b). . . . . . . 34,000 649,400
------------
2,432,289
------------
TRANSPORTATION (1.3%)
Genesee & Wyoming, Inc. Class A (b) . . . 59,400 1,221,858
J.B. Hunt Transport Services, Inc. (b). . 42,180 1,592,295
Kansas City Southern Industries, Inc. (b) 128,600 1,547,058
OMI Corp. (b) . . . . . . . . . . . . . . 250,000 1,540,000
SkyWest, Inc. . . . . . . . . . . . . . . 73,454 1,400,033
Tidewater, Inc. . . . . . . . . . . . . . 36,500 1,072,005
UTI Worldwide, Inc. . . . . . . . . . . . 6,200 193,378
------------
8,566,627
------------
UTILITIES (1.7%)
American States Water Co. . . . . . . . . 28,330 773,409
Arch Coal, Inc. . . . . . . . . . . . . . 70,000 1,608,600
Nstar . . . . . . . . . . . . . . . . . . 21,800 992,990
Peabody Energy Corp.. . . . . . . . . . . 36,000 1,209,240
Time Warner Telecom, Inc. (b) . . . . . . 250,000 1,592,500
UniSource Energy Corp.. . . . . . . . . . 73,500 1,381,800
Waste Connections, Inc. (b) . . . . . . . 29,600 1,037,480
Westar Energy, Inc. . . . . . . . . . . . 90,000 1,460,700
Wisconsin Energy Corp.. . . . . . . . . . 50,500 1,464,500
------------
11,521,219
------------
VETERINARY DIAGNOSTICS (0.1%)
VCA Antech, Inc. (b). . . . . . . . . . . 35,000 684,950
------------
556,577,087
------------
TOTAL COMMON STOCKS 628,075,314
------------
WARRANT (0.0%)
UNITED STATES (0.0%)
WHOLESALE DISTRIBUTION (0.0%)
Timco Aviation Services, Inc. . . . . . . 252 0
------------
TOTAL WARRANT 0
------------
- -------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -------------------------------------------------------------------
CORPORATE BOND (0.0%)
UNITED STATES (0.0%)
WHOLESALE DISTRIBUTION (0.0%)
Timco Aviation Services, Inc.,
8.00%, 01/02/07 . . . . . . . . . . . . . $ 243 0
------------
TOTAL CORPORATE BOND 0
------------
- --------------------------------------------------------------------------------
15
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL COMPANY FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------------------
COMMERCIAL PAPER (0.3%)
FINANCIAL SERVICES (0.3%)
UBS Finance (DE),
1.31%, 07/01/03. . . . . . . . . . $2,263,000 $ 2,263,000
------------
TOTAL COMMERCIAL PAPER 2,263,000
------------
U.S. GOVERNMENT OBLIGATIONS (1.1%)
U.S. TREASURY BILLS (1.1%)
0.75%, 08/07/03. . . . . . . . . . 1,079,000 1,078,157
0.77-0.87%, 07/24/03 . . . . . . . 4,323,000 4,320,796
0.79-0.81%, 07/17/03 . . . . . . . 911,000 910,659
0.89%, 07/10/03. . . . . . . . . . 765,000 764,813
1.01%, 08/14/03. . . . . . . . . . 124,000 123,862
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS 7,198,287
------------
TOTAL INVESTMENTS
(COST $536,759,359) (A) - 95.1% 637,536,601
OTHER ASSETS IN EXCESS
OF LIABILITIES - 4.9% 32,671,053
------------
NET ASSETS - 100.0% $670,207,654
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
GDR Global Depositary Receipt
AT JUNE 30, 2003, THE FUND'S OPEN FORWARD FOREIGN CURRENCY CONTRACTS WERE AS
FOLLOWS:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- ------------------------------------------------------------------------
LONG CONTRACT:
Japanese Yen 07/01/03. . . . . . . $ 156,739 $155,767 $ (972)
See notes to financial statements.
- --------------------------------------------------------------------------------
16
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------------------------
COMMERCIAL PAPER (43.6%)
AGRICULTURAL SERVICES (0.4%)
Cargill, Inc. (c) (0.4%)
0.94%, 08/05/03 . . . . . . . . . . . . . . . . . . . $10,950,000 $ 10,939,993
------------
BANKS - FOREIGN (12.2%)
HBOS Treasury Services (2.9%)
1.25%, 07/02/03 . . . . . . . . . . . . . . . . . . . 15,859,000 15,858,449
1.26%, 07/02/03 . . . . . . . . . . . . . . . . . . . 1,199,000 1,198,958
1.26%, 07/10/03 . . . . . . . . . . . . . . . . . . . 500,000 499,843
1.26%, 07/14/03 . . . . . . . . . . . . . . . . . . . 500,000 499,773
1.30%, 07/14/03 . . . . . . . . . . . . . . . . . . . 20,000,000 19,990,647
1.26%, 07/24/03 . . . . . . . . . . . . . . . . . . . 500,000 499,598
1.27%, 07/24/03 . . . . . . . . . . . . . . . . . . . 600,000 599,513
1.26%, 07/30/03 . . . . . . . . . . . . . . . . . . . 5,700,000 5,694,215
0.95%, 08/07/03 . . . . . . . . . . . . . . . . . . . 2,800,000 2,797,266
1.25%, 08/07/03 . . . . . . . . . . . . . . . . . . . 3,100,000 3,096,017
1.21%, 08/19/03 . . . . . . . . . . . . . . . . . . . 3,464,000 3,458,295
1.26%, 08/20/03 . . . . . . . . . . . . . . . . . . . 200,000 199,650
1.26%, 08/26/03 . . . . . . . . . . . . . . . . . . . 900,000 898,236
0.95%, 08/27/03 . . . . . . . . . . . . . . . . . . . 3,400,000 3,394,886
1.26%, 08/28/03 . . . . . . . . . . . . . . . . . . . 300,000 299,391
0.95%, 09/03/03 . . . . . . . . . . . . . . . . . . . 600,000 598,987
0.93%, 09/12/03 . . . . . . . . . . . . . . . . . . . 12,000,000 11,977,370
0.95%, 09/15/03 . . . . . . . . . . . . . . . . . . . 1,250,000 1,247,493
------------
72,808,586
------------
Northern Rock PLC (3.0%)
1.22%, 07/07/03 . . . . . . . . . . . . . . . . . . . 20,000,000 19,995,933
1.25%, 07/07/03 . . . . . . . . . . . . . . . . . . . 25,000,000 24,994,792
1.24%, 07/11/03 . . . . . . . . . . . . . . . . . . . 8,030,000 8,027,234
1.23%, 08/04/03 . . . . . . . . . . . . . . . . . . . 2,143,000 2,140,511
1.21%, 08/14/03 . . . . . . . . . . . . . . . . . . . 15,000,000 14,977,817
1.05%, 08/18/03 . . . . . . . . . . . . . . . . . . . 7,000,000 6,990,200
------------
77,126,486
------------
Svenska Handelsbank, Inc. (3.1%)
1.24%, 07/01/03 . . . . . . . . . . . . . . . . . . . 51,150,000 51,150,000
1.25%, 07/01/03 . . . . . . . . . . . . . . . . . . . 1,438,000 1,438,000
1.05%, 07/02/03 . . . . . . . . . . . . . . . . . . . 2,415,000 2,414,930
1.12%, 07/02/03 . . . . . . . . . . . . . . . . . . . 3,500,000 3,499,891
1.25%, 07/02/03 . . . . . . . . . . . . . . . . . . . 2,000,000 1,999,931
1.26%, 07/02/03 . . . . . . . . . . . . . . . . . . . 3,264,000 3,263,886
1.06%, 07/25/03 . . . . . . . . . . . . . . . . . . . 17,900,000 17,887,351
------------
81,653,989
------------
Toronto-Dominion Holdings (1.0%)
1.21%, 08/19/03 . . . . . . . . . . . . . . . . . . . 25,000,000 24,958,826
------------
UBS Finance (DE) LLC (2.0%)
1.31%, 07/01/03 . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
1.06%, 07/03/03 . . . . . . . . . . . . . . . . . . . 20,000,000 19,998,822
------------
49,998,822
------------
Westpac Capital Corp. (0.2%)
0.98%, 07/10/03 . . . . . . . . . . . . . . . . . . . 6,370,000 6,368,439
------------
312,915,148
------------
BROKER/DEALER (9.6%)
Bear Stearns Co. (c) (3.7%)
1.22%, 07/18/03 . . . . . . . . . . . . . . . . . . . 1,000,000 999,424
1.25%, 07/24/03 . . . . . . . . . . . . . . . . . . . 11,185,000 11,176,068
1.25%, 07/25/03 . . . . . . . . . . . . . . . . . . . 10,000,000 9,991,667
1.20%, 08/22/03 . . . . . . . . . . . . . . . . . . . 20,000,000 19,965,333
1.20%, 08/27/03 . . . . . . . . . . . . . . . . . . . 10,000,000 9,981,000
1.21%, 09/19/03 . . . . . . . . . . . . . . . . . . . 28,000,000 27,924,710
0.93%, 09/26/03 . . . . . . . . . . . . . . . . . . . 15,000,000 14,966,288
------------
95,004,490
------------
Goldman Sachs Group, Inc. (1.4%)
1.26%, 07/07/03 . . . . . . . . . . . . . . . . . . . 35,000,000 34,992,650
------------
Morgan Stanley Dean Witter & Co. (2.2%)
1.22%, 07/24/03 . . . . . . . . . . . . . . . . . . . 40,000,000 39,968,822
1.25%, 07/29/03 . . . . . . . . . . . . . . . . . . . 15,000,000 14,985,417
------------
54,954,239
------------
Salomon Smith Barney Holdings, Inc. (2.3%)
1.26%, 07/09/03 . . . . . . . . . . . . . . . . . . . 24,839,000 24,832,045
1.26%, 07/17/03 . . . . . . . . . . . . . . . . . . . 35,000,000 34,980,400
------------
59,812,445
------------
244,763,824
------------
BUILDING SOCIETY (7.7%)
Nationwide Building Society (3.8%)
1.28%, 07/21/03 . . . . . . . . . . . . . . . . . . . 2,000,000 1,998,578
1.23%, 08/07/03 . . . . . . . . . . . . . . . . . . . 9,550,000 9,537,927
1.20%, 08/12/03 . . . . . . . . . . . . . . . . . . . 40,000,000 39,944,000
0.91%, 09/23/03 . . . . . . . . . . . . . . . . . . . 45,000,000 44,904,450
------------
96,384,955
------------
Yorkshire Building Society (3.9%)
1.07%, 07/03/03 . . . . . . . . . . . . . . . . . . . 29,854,000 29,852,225
1.24%, 07/14/03 . . . . . . . . . . . . . . . . . . . 1,890,000 1,889,154
1.25%, 07/15/03 . . . . . . . . . . . . . . . . . . . 17,900,000 17,891,299
1.24%, 07/21/03 . . . . . . . . . . . . . . . . . . . 15,000,000 14,989,667
1.23%, 07/23/03 . . . . . . . . . . . . . . . . . . . 12,400,000 12,390,679
1.24%, 08/06/03 . . . . . . . . . . . . . . . . . . . 15,000,000 14,981,400
1.06%, 08/20/03 . . . . . . . . . . . . . . . . . . . 4,000,000 3,994,111
0.93%, 09/18/03 . . . . . . . . . . . . . . . . . . . 5,000,000 4,989,796
------------
100,978,331
------------
197,363,286
------------
CONSUMER SALES FINANCE (4.2%)
American General Finance Corp. (2.7%)
1.26%, 07/21/03 . . . . . . . . . . . . . . . . . . . 40,000,000 39,972,000
1.20%, 08/29/03 . . . . . . . . . . . . . . . . . . . 30,000,000 29,941,000
------------
69,913,000
------------
Harley-Davidson Funding Corp. (c) (1.5%)
1.01%, 07/16/03 . . . . . . . . . . . . . . . . . . . 10,000,000 9,995,792
1.00%, 07/22/03 . . . . . . . . . . . . . . . . . . . 17,250,000 17,239,937
1.02%, 08/01/03 . . . . . . . . . . . . . . . . . . . 10,000,000 9,991,217
------------
37,226,946
------------
107,139,946
------------
DATA SERVICES (1.0%)
First Data Corp. (1.0%)
1.00%, 07/01/03 . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
------------
DIVERSIFIED FINANCE (1.8%)
General Electric Capital Corp. (0.5%)
1.25%, 07/18/03 . . . . . . . . . . . . . . . . . . . 10,000,000 9,994,098
1.17%, 09/23/03 . . . . . . . . . . . . . . . . . . . 3,772,000 3,761,702
------------
13,755,800
------------
General Electric Financial Assurance Corp. (c) (1.3%)
1.26%, 07/18/03 . . . . . . . . . . . . . . . . . . . 5,000,000 4,997,025
1.02%, 08/01/03 . . . . . . . . . . . . . . . . . . . 10,000,000 9,991,217
1.06%, 08/12/03 . . . . . . . . . . . . . . . . . . . 3,000,000 2,996,290
0.93%, 09/08/03 . . . . . . . . . . . . . . . . . . . 15,000,000 14,973,262
------------
32,957,794
------------
46,713,594
------------
- --------------------------------------------------------------------------------
17
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------------------------------
COMMERCIAL PAPER (CONTINUED)
FINANCE - AUTOMOTIVE (0.6%)
American Honda Finance Corp. (0.3%)
1.23%, 07/28/03. . . . . . . . . . . . . . . $ 6,390,000 $ 6,384,105
------------
Toyota Motor Credit Corp. (c) (0.3%)
1.21%, 08/26/03. . . . . . . . . . . . . . . 10,000,000 9,981,178
------------
16,365,283
------------
FINANCIAL SERVICES (0.7%)
Allianz Finance Corp. (0.7%)
1.26%, 07/28/03. . . . . . . . . . . . . . . 7,750,000 7,742,676
1.25%, 08/26/03. . . . . . . . . . . . . . . 5,000,000 4,990,278
1.05%, 09/09/03. . . . . . . . . . . . . . . 3,876,000 3,868,087
------------
16,601,041
------------
INSURANCE (1.0%)
ING America Insurance Holdings (0.8%)
1.22%, 07/15/03. . . . . . . . . . . . . . . 20,000,000 19,990,511
New York Life Capital Corp. (c) (0.2%)
1.25%, 07/01/03. . . . . . . . . . . . . . . 6,300,000 6,300,000
------------
26,290,511
------------
MULTIMEDIA (1.3%)
Gannett Co. (c) (1.3%)
1.20%, 07/01/03. . . . . . . . . . . . . . . 17,000,000 17,000,000
1.31%, 07/02/03. . . . . . . . . . . . . . . 15,028,000 15,027,453
------------
32,027,453
------------
OIL & GAS (0.8%)
Chevron U.K. Investment PLC (c) (0.8%)
1.21%, 08/05/03. . . . . . . . . . . . . . . 20,000,000 19,976,472
------------
PRINTING & PUBLISHING (0.1%)
E.W. Scripps Co. (c) (0.1%)
1.25%, 07/23/03. . . . . . . . . . . . . . . 2,245,000 2,243,285
------------
REAL ESTATE INVESTMENT TRUSTS - DIVERSIFIED (0.8%)
Ventures Business Trust (c) (0.8%)
1.31%, 07/01/03. . . . . . . . . . . . . . . 19,700,000 19,700,000
------------
TRANSPORTATION (1.4%)
Netjets, Inc. (c) (1.4%)
1.30%, 07/01/03. . . . . . . . . . . . . . . 35,000,000 35,000,000
------------
TOTAL COMMERICAL PAPER 1,113,039,836
------------
ASSET BACKED COMMERICAL PAPER (30.0%)
ASSET BACKED (10.1%)
CC USA, Inc. (c) (1.1%)
1.26%, 07/10/03. . . . . . . . . . . . . . . 25,000,000 24,992,125
1.25%, 07/22/03. . . . . . . . . . . . . . . 2,000,000 1,998,542
------------
26,990,667
------------
Giro Funding Corp. (c) (0.7%)
1.23%, 07/08/03. . . . . . . . . . . . . . . 1,000,000 999,761
1.01%, 07/21/03. . . . . . . . . . . . . . . 17,764,000 17,754,032
------------
18,753,793
------------
Greyhawk Funding LLC (c) (0.2%)
1.05%, 07/03/03. . . . . . . . . . . . . . . 5,011,000 5,010,652
------------
K2 (USA) LLC (c) (0.6%)
1.24%, 07/16/03. . . . . . . . . . . . . . . 5,800,000 5,797,003
1.22%, 09/02/03. . . . . . . . . . . . . . . 10,000,000 9,978,650
------------
15,775,653
------------
Premier Asset Collateralized Entity
LLC (c) (2.7%)
1.27%, 07/15/03. . . . . . . . . . . . . . . $15,000,000 $ 14,992,592
1.28%, 07/15/03. . . . . . . . . . . . . . . 10,000,000 9,995,022
1.29%, 07/15/03. . . . . . . . . . . . . . . 9,175,000 9,170,397
1.30%, 07/22/03. . . . . . . . . . . . . . . 15,000,000 14,988,625
1.30%, 07/25/03. . . . . . . . . . . . . . . 8,650,000 8,642,503
1.24%, 09/08/03. . . . . . . . . . . . . . . 10,000,000 9,976,233
------------
67,765,372
------------
Sigma Finance, Inc. (c) (1.9%)
1.25%, 07/08/03. . . . . . . . . . . . . . . 4,380,000 4,378,935
1.25%, 07/16/03. . . . . . . . . . . . . . . 2,000,000 1,998,958
1.00%, 07/28/03. . . . . . . . . . . . . . . 8,000,000 7,994,000
1.26%, 07/28/03. . . . . . . . . . . . . . . 10,000,000 9,990,550
1.25%, 07/30/03. . . . . . . . . . . . . . . 25,000,000 24,974,827
------------
49,337,270
------------
Stanfield Victoria Funding (c) (2.9%)
1.25%, 07/11/03. . . . . . . . . . . . . . . 2,000,000 1,999,306
1.27%, 07/22/03. . . . . . . . . . . . . . . 26,000,000 25,980,738
1.00%, 08/08/03. . . . . . . . . . . . . . . 3,000,000 2,996,833
1.23%, 09/02/03. . . . . . . . . . . . . . . 5,000,000 4,989,238
0.97%, 09/10/03. . . . . . . . . . . . . . . 10,000,000 9,980,869
1.06%, 09/10/03. . . . . . . . . . . . . . . 5,500,000 5,488,502
1.00%, 09/15/03. . . . . . . . . . . . . . . 8,000,000 7,983,111
0.95%, 09/22/03. . . . . . . . . . . . . . . 15,000,000 14,967,146
------------
74,385,743
------------
258,019,150
------------
AUTO RECEIVABLES (5.7%)
Capital One Prime Auto (0.1%)
1.26%, 03/15/04. . . . . . . . . . . . . . . 3,196,610 3,196,610
------------
CPS Auto Trust (0.2%)
1.53%, 03/15/04. . . . . . . . . . . . . . . 4,702,121 4,702,121
------------
FCAR Owner Trust I (1.6%)
1.24%, 07/24/03. . . . . . . . . . . . . . . 18,043,000 18,028,706
1.23%, 07/25/03. . . . . . . . . . . . . . . 24,000,000 23,980,320
------------
42,009,026
------------
New Center Asset Trust (3.8%)
1.35%, 07/01/03. . . . . . . . . . . . . . . 20,000,000 20,000,000
1.25%, 07/17/03. . . . . . . . . . . . . . . 15,000,000 14,991,667
1.25%, 07/24/03. . . . . . . . . . . . . . . 5,869,000 5,864,313
1.23%, 08/12/03. . . . . . . . . . . . . . . 25,000,000 24,964,125
0.91%, 09/24/03. . . . . . . . . . . . . . . 30,000,000 29,935,541
------------
95,755,646
------------
145,663,403
------------
TRADE & TERM RECEIVABLES (14.2%)
Falcon Asset Securitization Corp. (c) (3.7%)
1.25%, 07/01/03. . . . . . . . . . . . . . . 35,000,000 35,000,001
1.27%, 07/02/03. . . . . . . . . . . . . . . 14,821,000 14,820,477
1.03%, 07/18/03. . . . . . . . . . . . . . . 20,000,000 19,990,272
0.97%, 07/22/03. . . . . . . . . . . . . . . 25,456,000 25,441,596
------------
95,252,346
------------
- --------------------------------------------------------------------------------
18
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------------------------
ASSET BACKED COMMERICAL PAPER (CONTINUED)
TRADE & TERM RECEIVABLES (CONTINUED)
Golden Funding Corp. (c) (3.9%)
1.27%, 07/07/03 . . . . . . . . . . . . . $ 10,000,000 $ 9,997,883
1.26%, 07/15/03 . . . . . . . . . . . . . 5,125,000 5,122,489
1.25%, 08/13/03 . . . . . . . . . . . . . 25,851,000 25,812,404
1.00%, 08/14/03 . . . . . . . . . . . . . 9,218,000 9,206,734
1.26%, 08/14/03 . . . . . . . . . . . . . 1,130,000 1,128,260
1.28%, 08/19/03 . . . . . . . . . . . . . 16,728,000 16,698,856
1.23%, 08/20/03 . . . . . . . . . . . . . 5,200,000 5,191,117
1.00%, 09/22/03 . . . . . . . . . . . . . 10,000,000 9,976,944
1.23%, 10/06/03 . . . . . . . . . . . . . 4,573,000 4,557,844
1.20%, 10/07/03 . . . . . . . . . . . . . 10,000,000 9,967,333
------------
97,659,864
------------
Kitty Hawk Funding Corp. (c) (0.8%)
1.10%, 07/11/03 . . . . . . . . . . . . . 19,733,000 19,726,970
------------
Old Line Funding Corp. (c) (3.6%)
1.25%, 07/07/03 . . . . . . . . . . . . . 30,000,000 29,993,775
1.01%, 07/28/03 . . . . . . . . . . . . . 25,000,000 24,981,063
1.25% 07/28/03. . . . . . . . . . . . . . 21,937,000 21,916,434
1.07%, 08/13/03 . . . . . . . . . . . . . 15,000,000 14,980,829
------------
91,872,101
------------
Three Rivers Funding Corp. (c) (1.3%)
1.25%, 07/01/03 . . . . . . . . . . . . . 21,613,000 21,613,000
1.01%, 07/21/03 . . . . . . . . . . . . . 11,291,000 11,284,665
------------
32,897,665
------------
Variable Funding Capital Corp. (c) (0.9%)
1.35%, 07/01/03 . . . . . . . . . . . . . 23,429,000 23,429,000
------------
360,837,946
------------
TOTAL ASSET BACKED COMMERCIAL PAPER . . . 764,520,499
------------
FLOATING RATE NOTES (B) (14.0%)
BANKS - DOMESTIC (1.9%)
National City Credit Corp. (0.2%)
1.31%, 11/14/03 . . . . . . . . . . . . . 6,000,000 6,002,621
------------
NorthLake CDO Class I-MM (1.0%)
1.36%, 03/06/33 . . . . . . . . . . . . . 25,000,000 25,000,000
------------
Wells Fargo & Co. (0.7%)
1.29%, 01/02/08 . . . . . . . . . . . . . 17,000,000 17,000,000
------------
48,002,621
------------
BANKS - FOREIGN (1.6%)
HBOS Treasury Services (0.9%)
1.28%, 11/20/07 . . . . . . . . . . . . . 22,000,000 22,000,000
------------
Northern Rock PLC (0.7%)
1.20%, 01/16/04 . . . . . . . . . . . . . 15,000,000 15,000,000
1.30%, 01/16/04 . . . . . . . . . . . . . 4,000,000 4,000,000
------------
19,000,000
------------
41,000,000
------------
BROKER/DEALER (1.5%)
Goldman Sachs Group, Inc. (1.5%)
1.46%, 08/28/03 . . . . . . . . . . . . . 38,000,000 38,000,000
------------
BUSINESS SERVICES (6.4%)
CC USA, Inc. (c) (1.4%)
1.07%, 11/20/03 . . . . . . . . . . . . . 35,000,000 35,000,000
------------
K2 (USA) LLC (1.8%)
0.99%, 01/27/04 . . . . . . . . . . . . . 9,000,000 9,000,000
1.29%, 02/03/04 . . . . . . . . . . . . . 40,000,000 39,999,999
------------
48,999,999
------------
Premier Asset Collateralized Entity LLC (1.3%)
1.16%, 07/15/03 . . . . . . . . . . . . . 15,000,000 15,000,000
1.34%, 10/24/03 . . . . . . . . . . . . . 17,000,000 17,000,000
------------
32,000,000
------------
Sigma Finance Inc. (c) (1.0%)
1.06%, 05/28/04 . . . . . . . . . . . . . 25,000,000 24,995,440
------------
Stanfield Victoria Funding (c) (0.9%)
1.15%, 12/15/03 . . . . . . . . . . . . . 15,000,000 15,000,000
1.17%, 02/17/04 . . . . . . . . . . . . . 9,000,000 9,000,000
------------
24,000,000
------------
164,995,439
------------
FINANCE - AUTOMOTIVE (1.5%)
American Honda Finance Corp. (1.5%)
1.07%, 02/20/04 . . . . . . . . . . . . . 17,000,000 17,000,000
1.07%, 02/20/04 . . . . . . . . . . . . . 20,000,000 20,000,000
------------
37,000,000
------------
FINANCIAL SERVICES - DIVERSIFIED (1.1%)
General Electric Capital Corp. (1.1%)
1.34%, 07/09/07 . . . . . . . . . . . . . 21,000,000 21,000,000
1.17%, 10/17/07 . . . . . . . . . . . . . 8,000,000 8,000,000
------------
29,000,000
------------
TOTAL FLOATING RATE NOTES 357,998,060
------------
CERTIFICATES OF DEPOSIT (5.9%)
BANKS - DOMESTIC (3.4%)
State Street Corp. (3.4%)
1.30%, 07/02/04 . . . . . . . . . . . . . 25,000,000 25,000,000
1.23%, 07/06/04 . . . . . . . . . . . . . 40,000,000 40,000,000
1.14%, 07/09/04 . . . . . . . . . . . . . 20,000,000 20,000,000
------------
85,000,000
------------
BANKS - FOREIGN (2.5%)
Barclays US Funding Corp. (1.0%)
2.10%, 07/14/03 . . . . . . . . . . . . . 25,000,000 25,000,000
------------
Westdeutsche Landesbank Giro (c) (1.5%)
2.05%, 07/11/03 . . . . . . . . . . . . . 12,000,000 12,000,000
1.31%, 01/13/04 . . . . . . . . . . . . . 23,000,000 23,000,000
1.05%, 06/07/04 . . . . . . . . . . . . . 5,000,000 5,000,000
------------
40,000,000
------------
65,000,000
TOTAL CERTIFICATES OF DEPOSIT 150,000,000
------------
U.S. GOVERNMENT SPONSORED & AGENCY OBLIGATIONS (4.8%)
Federal Home Loan Bank (3.8%)
1.41%, 03/08/04 . . . . . . . . . . . . . 7,300,000 7,300,000
1.40%, 05/12/04 . . . . . . . . . . . . . 23,000,000 23,000,000
1.45%, 05/14/04 . . . . . . . . . . . . . 33,000,000 33,000,000
1.40%, 06/02/04 . . . . . . . . . . . . . 18,000,000 18,000,000
1.27%, 06/25/04 . . . . . . . . . . . . . 15,000,000 15,000,000
------------
96,300,000
------------
Federal National Mortgage Association (1.0%)
1.25%, 07/07/04 . . . . . . . . . . . . . 25,000,000 25,000,000
------------
TOTAL U.S. GOVERNMENT
SPONSORED & AGENCY OBLIGATIONS 121,300,000
------------
- --------------------------------------------------------------------------------
19
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -------------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -------------------------------------------------------------------------------
TAXABLE MUNICIPAL BONDS (1.8%)
ELECTRIC UTILITY (0.7%)
South Carolina Public Service Authority (0.7%)
1.26%, 07/21/03. . . . . . . . . . $5,380,000 $ 5,376,234
1.27%, 07/25/03. . . . . . . . . . 2,378,000 2,375,987
0.95%, 08/22/03. . . . . . . . . . 9,600,000 9,586,826
---------------
17,339,047
---------------
GOVERNMENT AGENCY (1.1%)
Sunshine State Governmental Financing Commission (1.1%)
1.31%, 07/18/03. . . . . . . . . . 7,200,000 7,195,563
1.22%, 08/15/03. . . . . . . . . . 5.687,000 5,678,327
1.25%, 08/15/03. . . . . . . . . . 7,800,000 7,787,813
1.22%, 08/15/03. . . . . . . . . . 7,047,000 7,036,253
---------------
27,697,956
---------------
TOTAL TAXABLE MUNICIPAL BONDS 45,037,003
---------------
TOTAL INVESTMENTS
(COST $2,551,895,398) (A) - 100.1% 2,551,895,398
LIABILITIES IN EXCESS
OF OTHER ASSETS - (0.1)% (1,294,390)
---------------
NET ASSETS - 100.0% $2,550,601,008
---------------
---------------
(a) Cost for federal income tax and financial reporting purposes are the same.
(b) Variable Rate Security. The rate reflected in the Statement of Investments
is the rate in effect on June 30, 2003. The maturity date represents the
actual maturity date.
(c) Restricted securities issued pursuant to Section 4(2) of the Securities Act
of 1933. These securities were deemed liquid persuant to procedures
approved by the Board of Trustees.
See notes to financial statements.
- --------------------------------------------------------------------------------
20
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MONEY MARKET FUND II
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------
COMMERCIAL PAPER (89.8%)
BANKS - DOMESTIC (3.8%)
State Street Corp. (3.8%)
1.28%, 07/01/03 . . . . . . . . . . . . $5,300,000 $ 5,300,000
-----------
BANKS - FOREIGN (14.7%)
National Australia Funding (DE) (3.9%)
1.25%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,001
-----------
Rabobank Nederland NV (3.9%)
1.30%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
Svenska Handelsbank, Inc. (3.0%)
1.27%, 07/02/03 . . . . . . . . . . . . 4,200,000 4,199,852
-----------
UBS Finance (DE) LLC (3.9%)
1.31%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
20,099,853
-----------
BROKER/DEALERS (10.2%)
Bear Stearns Cos., Inc. (2.5%)
1.03%, 07/07/03 . . . . . . . . . . . . 3,500,000 3,499,399
-----------
Goldman Sachs Group, Inc. (3.9%)
1.31%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
Morgan Stanley Dean Witter & Co. (3.8%)
1.30%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
14,099,399
-----------
BUILDING SOCIETY (2.9%)
Nationwide Building Society (2.9%)
1.05%, 07/02/03 . . . . . . . . . . . . 4,000,000 3,999,883
-----------
DATA SERVICES (3.8%)
First Data Corp. (3.8%)
1.28%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
ELECTRICAL EQUIPMENT (1.1%)
Johnson Controls, Inc. (b) (1.1%)
1.28%, 07/01/03 . . . . . . . . . . . . 1,462,000 1,462,000
-----------
FINANCE (3.8%)
Prudential Funding LLC (3.8%)
1.10%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
FINANCE - CONSUMER SALES (11.6%)
American Express Credit Corp. (3.9%)
1.20%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
American General Finance Corp. (3.9%)
1.25%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
Household Finance Corp. (3.8%)
1.31%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
15,900,000
-----------
FINANCE - DIVERSIFIED (7.7%)
Citigroup, Inc. (3.9%)
1.25%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
General Electric Capital Corp. (3.8%)
1.25%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
10,600,000
-----------
FOOD & BEVERAGE (3.8%)
McDonald's Corp. (b) (3.8%)
1.20%, 07/01/03 . . . . . . . . . . . . 5,300,000 5,300,000
-----------
- -----------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------------
HEAVY EQUIPMENT FINANCE (3.8%)
Cargill, Inc. (b) (3.8%)
1.27%, 07/01/03. . . . . . . . . . . . . . . $5,300,000 $ 5,300,000
-------------
INSURANCE (6.0%)
Allstate Corp. (b) (3.8%)
1.28%, 07/01/03. . . . . . . . . . . . . . . 5,300,000 5,300,000
-------------
New York Life Capital Corp. (b) (2.2%)
1.05%, 07/01/03. . . . . . . . . . . . . . . 3,000,000 3,000,000
-------------
8,300,000
-------------
MULTI-MEDIA (2.2%)
Gannett Co. (2.2%)
1.20%, 07/01/03. . . . . . . . . . . . . . . 3,000,000 3,000,000
-------------
PACKAGING/CONTAINERS (3.8%)
Bemis Co., Inc. (b) (3.8%)
1.28%, 07/01/03. . . . . . . . . . . . . . . 5,300,000 5,300,000
-------------
PHARMACEUTICAL/PERSONAL CARE (3.8%)
Gillette Co. (The) (b) (3.8%)
1.26%, 07/01/03. . . . . . . . . . . . . . . 5,300,000 5,300,000
-------------
PRINTING & PUBLISHING (0.8%)
McGraw-Hill Cos., Inc. (0.8%)
1.26%, 07/01/03. . . . . . . . . . . . . . . 1,100,000 1,100,000
-------------
REAL ESTATE INVESTMENT TRUSTS -
DIVERSIFIED (3.8%)
Ventures Business Trust (b) (3.8%)
1.31%, 07/01/03. . . . . . . . . . . . . . . 5,300,000 5,300,000
-------------
TELECOMMUNICATIONS (2.2%)
BellSouth Corp. (b) (2.2%)
1.10%, 07/01/03. . . . . . . . . . . . . . . 3,000,000 3,000,000
-------------
TOTAL COMMERCIAL PAPER 123,961,135
-------------
ASSET BACKED SECURITIES (10.2%)
AUTO RECEIVABLES (3.9%)
New Center Asset Trust (3.9%)
1.35%, 07/01/03. . . . . . . . . . . . . . . 5,300,000 5,300,000
-------------
SECURITIES (3.8%)
Giro Funding Corp. (b) (3.8%)
1.31%, 07/01/03. . . . . . . . . . . . . . . 5,300,000 5,300,000
-------------
TERM & TRADE RECEIVABLES (2.5%)
Falcon Asset Securitization Corp. (b) (2.5%)
1.10%, 07/07/03. . . . . . . . . . . . . . . 3,500,000 3,499,358
-------------
TOTAL ASSET BACKED SECURITIES 14,099,358
-------------
TOTAL INVESTMENTS
(COST $138,060,493) (A) - 100.0% 138,060,493
LIABILITIES IN EXCESS
OF OTHER ASSETS - 0.0% (37,087)
-------------
NET ASSETS - 100.0% $138,023,406
-------------
-------------
(a) Cost for federal income tax and financial reporting purposes are 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.
- --------------------------------------------------------------------------------
21
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------
COMMON STOCKS (60.5%)
AEROSPACE/DEFENSE (1.2%)
Boeing Co.. . . . . . . . . . . . . . . . . 9,800 $ 336,336
Honeywell International, Inc. . . . . . . . 25,100 673,935
Lockheed Martin Corp. . . . . . . . . . . . 6,800 323,476
Northrop Grumman Corp.. . . . . . . . . . . 3,100 267,499
Raytheon Co.. . . . . . . . . . . . . . . . 35,000 1,149,400
-----------
2,750,646
-----------
AGRICULTURAL OPERATIONS (0.3%)
Monsanto Co.. . . . . . . . . . . . . . . . 27,800 601,592
-----------
APPAREL (0.5%)
Nike, Inc. Class B. . . . . . . . . . . . . 21,600 1,155,384
-----------
AUTO PARTS & EQUIPMENT (0.1%)
Lear Corp. (b). . . . . . . . . . . . . . . 5,500 253,110
-----------
BIOTECHNOLOGY (0.0%)
Human Genome Sciences, Inc. (b) . . . . . . 5,400 68,688
-----------
BROADCAST MEDIA/CABLE TELEVISION (2.2%)
AOL Time Warner, Inc. (b) . . . . . . . . . 58,200 936,438
Comcast Corp. Class A (b) . . . . . . . . . 7,800 235,404
Comcast Corp. Special Class A (b) . . . . . 36,400 1,049,412
E.W. Scripps Co. Class A. . . . . . . . . . 3,500 310,520
Fox Entertainment Group, Inc. (b) . . . . . 6,600 189,948
Liberty Media Corp. (b) . . . . . . . . . . 11,200 129,472
Viacom, Inc. Class B (b). . . . . . . . . . 49,400 2,156,804
-----------
5,007,998
-----------
BUSINESS & CONSUMER SERVICES (1.0%)
Concord EFS, Inc. (b) . . . . . . . . . . . 36,500 537,280
eBay, Inc. (b). . . . . . . . . . . . . . . 8,400 875,112
FedEx Corp. . . . . . . . . . . . . . . . . 13,600 843,608
-----------
2,256,000
-----------
BUSINESS SERVICES (0.2%)
Cendant Corp. (b) . . . . . . . . . . . . . 10,500 192,360
Cintas Corp.. . . . . . . . . . . . . . . . 2,400 85,056
Pitney Bowes, Inc.. . . . . . . . . . . . . 3,500 134,435
-----------
411,851
-----------
CHEMICALS/DIVERSIFIED (0.6%)
Air Products & Chemicals, Inc.. . . . . . . 11,500 478,400
Eastman Chemical Co.. . . . . . . . . . . . 11,100 351,537
PPG Industries, Inc.. . . . . . . . . . . . 5,500 279,070
Praxair, Inc. . . . . . . . . . . . . . . . 5,300 318,530
Rohm & Haas Co. . . . . . . . . . . . . . . 100 3,103
-----------
1,430,640
-----------
COMMUNICATION EQUIPMENT (0.5%)
Lucent Technologies, Inc. (b) . . . . . . . 85,000 172,550
QUALCOMM, Inc.. . . . . . . . . . . . . . . 24,800 886,600
-----------
1,059,150
-----------
COMPUTER EQUIPMENT (2.4%)
Dell Computer Corp. (b) . . . . . . . . . . 41,800 1,335,928
EMC Corp. (b) . . . . . . . . . . . . . . . 66,500 696,255
Hewlett-Packard Co. . . . . . . . . . . . . 32,600 694,380
International Business Machines Corp. . . . 25,500 2,103,750
Juniper Networks, Inc. (b). . . . . . . . . 12,700 157,099
Sun Microsystems, Inc. (b). . . . . . . . . 78,950 363,170
-----------
5,350,582
-----------
COMPUTER SOFTWARE & SERVICES (4.3%)
Cisco Systems, Inc. (b) . . . . . . . . . . 146,800 2,450,092
Computer Sciences Corp. (b) . . . . . . . . 9,000 343,080
First Data Corp.. . . . . . . . . . . . . . 23,500 973,840
Microsoft Corp. . . . . . . . . . . . . . . 189,800 4,860,778
NCR Corp. (b) . . . . . . . . . . . . . . . 9,400 240,828
Oracle Corp. (b). . . . . . . . . . . . . . 31,000 372,620
Siebel Systems, Inc. (b). . . . . . . . . . 38,200 364,428
-----------
9,605,666
-----------
CONGLOMERATES (1.6%)
Johnson Controls, Inc.. . . . . . . . . . . 10,600 907,360
Tyco International Ltd. . . . . . . . . . . 66,600 1,264,068
United Technologies Corp. . . . . . . . . . 19,100 1,352,853
-----------
3,524,281
-----------
CONSTRUCTION & BUILDING MATERIALS (0.2%)
Masco Corp. . . . . . . . . . . . . . . . . 16,500 393,525
-----------
CONSULTING SERVICES (0.0%)
Bearingpoint, Inc. (b). . . . . . . . . . . 3,400 32,810
-----------
CONSUMER/NON-CYCLICAL (0.6%)
Gillette Co.. . . . . . . . . . . . . . . . 43,200 1,376,352
-----------
CONSUMER DURABLE (0.1%)
Black & Decker Corp.. . . . . . . . . . . . 1,500 65,175
Fortune Brands, Inc.. . . . . . . . . . . . 2,400 125,280
-----------
190,455
-----------
CONSUMER PRODUCTS (1.3%)
Procter & Gamble Co.. . . . . . . . . . . . 31,500 2,809,170
-----------
CONTAINERS (0.0%)
Smurfit-Stone Container Corp. (b) . . . . . 1,100 14,333
-----------
DIVERSIFIED MANUFACTURING OPERATIONS (0.2%)
Cooper Industries Ltd. Class A. . . . . . . 900 37,170
Ingersoll-Rand Co.. . . . . . . . . . . . . 8,200 388,024
SPX Corp. (b) . . . . . . . . . . . . . . . 1,700 74,902
-----------
500,096
-----------
DRUGS (6.0%)
Abbott Laboratories . . . . . . . . . . . . 22,800 997,728
Amgen, Inc. (b) . . . . . . . . . . . . . . 20,300 1,348,732
Bristol-Myers Squibb Co.. . . . . . . . . . 42,200 1,145,730
Eli Lilly & Co. . . . . . . . . . . . . . . 22,600 1,558,722
Forest Laboratories, Inc. (b) . . . . . . . 16,400 897,900
Johnson & Johnson, Inc. . . . . . . . . . . 25,100 1,297,670
Merck & Co., Inc. . . . . . . . . . . . . . 39,500 2,391,725
Pfizer, Inc.. . . . . . . . . . . . . . . . 102,600 3,503,790
-----------
13,141,997
-----------
ELECTRICAL EQUIPMENT (1.8%)
Eaton Corp. . . . . . . . . . . . . . . . . 1,200 94,332
General Electric Co.. . . . . . . . . . . . 139,200 3,992,256
-----------
4,086,588
-----------
- --------------------------------------------------------------------------------
22
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ELECTRICAL SERVICES (1.7%)
American Electric Power Co., Inc.. . . . 16,500 $ 492,195
Constellation Energy Group, Inc. . . . . 500 17,150
Dominion Resources, Inc. . . . . . . . . 4,300 276,361
DTE Energy Co. . . . . . . . . . . . . . 8,700 336,168
Edison International (b) . . . . . . . . 31,000 509,330
FirstEnergy Corp.. . . . . . . . . . . . 7,600 292,220
PG&E Corp. (b) . . . . . . . . . . . . . 33,400 706,410
Pinnacle West Capital Corp.. . . . . . . 13,000 486,850
Progress Energy, Inc.. . . . . . . . . . 3,300 144,870
Public Service Enterprise Group, Inc.. . 200 8,450
Scana Corp.. . . . . . . . . . . . . . . 2,700 92,556
Xcel Energy, Inc.. . . . . . . . . . . . 35,700 536,928
-----------
3,899,488
-----------
ENTERTAINMENT SOFTWARE (0.2%)
Electronic Arts, Inc. (b). . . . . . . . 4,600 340,354
-----------
FINANCIAL (6.1%)
Astoria Financial Corp.. . . . . . . . . 100 2,793
Cit Group, Inc.. . . . . . . . . . . . . 11,700 288,405
Citigroup, Inc.. . . . . . . . . . . . . 110,000 4,708,000
Countrywide Credit Industries, Inc.. . . 19,700 1,370,529
E*TRADE Group, Inc. (b). . . . . . . . . 29,300 249,050
Fannie Mae . . . . . . . . . . . . . . . 18,700 1,261,128
Freddie Mac. . . . . . . . . . . . . . . 26,100 1,325,097
Golden West Financial Corp.. . . . . . . 1,200 96,012
Goldman Sachs Group, Inc.. . . . . . . . 9,600 804,000
MBNA Corp. . . . . . . . . . . . . . . . 9,800 204,232
Mellon Financial Corp. . . . . . . . . . 31,700 879,675
Merrill Lynch & Co., Inc.. . . . . . . . 5,500 256,740
Morgan Stanley . . . . . . . . . . . . . 37,400 1,598,850
Washington Mutual, Inc.. . . . . . . . . 6,200 256,060
-----------
13,300,571
-----------
FINANCIAL/BANKS (3.3%)
Bank of America Corp.. . . . . . . . . . 11,500 908,845
Bank One Corp. . . . . . . . . . . . . . 3,700 137,566
Capital One Financial Corp.. . . . . . . 24,500 1,204,910
Compass Bancshares, Inc. . . . . . . . . 5,000 174,650
GreenPoint Financial Corp. . . . . . . . 8,600 438,084
Hibernia Corp. . . . . . . . . . . . . . 5,000 90,800
National Commerce Financial Co.. . . . . 6,800 150,892
North Fork Bancorp, Inc. . . . . . . . . 3,100 105,586
SouthTrust Corp. . . . . . . . . . . . . 2,300 62,560
SunTrust Banks, Inc. . . . . . . . . . . 19,500 1,157,130
U.S. Bancorp . . . . . . . . . . . . . . 87,100 2,133,950
Wachovia Corp. . . . . . . . . . . . . . 19,200 767,232
Wells Fargo Co.. . . . . . . . . . . . . 200 10,080
-----------
7,342,285
-----------
FOOD & BEVERAGE (2.1%)
Archer-Daniels-Midland Co. . . . . . . . 11,000 141,570
Kellogg Co.. . . . . . . . . . . . . . . 6,600 226,842
Kraft Foods, Inc.. . . . . . . . . . . . 9,100 296,205
PepsiCo, Inc.. . . . . . . . . . . . . . 17,000 756,500
SYSCO Corp.. . . . . . . . . . . . . . . 6,500 195,260
The Coca-Cola Co.. . . . . . . . . . . . 67,300 3,123,393
-----------
4,739,770
-----------
HEALTHCARE (2.5%)
Anthem, Inc. (b) . . . . . . . . . . . . 7,000 540,050
Baxter International, Inc. . . . . . . . 7,300 189,800
Becton, Dickinson & Co.. . . . . . . . . 6,300 244,755
Boston Scientific Corp. (b). . . . . . . 3,600 219,960
Gilead Sciences, Inc. (b). . . . . . . . 4,600 255,668
Guidant Corp.. . . . . . . . . . . . . . 37,200 1,651,308
HCA-The Healthcare Co. . . . . . . . . . 2,600 83,304
MedImmune, Inc. (b). . . . . . . . . . . 9,700 352,789
Medtronic, Inc.. . . . . . . . . . . . . 5,000 239,850
St. Jude Medical, Inc. (b) . . . . . . . 3,900 224,250
WellPoint Health Networks, Inc. (b). . . 3,200 269,760
Wyeth. . . . . . . . . . . . . . . . . . 27,400 1,248,070
-----------
5,519,564
-----------
HOTELS/MOTELS (0.0%)
Marriott International, Inc. Class A . . 400 15,368
-----------
INSURANCE (3.0%)
Aetna, Inc.. . . . . . . . . . . . . . . 21,300 1,282,260
AFLAC, Inc.. . . . . . . . . . . . . . . 8,500 261,375
AMBAC Financial Group, Inc.. . . . . . . 15,000 993,750
American International Group, Inc. . . . 15,500 855,290
AON Corp.. . . . . . . . . . . . . . . . 23,400 563,472
CIGNA Corp.. . . . . . . . . . . . . . . 20,700 971,658
Hartford Financial Services Group, Inc.. 300 15,108
MBIA, Inc. . . . . . . . . . . . . . . . 11,500 560,625
Protective Life Corp.. . . . . . . . . . 1,800 48,150
The Allstate Corp. . . . . . . . . . . . 25,100 894,815
Torchmark Corp.. . . . . . . . . . . . . 5,600 208,600
-----------
6,655,103
-----------
LEISURE & AMUSEMENTS (0.1%)
The Walt Disney Co.. . . . . . . . . . . 13,500 266,625
-----------
LEISURE PRODUCTS (0.2%)
Carnival Corp. . . . . . . . . . . . . . 2,100 68,271
Mattel, Inc. . . . . . . . . . . . . . . 16,100 304,612
-----------
372,883
-----------
METALS & MINING (0.5%)
Alcoa, Inc.. . . . . . . . . . . . . . . 34,400 877,200
United States Steel Corp.. . . . . . . . 18,400 301,208
-----------
1,178,408
-----------
MOTORCYCLE MANUFACTURERS (0.2%)
Harley-Davidson, Inc.. . . . . . . . . . 13,200 526,152
-----------
OFFICE EQUIPMENT & SERVICES (0.2%)
3M Co. . . . . . . . . . . . . . . . . . 2,800 361,144
-----------
OIL & GAS (3.7%)
Anadarko Petroleum Corp. . . . . . . . . 16,000 711,520
Baker Hughes, Inc. . . . . . . . . . . . 11,600 389,412
ChevronTexaco Corp.. . . . . . . . . . . 13,700 989,140
ConocoPhillips . . . . . . . . . . . . . 25,900 1,419,320
Cooper Cameron Corp. (b) . . . . . . . . 8,000 403,040
Devon Energy Corp. . . . . . . . . . . . 15,700 838,380
Diamond Offshore Drilling, Inc.. . . . . 1,700 35,683
Dynegy, Inc. . . . . . . . . . . . . . . 23,300 97,860
El Paso Corp.. . . . . . . . . . . . . . 14,000 113,120
ENSCO International, Inc.. . . . . . . . 4,400 118,360
Exxon Mobil Corp.. . . . . . . . . . . . 65,600 2,355,696
Rowan Cos., Inc. (b) . . . . . . . . . . 18,400 412,160
- --------------------------------------------------------------------------------
23
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL & GAS (CONTINUED)
Transocean Sedco Forex, Inc. . . . . . . . 5,200 $ 114,244
Valero Energy Corp.. . . . . . . . . . . . 5,100 185,283
------------
8,183,218
------------
PAPER & FOREST PRODUCTS (0.2%)
Bowater, Inc.. . . . . . . . . . . . . . . 6,300 235,935
Georgia Pacific Corp.. . . . . . . . . . . 7,900 149,705
Weyerhaeuser Co. . . . . . . . . . . . . . 600 32,400
------------
418,040
------------
PHOTOGRAPHIC (0.0%)
Eastman Kodak Co.. . . . . . . . . . . . . 2,200 60,170
------------
POLLUTION CONTROL (0.2%)
Waste Management, Inc. . . . . . . . . . . 22,700 546,843
------------
PRINTING & PUBLISHING (0.3%)
Gannett Co., Inc.. . . . . . . . . . . . . 800 61,448
The McGraw-Hill Companies, Inc.. . . . . . 2,300 142,600
Tribune Co.. . . . . . . . . . . . . . . . 10,300 497,490
------------
701,538
------------
PROPERTY/CASUALTY INSURANCE (0.3%)
Travelers Property Casualty Corp. Class A. 48,900 777,510
------------
RAILROADS (0.3%)
Burlington Northern Santa Fe Corp. . . . . 6,900 196,236
CSX Corp.. . . . . . . . . . . . . . . . . 3,700 111,333
Norfolk Southern Corp. . . . . . . . . . . 6,500 124,800
Union Pacific Corp.. . . . . . . . . . . . 4,100 237,882
------------
670,251
------------
REAL ESTATE (0.2%)
CarrAmerica Realty Corp. . . . . . . . . . 3,200 88,992
Highwood Properties, Inc.. . . . . . . . . 1,200 26,760
ProLogis . . . . . . . . . . . . . . . . . 8,500 232,050
Rouse Co.. . . . . . . . . . . . . . . . . 3,900 148,590
The Mills Corp.. . . . . . . . . . . . . . 100 3,355
------------
499,747
------------
RESTAURANTS (0.0%)
McDonald's Corp. . . . . . . . . . . . . . 900 19,854
Wendy's International, Inc.. . . . . . . . 1,100 31,867
------------
51,721
------------
RETAIL (4.8%)
Abercrombie & Fitch Co. (b). . . . . . . . 13,000 369,330
Bed, Bath & Beyond, Inc. (b) . . . . . . . 6,200 240,622
CVS Corp.. . . . . . . . . . . . . . . . . 30,400 852,112
Family Dollar Stores, Inc. . . . . . . . . 5,700 217,455
Gap, Inc.. . . . . . . . . . . . . . . . . 45,300 849,828
Home Depot, Inc. . . . . . . . . . . . . . 59,000 1,954,080
Jones Apparel Group, Inc. (b). . . . . . . 20,100 588,126
Kohl's Corp. (b) . . . . . . . . . . . . . 12,300 631,974
Kroger Co. (b) . . . . . . . . . . . . . . 1,600 26,688
Lowe's Companies, Inc. . . . . . . . . . . 15,000 644,250
Target Corp. . . . . . . . . . . . . . . . 17,500 662,200
Wal-Mart Stores, Inc.. . . . . . . . . . . 46,000 2,468,820
Walgreen Co. . . . . . . . . . . . . . . . 10,700 322,070
Yum! Brands, Inc. (b). . . . . . . . . . . 30,500 901,580
------------
10,729,135
------------
SEMICONDUCTORS (1.9%)
Altera Corp. (b) . . . . . . . . . . . . . 33,300 546,120
Analog Devices, Inc. (b) . . . . . . . . . 8,900 309,898
Applied Materials, Inc. (b). . . . . . . . 17,500 277,550
Intel Corp.. . . . . . . . . . . . . . . . 89,600 1,862,246
Maxim Integrated Products, Inc.. . . . . . 13,600 464,984
Novellus Systems, Inc. (b) . . . . . . . . 3,800 139,160
QLogic Corp. (b) . . . . . . . . . . . . . 3,300 159,489
Xilinx, Inc. (b) . . . . . . . . . . . . . 15,200 384,712
------------
4,144,159
------------
TELECOMMUNICATIONS (2.3%)
AT&T Wireless Services, Inc. (b) . . . . . 61,800 507,378
Bellsouth Corp.. . . . . . . . . . . . . . 16,400 436,732
Nextel Communications, Inc. (b). . . . . . 1,000 18,080
Qwest Communications International,
Inc. (b) . . . . . . . . . . . . . . . . . 20,600 98,468
SBC Communications, Inc. . . . . . . . . . 43,800 1,119,090
Sprint Corp. (PCS Group) (b) . . . . . . . 24,700 142,025
Verizon Communications, Inc. . . . . . . . 72,100 2,844,345
------------
5,166,118
------------
TOBACCO (0.9%)
Altria Group, Inc. . . . . . . . . . . . . 44,400 2,017,536
------------
TRANSPORTATION SERVICES (0.2%)
United Parcel Service, Inc. Class B. . . . 5,700 363,090
------------
TOTAL COMMON STOCKS 134,867,705
------------
- ----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------
COMMERCIAL PAPER (7.8%)
FINANCIAL SERVICES (7.8%)
Asset Securitization Corp.,
1.23%, 07/02/03 $1,700,000 1,699,932
Banque Generale Du Luxembourg,
1.19%, 07/09/03 1,700,000 1,699,592
Galaxy Funding, Inc.,
1.05%, 09/04/03 1,800,000 1,796,588
Giro Balanced Funding Corp.,
0.97%, 08/15/03 1,800,000 1,797,817
Grampian Funding Ltd.,
0.95%, 08/28/03 1,800,000 1,797,244
Macquarie Bank Ltd.,
1.05%, 09/05/03 850,000 848,356
Montauk Funding Corp.,
1.05%, 08/18/03 1,000,000 998,600
Nordea North America, Inc.,
1.18%, 08/07/03 1,750,000 1,747,878
Tulip Funding Corp.,
1.26%, 07/01/03 1,500,000 1,500,000
West LB, 1.19%, 08/06/03 1,750,000 1,747,918
Windmill Funding Corp.,
1.18%, 07/07/03 1,700,000 1,699,694
----------
TOTAL COMMERCIAL PAPER 17,333,619
----------
- --------------------------------------------------------------------------------
24
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------
CORPORATE BONDS (12.1%)
AEROSPACE/DEFENSE (0.2%)
Boeing Co., 5.13%, 02/15/13. . . . . . $ 65,000 $ 68,347
General Dynamics Corp.,
2.13%, 05/15/06. . . . . . . . . . . . 165,000 167,219
Northrop Grumman Corp.,
7.13%, 02/15/11. . . . . . . . . . . . 125,000 149,740
Northrop Grumman Corp.,
7.75%, 02/15/31. . . . . . . . . . . . 60,000 76,966
Raytheon Co., 6.55%, 03/15/10. . . . . 60,000 67,156
----------
529,428
----------
AUTOMOTIVE PARTS AND SUPPLIES (0.0%)
Breed Technologies, Inc.,
0.00%, 04/15/08 ** . . . . . . . . . . 125,000 0
----------
BANKS (1.5%)
Abbey National Capital Trust I,
8.96%, 12/29/49. . . . . . . . . . . . 55,000 78,910
ABN Amro Holding NA,
6.52%, 12/31/49 *. . . . . . . . . . . 160,000 181,867
Banc One Corp., 7.88%, 08/01/10. . . . 25,000 31,172
Bank of America Corp.,
7.40%, 01/15/11. . . . . . . . . . . . 165,000 202,721
Bank One Capital III, 8.75%, 09/01/30. 30,000 41,154
Barclays Bank PLC, 6.86%, 06/15/32*. . 55,000 63,581
Barclays Bank PLC, 8.55%, 09/15/49*. . 95,000 121,720
BNP Paribas Capital Trust,
9.00%, 12/29/49* . . . . . . . . . . . 165,000 214,127
Capital One Bank, 4.88%, 05/15/08. . . 125,000 127,564
Deutsche Bank Finance LLC,
5.38%, 03/02/15. . . . . . . . . . . . 65,000 69,281
HSBC Capital Funding LP,
9.55%, 12/29/49 *. . . . . . . . . . . 265,000 349,890
HSBC Capital Funding LP,
4.61%, 12/29/49* . . . . . . . . . . . 95,000 95,000
International Nederland Bank NV,
5.13%, 05/01/15* . . . . . . . . . . . 55,000 57,589
KBC Bank Funding Trust III,
9.86%, 11/29/49* . . . . . . . . . . . 195,000 252,268
KFW International Finance,
4.75%, 01/24/07. . . . . . . . . . . . 200,000 217,078
National City Bank, 6.20%, 12/15/11. . 130,000 148,247
Popular North America, Inc.,
4.25%, 04/01/08. . . . . . . . . . . . 75,000 78,051
RBS Capital Trust I, 4.71%, 12/31/49 . 330,000 330,232
Royal Bank of Scotland,
7.65%, 08/31/49. . . . . . . . . . . . 45,000 57,100
Scotland International Finance No. 2,
4.25%, 05/23/13* . . . . . . . . . . . 105,000 104,577
Sovereign Bank, 5.13%, 03/15/13. . . . 55,000 56,800
Standard Chartered Bank,
8.00%, 05/30/31* . . . . . . . . . . . 40,000 50,834
Swedbank, 9.00%, 12/29/49* . . . . . . 60,000 75,842
U.S. Bancorp, 6.50%, 02/01/08. . . . . 200,000 230,581
Wells Fargo Co., 5.13%, 09/01/12 . . . 40,000 43,081
Wells Fargo Co., 5.00%, 11/15/14 . . . 40,000 42,379
----------
3,321,646
----------
BROADCAST MEDIA/CABLE TELEVISION (0.5%)
AOL Time Warner, Inc.,
6.88%, 05/01/12. . . . . . . . . . . . 215,000 245,447
AOL Time Warner, Inc.,
7.63%, 04/15/31. . . . . . . . . . . . 140,000 161,575
- -------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -------------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
BROADCAST MEDIA/CABLE TELEVISION (CONTINUED)
British Sky Broadcasting,
8.20%, 07/15/09 . . . . . . . . . . . . . . $ 25,000 $ 29,625
Comcast Corp., 6.50%, 01/15/15. . . . . . . 225,000 253,043
Liberty Media Corp., 5.70%, 05/15/13. . . . 165,000 167,726
News America, Inc., 6.63%, 01/09/08 . . . . 123,000 140,185
News America, Inc., 8.88%, 04/26/23 . . . . 100,000 127,838
News America, Inc., 7.28%, 06/30/28 . . . . 60,000 68,012
----------
1,193,451
----------
BUILDING - RESIDENTIAL/COMMERCIAL (0.1%)
D.R. Horton, Inc., 8.50%, 04/15/12. . . . . 20,000 22,500
Pulte Homes, Inc., 6.25%, 02/15/13. . . . . 10,000 11,094
Pulte Homes, Inc., 6.38%, 05/15/33. . . . . 70,000 70,603
Standard Pacific Corp., 6.88%, 05/15/11*. . 45,000 47,138
----------
151,335
----------
CHEMICALS/DIVERSIFIED (0.0%)
Dow Chemical Co., 7.38%, 11/01/29 . . . . . 25,000 29,185
----------
COMMERCIAL SERVICES (0.0%)
Cendant Corp., 7.13%, 03/15/15. . . . . . . 70,000 81,159
----------
COMPUTER SOFTWARE & SERVICES (0.1%)
Electronic Data Systems,
6.00%, 08/01/13*. . . . . . . . . . . . . . 180,000 175,482
Unisys Corp., 6.88%, 03/15/10 . . . . . . . 15,000 15,600
----------
191,082
----------
CONSTRUCTION MACHINERY (0.0%)
Deere & Co., 6.95%, 04/25/14. . . . . . . . 35,000 42,408
----------
CONTAINERS (0.1%)
Crown Euro Holdings SA,
9.50%, 03/01/11 * . . . . . . . . . . . . . 20,000 21,600
Owens-Brockway Glass Container,
8.88%, 02/15/09 . . . . . . . . . . . . . . 10,000 10,850
Owens-Brockway Glass Container,
7.75%, 05/15/11 * . . . . . . . . . . . . . 30,000 31,725
Sealed Air Corp., 6.88%, 07/15/33 . . . . . 135,000 134,517
----------
198,692
----------
CRUDE PETROLEUM & NATURAL GAS (0.1%)
Lasmo (USA), Inc., 7.30%, 11/15/27. . . . . 30,000 37,543
Occidental Petroleum Corp.,
7.65%, 02/15/06 . . . . . . . . . . . . . . 75,000 84,743
----------
122,286
----------
DIVERSIFIED MANUFACTURING OPERATIONS (0.0%)
Bombardier, Inc., 6.75%, 05/01/12 * . . . . 55,000 56,375
----------
ELECTRICAL SERVICES (1.1%)
AEP Texas Central Co.,
5.50%, 02/15/13*. . . . . . . . . . . . . . 40,000 42,674
AEP Texas North Co., 5.50%, 03/01/13* . . . 148,000 157,927
Arizona Pub Service Co.,
4.65%, 05/15/15 . . . . . . . . . . . . . . 80,000 79,554
Centerpoint Energy, 6.85%, 06/01/15*. . . . 15,000 15,023
Columbus Southern Power,
5.50%, 03/01/13*. . . . . . . . . . . . . . 40,000 43,005
Consolidated Edison Co. NY,
5.63%, 07/01/12 . . . . . . . . . . . . . . 250,000 276,852
Constellation Energy Group,
6.35%, 04/01/07 . . . . . . . . . . . . . . 35,000 39,118
- --------------------------------------------------------------------------------
25
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
ELECTRICAL SERVICES (CONTINUED)
Constellation Energy Group,
7.00%, 04/01/12. . . . . . . . . . . . . $ 20,000 $ 23,297
Constellation Energy Group,
4.55%, 06/15/15. . . . . . . . . . . . . 125,000 119,331
Dominion Resources, Inc.,
8.13%, 06/15/10. . . . . . . . . . . . . 135,000 167,291
Dominion Resources, Inc.,
5.00%, 03/15/13. . . . . . . . . . . . . 195,000 202,117
DTE Energy Co., 6.38%, 04/15/33. . . . . 40,000 41,684
Duke Capital Corp., 6.25%, 02/15/13. . . 65,000 69,097
Duke Energy Corp., 3.75%, 03/05/08*. . . 195,000 200,720
General Electric Co., 5.00%, 02/01/13. . 445,000 470,033
Midamerican Energy Co.,
6.75%, 12/30/31. . . . . . . . . . . . . 50,000 59,185
Peabody Energy Corp., 6.88%, 03/15/13* . 25,000 26,188
Pepco Holdings, Inc., 6.45%, 08/15/12* . 70,000 79,209
Progress Energy, Inc., 7.10%, 03/01/11 . 105,000 122,147
TXU Energy Co., 7.00%, 03/15/13* . . . . 100,000 110,673
----------
2,345,125
----------
FINANCIAL PRODUCTS/SERVICES (3.1%)
American Express Credit,
3.00%, 05/16/08. . . . . . . . . . . . . 170,000 171,172
American General Finance Corp.,
4.50%, 11/15/07. . . . . . . . . . . . . 330,000 350,812
American General Finance Corp.,
5.38%, 10/01/12. . . . . . . . . . . . . 70,000 75,530
Anadarko Finance Co., 7.50%, 05/01/31. . 45,000 56,529
Arch Western Finance, 6.75%, 07/01/13* . 20,000 20,500
Associates Corporation of
North America, 6.95%, 11/01/18 . . . . . 500,000 613,519
Bear Stearns Co., Inc., 5.70%, 11/15/14. 105,000 116,379
CIT Group, Inc., 7.75%, 04/02/12 . . . . 45,000 53,656
Citigroup, Inc., 7.25%, 10/01/10 . . . . 205,000 248,381
Countrywide Home Loans, Inc.,
5.63%, 05/15/07. . . . . . . . . . . . . 110,000 121,151
Countrywide Home Loans, Inc.,
5.50%, 08/25/33. . . . . . . . . . . . . 1,000,000 1,021,874
Credit Suisse First Boston USA, Inc.,
6.13%, 11/15/11. . . . . . . . . . . . . 25,000 28,006
Credit Suisse First Boston USA, Inc.
6.50%, 01/15/12. . . . . . . . . . . . . 160,000 183,609
Credit Suisse First Boston USA, Inc.
7.13%, 07/15/32. . . . . . . . . . . . . 45,000 54,268
Ford Motor Credit Co., 7.38%, 10/28/09 . 200,000 209,662
Ford Motor Credit Co., 7.38%, 02/01/11 . 185,000 191,266
Ford Motor Credit Co., 7.25%, 10/25/11 . 145,000 149,071
Fund American Co., Inc.,
5.88%, 05/15/13. . . . . . . . . . . . . 75,000 78,422
General Electric Capital Corp.,
5.88%, 02/15/12. . . . . . . . . . . . . 300,000 335,582
General Electric Capital Corp.,
5.45%, 01/15/13. . . . . . . . . . . . . 65,000 70,404
General Electric Capital Corp.,
6.75%, 03/15/32. . . . . . . . . . . . . 50,000 58,478
General Motors Acceptance Corp.,
6.13%, 01/22/08. . . . . . . . . . . . . 336,000 347,955
Goldman Sachs Group, Inc.,
6.60%, 01/15/12. . . . . . . . . . . . . 75,000 87,149
Goldman Sachs Group, Inc.,
6.13%, 02/15/33. . . . . . . . . . . . . 55,000 58,981
Household Finance Corp.,
6.40%, 06/17/08. . . . . . . . . . . . . 25,000 28,538
Household Finance Corp.,
6.50%, 11/15/08. . . . . . . . . . . . . 80,000 91,986
Household Finance Corp.,
8.00%, 07/15/10. . . . . . . . . . . . . 160,000 198,485
ING Cap Funding Trust III,
8.44%, 12/29/49. . . . . . . . . . . . . 140,000 174,742
Morgan Stanley Capital I,
6.22%, 06/03/30. . . . . . . . . . . . . 281,508 299,092
Morgan Stanley Dean Witter & Co.,
6.75%, 04/15/11. . . . . . . . . . . . . 305,000 356,753
National Rural Utilities,
3.88%,02/15/08 . . . . . . . . . . . . . 110,000 114,586
National Rural Utilities,
7.25%,03/01/12 . . . . . . . . . . . . . 50,000 59,869
Prudential Holdings LLC,
8.70%, 12/18/23* . . . . . . . . . . . . 55,000 69,602
UBS Preferred Funding Trust I,
8.62%, 10/29/49. . . . . . . . . . . . . 125,000 159,835
Washington Mutual, Inc.,
4.38%, 01/15/08. . . . . . . . . . . . . 330,000 349,224
----------
6,605,068
----------
FOOD & BEVERAGE (0.1%)
Archer-Daniels-Midland Co.,
8.13%, 06/01/12. . . . . . . . . . . . . 55,000 70,152
Archer-Daniels-Midland Co.,
5.94%, 10/01/32. . . . . . . . . . . . . 20,000 21,347
Coca-Cola Enterprises, Inc.,
5.38%, 08/15/06. . . . . . . . . . . . . 130,000 142,689
Conagra Foods, Inc., 6.75%, 09/15/11 . . 55,000 64,390
----------
298,578
----------
HEALTHCARE (0.0%)
Tenet Healthcare Corp.,
5.00%, 07/01/07. . . . . . . . . . . . . 50,000 46,750
----------
INSURANCE (0.3%)
Aegon NV, 4.75%, 06/01/13. . . . . . . . 140,000 141,639
AXA, 8.60%, 12/15/30 . . . . . . . . . . 205,000 264,016
Metlife, Inc., 6.13%, 12/01/11 . . . . . 30,000 34,196
New York Life Insurance,
5.88%, 05/15/33* . . . . . . . . . . . . 65,000 68,216
QBE Insurance Group Ltd.,
5.65%, 07/01/23. . . . . . . . . . . . . 90,000 87,440
----------
595,507
----------
LEISURE & AMUSEMENTS (0.0%)
Walt Disney Co., 6.38%, 03/01/12 . . . . 30,000 34,196
----------
MOTOR VEHICLES (0.3%)
Daimler Chrysler NA Holding Corp.,
4.75%, 01/15/08. . . . . . . . . . . . . 125,000 128,225
Daimler Chrysler NA Holding Corp.,
8.50%, 01/18/31. . . . . . . . . . . . . 25,000 29,447
General Motors Corp.,
7.20%, 01/15/11. . . . . . . . . . . . . 185,000 186,466
General Motors Corp.,
8.25%, 07/15/23. . . . . . . . . . . . . 90,000 93,141
General Motors Corp.,
8.38%, 07/15/33. . . . . . . . . . . . . 145,000 143,003
----------
580,282
----------
- --------------------------------------------------------------------------------
26
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ------------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
NATURAL GAS TRANSMISSION (0.0%)
Kinder Morgan Energy Partners,
7.40%, 03/15/31. . . . . . . . . . . . . . $ 25,000 $ 30,201
TransCanada Pipelines Ltd.,
8.63%, 05/15/12. . . . . . . . . . . . . . 35,000 45,666
----------
75,867
----------
OFFICE EQUIPMENT & SERVICES (0.0%)
Xerox Corp., 7.13%, 06/15/10 . . . . . . . 20,000 19,975
Xerox Corp., 7.63%, 06/15/13 . . . . . . . 15,000 15,019
----------
34,994
----------
OIL & GAS (0.3%)
Alberta Energy Co. Ltd.,
7.38%, 11/01/31. . . . . . . . . . . . . . 25,000 31,615
Amerada Hess Corp., 7.88%, 10/01/29. . . . 30,000 36,513
Amerada Hess Corp., 7.30%, 08/15/31. . . . 40,000 46,233
Canadian National Resources,
7.20%, 01/15/32. . . . . . . . . . . . . . 25,000 30,719
Chesapeake Energy Corp.,
8.13%, 04/01/11. . . . . . . . . . . . . . 25,000 26,938
Conoco Funding Co., 6.35%, 10/15/11. . . . 225,000 262,816
Conoco Funding Co., 7.25%, 10/15/31. . . . 30,000 37,688
Devon Financing Corp. ULC,
7.88%, 09/30/31. . . . . . . . . . . . . . 90,000 114,283
Kinder Morgan, Inc., 6.50%, 09/01/12 . . . 65,000 74,509
Transocean, Inc., 6.63%, 04/15/11. . . . . 40,000 46,338
Valero Energy Corp., 6.88%, 04/15/12 . . . 20,000 22,671
----------
730,323
----------
PAPER & FOREST PRODUCTS (0.2%)
Abitibi Consolidated, Inc.,
6.00%, 06/20/13. . . . . . . . . . . . . . 45,000 42,829
Georgia Pacific Corp., 7.38%, 07/15/08*. . 35,000 35,525
International Paper Co., 6.75%, 09/01/11 . 50,000 57,831
International Paper Co., 5.85%, 10/30/12*. 70,000 76,680
Meadwestvaco Corp., 6.85%, 04/01/12. . . . 5,000 5,772
Westvaco Corp., 8.20%, 01/15/30. . . . . . 15,000 18,616
Westvaco Corp., 7.95%, 02/15/31. . . . . . 35,000 42,938
Weyerhaeuser Co., 6.75%, 03/15/12. . . . . 95,000 107,844
----------
388,035
----------
POLLUTION CONTROL (0.0%)
Allied Waste North America, Inc.,
10.00%, 08/01/09 . . . . . . . . . . . . . 20,000 21,250
----------
RAILROADS (0.1%)
Burlington Northern Santa Fe Corp.,
6.75%, 07/15/11. . . . . . . . . . . . . . 35,000 40,980
Burlington Northern Santa Fe Corp.,
7.95%, 08/15/30. . . . . . . . . . . . . . 20,000 25,972
CSX Corp., 6.30%, 03/15/12 . . . . . . . . 50,000 56,763
Norfolk Southern Corp.,
7.80%, 05/15/27. . . . . . . . . . . . . . 50,000 62,688
Union Pacific Corp., 6.63%, 02/01/29 . . . 25,000 28,215
----------
214,618
----------
RETAIL (0.2%)
Federated Department Stores, Inc.,
6.90%, 04/01/29. . . . . . . . . . . . . . 20,000 22,428
Kroger Co., 6.80%, 04/01/11. . . . . . . . 70,000 79,860
Kroger Co., 7.50%, 04/01/31. . . . . . . . 15,000 17,791
May Department Stores Co.,
6.90%, 01/15/32. . . . . . . . . . . . . . 15,000 16,688
Safeway, Inc., 6.50%, 03/01/11 . . . . . . 65,000 72,556
Sears Roebuck Acceptance Corp.,
7.00%, 02/01/11. . . . . . . . . . . . . . 190,000 220,277
Toys "R" Us, 7.88%, 04/15/13 . . . . . . . 70,000 75,300
----------
504,900
----------
SOVEREIGN (2.0%)
Fannie Mae, 6.41%, 03/08/06. . . . . . . . 1,000,000 1,123,256
Federal Home Loan Bank,
5.88%, 11/15/07. . . . . . . . . . . . . . 1,000,000 1,141,391
Federal Republic of Brazil,
10.00%, 01/16/07 . . . . . . . . . . . . . 50,000 51,375
Federal Republic of Brazil,
10.25%, 06/17/13 . . . . . . . . . . . . . 45,000 42,975
Federal Republic of Brazil,
11.00%, 08/17/40 . . . . . . . . . . . . . 40,000 36,500
Freddie Mac, 5.00%, 01/15/04 . . . . . . . 1,000,000 1,021,111
Quebec Province, 7.50%, 09/15/29 . . . . . 105,000 139,941
Region of Lombardy, 5.80%, 10/25/32. . . . 60,000 66,512
Republic of Colombia, 9.75%, 04/09/11. . . 82,476 93,816
Republic of Costa Rica,
6.91%, 01/31/08* . . . . . . . . . . . . . 25,000 26,563
Republic of Costa Rica,
8.05%, 01/31/13* . . . . . . . . . . . . . 55,000 58,988
Republic of Costa Rica,
10.00%, 08/01/20*. . . . . . . . . . . . . 40,000 46,400
Russian Federation, 10.00%, 06/26/07 . . . 15,000 18,263
Russian Federation, 5.00%, 03/31/30. . . . 95,000 92,150
Russian Federation, 8.25%, 03/31/10. . . . 20,000 23,100
United Mexican States, 9.88%, 02/01/10 . . 25,000 32,063
United Mexican States, 7.50%, 01/14/12 . . 15,000 17,175
United Mexican States, 6.38%, 01/16/13 . . 175,000 185,500
United Mexican States, 8.13%, 12/30/19 . . 80,000 91,200
United Mexican States, 8.30%, 08/15/31 . . 110,000 126,665
----------
4,434,944
----------
SPECIAL PURPOSE ENTITY (0.5%)
Core Invest Grade Trust,
4.73%, 11/30/07. . . . . . . . . . . . . . 500,000 531,051
Pemex Project Funding Master Trust,
8.50%, 02/15/08. . . . . . . . . . . . . . 90,000 105,075
Principal Life Global,
5.25%, 01/15/13* . . . . . . . . . . . . . 90,000 95,543
TRAINS 10-2002, 6.96%, 01/15/12. . . . . . 280,600 325,357
TRAINS 5-2002, 5.94%, 01/25/07 . . . . . . 144,000 157,770
----------
1,214,796
----------
TELECOMMUNICATIONS (1.3%)
AT&T Broadband Corp.,
8.38%, 03/15/13. . . . . . . . . . . . . . 150,000 187,861
AT&T Corp., 6.00%, 03/15/09. . . . . . . . 1,000 1,070
AT&T Corp., 7.80%, 11/15/11. . . . . . . . 35,000 40,009
AT&T Corp., 8.50%, 11/15/31. . . . . . . . 20,000 22,678
AT&T Wireless Services, Inc.,
7.50%, 05/01/07. . . . . . . . . . . . . . 150,000 172,908
AT&T Wireless Services, Inc.,
8.13%, 05/01/12. . . . . . . . . . . . . . 15,000 18,073
AT&T Wireless Services, Inc.,
8.75%, 03/01/31. . . . . . . . . . . . . . 10,000 12,361
- --------------------------------------------------------------------------------
27
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
BellSouth Capital Funding,
7.88%, 02/15/30 . . . . . . . . . . . . $ 105,000 $ 137,007
British Telecom PLC,
8.38%, 12/15/10 . . . . . . . . . . . . 135,000 170,732
Citizens Communications,
9.25%, 05/15/11 . . . . . . . . . . . . 60,000 77,637
Cox Communications, Inc.,
7.75%, 08/15/06 . . . . . . . . . . . . 75,000 86,534
Deutsche Telekom, 8.50%, 06/15/10 . . . 135,000 165,831
Deutsche Telekom, 8.75%, 06/15/30 . . . 85,000 108,298
France Telecom, 10.00%, 03/01/31. . . . 115,000 159,130
France Telecom SA, 9.25%, 03/01/11. . . 65,000 81,807
Koninklijke KPN NV, 8.00%, 10/01/10 . . 30,000 37,139
Sprint Capital Corp., 7.63%, 01/30/11 . 200,000 228,289
Sprint Capital Corp., 8.75%, 03/15/32 . 75,000 89,777
Tele-Communications, Inc.,
7.88%, 08/01/13 . . . . . . . . . . . . 30,000 36,337
Telefonica Europe BV, 7.75%, 09/15/10 . 95,000 117,222
Verizon Global Funding Corp.,
7.38%, 09/01/12 . . . . . . . . . . . . 375,000 457,388
Verizon New York, Inc.,
6.88%, 04/01/12 . . . . . . . . . . . . 165,000 194,232
Vodafone Airtouch PLC,
7.75%, 02/15/10 . . . . . . . . . . . . 225,000 276,846
Vodafone Group PLC, 7.88%, 02/15/30 . . 45,000 57,970
-----------
2,937,136
-----------
TOTAL CORPORATE BONDS 26,979,416
-----------
MORTGAGE-BACKED SECURITIES (22.8%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (0.0%)
6.25%, 07/15/32 . . . . . . . . . . . . 55,000 64,714
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (16.6%)
7.25%, 05/15/30 . . . . . . . . . . . . 635,000 836,877
6.63%, 11/15/30 . . . . . . . . . . . . 30,000 36,862
5.50%, 03/01/33, Pool #694371 . . . . . 5,406,338 5,597,461
TBA, 4.50%, 08/01/18. . . . . . . . . . 1,500,000 1,525,313
TBA, 5.00%, 08/01/33. . . . . . . . . . 16,000,000 16,189,999
TBA, 5.50%, 08/01/33. . . . . . . . . . 10,500,000 10,818,276
TBA, 5.00%, 09/01/33. . . . . . . . . . 2,000,000 2,015,624
-----------
37,020,412
-----------
FINANCIAL SERVICES (4.8%)
American Express Credit Account
Master Trust, Series 03-4, Class A,
1.69%, 01/15/09 . . . . . . . . . . . . 355,000 351,949
Bank One Issuance Trust, Series 03-A5,
Class A, 1.23%, 02/17/09. . . . . . . . 450,000 450,134
Bank One Issuance Trust, Series 03-C3,
Class C3, 4.77%, 02/16/16 . . . . . . . 245,000 238,339
Capital Auto Receivables Asset Trust,
Series 03-2, Class A, 1.96%, 01/15/09 . 275,000 273,332
Capital Auto Receivables Asset Trust,
Series 03-2, Class A3B,
1.15%, 02/15/07 . . . . . . . . . . . . 425,000 425,018
Citibank Credit Card Issuance Trust,
Series 01-A8, Class A8,
4.10%, 12/07/06 . . . . . . . . . . . . 1,770,000 1,838,855
Citibank Credit Card
Issuance Trust, Series 03-C4,
Class C4, 5.00%, 06/10/15 . . . . . . . 180,000 181,125
CS First Boston Mortgage
Securities Corp., Series 02-CKN2,
Class A3, 6.13%, 04/15/37 . . . . . . . 480,000 550,557
Discover Card Master Trust I,
Series 02-5, Class A, 1.36%, 05/16/07 . 265,000 264,896
First Union - Lehman Brothers
Commercial Mortgage Trust,
Series 97-C2, Class A3, 6.65%,
11/18/29, CMO . . . . . . . . . . . . . 1,000,000 1,137,094
LB Commercial Conduit
Mortgage Trust, Series 99-C2,
Class A2, 7.33%, 10/15/32 . . . . . . . 630,000 758,568
LBMLT, Series 03-4, Class AV3,
1.00%, 08/15/33 . . . . . . . . . . . . 525,000 525,000
MASTR, Series 03-8, Class 1A1,
0.00%, 09/25/33 . . . . . . . . . . . . 1,000,000 1,011,875
MBNA Credit Card Master Note
Trust, Series 03-A1, Class A1,
3.30%, 07/15/10 . . . . . . . . . . . . 485,000 497,608
Morgan Stanley Capital I,
Series 98-WF2, Class A1,
6.34%, 07/15/30 . . . . . . . . . . . . 290,684 313,288
Morgan Stanley Dean Witter Capital I,
Series 02-HQ, Class A2,
6.09%, 04/15/34 . . . . . . . . . . . . 20,000 22,600
Residential Asset Securities Corp.,
Series 02-KS4, Class AIIB,
1.67%, 07/25/32 . . . . . . . . . . . . 216,814 216,526
Residential Asset Securities Corp.,
Series 03-KS5, Class AIIB,
1.58%, 07/25/31 . . . . . . . . . . . . 350,000 349,508
Volkswagen Auto Loan Enhanced
Trust, Series 03-1, Class A4,
1.93%, 01/20/10 . . . . . . . . . . . . 665,000 660,844
Wachovia Asset Securitization, Inc.,
Series 02-HE2, Class A,
1.74%, 12/25/32 . . . . . . . . . . . . 260,000 260,645
Wachovia Asset Securitization, Inc.,
Series 03-HE2, Class AII1,
1.32%, 07/25/33 . . . . . . . . . . . . 335,000 335,000
-----------
10,662,761
-----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.4%)
TBA, 5.50%, 08/01/33. . . . . . . . . . 3,000,000 3,129,966
-----------
TOTAL MORTGAGE-BACKED SECURITIES 50,877,853
-----------
MUNICIPAL BOND - TAXABLE (0.1%)
GENERAL OBLIGATION (0.1%)
Illinois State, 5.10%, 06/01/33 . . . . 220,000 216,425
-----------
TOTAL MUNICIPAL BOND - TAXABLE 216,425
-----------
- --------------------------------------------------------------------------------
28
GARTMORE VARIABLE INSURANCE TRUST
J.P. MORGAN GVIT BALANCED FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ------------------------------------------------------------------------
U.S. GOVERNMENT LONG TERM OBLIGATIONS (3.3%)
U.S. TREASURY BONDS (2.4%)
7.88%, 02/15/21. . . . . . . . . $1,400,000 $ 1,998,718
6.25%, 08/15/23. . . . . . . . . 1,964,000 2,405,748
6.25%, 05/15/30. . . . . . . . . 325,000 404,600
5.38%, 02/15/31. . . . . . . . . 205,000 230,841
8.88%, 02/15/19 (c). . . . . . . 250,000 382,871
-------------
5,422,778
-------------
U.S. TREASURY NOTES (0.9%)
2.00%, 05/15/06. . . . . . . . . 30,000 30,319
2.63%, 05/15/08. . . . . . . . . 75,000 75,686
3.00%, 07/15/12. . . . . . . . . 1,195,000 1,346,228
3.63%, 05/15/13. . . . . . . . . 450,000 453,515
-------------
1,905,748
-------------
TOTAL U.S. GOVERNMENT
LONG TERM OBLIGATIONS 7,328,526
-------------
TOTAL INVESTMENTS
(COST $231,337,515) (A) - 106.6% 237,603,544
-------------
LIABILITIES IN EXCESS
OF OTHER ASSETS - (6.6)% (14,633,097)
-------------
NET ASSETS - 100.0% $222,970,447
-------------
-------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
(c) Pledged as collateral for futures.
* Represents a restricted security acquired and eligible for resale under
Rule 144A, which limits the resale to certain qualified buyers.
** Bond in default.
TBA To Be Announced
TRAINS Targeted Return Index Securities Trust
AT JUNE 30, 2003, THE FUND'S OPEN FUTURES CONTRACTS WERE AS FOLLOWS:
MARKET
VALUE UNREALIZED
NUMBER OF COVERED BY APPRECIATION
CONTRACTS CONTRACTS EXPIRATION CONTRACTS (DEPRECIATION)
- ----------------------------------------------------------------------------
LONG CONTRACTS:
1 . . . . . U.S. Long Bond Future 9/19/03 $ 117,344 $ (2,443)
46. . . . . U.S. 2yr Note Future 9/20/03 9,949,656 (3,003)
21. . . . . 90day Euro$Future 3/15/04 5,185,162 9,597
21. . . . . 90day Euro$Future 6/14/04 5,175,187 (10,665)
---------------
TOTAL LONG CONTRACTS $ (6,514)
---------------
SHORT CONTRACTS:
106 . . . . U.S. 5yr Note Future 9/20/03 $12,203,250 $ 52,999
18. . . . . U.S. 10yr Note Future 9/20/03 2,113,875 9,323
---------------
TOTAL SHORT CONTRACTS $ 62,322
---------------
TOTAL CONTRACTS $ 55,808
---------------
---------------
See notes to financial statements.
- --------------------------------------------------------------------------------
29
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MID CAP GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------------------
COMMON STOCKS (97.3%)
AIRLINES (1.2%)
Ryanair Holdings PLC ADR - GB (b) . . . . . . 55,600 $ 2,496,440
-----------
APPAREL (1.4%)
Coach, Inc. (b) . . . . . . . . . . . . . . . 59,000 2,934,660
-----------
BEVERAGES (2.6%)
Constellation Brands, Inc. (b). . . . . . . . 152,200 4,779,080
Cott Corp. (b). . . . . . . . . . . . . . . . 32,000 662,080
-----------
5,441,160
-----------
COMMERCIAL SERVICES (2.4%)
ChoicePoint, Inc. (b) . . . . . . . . . . . . 19,466 671,966
FTI Consulting, Inc. (b). . . . . . . . . . . 33,000 824,010
Manpower, Inc.. . . . . . . . . . . . . . . . 70,800 2,625,972
Stericycle, Inc. (b). . . . . . . . . . . . . 20,000 769,600
Weight Watchers International, Inc. (b) . . . 1,800 81,882
-----------
4,973,430
-----------
COMPUTER EQUIPMENT (2.4%)
Lexmark International, Inc. Class A (b) . . . 30,900 2,186,793
Network Appliance, Inc. (b) . . . . . . . . . 174,900 2,835,129
-----------
5,021,922
-----------
COMPUTER SOFTWARE & SERVICES (12.7%)
Affiliated Computer Services, Inc.
Class A (b) . . . . . . . . . . . . . . . . . 84,400 3,859,612
Alliance Data Systems Corp. (b) . . . . . . . 79,700 1,864,980
Check Point Software Technologies
Ltd. (b). . . . . . . . . . . . . . . . . . . 60,400 1,180,820
CheckFree Corp. (b) . . . . . . . . . . . . . 14,000 389,760
Citrix Systems, Inc. (b). . . . . . . . . . . 49,900 1,015,964
Cognos, Inc. (b). . . . . . . . . . . . . . . 40,000 1,080,000
Electronic Arts, Inc. (b) . . . . . . . . . . 41,300 3,055,787
Factset Research Systems, Inc.. . . . . . . . 65,500 2,885,275
Fiserv, Inc. (b). . . . . . . . . . . . . . . 76,000 2,706,360
i2 Technologies, Inc. (b) . . . . . . . . . . 4,200 4,242
Intuit, Inc. (b). . . . . . . . . . . . . . . 57,700 2,569,381
Mercury Interactive Corp. (b) . . . . . . . . 66,800 2,579,148
Veritas Software Corp. (b). . . . . . . . . . 137,300 3,936,390
-----------
27,127,719
-----------
CONSTRUCTION (1.3%)
D. R. Horton, Inc.. . . . . . . . . . . . . . 100,500 2,824,050
-----------
CONSUMER PRODUCTS (0.8%)
Church & Dwight Co., Inc. . . . . . . . . . . 22,000 720,060
Fossil, Inc. (b). . . . . . . . . . . . . . . 39,500 930,620
-----------
1,650,680
-----------
EDUCATION (3.0%)
Apollo Group, Inc. Class A (b). . . . . . . . 42,000 2,593,920
Education Management Corp. (b). . . . . . . . 70,000 3,722,600
-----------
6,316,520
-----------
ELECTRONICS (5.3%)
American Power Conversion Corp. (b) . . . . . 47,700 743,643
Garmin Ltd. (b) . . . . . . . . . . . . . . . 62,900 2,507,823
Harman International Industries, Inc. . . . . 20,300 1,606,542
L-3 Communications Holdings, Inc. (b) 144,600 6,288,654
-----------
11,146,662
-----------
FINANCIAL SERVICES (9.2%)
Countrywide Credit Industries, Inc. . . . . . 56,800 3,951,576
First Tennessee National Corp.. . . . . . . . 54,000 2,371,140
GreenPoint Financial Corp.. . . . . . . . . . 40,500 2,063,070
Investors Financial Services Corp.. . . . . . 39,900 1,157,499
New York Community Bancorp, Inc.. . . . . . . 174,133 5,065,529
SLM Corp. . . . . . . . . . . . . . . . . . . 51,300 2,009,421
Zions Bancorporation. . . . . . . . . . . . . 55,400 2,803,794
-----------
19,422,029
-----------
GAMING (3.0%)
Gtech Holdings Corp. (b). . . . . . . . . . . 25,100 945,015
International Game Technology (b) . . . . . . 28,000 2,865,240
Penn National Gaming, Inc. (b). . . . . . . . 121,000 2,486,550
-----------
6,296,805
-----------
HEALTHCARE (9.6%)
Biomet, Inc.. . . . . . . . . . . . . . . . . 18,200 521,612
Express Scripts, Inc. Class A (b) . . . . . . 36,700 2,507,344
First Health Group Corp. (b). . . . . . . . . 35,300 974,280
Gilead Sciences, Inc. (b) . . . . . . . . . . 77,800 4,324,124
Health Management Associates, Inc.
Class A . . . . . . . . . . . . . . . . . . . 145,000 2,675,250
Lincare Holdings, Inc. (b). . . . . . . . . . 59,700 1,881,147
Omnicare, Inc.. . . . . . . . . . . . . . . . 106,800 3,608,772
ResMed, Inc. (b). . . . . . . . . . . . . . . 50,700 1,987,440
STERIS Corp. (b). . . . . . . . . . . . . . . 79,400 1,833,346
-----------
20,313,315
-----------
INSTRUMENTS (1.9%)
Waters Corp. (b). . . . . . . . . . . . . . . 140,200 4,084,026
-----------
INSURANCE (4.0%)
ACE Ltd.. . . . . . . . . . . . . . . . . . . 78,500 2,691,765
Brown & Brown, Inc. . . . . . . . . . . . . . 52,900 1,719,250
Everest Re Group Ltd. . . . . . . . . . . . . 52,900 4,046,850
-----------
8,457,865
-----------
MANUFACTURING (1.3%)
American Axle & Manufacturing
Holdings, Inc. (b). . . . . . . . . . . . . . 40,600 970,340
Ball Corp.. . . . . . . . . . . . . . . . . . 37,800 1,720,278
-----------
2,690,618
-----------
MINING (0.6%)
Newmont Mining Corp.. . . . . . . . . . . . . 41,400 1,343,844
-----------
OIL & GAS (11.1%)
Apache Corp.. . . . . . . . . . . . . . . . . 72,445 4,713,272
BJ Services Co. (b) . . . . . . . . . . . . . 59,900 2,237,864
Calpine Corp. (b) . . . . . . . . . . . . . . 361,000 2,382,600
EOG Resources, Inc. . . . . . . . . . . . . . 61,600 2,577,344
Kinder Morgan, Inc. . . . . . . . . . . . . . 62,800 3,432,020
Patterson-UTI Energy, Inc. (b). . . . . . . . 72,700 2,355,480
Pioneer Natural Resources Co. (b) . . . . . . 54,000 1,409,400
Smith International, Inc. (b) . . . . . . . . 60,400 2,219,096
XTO Energy, Inc.. . . . . . . . . . . . . . . 110,899 2,230,179
-----------
23,557,255
-----------
- --------------------------------------------------------------------------------
30
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT MID CAP GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (CONTINUED)
PHARMACEUTICALS (5.8%)
AdvancePCS (b) . . . . . . . . . . . 58,400 $ 2,232,632
Allergan, Inc. . . . . . . . . . . . 22,500 1,734,750
AmerisourceBergen Corp.. . . . . . . 48,900 3,391,215
MedImmune, Inc. (b). . . . . . . . . 44,500 1,618,465
Taro Pharmaceutical Industries (b) . 25,000 1,372,000
Teva Pharmaceutical Industries Ltd.
ADR - IL . . . . . . . . . . . . . . 33,000 1,878,690
------------
12,227,752
------------
RAW MATERIALS (0.3%)
Airgas, Inc. . . . . . . . . . . . . 43,400 726,950
------------
RESTAURANTS (1.0%)
Brinker International, Inc. (b). . . 27,600 994,152
Panera Bread Co. Class A (b) . . . . 26,000 1,040,000
------------
2,034,152
------------
RETAIL (6.3%)
Autozone, Inc. (b) . . . . . . . . . 11,000 835,670
Michaels Stores, Inc. (b). . . . . . 42,300 1,609,938
Regis Corp.. . . . . . . . . . . . . 78,800 2,289,140
Rent-A-Center, Inc. (b). . . . . . . 42,800 3,244,668
Ross Stores, Inc.. . . . . . . . . . 23,200 991,568
Staples, Inc. (b). . . . . . . . . . 117,300 2,152,455
Williams Sonoma, Inc. (b). . . . . . 72,300 2,111,160
------------
13,234,599
------------
SEMICONDUCTORS (5.9%)
Cree, Inc. (b) . . . . . . . . . . . 91,700 1,492,876
KLA-Tencor Corp. (b) . . . . . . . . 40,400 1,878,196
Marvel Technology Group Ltd. (b) . . 107,000 3,677,590
Microchip Technology, Inc. . . . . . 13,000 320,190
QLogic Corp. (b) . . . . . . . . . . 51,900 2,508,327
SanDisk Corp. (b). . . . . . . . . . 62,500 2,521,875
------------
12,399,054
------------
TELECOMMUNICATIONS (4.2%)
ADC Telecommunications, Inc. (b) . . 336,200 782,674
Amdocs Ltd. (b). . . . . . . . . . . 102,200 2,452,800
CenturyTel, Inc. . . . . . . . . . . 74,800 2,606,780
Comverse Technology, Inc. (b). . . . 205,000 3,081,150
------------
8,923,404
------------
TOTAL COMMON STOCKS 205,644,911
------------
TOTAL INVESTMENTS
(COST $174,097,930) (A) - 97.3% 205,644,911
OTHER ASSETS IN EXCESS
OF LIABILITIES - 2.7% 5,762,463
------------
NET ASSETS - 100.0% $211,407,374
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
GB United Kingdom
IL Israel
See notes to financial statements.
- --------------------------------------------------------------------------------
31
GARTMORE VARIABLE INSURANCE TRUST
NATIONWIDE GVIT STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (94.7%)
AGRICULTURE (1.4%)
Monsanto Co. . . . . . . . . . . . . . . 9,100 $ 196,924
----------
AUTO PARTS & EQUIPMENT (1.3%)
Lear Corp. (b) . . . . . . . . . . . . . 4,200 193,284
----------
AUTOMOBILES (0.9%)
Nordson Corp.. . . . . . . . . . . . . . 5,400 128,790
----------
BANKS (1.3%)
Wachovia Corp. . . . . . . . . . . . . . 4,800 191,808
----------
BEVERAGES/SOFT DRINK (1.2%)
Pepsi Bottling Group, Inc. . . . . . . . 8,600 172,172
----------
BIOTECHNOLOGY (1.5%)
Biotech Holdrs Trust . . . . . . . . . . 1,700 209,525
----------
BROADCAST MEDIA/CABLE TELEVISION (6.3%)
Comcast Corp. Class A (b). . . . . . . . 9,300 268,119
Cox Communications, Inc. Class A (b) . . 6,800 216,920
General Motors Corp. Class H (b) . . . . 13,700 175,497
Liberty Media Corp. (b). . . . . . . . . 21,300 246,228
----------
906,764
----------
BUILDING PRODUCTS (1.1%)
American Standard Companies, Inc. (b). . 2,200 162,646
----------
BUSINESS SERVICES (5.0%)
Accenture Ltd. (b) . . . . . . . . . . . 9,600 173,664
Interactivecorp, Inc. (b). . . . . . . . 5,700 225,549
Pitney Bowes, Inc. . . . . . . . . . . . 4,200 161,322
Viad Corp. . . . . . . . . . . . . . . . 7,200 161,208
----------
721,743
----------
CHEMICALS (1.7%)
Praxair, Inc.. . . . . . . . . . . . . . 4,100 246,410
----------
COMPUTER SOFTWARE & SERVICES (4.1%)
CNET Networks, Inc. (b). . . . . . . . . 23,200 144,536
CommScope, Inc. (b). . . . . . . . . . . 21,200 201,400
VeriSign, Inc. (b) . . . . . . . . . . . 18,100 250,323
----------
596,259
----------
CONGLOMERATES (1.2%)
Illinois Tool Works, Inc.. . . . . . . . 2,700 177,795
----------
CONSTRUCTION MATERIALS (2.6%)
Dover Corp.. . . . . . . . . . . . . . . 7,100 212,716
Masco Corp.. . . . . . . . . . . . . . . 6,700 159,795
----------
372,511
----------
ELECTRICAL EQUIPMENT (2.5%)
Eaton Corp.. . . . . . . . . . . . . . . 2,300 180,803
Molex, Inc. Class A. . . . . . . . . . . 8,000 185,432
----------
366,235
----------
ELECTRONICS (2.5%)
Flextronics International Ltd. (b) . . . 16,600 172,474
Sanmina Corp. (b). . . . . . . . . . . . 30,200 190,562
----------
363,036
----------
ENTERTAINMENT (1.2%)
AOL Time Warner, Inc. (b). . . . . . . . 10,600 170,554
----------
FINANCIAL (4.3%)
CIT Group, Inc.. . . . . . . . . . . . . 7,800 192,270
MBIA, Inc. . . . . . . . . . . . . . . . 4,700 229,125
Zions Bancorporation . . . . . . . . . . 4,000 202,440
----------
623,835
----------
FINANCIAL/BANKS (2.4%)
Charter One Financial, Inc.. . . . . . . 5,500 171,490
Synovus Financial Corp.. . . . . . . . . 8,200 176,300
----------
347,790
----------
FOOD & BEVERAGE (1.9%)
General Mills, Inc.. . . . . . . . . . . 4,100 194,381
Robert Mondavi Corp. (b) . . . . . . . . 3,300 83,523
----------
277,904
----------
HEALTHCARE (6.3%)
Bausch & Lomb, Inc.. . . . . . . . . . . 4,500 168,750
Cephalon, Inc. (b) . . . . . . . . . . . 4,300 176,988
HCA, Inc.. . . . . . . . . . . . . . . . 5,900 189,036
King Pharmaceuticals, Inc. (b) . . . . . 10,900 160,884
Province Healthcare Co. (b). . . . . . . 18,600 205,902
----------
901,560
----------
INSURANCE (1.4%)
Hartford Financial Services Group, Inc.. 3,900 196,404
----------
MANUFACTURING (3.3%)
Albany International Corp. Class A . . . 7,300 200,020
IDEX Corp. . . . . . . . . . . . . . . . 4,600 166,704
Integrated Device Technology, Inc. (b) . 9,800 108,290
----------
475,014
----------
MEDICAL (1.0%)
IDEXX Laboratories, Inc. (b) . . . . . . 4,400 148,192
----------
MEDICAL EQUIPMENT & SUPPLIES (3.2%)
Apogent Technologies, Inc. (b) . . . . . 11,400 228,000
Genentech, Inc. (b). . . . . . . . . . . 3,300 237,996
----------
465,996
----------
OIL & GAS (10.5%)
BJ Services Co. (b). . . . . . . . . . . 6,300 235,368
ConocoPhillips . . . . . . . . . . . . . 4,200 230,160
Devon Energy Corp. . . . . . . . . . . . 3,300 176,220
ENSCO International, Inc.. . . . . . . . 6,600 177,540
Global Santa Fe Corp.. . . . . . . . . . 9,571 223,387
NiSource, Inc. . . . . . . . . . . . . . 10,800 205,200
Weatherford International, Inc. (b). . . 6,100 255,590
----------
1,503,465
----------
PAPER & FOREST PRODUCTS (1.3%)
Weyerhaeuser Co. . . . . . . . . . . . . 3,600 194,400
----------
PHARMACEUTICALS (4.3%)
AdvancePCS (b) . . . . . . . . . . . . . 5,100 194,973
Sicor, Inc. (b). . . . . . . . . . . . . 8,500 172,890
Waters Corp. (b) . . . . . . . . . . . . 8,500 247,605
----------
615,468
----------
PRINTING & PUBLISHING (2.9%)
E.W. Scripps Co. Class A . . . . . . . . 2,800 248,416
Tribune Co.. . . . . . . . . . . . . . . 3,500 169,050
----------
417,466
----------
- --------------------------------------------------------------------------------
32
GARTMORE VARIABLE INSURANCE TRUST
NATIONWIDE GVIT STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------
COMMON STOCKS (CONTINUED)
RESTAURANTS (0.8%)
Brinker International, Inc. (b) 3,000 $ 108,060
-----------
RETAIL (9.1%)
Best Buy Co., Inc. (b). . . . . 3,900 171,288
Jones Apparel Group, Inc. (b) . 5,900 172,634
Linen 'n Things, Inc. (b) . . . 7,100 167,631
Mohawk Industries Co. (b) . . . 2,800 155,484
Nordstrom, Inc. . . . . . . . . 11,400 222,528
Sears, Roebuck & Co.. . . . . . 5,800 195,112
Target Corp.. . . . . . . . . . 5,500 208,120
-----------
1,292,797
-----------
SEMICONDUCTORS (2.4%)
Skyworks Solutions, Inc. (b). . 24,900 168,573
Taiwan Semiconductor ADR (b). . 18,000 181,440
-----------
350,013
-----------
TELECOMMUNICATIONS (2.7%)
Sprint Corp. (PCS Group) (b). . 34,800 200,100
Telephone & Data Systems, Inc.. 3,900 193,830
-----------
393,930
-----------
TRANSPORTATION (1.1%)
CNF, Inc. . . . . . . . . . . . 6,100 $ 154,818
-----------
TOTAL COMMON STOCKS 13,643,568
-----------
TOTAL INVESTMENTS
(COST $13,345,905) (A) - 94.7% 13,643,568
OTHER ASSETS IN EXCESS
OF LIABILITIES - 5.3% 763,043
-----------
NET ASSETS - 100.0% $14,406,611
-----------
-----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
See notes to financial statements.
- --------------------------------------------------------------------------------
33
GARTMORE VARIABLE INSURANCE TRUST
COMSTOCK GVIT VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (92.7%)
BANKS (8.1%)
Bank of America Corp.. . . . . . . . . 28,167 $ 2,226,038
Citigroup, Inc.. . . . . . . . . . . . 44,800 1,917,440
J.P. Morgan Chase & Co.. . . . . . . . 19,400 663,092
PNC Bank Corp. . . . . . . . . . . . . 10,400 507,624
Suntrust Banks, Inc. . . . . . . . . . 6,400 379,776
Wells Fargo & Co.. . . . . . . . . . . 31,900 1,607,760
-----------
7,301,730
-----------
CABLE (0.3%)
Comcast Corp. Class A (b). . . . . . . 9,700 292,746
-----------
CHEMICALS (3.7%)
Dow Chemical Co. . . . . . . . . . . . 67,400 2,086,704
E.I. du Pont de Nemours & Co.. . . . . 14,600 607,944
Eastman Chemical Co. . . . . . . . . . 4,800 152,016
Lyondell Chemical Co.. . . . . . . . . 6,400 86,592
Monsanto Co. . . . . . . . . . . . . . 6,000 129,840
PPG Industries, Inc. . . . . . . . . . 4,550 230,867
-----------
3,293,963
-----------
COMPUTER HARDWARE (2.2%)
Hewlett-Packard Co.. . . . . . . . . . 48,400 1,030,920
International Business Machines Corp.. 6,200 511,500
Lexmark International Group, Inc.
Class A (b). . . . . . . . . . . . . . 6,095 431,343
-----------
1,973,763
-----------
COMPUTER SOFTWARE & SERVICES (1.1%)
Check Point Software Technologies
Ltd. (b) . . . . . . . . . . . . . . . 7,800 152,490
Cisco Systems, Inc. (b). . . . . . . . 17,400 290,406
Electronics for Imaging, Inc. (b). . . 9,200 186,668
Microsoft Corp.. . . . . . . . . . . . 8,900 227,929
SunGard Data Systems, Inc. (b) . . . . 4,100 106,231
-----------
963,724
-----------
CONSUMER PRODUCTS (3.0%)
Kimberly-Clark Corp. . . . . . . . . . 33,800 1,762,332
Procter & Gamble Co. . . . . . . . . . 5,025 448,130
Sara Lee Corp. . . . . . . . . . . . . 24,100 453,321
-----------
2,663,783
-----------
ELECTRONICS (1.3%)
Credence Systems Corp. (b) . . . . . . 29,600 250,712
Flextronics International Ltd. (b) . . 60,900 632,751
Jabil Circuit, Inc. (b). . . . . . . . 13,153 290,681
-----------
1,174,144
-----------
ENTERTAINMENT (1.9%)
The Walt Disney Co.. . . . . . . . . . 86,325 1,704,919
-----------
FINANCIAL SERVICES (5.5%)
AMBAC Financial, Inc.. . . . . . . . . 10,150 672,438
Capital One Financial Corp.. . . . . . 6,000 295,080
Fannie Mae . . . . . . . . . . . . . . 6,750 455,220
Freddie Mac. . . . . . . . . . . . . . 44,600 2,264,342
Goldman Sachs Group, Inc.. . . . . . . 1,600 134,000
Merrill Lynch & Co., Inc.. . . . . . . 11,400 532,152
Washington Mutual, Inc.. . . . . . . . 14,700 607,110
-----------
4,960,342
-----------
HEALTHCARE (1.5%)
Aetna, Inc.. . . . . . . . . . . . . . 15,100 909,020
Tenet Healthcare Corp. (b) . . . . . . 37,275 434,254
-----------
1,343,274
-----------
INSURANCE (4.1%)
RenaissanceRe Holdings Ltd.. . . . . . 4,300 195,736
The Allstate Corp. . . . . . . . . . . 35,600 1,269,140
The Chubb Corp.. . . . . . . . . . . . 21,150 1,269,000
Torchmark Corp.. . . . . . . . . . . . 16,000 596,000
Travelers Property Casualty Corp.
Class A. . . . . . . . . . . . . . . . 599 9,524
Travelers Property Casualty Corp.
Class B. . . . . . . . . . . . . . . . 21,305 335,980
-----------
3,675,380
-----------
MANUFACTURING (0.7%)
Cognex Corp. (b) . . . . . . . . . . . 27,000 603,450
-----------
METALS & MINING (2.2%)
Alcoa, Inc.. . . . . . . . . . . . . . 29,200 744,600
Phelps Dodge Corp. (b) . . . . . . . . 16,700 640,278
United States Steel Corp.. . . . . . . 33,900 554,943
-----------
1,939,821
-----------
OIL & GAS (16.0%)
BP PLC ADR . . . . . . . . . . . . . . 40,500 1,701,810
ConocoPhillips . . . . . . . . . . . . 22,237 1,218,588
Diamond Offshore Drilling, Inc.. . . . 63,100 1,324,469
Global Santa Fe Corp.. . . . . . . . . 58,000 1,353,720
Halliburton Co.. . . . . . . . . . . . 146,576 3,371,248
Schlumberger Ltd.. . . . . . . . . . . 82,300 3,915,010
Total SA ADR . . . . . . . . . . . . . 12,000 909,600
Transocean, Inc. . . . . . . . . . . . 32,300 709,631
-----------
14,504,076
-----------
PAPER & FOREST PRODUCTS (4.4%)
Boise Cascade Corp.. . . . . . . . . . 37,500 896,250
Georgia Pacific Corp.. . . . . . . . . 95,590 1,811,430
International Paper Co.. . . . . . . . 27,600 986,148
MeadWestvaco Corp. . . . . . . . . . . 6,498 160,501
Smurfit-Stone Container Corp. (b). . . 6,900 89,907
Temple-Inland, Inc.. . . . . . . . . . 700 30,037
-----------
3,974,273
-----------
PHARMACEUTICALS (12.3%)
Bristol-Myers Squibb Co. . . . . . . . 142,100 3,858,014
GlaxoSmithKline PLC ADR. . . . . . . . 38,700 1,568,898
Merck & Co., Inc.. . . . . . . . . . . 17,900 1,083,845
Pfizer, Inc. . . . . . . . . . . . . . 42,547 1,452,980
Roche Holding AG . . . . . . . . . . . 13,600 1,066,783
Schering-Plough Corp.. . . . . . . . . 46,700 868,620
Wyeth. . . . . . . . . . . . . . . . . 26,300 1,197,965
-----------
11,097,105
-----------
RESTAURANTS (1.6%)
McDonald's Corp. . . . . . . . . . . . 64,900 1,431,694
-----------
- --------------------------------------------------------------------------------
34
GARTMORE VARIABLE INSURANCE TRUST
COMSTOCK GVIT VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (CONTINUED)
RETAIL (8.9%)
CVS Corp.. . . . . . . . . . . . . . . 44,400 $ 1,244,532
Federated Department Stores, Inc.. . . 81,900 3,018,015
Jones Apparel Group, Inc. (b). . . . . 17,100 500,346
Kroger Co. (b) . . . . . . . . . . . . 136,500 2,276,820
Limited, Inc. (The). . . . . . . . . . 24,600 381,300
The Home Depot, Inc. . . . . . . . . . 8,300 274,896
The May Department Stores Co.. . . . . 11,800 262,668
-----------
7,958,577
-----------
TELECOMMUNICATIONS (5.5%)
Sprint Corp. . . . . . . . . . . . . . 284,320 4,094,208
Verizon Communications, Inc. . . . . . 22,300 879,735
-----------
4,973,943
-----------
TELECOMMUNICATIONS EQUIPMENT (0.5%)
Andrew Corp. (b) . . . . . . . . . . . 4,600 42,320
Comverse Technology, Inc. (b). . . . . 7,900 118,737
JDS Uniphase Corp. (b) . . . . . . . . 17,700 62,127
Motorola, Inc. . . . . . . . . . . . . 10,100 95,243
Nokia Corp. ADR. . . . . . . . . . . . 9,400 154,442
-----------
472,869
-----------
TOBACCO (1.7%)
Altria Group, Inc. . . . . . . . . . . 32,950 1,497,248
-----------
TRANSPORTATION & SHIPPING (0.6%)
Burlington Northern Santa Fe Corp. . . 17,500 497,700
-----------
UTILITIES (5.6%)
Ameren Corp. . . . . . . . . . . . . . 3,300 145,530
American Electric Power Co., Inc.. . . 10,440 311,425
Centerpoint Energy, Inc. . . . . . . . 53,700 437,655
Consolidated Edison, Inc.. . . . . . . 3,600 155,808
Constellation Energy Group, Inc. . . . 13,100 449,330
DTE Energy Co. . . . . . . . . . . . . 1,800 69,552
Exelon Corp. . . . . . . . . . . . . . 3,800 227,278
IDACORP, Inc.. . . . . . . . . . . . . 5,400 141,750
Pinnacle West Capital Corp.. . . . . . 2,200 82,390
PPL Corp.. . . . . . . . . . . . . . . 4,000 172,000
Public Service Enterprise Group, Inc.. 13,000 549,250
Scottish Power PLC ADR . . . . . . . . 10,600 257,686
Sempra Energy. . . . . . . . . . . . . 9,200 262,476
TXU Corp.. . . . . . . . . . . . . . . 71,050 1,595,073
Wisconsin Energy Corp. . . . . . . . . 4,800 139,200
-----------
4,996,403
-----------
TOTAL COMMON STOCKS 83,294,927
-----------
- --------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------
U.S. GOVERNMENT AGENCIES (6.8%)
FEDERAL HOME LOAN BANK (6.8%)
0.95%, 07/01/03 . . . . . . . . $6,100,000 $ 6,099,839
-----------
TOTAL U.S. GOVERNMENT AGENCIES 6,099,839
-----------
TOTAL INVESTMENTS
(COST $81,785,873) (A) - 99.5% 89,394,766
OTHER ASSETS IN EXCESS
OF LIABILITIES - 0.5% 415,983
-----------
NET ASSETS - 100.0% $89,810,749
-----------
-----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt.
See notes to financial statements.
- --------------------------------------------------------------------------------
35
GARTMORE VARIABLE INSURANCE TRUST
FEDERATED GVIT HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ---------------------------------------------------------------
CORPORATE BONDS (91.7%)
AEROSPACE & DEFENSE (0.6%)
Alliant Techsystems, Inc.,
8.50%, 05/15/11 . . . . . . . . . . . . $ 575,000 $ 639,688
Anteon Corp., Sr. Sub. Note,
12.00%, 05/15/09. . . . . . . . . . . . 419,000 462,995
Esterline Technologies,
7.75%, 06/15/13*. . . . . . . . . . . . 200,000 210,500
----------
1,313,183
----------
AUTOMOTIVE (4.0%)
Accuride Corp., Series B,
9.25%, 02/01/08 . . . . . . . . . . . . 175,000 161,000
Advanced Acessory Systems LLC,
10.75%, 06/15/11* . . . . . . . . . . . 450,000 481,500
American Axle & Manufacturing Co.,
Sr. Sub. Note, 9.75%, 03/01/09. . . . . 1,000,000 1,082,500
Arvin Industries, Inc.,
7.13%, 03/15/09 . . . . . . . . . . . . 550,000 580,938
ArvinMeritor, Inc., 8.75%, 03/01/12 . . 725,000 817,438
Lear Corp., 8.11%, 05/15/09 . . . . . . 2,625,000 3,038,437
Lear Corp., Series B, 7.96%, 05/15/05 . 225,000 242,438
Stoneridge, Inc., 11.50%, 05/01/12. . . 900,000 1,021,500
TRW Automotive, Inc.,
11.00%, 02/15/13* . . . . . . . . . . . 1,400,000 1,546,999
United Components, Inc.*,
9.38%, 06/15/13 . . . . . . . . . . . . 350,000 370,125
----------
9,342,875
----------
BEVERAGE & TOBACCO (0.9%)
Constellation Brands, Inc.,
8.00%, 02/15/08 . . . . . . . . . . . . 650,000 716,625
Cott Beverages, Inc., 8.00%, 12/15/11 . 500,000 543,125
Dimon, Inc., 8.88%, 06/01/06. . . . . . 225,000 229,455
Dimon, Inc., 9.63%, 10/15/11. . . . . . 150,000 165,750
Dimon, Inc., 7.75%, 06/01/13. . . . . . 525,000 543,375
----------
2,198,330
----------
BROADCAST RADIO & TELEVISION (3.5%)
Chancellor Media Corp., Sr. Sub. Note,
8.00%, 11/01/08 . . . . . . . . . . . . 1,125,000 1,328,906
Lamar Media Corp., 7.25%, 01/01/13. . . 500,000 535,000
Lamar Media Corp.,*
7.25%, 01/01/13 . . . . . . . . . . . . 200,000 213,500
Liberty Media Group,
7.75%, 07/15/09 . . . . . . . . . . . . 525,000 615,962
Lodgenet Entertainment,
9.50%, 06/15/13 . . . . . . . . . . . . 550,000 572,000
Muzak LLC / Muzak Finance,
10.00%, 02/15/09* . . . . . . . . . . . 475,000 501,125
PanAmSat Corp., 6.38%, 01/15/08 . . . . 250,000 255,625
PanAmSat Corp., 8.50%, 02/01/12 . . . . 1,075,000 1,177,125
Sinclair Broadcast Group,
8.75%, 12/15/11 . . . . . . . . . . . . 475,000 524,875
Sinclair Broadcast Group,
8.00%, 03/15/12*. . . . . . . . . . . . 500,000 538,750
Vivendi Universal, 9.25%, 04/15/10* . . 775,000 902,875
XM Satellite Radio, Inc.,
14.00%, 12/31/09. . . . . . . . . . . . 591,800 429,055
XM Satellite Radio, Inc.,
12.00%, 06/15/10* . . . . . . . . . . . 475,000 472,625
----------
8,067,423
----------
BUILDING & DEVELOPMENT (2.2%)
American Builders & Contractors
Supply Co., Inc.,
10.63%, 05/15/07. . . . . . . . . . . . 250,000 261,250
Associated Materials, Inc.,
9.75%, 04/15/12 . . . . . . . . . . . . 475,000 520,125
Brand Services, Inc.,
12.00%, 10/15/12. . . . . . . . . . . . 650,000 744,250
Collins & Aikman Floorcoverings,
9.75%, 02/15/10 . . . . . . . . . . . . 450,000 472,500
Fimep S.A., 10.50%, 02/15/13* . . . . . 400,000 452,920
Interline Brands, Inc.,
11.50%, 05/15/11* . . . . . . . . . . . 650,000 689,000
NCI Building Systems, Inc., Series B,
9.25%, 05/01/09 . . . . . . . . . . . . 600,000 642,000
Nortek Holdings, Inc., 9.25%, 03/15/07. 100,000 104,000
Nortek Holdings, Inc., 9.13%, 09/01/07. 550,000 573,375
Shaw Group, Inc., 10.75%, 03/15/10* . . 600,000 606,000
----------
5,065,420
----------
BUSINESS EQUIPMENT & SERVICES (1.8%)
Buhrmann US, Inc., 12.25%, 11/01/09 . . 1,050,000 1,123,500
Danka Business Systems,
11.00%, 06/15/10* . . . . . . . . . . . 450,000 444,375
U.S. Office Products Co.,
Sr. Sub. Note, 0.00%, 06/15/08**. . . . 475,000 5,938
Xerox Capital Europe,
5.88%, 05/15/04 . . . . . . . . . . . . 325,000 329,063
Xerox Corp., 7.63%, 06/15/13. . . . . . 775,000 782,750
Xerox Corp., 9.75%, 01/15/09* . . . . . 1,400,000 1,578,499
----------
4,264,125
----------
CABLE TELEVISION (4.3%)
Charter Communications Holdings,
13.50%, 01/15/11. . . . . . . . . . . . 1,075,000 564,375
Charter Communications Holdings,
10.00%, 05/15/11. . . . . . . . . . . . 450,000 326,250
Charter Communications Holdings,
Sr. Disc Note, 9.92%, 04/01/11. . . . . 2,675,000 1,778,875
CSC Holdings, Inc., 7.88%, 12/15/07 . . 1,200,000 1,230,000
CSC Holdings, Inc., 8.13%, 07/15/09 . . 850,000 881,875
CSC Holdings, Inc.,
9.88%, 02/15/13 . . . . . . . . . . . . 700,000 717,500
DIRECTV Holdings Finance,
8.38%, 03/15/13*. . . . . . . . . . . . 800,000 898,000
Echostar DBS Corp.,
10.38%, 10/01/07. . . . . . . . . . . . 1,600,000 1,779,999
Echostar DBS Corp., 9.38%, 02/01/09 . . 300,000 321,750
Lenfest Communications, Inc.,
10.50%, 06/15/06. . . . . . . . . . . . 375,000 446,250
Quebecor Media, Inc., 13.75%, 07/15/11. 425,000 358,063
Quebecor Media, Inc.,
11.13%, 07/15/11. . . . . . . . . . . . 500,000 577,500
----------
9,880,437
----------
CHEMICALS & PLASTICS (3.3%)
Compass Mineral Group,
10.00%, 08/15/11. . . . . . . . . . . . 500,000 562,500
Equistar Chemical, 10.13%, 09/01/08 . . 750,000 774,375
FMC Corp., 10.25%, 11/01/09 . . . . . . 425,000 482,375
Foamex, 9.88%, 06/15/07 . . . . . . . . 450,000 173,250
Foamex, 10.75%, 04/01/09. . . . . . . . 275,000 218,625
- --------------------------------------------------------------------------------
36
GARTMORE VARIABLE INSURANCE TRUST
FEDERATED GVIT HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ---------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
CHEMICALS & PLASTICS (CONTINUED)
Foamex, Sr. Sub. Note,
13.50%, 08/15/05. . . . . . . . . . . . $ 375,000 $ 151,875
General Chemical Industries,
Sr. Note, 0.00%, 05/01/09** . . . . . . 400,000 106,000
Huntsman Adv Materials,
11.00%, 07/15/10* . . . . . . . . . . . 225,000 233,438
Huntsman Corp., 10.13%, 07/01/09. . . . 1,125,000 1,096,875
Lyondell Chemical Co.,
9.63%, 05/01/07 . . . . . . . . . . . . 325,000 321,750
Lyondell Chemical Co.,
9.88%, 05/01/07 . . . . . . . . . . . . 600,000 594,000
Lyondell Chemical Co.,
9.50%, 12/15/08 . . . . . . . . . . . . 450,000 434,250
Lyondell Chemical Co.,
10.88%, 05/01/09. . . . . . . . . . . . 1,050,000 1,002,750
Rhodia SA, 7.63%, 06/01/10* . . . . . . 150,000 159,750
Rhodia SA, 8.88%, 06/01/11* . . . . . . 275,000 286,000
Salt Holdings Corp., 12.75%, 12/15/12*. 500,000 347,500
Salt Holdings Corp., 12.00%, 06/01/13*. 1,050,000 614,250
Texas Petrochem Corp.,
11.13%, 07/01/06. . . . . . . . . . . . 400,000 114,000
----------
7,673,563
----------
CLOTHING & TEXTILES (1.7%)
GFSI, Inc., Series B, 9.63%, 03/01/07 . 675,000 577,125
Glenoit Corp., Sr. Sub. Note,
0.00%, 04/15/07** . . . . . . . . . . . 125,000 1
Levi Strauss & Co., 11.63%, 01/15/08. . 650,000 562,250
Levi Strauss & Co., 12.25%, 12/15/12* . 300,000 251,250
Phillips Van-Heusen Corp.,
8.13%, 05/01/13*. . . . . . . . . . . . 475,000 489,250
Russell Corp., 9.25%, 05/01/10. . . . . 525,000 577,500
Warnaco, Inc., 8.88%, 06/15/13* . . . . 625,000 656,250
William Carter Co., 10.88%, 08/15/11. . 650,000 736,938
----------
3,850,564
----------
CONGLOMERATES (0.4%)
Eagle-Picher Industries, Inc.,
Sr. Sub. Note, 9.38%, 03/01/08. . . . . 1,050,000 971,250
----------
CONSUMER CYCLICAL - AUTOMOTIVE (0.5%)
General Motors Corp.,
7.13%, 07/15/13 . . . . . . . . . . . . 550,000 551,727
General Motors Corp.,
8.38%, 07/15/33 . . . . . . . . . . . . 575,000 566,236
----------
1,117,963
----------
CONSUMER PRODUCTS (5.0%)
Albecca, Inc., Sr. Sub. Note,
10.75%, 08/15/08. . . . . . . . . . . . 500,000 531,875
Alltrista Corp., 9.75%, 05/01/12. . . . 500,000 538,750
Amercian Achievement Corp,
11.63%, 01/01/07. . . . . . . . . . . . 675,000 740,813
American Greetings Corp.,
11.75%, 07/15/08. . . . . . . . . . . . 775,000 897,062
Amscan Holdings, Inc.,
9.88%, 12/15/07 . . . . . . . . . . . . 550,000 552,750
Armkel Finance, Inc., 9.50%, 08/15/09 . 625,000 709,375
Chattem, Inc., Sr. Sub. Note,
Series B, 8.88%, 04/01/08 . . . . . . . 750,000 772,500
Commemorative Brands, Inc.,
11.00%, 01/15/07. . . . . . . . . . . . 325,000 315,250
- --------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
CONSUMER PRODUCTS (CONTINUED)
Diamond Brands, Inc., Sr. Disc.
Note, 0.00%, 04/15/09** . . . . . . . . . . $ 50,000 $ 5
ICON Health & Fitness, 11.25%, 04/01/12 . . 275,000 294,250
Jarden Corp., 9.75%, 05/01/12 . . . . . . . 350,000 379,750
Josten's, Inc., 12.75%, 05/01/10. . . . . . 675,000 806,625
Le-Natures, Inc., 9.00%, 06/15/13*. . . . . 450,000 468,000
PCA International, Inc., 11.88%, 08/01/09 . 800,000 892,000
Playtex Products, Inc., 11.38%, 06/01/11. . 875,000 879,375
Remington Arms Co., 10.50%, 02/01/11* . . . 225,000 231,750
Sealy Mattress Co., 9.88%, 12/15/07*. . . . 200,000 199,000
Sealy Mattress Co., Sr. Disc. Note,
Series B, 10.88%, 12/15/07. . . . . . . . . 325,000 329,875
Sealy Mattress Co., Sr. Sub. Note,
Series B, 9.88%, 12/15/07 . . . . . . . . . 300,000 298,500
Sleepmaster LLC, 0.00%, 05/15/09**. . . . . 175,000 48,563
True Temper Sports, Inc., Series B,
10.88%, 12/01/08. . . . . . . . . . . . . . 450,000 481,500
United Industries, Series B,
9.88%, 04/01/09 . . . . . . . . . . . . . . 975,000 1,038,374
Volume Services America, Inc.,
Sr. Sub. Note, 11.25%, 03/01/09 . . . . . . 250,000 250,000
-----------
11,655,942
-----------
CONTAINER & GLASS PRODUCTS (3.6%)
Berry Plastics Corp., 10.75%, 07/15/12. . . 425,000 471,750
Graham Packaging Co.,
5.02%, 01/15/08 . . . . . . . . . . . . . . 500,000 457,500
Graham Packaging Co.,
8.75%, 01/15/08*. . . . . . . . . . . . . . 225,000 223,875
Graham Packaging Co.,
8.75%, 01/15/08*. . . . . . . . . . . . . . 600,000 600,000
Greif Brothers Corp., 8.88%, 08/01/12 . . . 525,000 567,000
Huntsman Packaging Corp.,
13.00%, 06/01/10. . . . . . . . . . . . . . 725,000 685,125
Owens-Brockway Glass Container,
8.88%, 02/15/09 . . . . . . . . . . . . . . 300,000 327,000
Owens-Brockway Glass Container,
7.75%, 05/15/11*. . . . . . . . . . . . . . 475,000 502,313
Owens-Brockway Glass
Container, 8.25%, 05/15/13* . . . . . . . . 375,000 391,875
Owens-Illinois, Inc.,
8.10%, 05/15/07 . . . . . . . . . . . . . . 825,000 849,750
Owens-Illinois, Inc., 7.35%, 05/15/08 . . . 300,000 303,000
Owens-Illinois, Inc., Sr. Note,
7.15%, 05/15/05 . . . . . . . . . . . . . . 750,000 768,750
Plastipak Holdings, Inc., 10.75%, 09/01/11. 575,000 623,875
Pliant Corp., 13.00%, 06/01/10. . . . . . . 325,000 307,125
Pliant Corp., 11.13%, 09/01/09* . . . . . . 150,000 160,125
Russell Stanley Holdings, Inc.,
9.00%, 11/30/08*. . . . . . . . . . . . . . 30,578 12,308
Tekni-Plex, Inc., 12.75%, 06/15/10* . . . . 275,000 272,938
Tekni-Plex, Inc., Sr. Sub. Note,
12.75%, 06/15/10. . . . . . . . . . . . . . 900,000 893,249
-----------
8,417,558
-----------
EQUIPMENT (2.1%)
Allied Waste North America, Inc.,
8.88%, 04/01/08 . . . . . . . . . . . . . . 750,000 819,375
Allied Waste North America, Inc.,
7.88%, 01/01/09 . . . . . . . . . . . . . . 200,000 208,000
Allied Waste North America, Inc.,
10.00%, 08/01/09. . . . . . . . . . . . . . 1,800,000 1,926,000
- --------------------------------------------------------------------------------
37
GARTMORE VARIABLE INSURANCE TRUST
FEDERATED GVIT HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -------------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
EQUIPMENT (CONTINUED)
Allied Waste North America, Inc.,
Sr. Note, Series B, 7.63%, 01/01/06. . . . $ 950,000 $ 990,375
Allied Waste North America, Inc.,
Series B, 8.50%, 12/01/08. . . . . . . . . 225,000 243,563
Synagro Technologies, Inc.,
9.50%, 04/01/09. . . . . . . . . . . . . . 550,000 591,250
-----------
4,778,563
-----------
FOOD & DRUG RETAILERS (0.2%)
Ahold Finance USA, Inc.,
8.25%, 07/15/10. . . . . . . . . . . . . . 225,000 231,750
Ahold Finance USA, Inc.,
6.88%, 05/01/29. . . . . . . . . . . . . . 150,000 129,000
Jitney-Jungle Stores of America, Inc.,
Sr. Sub. Note, 0.00%, 09/15/07** . . . . . 100,000 0
-----------
360,750
-----------
FOOD PRODUCTS (4.2%)
Agrilink Foods, Inc., Sr. Note,
11.88%, 11/01/08 . . . . . . . . . . . . . 975,000 1,060,312
American Seafood Group, Inc.,
10.13%, 04/15/10 . . . . . . . . . . . . . 825,000 936,374
B&G Foods, Inc., 9.63%, 08/01/07 . . . . . 500,000 518,750
Del Monte Corp., 9.25%, 05/15/11 . . . . . 700,000 766,500
Del Monte Corp., 8.63%, 12/15/12*. . . . . 475,000 516,563
Dole Foods Co., 7.25%, 05/01/09. . . . . . 450,000 479,250
Dole Foods Co., 7.25%, 06/15/10* . . . . . 650,000 653,250
Eagle Family Foods, Inc., Series B,
8.75%, 01/15/08. . . . . . . . . . . . . . 250,000 171,250
Land O Lakes, Inc., 8.75%, 11/15/11. . . . 400,000 318,000
Michael Foods, 11.75%, 04/01/11. . . . . . 600,000 693,000
New World Pasta Co., 9.25%, 02/15/09 . . . 500,000 162,500
Pilgrim's Pride Corp., 9.63%, 09/15/11 . . 875,000 927,500
Smithfield Foods, Inc., 7.63%, 02/15/08. . 300,000 311,250
Smithfield Foods, Inc., 8.00%, 10/15/09. . 650,000 703,625
Smithfield Foods, Inc., 7.75%, 05/15/13* . 675,000 720,563
Swift & Co., 10.13%, 10/01/09* . . . . . . 375,000 391,875
Swift & Co., 12.50%, 01/01/10* . . . . . . 300,000 310,500
-----------
9,641,062
-----------
FOOD SERVICES (0.8%)
Advantica Restaurant
Group, Inc., 11.25%, 01/15/08. . . . . . . 425,000 341,063
Buffets, Inc., 11.25%, 07/15/10. . . . . . 425,000 420,750
Carrols Corp., Sr. Sub. Note,
9.50%, 12/01/08. . . . . . . . . . . . . . 850,000 835,124
Dominos, Inc., 8.25%, 07/01/11*. . . . . . 225,000 233,438
-----------
1,830,375
-----------
FOREST PRODUCTS (3.2%)
Georgia Pacific Corp., 7.50%, 05/15/06 . . 500,000 513,750
Georgia Pacific Corp., 8.13%, 05/15/11 . . 1,625,000 1,681,875
Georgia Pacific Corp., 9.38%, 02/01/13*. . 1,375,000 1,519,375
Jefferson Smurfit Corp., 8.25%, 10/01/12 . 450,000 488,250
Jefferson Smurfit Corp., 7.50%, 06/01/13*. 400,000 412,000
MDP Acquisitions, 9.63%, 10/01/12. . . . . 650,000 721,500
MDP Acquisitions, 15.50%, 10/01/13 . . . . 323,565 357,539
Riverwood International Co.,
10.63%, 08/01/07 . . . . . . . . . . . . . 400,000 422,000
Riverwood International Co.,
10.88%, 04/01/08 . . . . . . . . . . . . . 425,000 437,750
Stone Container Corp., 9.75%, 02/01/11 . . 775,000 848,625
-----------
7,402,664
-----------
GAMING (6.9%)
Boyd Gaming Corp., 8.75%, 04/15/12 . . . . $ 525,000 577,500
Boyd Gaming Corp., 7.75%, 12/15/12 . . . . 475,000 505,875
Coast Hotels and Casinos, Inc.,
9.50%, 04/01/09. . . . . . . . . . . . . . 600,000 645,000
Harrah's Operating Co., Inc.,
7.88%, 12/15/05. . . . . . . . . . . . . . 2,000,000 2,179,999
Isle of Capri Casinos, 8.75%, 04/15/09 . . 250,000 268,750
Isle of Capri Casinos, 9.00%, 03/15/12 . . 425,000 461,125
Mandalay Resort Group,
10.25%, 08/01/07 . . . . . . . . . . . . . 1,150,000 1,299,500
Mandalay Resort Group,
9.50%, 08/01/08. . . . . . . . . . . . . . 250,000 287,500
Mandalay Resort Group,
9.38%, 02/15/10. . . . . . . . . . . . . . 500,000 566,250
MGM Grand, Inc., 9.75%, 06/01/07 . . . . . 1,925,000 2,189,687
MGM Grand, Inc., 8.50%, 09/15/10 . . . . . 350,000 412,125
MGM Grand, Inc., 8.38%, 02/01/11 . . . . . 200,000 227,000
Mohegan Tribal Gaming, 8.38%, 07/01/11 . . 350,000 379,750
Mohegan Tribal Gaming, 8.00%, 04/01/12 . . 400,000 433,000
MTR Gaming Group, 9.75%, 04/01/10* . . . . 500,000 520,000
Park Place Entertainment Corp.,
9.38%, 02/15/07. . . . . . . . . . . . . . 375,000 416,250
Park Place Entertainment Corp.,
7.88%, 03/15/10. . . . . . . . . . . . . . 650,000 697,938
Park Place Entertainment Corp.,
8.13%, 05/15/11. . . . . . . . . . . . . . 1,000,000 1,095,000
Penn National Gaming, Inc.,
11.13%, 03/01/08 . . . . . . . . . . . . . 625,000 696,875
Penn National Gaming, Inc.,
8.88%, 03/15/10. . . . . . . . . . . . . . 175,000 187,250
Sun International Hotels Ltd.,
8.88%, 08/15/11. . . . . . . . . . . . . . 650,000 708,500
Venitian Casino/LV Sands,
11.00%, 06/15/10 . . . . . . . . . . . . . 800,000 908,000
Wynn Las Vegas LLC Corp.,
12.00%, 11/01/10 . . . . . . . . . . . . . 425,000 473,875
-----------
16,136,749
-----------
HEALTHCARE (4.9%)
Advanced Medical Optics, Inc.,
9.25%, 07/15/10. . . . . . . . . . . . . . 750,000 817,500
Alaris Medical Systems,
9.75%, 12/01/06. . . . . . . . . . . . . . 125,000 130,156
Alaris Medical Systems,
11.63%, 12/01/06 . . . . . . . . . . . . . 450,000 551,250
Alaris Medical, Inc., 7.25%, 07/01/11. . . 150,000 153,375
AmeriPath, Inc., 10.50%, 04/01/13* . . . . 550,000 591,250
CONMED Corp., 9.00%, 03/15/08. . . . . . . 531,000 557,550
Hanger Orthopedic Group, Inc.,
10.38%, 02/15/09 . . . . . . . . . . . . . 450,000 499,500
Hanger Orthopedic Group, Inc.,
11.25%, 06/15/09 . . . . . . . . . . . . . 775,000 852,500
HCA, Inc., 6.91%, 06/15/05 . . . . . . . . 950,000 1,007,979
HCA, Inc., 8.75%, 09/01/10 . . . . . . . . 950,000 1,126,015
HCA, Inc., 7.88%, 02/01/11 . . . . . . . . 375,000 416,295
Hudson Respiratory Care, Inc.,
0.00%, 04/15/08**. . . . . . . . . . . . . 150,000 83,250
Kinetic Concepts, Inc., Sr. Sub. Note,
Series B, 9.63%, 11/01/07. . . . . . . . . 1,050,000 1,107,749
Magellan Health Services,
0.00%, 11/15/07*,**. . . . . . . . . . . . 450,000 450,000
- --------------------------------------------------------------------------------
38
GARTMORE VARIABLE INSURANCE TRUST
FEDERATED GVIT HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
HEALTHCARE (CONTINUED)
Manor Care, Inc.,
8.00%, 03/01/08 . . . . . . . . . . . . $ 575,000 $ 653,344
Sybron Dental Specialties, Inc.,
8.13%, 06/15/12 . . . . . . . . . . . . 475,000 508,250
Tenet Healthcare Corp.,
5.38%, 11/15/06 . . . . . . . . . . . . 300,000 291,375
Tenet Healthcare Corp.,
6.38%, 12/01/11 . . . . . . . . . . . . 175,000 165,813
US Oncology, Inc., 9.63%, 02/01/12. . . 275,000 295,625
Vanguard Health Systems Co.,
9.75%, 08/01/11 . . . . . . . . . . . . 1,075,000 1,099,188
-----------
11,357,964
-----------
HOTELS, MOTELS & INNS (3.1%)
Courtyard By Marriott,
Series B, 10.75%, 02/01/08. . . . . . . 475,000 477,375
Felcor Lodging LP, 9.50%, 09/15/08. . . 250,000 261,250
Felcor Lodging LP, 8.50%, 06/01/11. . . 125,000 126,563
Florida Panthers Holdings,
Sr. Sub. Note, 9.88%, 04/15/09. . . . . 900,000 971,999
Hilton Hotels Corp., 7.63%, 05/15/08. . 250,000 269,063
Hilton Hotels Corp., 8.25%, 02/15/11. . 550,000 617,375
Hilton Hotels Corp., 7.63%, 12/01/12. . 400,000 439,000
HMH Properties, Inc., Series C,
8.45%, 12/01/08 . . . . . . . . . . . . 800,000 833,536
HMH Properties, Inc., Sr. Note,
Series B, 7.88%, 08/01/08 . . . . . . . 750,000 766,875
ITT Corp., 6.75%, 11/15/05. . . . . . . 75,000 78,375
MeriStar Hospitality Corp.,
10.50%, 06/15/09. . . . . . . . . . . . 200,000 205,500
MeriStar Hospitality Corp.,
9.13%, 01/15/11 . . . . . . . . . . . . 375,000 368,438
RFS Partnership LP Co.,
9.75%, 03/01/12 . . . . . . . . . . . . 300,000 305,250
Starwood Hotels Resorts,
7.38%, 05/01/07 . . . . . . . . . . . . 875,000 927,500
Starwood Hotels Resorts,
7.88%,05/01/12. . . . . . . . . . . . . 450,000 495,000
-----------
7,143,099
-----------
INDUSTRIAL PRODUCTS & EQUIPMENT (2.0%)
Cabot Safety Corp., Sr. Sub. Note,
12.50%, 07/15/05. . . . . . . . . . . . 300,000 307,500
Euramax International PLC,
11.25%, 10/01/06. . . . . . . . . . . . 600,000 621,000
Hexcel Corp., 9.75%, 01/15/09 . . . . . 825,000 825,000
Hexcel Corp., 9.88%, 10/01/08*. . . . . 225,000 246,375
MMI Products, Inc., Series B,
11.25%, 04/15/07. . . . . . . . . . . . 700,000 493,500
Neenah Corp., Series B,
0.00%, 05/01/07** . . . . . . . . . . . 400,000 186,000
Neenah Corp., Series F,
0.00%, 05/01/07** . . . . . . . . . . . 350,000 162,750
Rexnord Corp., 10.13%, 12/15/12*. . . . 675,000 745,875
Unifrax Investment Corp.,
10.50%, 11/01/03. . . . . . . . . . . . 403,000 405,015
WESCO Distribution, Inc., Sr. Sub.
Note, Series B, 9.13%, 06/01/08 . . . . 575,000 540,500
-----------
4,533,515
-----------
LEISURE & ENTERTAINMENT (2.8%)
AMC Entertainment, Inc.,
9.50%, 03/15/09 . . . . . . . . . . . . 175,000 179,813
AMC Entertainment, Inc.,
9.88%, 02/01/12 . . . . . . . . . . . . 850,000 922,250
AMF Bowling Worldwide, Inc.,
13.00%, 02/28/08* . . . . . . . . . . . 525,000 577,500
Cinemark USA, Inc., 9.00%, 02/01/13*. . 600,000 657,000
Intrawest Corp., 10.50%, 02/01/10 . . . 575,000 623,875
Premier Parks, Inc., 9.75%, 06/15/07. . 525,000 522,375
Regal Cinemas, Inc., 9.38%, 02/01/12. . 800,000 884,000
Royal Caribbean Cruises,
8.00%, 05/15/10 . . . . . . . . . . . . 600,000 622,500
Six Flags, Inc., 9.75%, 04/15/13* . . . 225,000 222,750
Universal City Development,
11.75%, 04/01/10* . . . . . . . . . . . 1,150,000 1,273,625
-----------
6,485,688
-----------
MACHINERY & EQUIPMENT (1.6%)
AGCO Corp., 9.50%, 05/01/08 . . . . . . 750,000 828,750
Briggs & Stratton Corp.,
8.88%, 03/15/11 . . . . . . . . . . . . 350,000 400,750
Clark Materials Handling, Inc.,
Sr. Note, Series D, 0.00%, 11/15/06** . 100,000 10
Columbus McKinnon Corp.,
Sr. Sub. Note, 8.50%, 04/01/08. . . . . 725,000 540,125
Simonds Industries, Inc.,
0.00%, 07/01/08** . . . . . . . . . . . 450,000 136,125
United Rentals, Inc., 10.75%, 04/15/08. 1,475,000 1,618,813
United Rentals, Inc., Sr. Sub. Note,
Series B, 9.00%, 04/01/09 . . . . . . . 250,000 245,000
-----------
3,769,573
-----------
MANUFACTURING (1.6%)
Tyco International Group,
6.38%, 06/15/05 . . . . . . . . . . . . 200,000 211,250
Tyco International Group,
6.38%, 02/15/06 . . . . . . . . . . . . 850,000 904,188
Tyco International Group,
5.80%, 08/01/06 . . . . . . . . . . . . 2,525,000 2,654,406
-----------
3,769,844
-----------
OIL & GAS (3.1%)
BRL Universal Equipment,
8.88%, 02/15/08 . . . . . . . . . . . . 250,000 273,750
CITGO Petroleum Corp.,
11.38%, 02/01/11* . . . . . . . . . . . 700,000 787,500
Compton Petroleum Corp.,
9.90%, 05/15/09 . . . . . . . . . . . . 650,000 715,000
Continental Resources, Inc.,
Sr. Sub. Note, 10.25%, 08/01/08 . . . . 575,000 583,625
Dresser, Inc., 9.38%, 04/15/11. . . . . 250,000 260,000
El Paso Production Holding,
7.75%, 06/01/13*. . . . . . . . . . . . 525,000 530,250
Lone Star Technologies, Inc.,
9.00%, 06/01/11 . . . . . . . . . . . . 650,000 679,250
Magnum Hunter Resources,
9.60%, 03/15/12 . . . . . . . . . . . . 250,000 277,500
Petroleum Helicoptors, 9.38%, 05/01/09. 475,000 534,375
Pogo Producing Co., Series B,
10.38%, 02/15/09. . . . . . . . . . . . 900,000 985,500
- --------------------------------------------------------------------------------
39
GARTMORE VARIABLE INSURANCE TRUST
FEDERATED GVIT HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
OIL & GAS (CONTINUED)
Swift Energy Co., 9.38%, 05/01/12 . . . . $ 650,000 $ 705,250
Tesoro Petroleum Corp., 9.00%, 07/01/08 . 150,000 138,000
Tesoro Petroleum Corp., 9.63%, 11/01/08 . 525,000 490,875
Tesoro Petroleum Corp., 8.00%, 04/15/08*. 150,000 155,250
----------
7,116,125
----------
PRINTING & PUBLISHING (4.0%)
Advanstar Communications, Inc.,
12.00%, 02/15/11. . . . . . . . . . . . . 1,025,000 971,188
Advanstar, Inc., Series B,
15.00%, 10/15/11. . . . . . . . . . . . . 150,000 83,625
American Color Graphics,
10.00%, 06/15/10* . . . . . . . . . . . . 300,000 300,000
American Media Operation,
10.25%, 05/01/09. . . . . . . . . . . . . 650,000 705,250
American Media Operation,
8.88%, 01/15/11*. . . . . . . . . . . . . 175,000 189,875
Block Communications, Inc.,
9.25%, 04/15/09 . . . . . . . . . . . . . 550,000 596,750
Dex Media East LLC,
12.13%, 11/15/12. . . . . . . . . . . . . 1,350,000 1,613,250
Moore North American Finance,
7.88%, 01/15/11*. . . . . . . . . . . . . 250,000 262,500
R.H. Donnelly Finance Corp.,
10.88%, 12/15/12* . . . . . . . . . . . . 925,000 1,077,625
Sun Media Corp., 7.63%, 02/15/13. . . . . 425,000 454,750
Vertis, Inc., 10.88%, 06/15/09. . . . . . 1,225,000 1,255,625
Vertis, Inc., 9.75%, 04/01/09*. . . . . . 250,000 267,500
Yell Finance BV, 13.50%, 08/01/11 . . . . 825,000 701,250
Yell Finance BV, 10.75%, 08/01/11 . . . . 625,000 725,000
Ziff Davis Media, Inc.,
12.00%, 08/12/09. . . . . . . . . . . . . 38,000 18,240
----------
9,222,428
----------
REAL ESTATE (0.1%)
CBRE Escrow, Inc., 9.75%, 05/15/10* . . . 175,000 184,625
----------
RETAILERS (1.8%)
Michaels Stores, Inc., 9.25%, 07/01/09. . 400,000 445,000
Mothers Work, Inc., 11.25%, 08/01/10* . . 400,000 438,000
Penney (J.C.) Co., Inc., 7.60%, 04/01/07. 650,000 682,500
Penney (J.C.) Co., Inc., 9.00%, 08/01/12. 629,000 682,465
Rite Aid Corp., 6.88%, 08/15/13 . . . . . 475,000 413,250
Rite Aid Corp., 8.13%, 05/01/10*. . . . . 800,000 840,000
Rite Aid Corp., 9.50%, 02/15/11*. . . . . 175,000 190,313
United Auto Group, Inc.,
9.63%, 03/15/12 . . . . . . . . . . . . . 500,000 532,500
----------
4,224,028
----------
SERVICES (0.7%)
Brickman Group Ltd.,
11.75%, 12/15/09* . . . . . . . . . . . . 600,000 675,000
Coinmach Corp., 9.00%, 02/01/10 . . . . . 300,000 327,000
SITEL Corp., Sr. Sub. Note,
9.25%, 03/15/06 . . . . . . . . . . . . . 575,000 546,250
----------
1,548,250
----------
STEEL (0.5%)
Republic Engineered Products,
10.00%, 08/16/09. . . . . . . . . . . . . 37,647 3,200
Republic Technologies International,
0.00%, 07/15/09** . . . . . . . . . . . . 200,000 2,500
Ryerson Tull, Inc.,
9.13%, 07/15/06. . . . . . . . . . . . . 525,000 519,750
United States Steel Corp.,
9.75%, 05/15/10. . . . . . . . . . . . . 600,000 618,000
-----------
1,143,450
-----------
SURFACE TRANSPORTATION (0.9%)
Allied Holdings, Inc., Sr. Note,
Series B, 8.63%, 10/01/07. . . . . . . . 675,000 610,875
Stena AB, 8.75%, 06/15/07. . . . . . . . 800,000 829,000
Stena AB, 9.63%, 12/01/12. . . . . . . . 600,000 661,500
The Holt Group, Inc., 0.00%, 01/15/06**. 50,000 1,563
-----------
2,102,938
-----------
TECHNOLOGY (1.7%)
AMI Semiconductor, Inc.,
10.75%, 02/01/13*. . . . . . . . . . . . 575,000 646,875
Cooperative Computing,
10.50%, 06/15/11*. . . . . . . . . . . . 275,000 286,000
Fairchild Semiconductor Corp.,
Sr. Note, 10.38%, 10/01/07 . . . . . . . 700,000 741,125
Ingram Micro, Inc., 9.88%, 08/15/08. . . 825,000 895,125
Seagate Technology HDD Holding,
8.00%, 05/15/09. . . . . . . . . . . . . 575,000 621,000
Unisys Corp., 6.88%, 03/15/10. . . . . . 600,000 627,000
Worldspan LP, 9.63%, 06/15/11* . . . . . 175,000 182,000
-----------
3,999,125
-----------
TELECOMMUNICATIONS & CELLULAR (7.0%)
AirGate PCS, Inc., 13.50%, 10/01/09. . . 750,000 356,250
Alamosa PCS Holdings, Inc.,
12.88%, 02/15/10 . . . . . . . . . . . . 1,200,000 702,000
Horizon PCS, Inc., 13.75%, 06/15/11. . . 425,000 78,625
Nextel Communications, Inc.,
10.65%, 09/15/07 . . . . . . . . . . . . 1,000,000 1,040,000
Nextel Communications, Inc.,
9.95%, 02/15/08 . . . . . . . . . . . . 1,075,000 1,126,063
Nextel Communications, Inc.,
9.38%, 11/15/09 . . . . . . . . . . . . 2,175,000 2,359,875
Nextel Partners, Inc., 12.50%, 11/15/09. 300,000 342,000
Nextel Partners, Inc., 11.00%, 03/15/10. 450,000 490,500
Nextel Partners, Inc., 8.13%, 07/01/11*. 100,000 99,500
Qwest Communications International,
7.50%, 11/01/08. . . . . . . . . . . . . 675,000 627,750
Qwest Corp., 8.88%, 03/15/12*. . . . . . 2,200,000 2,464,000
Qwest Services Corp.,
13.50%, 12/15/10*. . . . . . . . . . . . 3,175,000 3,603,624
Rogers Cantel, Inc., 8.80%, 10/01/07 . . 475,000 489,250
TeleCorp PCS, Inc., 11.63%, 04/15/09 . . 500,000 519,375
Tritel PCS, Inc., 12.75%, 05/15/09 . . . 504,000 523,530
Triton PCS, Inc., 8.50%, 06/01/13* . . . 1,075,000 1,161,000
VoiceStream Wireless Corp.,
11.88%,11/15/09. . . . . . . . . . . . . 494,000 512,994
-----------
16,496,336
-----------
UTILITIES (6.7%)
ANR Pipeline Co., 8.88%, 03/15/10* . . . 150,000 165,000
Caithness Coso Fund, Sr. Note,
Series B, 9.05%, 12/15/09. . . . . . . . 917,831 968,312
Calpine Canada Energy Financing Co.,
8.50%, 05/01/08. . . . . . . . . . . . . 150,000 118,125
- --------------------------------------------------------------------------------
40
GARTMORE VARIABLE INSURANCE TRUST
FEDERATED GVIT HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
UTILITIES (CONTINUED)
Calpine Corp., 8.50%, 02/15/11 . . . . . . $1,375,000 $ 1,038,124
CMS Energy Corp., 8.90%, 07/15/08. . . . . 475,000 501,125
CMS Energy Corp., 8.50%, 04/15/11. . . . . 675,000 705,375
CMS Energy Corp., Sr. Note,
7.50%, 01/15/09. . . . . . . . . . . . . . 525,000 522,375
El Paso Corp., 6.75%, 05/15/09 . . . . . . 825,000 754,875
El Paso Corp., 8.05%, 10/15/30 . . . . . . 675,000 590,625
El Paso Corp., 7.80%, 08/01/31 . . . . . . 2,025,000 1,731,374
El Paso Energy Partners,
8.50%, 06/01/11. . . . . . . . . . . . . . 275,000 296,313
El Paso Energy Partners,
10.63%, 12/01/12*. . . . . . . . . . . . . 250,000 291,250
El Paso Natural Gas, 6.75%, 11/15/03 . . . 600,000 604,500
Illinois Power Corp., 11.50%, 12/15/10*. . 875,000 1,004,062
PG&E Corp., 6.88%, 07/15/08* . . . . . . . 325,000 325,650
PSEG Energy Holdings, 8.63%, 02/15/08. . . 700,000 753,375
PSEG Energy Holdings, 10.00%, 10/01/09 . . 725,000 824,688
Reliant Resources, Inc., 9.25%, 07/15/10*. 375,000 381,563
Reliant Resources, Inc., 9.50%, 07/15/13*. 475,000 480,344
Semco Energy, Inc., 7.13%, 05/15/08* . . . 400,000 418,000
Tennessee Gas Pipeline, 7.50%, 04/01/17. . 200,000 205,500
Tennessee Gas Pipeline, 8.38%, 06/15/32. . 475,000 516,563
Transcont Gas Pipe Corp.,
7.00%, 08/15/11. . . . . . . . . . . . . . 150,000 154,500
Williams Cos., Inc., 8.63%, 06/01/10 . . . 525,000 551,250
Williams Cos., Inc., 7.63%, 07/15/19 . . . 750,000 731,250
Williams Cos., Inc., 7.88%, 09/01/21 . . . 1,050,000 1,036,874
------------
15,670,992
------------
TOTAL CORPORATE BONDS 212,736,776
------------
- ------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------------
COMMON STOCKS (0.1%)
CABLE TELEVISION (0.1%)
NTL, Inc.. . . . . . . . . . . . . . . . . . 6,988 238,430
----------
CONTAINER & GLASS PRODUCTS (0.0%)
Russell Stanley Holdings, Inc. . . . . . . . 4,000 0
----------
LEISURE & ENTERTAINMENT (0.0%)
AMF Bowling Worldwide, Inc.. . . . . . . . . 353 9,196
----------
TELECOMMUNICATIONS & CELLULAR (0.0%)
Call-Net Enterprises, Inc. Class B . . . . . 10,292 25,730
Viatel Holding (Bermuda) Ltd.. . . . . . . . 1,922 961
----------
26,691
----------
TOTAL COMMON STOCKS 274,317
----------
PREFERRED STOCKS (1.0%)
BROADCAST RADIO & TELEVISION (0.5%)
Sinclair Broadcast Group, Inc.,
PIK, HYTOPS, 11.63%. . . . . . . . . . . . . 10,175 1,067,358
----------
CABLE TELEVISION (0.0%)
Pegasus Communications, 12.75% . . . . . . . 0 140
----------
HEALTHCARE (0.0%)
River Holdings Corp.,
Series B, PIK, 11.50%. . . . . . . . . . . . 872 9
----------
PRINTING & PUBLISHING (0.5%)
Primedia, Inc., Series E, 9.20%. . . . . . . 8,000 767,999
Primedia, Inc., Series H, 8.63%. . . . . . . 3,650 333,975
Ziff Davis Media, Inc. . . . . . . . . . . . 12 0
----------
1,101,974
----------
TELECOMMUNICATIONS & CELLULAR (0.0%)
McLeodUSA, Inc., Series A, 2.50% . . . . . . 4,671 33,818
----------
TOTAL PREFERRED STOCKS 2,203,299
----------
WARRANTS (0.0%)
BROADCAST RADIO & TV (0.0%)
XM Satellite Radio, expiring 03/15/10* . . . 300 0
----------
CONSUMER PRODUCTS (0.0%)
Jostens, Inc., expiring 05/01/10*. . . . . . 300 21,075
----------
CONTAINER & GLASS PRODUCTS (0.0%)
Pliant Corp., expiring 06/01/10* . . . . . . 275 206
----------
FOREST PRODUCTS (0.0%)
MDP Acquisitions, expiring 10/01/13* . . . . 300 2,100
----------
LEISURE & ENTERTAINMENT (0.0%)
AMF Bowling Worldwide, Inc. Class A,
expiring 03/09/09. . . . . . . . . . . . . . 830 5,810
AMF Bowling Worldwide, Inc. Class B,
expiring 03/09/09. . . . . . . . . . . . . . 811 2,433
----------
8,243
----------
PRINTING & PUBLISHING (0.0%)
Advanstar Holdings Corp., expiring 10/15/11. 150 0
Ziff Davis Media, Inc., expiring 08/12/12. . 2,200 22
----------
STEEL (0.0%)
Republic Technologies, expiring 07/15/09 . . 200 0
----------
TELECOMMUNICATIONS & CELLULAR (0.0%)
McLeodUSA, Inc., expiring 04/16/07 . . . . . 10,348 4,243
----------
TOTAL WARRANTS 35,889
----------
TOTAL INVESTMENTS
(COST $207,959,338) (A) - 92.8% 215,250,281
OTHER ASSETS IN EXCESS OF LIABILITIES - 7.2% 16,603,472
NET ASSETS $231,853,753
----------
----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
* Represents a restricted security acquired and eligible for resale under
Rule 144A, which limits the resale to certain qualified buyers.
** Bond in default.
HYTOPS High Yield Trust Offered Preferred Securities
PIK Paid-In-Kind
See notes to financial statements.
- --------------------------------------------------------------------------------
41
GARTMORE VARIABLE INSURANCE TRUST
GVIT EQUITY 500 INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (99.3%)
AEROSPACE/DEFENSE (1.5%)
Boeing Co. . . . . . . . . . . . . . . 23,262 $ 798,352
General Dynamics Corp. . . . . . . . . 5,600 406,000
Goodrich Corp. . . . . . . . . . . . . 3,200 67,200
Lockheed Martin Corp.. . . . . . . . . 12,800 608,896
Northrop Grumman Corp. . . . . . . . . 5,131 442,754
Raytheon Co. . . . . . . . . . . . . . 11,500 377,660
Rockwell Collins, Inc. . . . . . . . . 5,014 123,495
United Technologies Corp.. . . . . . . 13,100 927,873
----------
3,752,230
----------
AGRICULTURAL OPERATIONS (0.1%)
Monsanto Co. . . . . . . . . . . . . . 7,295 157,864
----------
AIRLINES (0.2%)
Delta Air Lines, Inc.. . . . . . . . . 3,800 55,784
Southwest Airlines Co. . . . . . . . . 21,150 363,780
----------
419,564
----------
APPAREL (0.4%)
Jones Apparel Group, Inc. (b). . . . . 3,700 108,262
Limited, Inc.. . . . . . . . . . . . . 14,200 220,100
Liz Claiborne, Inc.. . . . . . . . . . 2,900 102,225
Nike, Inc. Class B . . . . . . . . . . 7,400 395,826
Reebok International Ltd. (b). . . . . 1,700 57,171
V.F. Corp. . . . . . . . . . . . . . . 3,200 108,704
----------
992,288
----------
AUTOMOBILES (0.4%)
Ford Motor Co. . . . . . . . . . . . . 51,332 564,139
General Motors Corp. . . . . . . . . . 15,552 559,872
----------
1,124,011
----------
AUTOMOTIVE (0.1%)
AutoZone, Inc. (b) . . . . . . . . . . 2,600 197,522
----------
AUTOMOTIVE & EQUIPMENT (0.5%)
AutoNation, Inc. (b) . . . . . . . . . 7,700 121,044
Cooper Tire & Rubber Co. . . . . . . . 1,800 31,662
Dana Corp. . . . . . . . . . . . . . . 4,300 49,708
Delphi Automotive Systems Corp.. . . . 16,000 138,080
Genuine Parts Co.. . . . . . . . . . . 5,000 160,050
Goodyear Tire & Rubber Co. . . . . . . 4,800 25,200
Harley-Davidson, Inc.. . . . . . . . . 8,400 334,824
Navistar International Corp. (b) . . . 1,700 55,471
Paccar, Inc. . . . . . . . . . . . . . 3,150 212,814
Visteon Corp.. . . . . . . . . . . . . 3,723 25,577
----------
1,154,430
----------
BANKS (7.2%)
AmSouth Bancorp. . . . . . . . . . . . 10,000 218,400
Bank of America Corp.. . . . . . . . . 41,749 3,299,424
Bank of New York Co., Inc. . . . . . . 21,428 616,055
Bank One Corp. . . . . . . . . . . . . 32,200 1,197,196
BB&T Corp. . . . . . . . . . . . . . . 13,000 445,900
Comerica, Inc. . . . . . . . . . . . . 4,900 227,850
Fifth Third Bancorp. . . . . . . . . . 15,985 916,580
First Tennessee National Corp. . . . . 3,400 149,294
Golden West Financial Corp.. . . . . . 4,300 344,043
Huntington Bancshares, Inc.. . . . . . 6,710 130,979
J.P. Morgan Chase & Co.. . . . . . . . 56,493 1,930,931
KeyCorp. . . . . . . . . . . . . . . . 11,800 298,186
Marshall & Ilsley Corp.. . . . . . . . 6,000 183,480
Mellon Financial Corp. . . . . . . . . 11,800 327,450
National City Corp.. . . . . . . . . . 17,200 562,612
Northern Trust Corp. . . . . . . . . . 6,100 254,919
PNC Bank Corp. . . . . . . . . . . . . 7,800 380,718
Regions Financial Corp.. . . . . . . . 6,200 209,436
SouthTrust Corp. . . . . . . . . . . . 9,600 261,120
SunTrust Banks, Inc. . . . . . . . . . 7,800 462,852
Synovus Financial Corp.. . . . . . . . 8,700 187,050
U.S. Bancorp . . . . . . . . . . . . . 53,268 1,305,066
Union Planters Corp. . . . . . . . . . 5,600 173,768
Wachovia Corp. . . . . . . . . . . . . 37,900 1,514,484
Wells Fargo Co.. . . . . . . . . . . . 46,859 2,361,694
Zions Bancorp. . . . . . . . . . . . . 2,400 121,464
----------
18,080,951
----------
BEVERAGES (2.8%)
Adolph Coors Co. . . . . . . . . . . . 1,100 53,878
Anheuser-Busch Companies, Inc. . . . . 23,643 1,206,975
Brown-Forman Corp. . . . . . . . . . . 1,600 125,792
Coca-Cola Co.. . . . . . . . . . . . . 68,812 3,193,565
Coca-Cola Enterprises, Inc.. . . . . . 12,600 228,690
Pepsi Bottling Group, Inc. . . . . . . 7,800 156,156
PepsiCo, Inc.. . . . . . . . . . . . . 48,130 2,141,785
----------
7,106,841
----------
BROADCASTING & PUBLISHING (1.1%)
American Greetings Corp. Class A (b) . 2,000 39,280
Clear Channel Communications, Inc. (b) 17,100 724,869
Donnelley (R.R.) & Sons Co. Class A. . 3,300 86,262
Dow Jones & Company, Inc.. . . . . . . 2,100 90,363
Gannett, Inc.. . . . . . . . . . . . . 7,400 568,394
Knight-Ridder, Inc.. . . . . . . . . . 2,200 151,646
McGraw-Hill Cos., Inc. . . . . . . . . 5,400 334,800
Meredith Corp. . . . . . . . . . . . . 1,500 66,000
New York Times Co. . . . . . . . . . . 4,200 191,100
Tribune Co.. . . . . . . . . . . . . . 8,564 413,641
----------
2,666,355
----------
BUILDING & BUILDING SUPPLIES (0.4%)
American Standard Cos., Inc. (b) . . . 2,000 147,860
Centex Corp. . . . . . . . . . . . . . 1,800 140,022
KB Home. . . . . . . . . . . . . . . . 1,200 74,376
Masco Corp.. . . . . . . . . . . . . . 13,381 319,137
Pulte Corp.. . . . . . . . . . . . . . 1,700 104,822
Vulcan Materials Co. . . . . . . . . . 2,792 103,499
----------
889,716
----------
BUSINESS & CONSUMER SERVICES (2.7%)
Apollo Group, Inc. (b) . . . . . . . . 4,800 296,448
Automatic Data Processing, Inc.. . . . 16,708 565,733
Cendant Corp. (b). . . . . . . . . . . 29,000 531,280
Cintas Corp. . . . . . . . . . . . . . 4,700 166,568
Concord EFS, Inc. (b). . . . . . . . . 14,600 214,912
Convergys Corp. (b). . . . . . . . . . 4,500 72,000
Deluxe Corp. . . . . . . . . . . . . . 1,700 76,160
eBay, Inc. (b) . . . . . . . . . . . . 8,800 916,784
Electronic Data Systems Corp.. . . . . 13,200 283,140
FedEx Corp.. . . . . . . . . . . . . . 8,400 521,052
First Data Corp. . . . . . . . . . . . 20,900 866,096
Fiserv, Inc. (b) . . . . . . . . . . . 5,450 194,075
Fluor Corp.. . . . . . . . . . . . . . 2,300 77,372
- --------------------------------------------------------------------------------
42
GARTMORE VARIABLE INSURANCE TRUST
GVIT EQUITY 500 INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BUSINESS & CONSUMER SERVICES (CONTINUED)
Interpublic Group of Cos., Inc.. . . . . 11,100 $ 148,518
Monster Worldwide, Inc. (b). . . . . . . 3,400 67,082
Moody's Corp.. . . . . . . . . . . . . . 4,054 213,686
Omnicom Group, Inc.. . . . . . . . . . . 5,300 380,010
PerkinElmer, Inc.. . . . . . . . . . . . 3,500 48,335
Pitney Bowes, Inc. . . . . . . . . . . . 6,500 249,665
Quintiles Transnational Corp. (b). . . . 3,600 51,084
Robert Half International, Inc. (b). . . 4,900 92,806
W.W. Grainger, Inc.. . . . . . . . . . . 2,600 121,576
Yahoo!, Inc. (b) . . . . . . . . . . . . 16,400 537,264
----------
6,691,646
----------
CASINOS & GAMBLING (0.1%)
International Game Technology, Inc. (b). 2,400 245,592
----------
CHEMICALS & ALLIED PRODUCTS (1.3%)
Air Products & Chemicals, Inc. . . . . . 6,200 257,920
Dow Chemical Co. . . . . . . . . . . . . 25,366 785,331
Du Pont (E.I.) de Nemours & Co.. . . . . 27,700 1,153,428
Eastman Chemical Co. . . . . . . . . . . 2,300 72,841
Ecolab, Inc. . . . . . . . . . . . . . . 7,200 184,320
Engelhard Corp.. . . . . . . . . . . . . 3,300 81,741
Great Lakes Chemical Corp. . . . . . . . 1,500 30,600
Hercules, Inc. (b) . . . . . . . . . . . 3,200 31,680
Praxair, Inc.. . . . . . . . . . . . . . 4,600 276,460
Rohm & Haas Co.. . . . . . . . . . . . . 6,200 192,386
Sigma Aldrich Corp.. . . . . . . . . . . 2,100 113,778
----------
3,180,485
----------
COMMUNICATIONS (6.2%)
ADC Telecommunications, Inc. (b) . . . . 23,700 55,174
ALLTEL Corp. . . . . . . . . . . . . . . 8,700 419,514
Andrew Corp. (b) . . . . . . . . . . . . 2,600 23,920
AOL Time Warner, Inc. (b). . . . . . . . 124,421 2,001,934
AT&T Corp. . . . . . . . . . . . . . . . 21,462 413,144
AT&T Wireless Services, Inc. (b) . . . . 75,915 623,262
Avaya, Inc. (b). . . . . . . . . . . . . 8,966 57,920
BellSouth Corp.. . . . . . . . . . . . . 51,700 1,376,771
CenturyTel, Inc. . . . . . . . . . . . . 3,900 135,915
Ciena Corp. (b). . . . . . . . . . . . . 10,939 56,773
Citizens Communications Co. (b). . . . . 8,200 105,698
Comcast Corp. Class A (b). . . . . . . . 62,548 1,887,699
Comverse Technology, Inc. (b). . . . . . 5,300 79,659
Corning, Inc. (b). . . . . . . . . . . . 35,200 260,128
JDS Uniphase Corp. (b) . . . . . . . . . 39,300 137,943
Lucent Technologies, Inc. (b). . . . . . 115,100 233,653
Nextel Communications, Inc.
Non-Voting (b) . . . . . . . . . . . . . 28,100 508,048
Qualcomm, Inc. . . . . . . . . . . . . . 21,900 782,925
Qwest Communications International,
Inc. (b) . . . . . . . . . . . . . . . . 47,323 226,204
SBC Communications, Inc. . . . . . . . . 91,958 2,349,527
Scientific-Atlanta, Inc. . . . . . . . . 3,900 92,976
Sprint Corp. . . . . . . . . . . . . . . 25,400 365,760
Sprint Corp., PCS Group (b). . . . . . . 26,500 152,375
Tellabs, Inc. (b). . . . . . . . . . . . 11,000 72,270
Univision Communications, Inc.
Class A (b). . . . . . . . . . . . . . . 6,300 191,520
Verizon Communications, Inc. . . . . . . 76,502 3,018,003
----------
15,628,715
----------
COMPUTERS (5.6%)
Apple Computer, Inc. (b) . . . . . . . . 9,800 187,376
Cisco Systems, Inc. (b). . . . . . . . . 195,257 3,258,839
Computer Sciences Corp. (b). . . . . . . 5,400 205,848
Dell Computer Corp. (b). . . . . . . . . 71,400 2,281,944
Electronic Arts, Inc. (b). . . . . . . . 4,000 295,960
EMC Corp. (b). . . . . . . . . . . . . . 60,500 633,435
Gateway, Inc. (b). . . . . . . . . . . . 9,900 36,135
Hewlett Packard Co.. . . . . . . . . . . 85,000 1,810,500
International Business Machines Corp.. . 48,117 3,969,652
Lexmark International, Inc. (b). . . . . 3,500 247,695
NCR Corp. (b). . . . . . . . . . . . . . 2,900 74,298
Network Appliance, Inc. (b). . . . . . . 9,200 149,132
Siebel Systems, Inc. (b) . . . . . . . . 13,500 128,790
Sun Microsystems, Inc. (b) . . . . . . . 87,356 401,838
Symbol Technologies, Inc.. . . . . . . . 6,600 85,866
Unisys Corp. (b) . . . . . . . . . . . . 9,600 117,888
Veritas Software Corp. (b) . . . . . . . 11,200 321,104
----------
14,206,300
----------
CONSUMER PRODUCTS (2.6%)
Avon Products, Inc.. . . . . . . . . . . 6,600 410,520
Bemis Co., Inc.. . . . . . . . . . . . . 1,600 74,880
Black & Decker Corp. . . . . . . . . . . 2,300 99,935
Clorox Co. (The) . . . . . . . . . . . . 6,199 264,387
Colgate-Palmolive Co.. . . . . . . . . . 14,961 866,990
Fortune Brands, Inc. . . . . . . . . . . 4,000 208,800
Ingersoll Rand Co. . . . . . . . . . . . 4,700 222,404
Kimberly-Clark Corp. . . . . . . . . . . 14,300 745,602
Maytag Corp. . . . . . . . . . . . . . . 2,400 58,608
Newell Rubbermaid, Inc.. . . . . . . . . 7,500 210,000
Pall Corp. . . . . . . . . . . . . . . . 3,700 83,250
Stanley Works, Inc.. . . . . . . . . . . 2,300 63,480
The Procter & Gamble Co. . . . . . . . . 35,921 3,203,435
Tupperware Corp. . . . . . . . . . . . . 1,700 24,412
Whirlpool Corp.. . . . . . . . . . . . . 2,000 127,400
----------
6,664,103
----------
CONTAINERS (0.0%)
Ball Corp. . . . . . . . . . . . . . . . 1,500 68,265
----------
COSMETICS & TOILETRIES (0.4%)
Alberto Culver Co. Class B . . . . . . . 1,700 86,870
Gillette Co. . . . . . . . . . . . . . . 29,000 923,940
International Flavor & Fragrances, Inc.. 2,700 86,211
----------
1,097,021
----------
DRUGS & HEALTHCARE (11.7%)
Abbott Laboratories. . . . . . . . . . . 43,367 1,897,740
Allergan, Inc. . . . . . . . . . . . . . 3,700 285,270
Amerisource Bergen Corp. . . . . . . . . 2,954 204,860
Bausch & Lomb, Inc.. . . . . . . . . . . 1,600 60,000
Baxter International, Inc. . . . . . . . 16,600 431,600
Becton Dickinson & Co. . . . . . . . . . 7,000 271,950
Biogen, Inc. (b) . . . . . . . . . . . . 4,121 156,598
Bristol-Myers Squibb Co. . . . . . . . . 53,662 1,456,923
Cardinal Health, Inc.. . . . . . . . . . 12,453 800,728
Chiron Corp. (b) . . . . . . . . . . . . 5,200 227,344
CVS Corp.. . . . . . . . . . . . . . . . 11,154 312,647
Eli Lilly & Co.. . . . . . . . . . . . . 31,270 2,156,692
Forest Laboratories, Inc. (b). . . . . . 10,200 558,450
HCA, Inc.. . . . . . . . . . . . . . . . 14,300 458,172
- --------------------------------------------------------------------------------
43
GARTMORE VARIABLE INSURANCE TRUST
GVIT EQUITY 500 INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
DRUGS & HEALTHCARE (CONTINUED)
Health Management Associates, Inc.
Class A. . . . . . . . . . . . . . . . . 6,800 $ 125,460
Humana, Inc. (b) . . . . . . . . . . . . 5,000 75,500
IMS Health, Inc. . . . . . . . . . . . . 7,253 130,481
Johnson & Johnson. . . . . . . . . . . . 82,511 4,265,819
King Pharmaceuticals, Inc. (b) . . . . . 7,033 103,807
McKesson HBOC, Inc.. . . . . . . . . . . 8,200 293,068
Medimmune, Inc. (b). . . . . . . . . . . 7,009 254,917
Merck & Co., Inc.. . . . . . . . . . . . 62,364 3,776,140
Pfizer, Inc. . . . . . . . . . . . . . . 219,661 7,501,424
Schering Plough Corp.. . . . . . . . . . 41,000 762,600
Tenet Healthcare Corp. (b) . . . . . . . 12,900 150,285
UnitedHealth Group, Inc. . . . . . . . . 16,722 840,281
Watson Pharmaceutical, Inc. (b). . . . . 2,800 113,036
Wellpoint Health Networks, Inc. (b). . . 4,200 354,060
Wyeth. . . . . . . . . . . . . . . . . . 36,700 1,671,685
-----------
29,697,537
-----------
ELECTRONICS (4.4%)
Advanced Micro Devices, Inc. (b) . . . . 10,000 64,100
Agilent Technologies, Inc. (b) . . . . . 13,037 254,873
American Power Conversion Corp. (b). . . 5,200 81,068
General Electric Co. . . . . . . . . . . 278,048 7,974,417
Johnson Controls, Inc. . . . . . . . . . 2,500 214,000
Molex, Inc.. . . . . . . . . . . . . . . 5,125 138,324
Motorola, Inc. . . . . . . . . . . . . . 64,400 607,292
Power-One, Inc. (b). . . . . . . . . . . 2,300 16,445
Radioshack Corp. . . . . . . . . . . . . 4,500 118,395
Rockwell International Corp. . . . . . . 5,000 119,200
Sanmina Corp. (b). . . . . . . . . . . . 13,000 82,030
Solectron Corp. (b). . . . . . . . . . . 24,600 92,004
Tektronix, Inc. (b). . . . . . . . . . . 2,100 45,360
Teradyne, Inc. (b) . . . . . . . . . . . 5,500 95,205
Texas Instruments, Inc.. . . . . . . . . 48,100 846,560
Thomas & Betts Corp. (b) . . . . . . . . 1,700 24,565
Xilinx, Inc. (b) . . . . . . . . . . . . 9,200 232,852
-----------
11,006,690
-----------
ENTERTAINMENT (0.4%)
Walt Disney Co.. . . . . . . . . . . . . 56,800 1,121,800
-----------
FINANCE (6.9%)
AMBAC Financial Group, Inc.. . . . . . . 2,950 195,438
American Express Co. . . . . . . . . . . 36,600 1,530,245
Bear Stearns Cos., Inc.. . . . . . . . . 2,800 202,776
Capital One Financial Corp.. . . . . . . 6,100 299,998
Citigroup, Inc.. . . . . . . . . . . . . 142,854 6,114,150
Countrywide Credit Industries, Inc.. . . 3,600 250,452
Equifax, Inc.. . . . . . . . . . . . . . 3,700 96,200
FleetBoston Financial Corp.. . . . . . . 29,212 867,889
Franklin Resources, Inc. . . . . . . . . 7,300 285,211
H&R Block, Inc.. . . . . . . . . . . . . 5,000 216,250
Hartford Financial Services Group, Inc.. 7,600 382,736
Lehman Brothers Holdings, Inc. . . . . . 6,667 443,222
MBNA Corp. . . . . . . . . . . . . . . . 35,850 747,114
Merrill Lynch & Co.. . . . . . . . . . . 25,700 1,199,676
Morgan Stanley Dean Witter & Co. . . . . 30,100 1,286,775
North Fork Bancorp, Inc. . . . . . . . . 4,700 160,082
Paychex, Inc.. . . . . . . . . . . . . . 10,250 300,428
Providian Financial Corp. (b). . . . . . 8,800 81,488
Prudential Financial, Inc. . . . . . . . 15,600 524,940
SLM Corp.. . . . . . . . . . . . . . . . 12,900 505,293
State Street Corp. . . . . . . . . . . . 9,300 366,420
T Rowe Price Group, Inc. . . . . . . . . 3,300 124,575
Washington Mutual, Inc.. . . . . . . . . 26,315 1,086,810
-----------
17,268,168
-----------
FINANCE - INVESTMENT & OTHER (1.9%)
Charter One Financial, Inc.. . . . . . . 6,378 198,866
Fannie Mae . . . . . . . . . . . . . . . 27,286 1,840,167
Federated Investors, Inc.. . . . . . . . 2,600 71,292
Freddie Mac. . . . . . . . . . . . . . . 19,300 979,861
Goldman Sachs Group, Inc.. . . . . . . . 13,100 1,097,125
Janus Capital Group, Inc.. . . . . . . . 6,200 101,680
Schwab (Charles) Corp. . . . . . . . . . 37,850 381,907
-----------
4,670,898
-----------
FOOD & FOOD DISTRIBUTORS (1.8%)
Albertson's, Inc.. . . . . . . . . . . . 10,659 204,653
Archer-Daniels Midland Co. . . . . . . . 18,537 238,571
Campbell Soup Co.. . . . . . . . . . . . 11,600 284,200
ConAgra, Inc.. . . . . . . . . . . . . . 15,000 354,000
General Mills, Inc.. . . . . . . . . . . 10,300 488,323
Heinz (H.J.) Co. . . . . . . . . . . . . 9,800 323,204
Hershey Foods Corp.. . . . . . . . . . . 3,800 264,708
Kellogg Co.. . . . . . . . . . . . . . . 11,400 391,818
Kroger Co. (b) . . . . . . . . . . . . . 20,800 346,944
McCormick & Co.. . . . . . . . . . . . . 3,900 106,080
Safeway, Inc. (b). . . . . . . . . . . . 12,400 253,704
Sara Lee Corp. . . . . . . . . . . . . . 21,829 410,603
Sysco Corp.. . . . . . . . . . . . . . . 18,400 552,736
Wrigley (Wm.) Jr. Co.. . . . . . . . . . 6,200 348,626
-----------
4,568,170
-----------
FORESTRY (0.1%)
Plum Creek Timber Co., Inc.. . . . . . . 5,124 132,968
-----------
HOTELS & RESTAURANTS (0.3%)
Harrah's Entertainment, Inc. (b) . . . . 3,100 124,744
Hilton Hotels Corp.. . . . . . . . . . . 10,400 133,016
Marriott International, Inc. Class A . . 6,600 253,572
Starwood Hotels & Resorts
Worldwide, Inc.. . . . . . . . . . . . . 5,800 165,822
-----------
677,154
-----------
INDUSTRIAL CONGLOMERATE (0.6%)
3M Co. . . . . . . . . . . . . . . . . . 10,819 1,395,435
-----------
INDUSTRIAL DIVERSIFIED (0.1%)
Parker-Hannifin Corp.. . . . . . . . . . 3,200 134,368
Sherwin Williams Co. . . . . . . . . . . 4,100 110,208
-----------
244,576
-----------
INSURANCE (4.4%)
ACE Ltd. . . . . . . . . . . . . . . . . 7,412 254,157
Aetna, Inc.. . . . . . . . . . . . . . . 4,300 258,860
AFLAC, Inc.. . . . . . . . . . . . . . . 14,400 442,800
Allstate Corp. . . . . . . . . . . . . . 19,500 695,175
American International Group, Inc. . . . 72,468 3,998,785
AON Corp.. . . . . . . . . . . . . . . . 8,600 207,088
Chubb Corp.. . . . . . . . . . . . . . . 5,100 306,000
Cigna Corp.. . . . . . . . . . . . . . . 3,800 178,372
Cincinnati Financial Corp. . . . . . . . 4,400 163,196
- --------------------------------------------------------------------------------
44
GARTMORE VARIABLE INSURANCE TRUST
GVIT EQUITY 500 INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE (CONTINUED)
Jefferson-Pilot Corp.. . . . . . . . . 3,981 $ 165,052
John Hancock Financial Services, Inc.. 7,900 242,767
Lincoln National Corp. . . . . . . . . 4,700 167,461
Loews Corp.. . . . . . . . . . . . . . 5,067 239,618
Marsh & McLennan Cos., Inc.. . . . . . 14,800 755,836
MBIA, Inc. . . . . . . . . . . . . . . 4,050 197,438
MetLife, Inc.. . . . . . . . . . . . . 21,200 600,384
MGIC Investment Corp.. . . . . . . . . 2,800 130,592
Principal Financial Group. . . . . . . 8,800 283,800
Progressive Corp.. . . . . . . . . . . 6,000 438,600
Safeco Corp. . . . . . . . . . . . . . 3,700 130,536
St. Paul Cos., Inc.. . . . . . . . . . 6,300 230,013
Torchmark Corp.. . . . . . . . . . . . 3,100 115,475
Travelers Property Casualty Corp.
Class B. . . . . . . . . . . . . . . . 27,686 436,608
UnumProvident Corp.. . . . . . . . . . 6,800 91,188
XL Capital Ltd. Class A. . . . . . . . 3,800 315,400
-----------
11,045,201
-----------
LEISURE & AMUSEMENTS (0.1%)
Mattel, Inc. . . . . . . . . . . . . . 12,000 227,040
-----------
LEISURE & ENTERTAINMENT (0.2%)
Carnival Corp. Class A . . . . . . . . 17,300 562,423
-----------
LEISURE & RECREATION PRODUCTS (0.0%)
Brunswick Corp.. . . . . . . . . . . . 2,800 70,056
-----------
MACHINERY & HEAVY EQUIPMENT (0.4%)
Caterpillar, Inc.. . . . . . . . . . . 9,600 534,336
Deere & Co.. . . . . . . . . . . . . . 6,700 306,190
Dover Corp.. . . . . . . . . . . . . . 5,400 161,784
McDermott International, Inc. (b). . . 1,700 10,761
-----------
1,013,071
-----------
MACHINERY & INSTRUMENTATION (0.0%)
Snap-On, Inc.. . . . . . . . . . . . . 1,400 40,642
-----------
MANUFACTURING (1.4%)
Alcoa, Inc.. . . . . . . . . . . . . . 23,440 597,720
Cooper Industries, Inc.. . . . . . . . 2,515 103,870
Crane Co.. . . . . . . . . . . . . . . 1,900 42,997
Cummins Engine Co., Inc. . . . . . . . 1,300 46,657
Danaher Corp.. . . . . . . . . . . . . 4,300 292,615
Eaton Corp.. . . . . . . . . . . . . . 2,000 157,220
Honeywell International, Inc.. . . . . 23,600 633,660
Millipore Corp. (b). . . . . . . . . . 1,400 62,118
PPG Industries, Inc. . . . . . . . . . 4,600 233,404
Sealed Air Corp. (b) . . . . . . . . . 2,200 104,852
Textron, Inc.. . . . . . . . . . . . . 3,600 140,472
Thermo Electron Corp. (b). . . . . . . 4,500 94,590
Tyco International Ltd.. . . . . . . . 55,856 1,060,146
-----------
3,570,321
-----------
MANUFACTURING EQUIPMENT (0.3%)
Illinois Tool Works, Inc.. . . . . . . 8,500 559,725
ITT Industries, Inc. . . . . . . . . . 2,500 163,650
-----------
723,375
-----------
MEDIA (0.8%)
Viacom, Inc. Class B (b) . . . . . . . 48,735 2,127,770
-----------
MEDICAL & MEDICAL SERVICES (1.1%)
Amgen Corp. (b). . . . . . . . . . . . 35,032 $ 2,327,526
Anthem, Inc. (b) . . . . . . . . . . . 4,000 308,600
Manor Care, Inc. (b) . . . . . . . . . 2,200 55,022
Quest Diagnostics, Inc. (b). . . . . . 3,000 191,400
-----------
2,882,548
-----------
MEDICAL EQUIPMENT & SUPPLIES (1.5%)
Applera Corp.. . . . . . . . . . . . . 5,600 106,568
Bard (C.R.), Inc.. . . . . . . . . . . 1,400 99,834
Boston Scientific Corp. (b). . . . . . 11,300 690,430
Genzyme Corp. (b). . . . . . . . . . . 5,800 242,440
Guidant Corp.. . . . . . . . . . . . . 8,600 381,754
Medtronic, Inc.. . . . . . . . . . . . 33,800 1,621,386
Stryker Corp.. . . . . . . . . . . . . 5,600 388,472
Waters Corp. (b) . . . . . . . . . . . 3,400 99,042
Zimmer Holdings, Inc. (b). . . . . . . 5,326 239,936
-----------
3,869,862
-----------
MEDICAL INSTRUMENTS (0.2%)
Biomet, Inc. . . . . . . . . . . . . . 7,151 204,948
St. Jude Medical, Inc. (b) . . . . . . 4,900 281,750
-----------
486,698
-----------
METALS & MINING (0.2%)
Freeport-McMoRan Copper & Gold, Inc. . 4,000 98,000
Newmont Mining Corp. . . . . . . . . . 10,958 355,697
Phelps Dodge Corp. (b) . . . . . . . . 2,500 95,850
Worthington Industries, Inc. . . . . . 2,700 36,180
-----------
585,727
-----------
OFFICE EQUIPMENT & SUPPLIES (0.2%)
Avery Dennison Corp. . . . . . . . . . 3,000 150,600
Xerox Corp. (b). . . . . . . . . . . . 21,700 229,803
-----------
380,403
-----------
OIL & GAS (5.7%)
Amerada Hess Corp. . . . . . . . . . . 2,600 127,868
Anadarko Petroleum Corp. . . . . . . . 6,949 309,022
Apache Corp. . . . . . . . . . . . . . 4,399 286,199
Ashland, Inc.. . . . . . . . . . . . . 1,700 52,156
Baker Hughes, Inc. . . . . . . . . . . 9,500 318,915
Burlington Resources, Inc. . . . . . . 5,600 302,792
ChevronTexaco Corp.. . . . . . . . . . 29,590 2,136,398
ConocoPhillips . . . . . . . . . . . . 18,766 1,028,377
Devon Energy Corp. . . . . . . . . . . 6,400 341,760
El Paso Corp.. . . . . . . . . . . . . 16,377 132,326
EOG Resources, Inc.. . . . . . . . . . 3,200 133,888
Exelon Corp. . . . . . . . . . . . . . 8,812 527,046
Exxon Mobil Corp.. . . . . . . . . . . 185,754 6,670,426
Kerr-McGee Corp. . . . . . . . . . . . 2,700 120,960
KeySpan Corp.. . . . . . . . . . . . . 4,200 148,890
Kinder Morgan, Inc.. . . . . . . . . . 3,300 180,345
Marathon Oil Corp. . . . . . . . . . . 8,600 226,610
Nabors Industries, Inc. (b). . . . . . 4,100 162,155
Noble Corp. (b). . . . . . . . . . . . 3,600 123,480
Occidental Petroleums Corp.. . . . . . 10,500 352,275
Sunoco, Inc. . . . . . . . . . . . . . 2,100 79,254
Transocean Sedco Forex, Inc. . . . . . 8,800 193,336
Unocal Corp. . . . . . . . . . . . . . 7,200 206,568
Williams Cos., Inc.. . . . . . . . . . 13,600 107,440
-----------
14,268,486
-----------
45
- --------------------------------------------------------------------------------
GARTMORE VARIABLE INSURANCE TRUST
GVIT EQUITY 500 INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL EQUIPMENT & SERVICES (0.5%)
BJ Services Co. (b). . . . . . . . . . . . . 4,300 $ 160,648
Halliburton Co.. . . . . . . . . . . . . . . 12,100 278,300
Rowan Cos., Inc. (b) . . . . . . . . . . . . 2,900 64,960
Schlumberger Ltd.. . . . . . . . . . . . . . 16,290 774,915
-----------
1,278,823
-----------
PAPER & FOREST PRODUCTS (0.4%)
Boise Cascade Corp.. . . . . . . . . . . . . 1,700 40,630
Georgia-Pacific Corp.. . . . . . . . . . . . 6,790 128,671
International Paper Co.. . . . . . . . . . . 13,221 472,386
Louisiana-Pacific Corp. (b). . . . . . . . . 2,300 24,932
MeadWestvaco Corp. . . . . . . . . . . . . . 5,707 140,963
Pactiv Corp. (b) . . . . . . . . . . . . . . 4,500 88,695
Temple Inland, Inc.. . . . . . . . . . . . . 1,500 64,365
-----------
960,642
-----------
PHOTOGRAPHY EQUIPMENT & SUPPLIES (0.1%)
Eastman Kodak Co.. . . . . . . . . . . . . . 8,200 224,270
-----------
RAILROADS (0.4%)
Burlington Northern Santa Fe Corp. . . . . . 10,400 295,776
CSX Corp.. . . . . . . . . . . . . . . . . . 6,200 186,558
Norfolk Southern Corp. . . . . . . . . . . . 10,500 201,600
Union Pacific Corp. Series A . . . . . . . . 7,000 406,140
-----------
1,090,074
-----------
REAL ESTATE (0.1%)
Weyerhaeuser Co. . . . . . . . . . . . . . . 6,100 329,400
-----------
REITS (0.3%)
Apartment Investment & Management Co. 2,600 89,960
Equity Office Properties Trust . . . . . . . 11,400 307,914
Equity Residential Property Trust. . . . . . 7,500 194,625
Simon Property Group, Inc. . . . . . . . . . 5,200 202,956
-----------
795,455
-----------
RESTAURANTS (0.6%)
Darden Restaurants, Inc. . . . . . . . . . . 4,450 84,461
McDonald's Corp. . . . . . . . . . . . . . . 35,200 776,512
Starbucks Corp. (b). . . . . . . . . . . . . 10,800 264,816
Wendy's International, Inc.. . . . . . . . . 3,200 92,704
Yum! Brands, Inc. (b). . . . . . . . . . . . 8,000 236,480
-----------
1,454,973
-----------
RETAIL MERCHANDISING (6.4%)
Bed Bath & Beyond, Inc. (b). . . . . . . . . 8,200 318,242
Best Buy Co., Inc. (b) . . . . . . . . . . . 8,850 388,692
Big Lots, Inc. (b) . . . . . . . . . . . . . 3,200 48,128
Circuit City Stores, Inc.. . . . . . . . . . 6,300 55,440
Costco Wholesale Corp. (b) . . . . . . . . . 12,700 464,820
Dillards, Inc. . . . . . . . . . . . . . . . 2,300 30,981
Dollar General Corp. . . . . . . . . . . . . 8,875 162,058
Family Dollar Stores, Inc. . . . . . . . . . 4,900 186,935
Federated Department Stores, Inc.. . . . . . 5,400 198,990
Gap, Inc.. . . . . . . . . . . . . . . . . . 24,900 467,124
Hasbro, Inc. . . . . . . . . . . . . . . . . 4,400 76,956
Home Depot, Inc. . . . . . . . . . . . . . . 64,482 2,135,644
Kohl's Corp. (b) . . . . . . . . . . . . . . 9,400 482,972
Leggett & Platt, Inc.. . . . . . . . . . . . 5,500 112,750
Lowe's Companies, Inc. . . . . . . . . . . . 21,586 927,119
May Department Stores Co.. . . . . . . . . . 8,200 182,532
Nordstrom, Inc.. . . . . . . . . . . . . . . 3,500 68,320
Office Depot, Inc. (b) . . . . . . . . . . . 9,000 130,590
Penney (J.C) Co., Inc. . . . . . . . . . . . 7,400 124,690
Sears, Roebuck & Co. . . . . . . . . . . . . 8,600 289,304
Staples, Inc. (b). . . . . . . . . . . . . . 13,100 240,385
Supervalu, Inc.. . . . . . . . . . . . . . . 4,000 85,280
Target Corp. . . . . . . . . . . . . . . . . 25,116 950,389
Tiffany & Co.. . . . . . . . . . . . . . . . 4,100 133,988
TJX Cos., Inc. . . . . . . . . . . . . . . . 14,700 276,948
Toys "R" Us, Inc. (b). . . . . . . . . . . . 6,100 73,932
Wal-Mart Stores, Inc.. . . . . . . . . . . . 121,788 6,536,361
Walgreen Co. . . . . . . . . . . . . . . . . 28,700 863,870
Winn-Dixie Stores, Inc.. . . . . . . . . . . 3,700 45,547
-----------
16,058,987
-----------
SEMICONDUCTORS (2.8%)
Altera Corp. (b) . . . . . . . . . . . . . . 10,400 170,560
Analog Devices, Inc. (b) . . . . . . . . . . 10,200 355,164
Applied Materials, Inc. (b). . . . . . . . . 46,000 729,560
Applied Micro Circuits Corp. (b) . . . . . . 9,200 55,660
Broadcom Corp. Class A (b) . . . . . . . . . 7,400 184,334
Intel Corp.. . . . . . . . . . . . . . . . . 181,773 3,777,970
Jabil Circuit, Inc. (b). . . . . . . . . . . 5,800 128,180
KLA-Tencor Corp. (b) . . . . . . . . . . . . 5,200 241,748
Linear Technology Corp.. . . . . . . . . . . 8,900 286,669
LSI Logic Corp. (b). . . . . . . . . . . . . 11,100 78,588
Maxim Integrated Products, Inc.. . . . . . . 9,100 311,129
Micron Technology, Inc. (b). . . . . . . . . 17,300 201,199
National Semiconductor Corp. (b) . . . . . . 5,300 104,516
Novellus Systems, Inc. (b) . . . . . . . . . 4,300 157,470
NVIDIA Corp. (b) . . . . . . . . . . . . . . 4,500 103,545
PMC-Sierra, Inc. (b) . . . . . . . . . . . . 5,000 58,650
QLogic Corp. (b) . . . . . . . . . . . . . . 2,600 125,658
-----------
7,070,600
-----------
SOFTWARE (4.5%)
Adobe Systems, Inc.. . . . . . . . . . . . . 6,300 202,041
Autodesk, Inc. . . . . . . . . . . . . . . . 2,865 46,298
BMC Software, Inc. (b) . . . . . . . . . . . 6,800 111,044
Citrix Systems, Inc. (b) . . . . . . . . . . 4,600 93,656
Computer Associates International, Inc.. . . 15,800 352,024
Compuware Corp. (b). . . . . . . . . . . . . 11,200 64,624
Intuit, Inc. (b) . . . . . . . . . . . . . . 5,600 249,368
Mercury Interactive Corp. (b). . . . . . . . 2,500 96,525
Microsoft Corp.. . . . . . . . . . . . . . . 298,640 7,648,171
Novell, Inc. (b) . . . . . . . . . . . . . . 10,200 31,416
Oracle Corp. (b) . . . . . . . . . . . . . . 146,808 1,764,632
Parametric Technology Corp. (b). . . . . . . 8,400 25,620
PeopleSoft, Inc. (b) . . . . . . . . . . . . 8,700 153,033
Sungard Data Systems, Inc. (b) . . . . . . . 7,700 199,507
Symantec Corp. (b) . . . . . . . . . . . . . 4,000 175,440
-----------
11,213,399
-----------
STEEL (0.1%)
Allegheny Teledyne, Inc. . . . . . . . . . . 2,800 18,480
Nucor Corp.. . . . . . . . . . . . . . . . . 2,300 112,355
USX- U.S. Steel Corp.. . . . . . . . . . . . 2,900 47,473
-----------
178,308
-----------
- --------------------------------------------------------------------------------
46
GARTMORE VARIABLE INSURANCE TRUST
GVIT EQUITY 500 INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TOBACCO (1.1%)
Altria Group, Inc. . . . . . . . . . . 56,300 $ 2,558,272
R.J. Reynolds Tobacco. . . . . . . . . 2,200 81,862
UST, Inc.. . . . . . . . . . . . . . . 4,600 161,138
------------
2,801,272
------------
TRAVEL (0.0%)
Sabre Holdings, Inc. . . . . . . . . . 4,168 102,741
------------
TRUCKING (0.8%)
Ryder System, Inc. . . . . . . . . . . 2,000 51,240
United Parcel Service Class B. . . . . 31,300 1,993,810
------------
2,045,050
------------
UTILITIES (2.7%)
AES Corp. (b). . . . . . . . . . . . . 17,000 107,950
Allegheny Energy, Inc. . . . . . . . . 3,800 32,110
Ameren Corp. . . . . . . . . . . . . . 4,300 189,630
American Electric Power Co.. . . . . . 10,560 315,005
Calpine Corp. (b). . . . . . . . . . . 10,600 69,960
Centerpoint Energy, Inc. . . . . . . . 9,200 74,980
Cinergy Corp.. . . . . . . . . . . . . 4,600 169,234
CMS Energy Corp. . . . . . . . . . . . 4,000 32,400
Consolidated Edison, Inc.. . . . . . . 6,100 264,008
Constellation Energy Group, Inc. . . . 4,500 154,350
Dominion Resources, Inc. . . . . . . . 8,500 546,295
DTE Energy Co. . . . . . . . . . . . . 4,700 181,608
Duke Energy Corp.. . . . . . . . . . . 24,500 488,775
Dynegy, Inc. Class A . . . . . . . . . 10,900 45,780
Edison International (b) . . . . . . . 8,800 144,584
Emerson Electric Co. . . . . . . . . . 11,800 602,980
Entergy Corp.. . . . . . . . . . . . . 6,100 321,958
FirstEnergy Corp.. . . . . . . . . . . 8,086 310,907
FPL Group, Inc.. . . . . . . . . . . . 5,000 334,250
Mirant Corp. (b) . . . . . . . . . . . 12,529 36,334
Nicor, Inc.. . . . . . . . . . . . . . 1,300 48,243
NiSource, Inc. . . . . . . . . . . . . 6,664 126,616
People's Energy Corp.. . . . . . . . . 1,100 47,179
PG&E Corp. (b) . . . . . . . . . . . . 11,100 234,765
Pinnacle West Capital Corp.. . . . . . 2,400 89,880
PP&L Corp. . . . . . . . . . . . . . . 4,500 193,500
Progress Energy, Inc.. . . . . . . . . 6,626 290,881
Public Service Enterprise Group, Inc.. 6,200 261,950
Sempra Energy. . . . . . . . . . . . . 5,607 159,968
Southern Co. . . . . . . . . . . . . . 20,000 623,200
Teco Energy, Inc.. . . . . . . . . . . 4,500 53,955
TXU Corp.. . . . . . . . . . . . . . . 8,900 199,805
Xcel Energy, Inc.. . . . . . . . . . . 10,680 160,627
------------
6,913,667
------------
WASTE MANAGEMENT (0.2%)
Allied Waste Industries, Inc. (b). . . 5,900 59,295
Waste Management, Inc. . . . . . . . . 16,300 392,667
------------
451,962
------------
TOTAL COMMON STOCKS 249,930,541
------------
TOTAL INVESTMENTS
(COST $331,967,381) (A) - 99.3% 249,930,541
OTHER ASSETS IN
EXCESS OF LIABILITIES - 0.7% 1,736,425
------------
NET ASSETS - 100.0% $251,666,966
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
REIT Real Estate Investment Trust
AT JUNE 30, 2003, THE FUND'S OPEN FUTURES CONTRACTS WERE AS FOLLOWS:
MARKET
VALUE UNREALIZED
NUMBER OF SHORT COVERED BY APPRECIATION
CONTRACTS CONTRACTS* EXPIRATION CONTRACTS (DEPRECIATION)
- --------------------------------------------------------------------
8 S&P 500 Fortune 9/20/03 $ 1,946,600 $ (65,139)
* Cash pledged as collateral
See notes to financial statements.
- --------------------------------------------------------------------------------
47
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ---------------------------------------------------------------
CORPORATE BONDS (35.0%)
ADVERTISING (0.2%)
Interep National Radio Sales, Inc.,
10.00%, 07/01/08 $. . . . . . . . . . . 250,000 $ 212,500
RH Donnelley Financial Corp.,
10.88%, 12/15/12 (c). . . . . . . . . . 120,000 139,800
----------
352,300
----------
AEROSPACE/DEFENSE (0.4%)
Goodrich (BF) Corp., 7.63%, 12/15/12. . 150,000 171,102
Lockheed Martin, 7.75%, 05/01/26. . . . 190,000 237,053
Lockheed Martin, 8.50%, 12/01/29. . . . 275,000 373,778
Raytheon Co., 8.30%, 03/01/10 . . . . . 150,000 184,279
----------
966,212
----------
AGRICULTURAL PRODUCTS (0.1%)
Monsanto Co., 7.38%, 08/15/12 . . . . . 160,000 190,774
----------
AIRLINES (0.2%)
Air Canada, 10.25%, 03/15/11 (f). . . . 175,000 78,750
Continental Airlines, Inc.,
6.65%, 09/15/17 . . . . . . . . . . . . 78,433 75,653
Continental Airlines, Inc.,
6.90%, 01/02/18 . . . . . . . . . . . . 365,010 354,471
----------
508,874
----------
AUTO PARTS & EQUIPMENT (0.6%)
Arvinmeritor, Inc., 6.63%, 06/15/07 . . 85,000 88,188
Arvinmeritor, Inc., 8.75%, 03/01/12 . . 300,000 336,000
Collins & Aikman Products,
10.75%, 12/31/11. . . . . . . . . . . . 120,000 105,600
Lear Corp., 8.11%, 05/15/09 . . . . . . 360,000 412,200
Metaldyne Corp., 11.00%, 06/15/12 . . . 225,000 186,750
TRW Automotive, 9.38%, 02/15/13 (c) . . 265,000 287,525
----------
1,416,263
----------
AUTOMOTIVE (0.6%)
Autonation, Inc., 9.00%, 08/01/08 . . . 195,000 216,450
Daimler Chrysler NA Holdings,
8.50%, 01/18/31 . . . . . . . . . . . . 340,000 400,474
Ford Motor Co., 6.63%, 10/01/28 . . . . 75,000 62,408
Ford Motor Co., 7.45%, 07/16/31 . . . . 265,000 242,757
General Motors Corp., 8.38%, 07/15/33 . 300,000 295,869
Sonic Automotive, Inc.,
11.00%, 08/01/08. . . . . . . . . . . . 175,000 185,500
----------
1,403,458
----------
BANKING (0.9%)
Bank One Corp., 6.00%, 02/17/09 . . . . 295,000 333,652
Chase Manhattan Corp.,
7.00%, 11/15/09 . . . . . . . . . . . . 240,000 284,670
JP Morgan Chase & Co.,
5.35%, 03/01/07 . . . . . . . . . . . . 295,000 323,023
KFW International Finance,
2.05%, 09/21/09 JP. . . . . . . . . . . 94,000,000 857,428
Washington Mutual Bank,
5.50%, 01/15/13 . . . . . . . . . . . . 300,000 327,035
----------
2,125,808
----------
BROADCAST MEDIA (1.0%)
Clear Channel Communications,
7.65%, 09/15/10 . . . . . . . . . . . . 305,000 367,036
Echostar DBS Corp., 9.13%, 01/15/09 . . 440,000 491,700
Echostar DBS Corp., 9.38%, 02/01/09 . . 200,000 213,250
Liberty Media Corp.,
5.70%, 05/15/13 . . . . . . . . . . . . 325,000 330,369
News America, Inc., 7.30%, 04/30/28 . . 105,000 119,233
NextMedia Operating, Inc.,
10.75%, 07/01/11. . . . . . . . . . . . 175,000 196,000
Pegasus Communications Corp.,
12.38%, 08/01/06. . . . . . . . . . . . 200,000 187,000
Salem Communications Holding Corp.,
9.00%, 07/01/11 . . . . . . . . . . . . 350,000 376,688
Vivendi Universal SA,
9.25%, 04/15/10 (c) . . . . . . . . . . 85,000 96,688
----------
2,377,964
----------
BUSINESS SERVICES (0.4%)
Electronic Data Systems,
6.00%, 08/01/13 (c) . . . . . . . . . . 235,000 229,102
Iron Mountain, Inc., 8.63%, 04/01/13. . 195,000 208,650
Iron Mountain, Inc., 7.75%, 01/15/15. . 100,000 105,750
Iron Mountain, Inc., 6.63%, 01/01/16. . 90,000 88,650
Muzak LLC, 10.00%, 02/15/09 (c) . . . . 170,000 178,075
Muzak LLC, 9.88%, 03/15/09. . . . . . . 110,000 104,500
----------
914,727
----------
CABLE (1.6%)
British Sky Broadcasting Group,
6.88%, 02/23/09 . . . . . . . . . . . . 325,000 367,250
British Sky Broadcasting Group,
8.20%, 07/15/09 . . . . . . . . . . . . 520,000 616,199
Charter Communications, LLC,
8.63%, 04/01/09 . . . . . . . . . . . . 465,000 334,800
Charter Communications, LLC,
Series B, 10.25%, 01/15/10. . . . . . . 140,000 105,700
Comcast Cable Communication, Inc.
6.75%, 01/30/11 . . . . . . . . . . . . 480,000 550,978
Cox Communications, Inc.,
7.13%, 10/01/12 . . . . . . . . . . . . 240,000 286,592
CSC Holdings, Inc., 8.13%, 07/15/09 . . 325,000 335,563
CSC Holdings, Inc., 9.88%, 02/15/13 . . 155,000 161,975
DIRECTV Holdings,
8.38%, 03/15/13 (c) . . . . . . . . . . 515,000 574,225
LodgeNet Entertainment Corp.,
9.50%, 06/15/13 . . . . . . . . . . . . 65,000 66,625
Rogers Cable, Inc., 6.25%, 06/15/13 (c) 85,000 84,788
TCI Communications, Inc.,
7.88%, 02/15/26 . . . . . . . . . . . . 155,000 181,698
----------
3,666,393
----------
CHEMICALS/PLASTICS (0.9%)
Ashland, Inc., 7.83%, 08/15/05. . . . . 200,000 215,985
Equistar Chemical, 10.13%, 09/01/08 . . 330,000 339,900
FMC Corp., 10.25%, 11/01/09 . . . . . . 105,000 118,125
Huntsman Corp., 10.13%, 07/01/09. . . . 360,000 345,600
ISP, Inc., 10.63%, 12/15/09 . . . . . . 410,000 435,625
JohnsonDiversey, Inc., 9.63%, 05/15/12. 180,000 201,150
Lyondell Chemical Co., 9.63%, 05/01/07. 110,000 107,800
Millennium America, Inc.,
9.25%, 06/15/08 . . . . . . . . . . . . 260,000 279,500
----------
2,043,685
----------
- --------------------------------------------------------------------------------
48
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
CONSTRUCTION & BUILDING MATERIALS (1.3%)
Centex Corp., 7.50%, 01/15/12 . . . . . . $ 160,000 $ 190,200
KB Home, 7.75%, 02/01/10. . . . . . . . . 190,000 205,438
Kennametal, Inc., 7.20%, 06/15/12 . . . . 280,000 306,444
M.D.C. Holdings, Inc., 7.00%, 12/01/12. . 55,000 60,867
Meadwestvaco Corp., 6.85%, 04/01/12 . . . 170,000 196,241
Meadwestvaco Corp., 6.50%, 08/15/32 . . . 70,000 77,692
Meritage Corp., 9.75%, 06/01/11 (c) . . . 75,000 82,875
Nortek Holdings, Inc., 9.25%, 03/15/07. . 80,000 82,400
Pulte Homes, Inc., 7.88%, 08/01/11. . . . 300,000 364,273
Pulte Homes, Inc., 6.38%, 05/15/33. . . . 165,000 166,423
Schuler Homes Inc., 9.38%, 07/15/09 . . . 250,000 282,500
Technical Olympic USA, Inc.,
9.00%, 07/01/10 (c) . . . . . . . . . . . 200,000 216,000
Technical Olympic USA, Inc.,
10.38%, 07/01/12 (c). . . . . . . . . . . 280,000 298,200
Toll Brothers, Inc., 8.25%, 02/01/11. . . 450,000 501,749
----------
3,031,302
----------
DIVERSIFIED (0.2%)
Cendant Corp., 7.38%, 01/15/13. . . . . . 335,000 394,464
Cendant Corp., 7.13%, 03/15/15. . . . . . 135,000 156,520
Murrin Murrin Holdings,
9.38%, 08/31/07 (f) . . . . . . . . . . . 125,000 0
----------
550,984
----------
ELECTRONICS (0.1%)
Arrow Electronics, Inc., 6.88%, 07/01/13. 185,000 183,221
Arrow Electronics, Inc., 6.88%, 06/01/18. 80,000 77,427
----------
260,648
----------
ENTERTAINMENT (0.4%)
Horseshoe Gaming Holdings,
8.63%, 05/15/09 . . . . . . . . . . . . . 550,000 583,000
International Game Technology,
8.38%, 05/15/09 . . . . . . . . . . . . . 370,000 453,918
----------
1,036,918
----------
ENVIRONMENTAL CONTROLS (0.9%)
Allied Waste North America Inc,
8.88%, 04/01/08 . . . . . . . . . . . . . 575,000 623,875
Republic Services, Inc., 6.75%, 08/15/11. 280,000 324,487
Waste Management, Inc.,
7.13%, 10/01/07 . . . . . . . . . . . . . 450,000 516,276
Waste Management, Inc.,
7.38%, 08/01/10 . . . . . . . . . . . . . 595,000 713,956
----------
2,178,594
----------
FINANCIAL SERVICES (2.9%)
Boeing Capital Corp., 6.10%, 03/01/11 . . 95,000 104,857
Boeing Capital Corp., 6.50%, 02/15/12 . . 125,000 140,965
Boeing Capital Corp., 5.80%, 01/15/13 . . 120,000 129,689
Citigroup, Inc., 6.00%, 02/21/12. . . . . 30,000 34,127
Citigroup, Inc., 5.63%, 08/27/12. . . . . 50,000 55,087
Citigroup, Inc., 6.63%, 06/15/32. . . . . 50,000 57,777
Countrywide Home Loans, Inc.,
3.25%, 05/21/08 . . . . . . . . . . . . . 170,000 170,821
Farmers Exchange Capital,
7.05%, 07/15/28 (c) . . . . . . . . . . . 400,000 359,508
Ford Motor Credit Co., 7.25%, 10/25/11. . 330,000 339,264
General Electric Capital Corp.,
6.75%, 03/15/32 . . . . . . . . . . . . . 685,000 801,152
General Motors Acceptance Corp.,
4.50%, 07/15/06 . . . . . . . . . . . . . 215,000 214,834
General Motors Acceptance Corp.,
6.88%, 09/15/11 . . . . . . . . . . . . . 520,000 521,735
General Motors Acceptance Corp.,
8.00%, 11/01/31 . . . . . . . . . . . . . 510,000 500,394
Goldman Sachs Group, 6.88%, 01/15/11. . . 220,000 259,589
Goldman Sachs Group, 6.60%, 01/15/12. . . 145,000 168,487
Goldman Sachs Group, 6.13%, 02/15/33. . . 180,000 193,028
Household Finance Corp.,
6.40%, 06/17/08 . . . . . . . . . . . . . 150,000 171,228
Household Finance Corp.,
5.88%, 02/01/09 . . . . . . . . . . . . . 345,000 384,630
Household Finance Corp.,
8.00%, 07/15/10 . . . . . . . . . . . . . 250,000 310,133
John Hancock, 7.38%, 02/15/24 (c) . . . . 295,000 347,779
Merrill Lynch & Co., 6.00%, 11/15/04. . . 30,000 31,785
Prudential Holdings LLC,
7.25%, 12/18/23 (c) . . . . . . . . . . . 360,000 424,357
Prudential Holdings LLC,
8.70%, 12/18/23 (c) . . . . . . . . . . . 520,000 658,055
UCAR Finance, Inc., 10.25%, 02/15/12. . . 200,000 196,000
----------
6,575,281
----------
FOOD PRODUCTS/SERVICES (1.3%)
Ahold Finance USA, Inc.,
8.25%, 07/15/10 . . . . . . . . . . . . . 200,000 205,000
Albertson's, Inc., 7.50%, 02/15/11. . . . 160,000 186,922
Albertson's, Inc., 7.45%, 08/01/29. . . . 45,000 50,827
Dominos, Inc., 8.25%, 07/01/11 (c). . . . 45,000 46,463
Kraft Foods, Inc., 5.63%, 11/01/11. . . . 160,000 174,347
Kraft Foods, Inc., 6.25%, 06/01/12. . . . 215,000 243,204
Kroger Co., 8.00%, 09/15/29 . . . . . . . 240,000 298,496
Kroger Co., 7.50%, 04/01/31 . . . . . . . 300,000 355,811
Merisant Co., 9.50%, 07/15/13 (c) . . . . 35,000 36,225
Michael Foods, Inc., 11.75%, 04/01/11 . . 100,000 115,000
Pilgrim's Pride Corp., Class B,
9.63%, 09/15/11 . . . . . . . . . . . . . 160,000 170,800
Smithfield Foods, Inc.,
7.63%, 02/15/08 . . . . . . . . . . . . . 625,000 642,187
Smithfield Foods, Inc.,
8.00%, 10/15/09 . . . . . . . . . . . . . 565,000 611,612
----------
3,136,894
----------
FORESTRY (0.3%)
Tembec Industries, Inc., 8.50%, 02/01/11. 425,000 420,750
Weyerhaeuser Co., 6.75%, 03/15/12 . . . . 300,000 340,560
----------
761,310
----------
HEALTHCARE/HEALTHCARE SERVICES (1.3%)
Aetna, Inc., 7.88%, 03/01/11. . . . . . . 220,000 267,362
HCA, Inc., 6.91%, 06/15/05. . . . . . . . 200,000 212,178
HCA, Inc., 8.75%, 09/01/10. . . . . . . . 500,000 582,438
HCA, Inc., 6.30%, 10/01/12. . . . . . . . 60,000 61,341
Health Net, Inc., 8.38%, 04/15/11 . . . . 795,000 966,310
Manor Care, Inc., 8.00%, 03/01/08 . . . . 490,000 551,250
Tenet Healthcare Corp., 6.88%, 11/15/31 . 480,000 422,400
----------
3,063,279
----------
- --------------------------------------------------------------------------------
49
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
HOTELS/CASINOS (2.3%)
Harrahs Entertainment,
8.00%, 02/01/11. . . . . . . . . . . . . $ 625,000 $ 753,442
Hilton Hotels Corp., 7.63%, 12/01/12 . . 345,000 377,775
HMH Properties, Inc., Series A,
7.88%, 08/01/05. . . . . . . . . . . . . 250,000 254,375
HMH Properties, Inc., Series B,
7.88%, 08/01/08. . . . . . . . . . . . . 300,000 304,500
Hyatt Equities, LLC,
6.88%, 06/15/07 (c). . . . . . . . . . . 130,000 135,389
MGM Mirage, Inc., 8.50%, 09/15/10. . . . 365,000 428,875
Park Place Entertainment,
7.88%, 12/15/05. . . . . . . . . . . . . 350,000 373,188
Park Place Entertainment,
7.50%, 09/01/09. . . . . . . . . . . . . 1,250,000 1,368,750
Starwood Hotels & Resorts,
7.38%, 05/01/07 (c). . . . . . . . . . . 150,000 157,875
Starwood Hotels & Resorts,
7.88%, 05/01/12 (c). . . . . . . . . . . 410,000 448,950
Station Casinos, Inc., 8.88%, 12/01/08 . 375,000 393,750
Station Casinos, Inc., 9.88%, 07/01/10 . 200,000 220,000
Venetian Casino/LV Sands,
11.00%, 06/15/10 . . . . . . . . . . . . 180,000 202,950
----------
5,419,819
----------
INSURANCE (1.2%)
AIG Sunamerica Global Finance,
6.90%, 03/15/32 (c). . . . . . . . . . . 605,000 720,524
Anthem Insurance, 9.13%, 04/01/10 (c). . 240,000 302,202
Anthem Insurance, 9.00%, 04/01/27 (c). . 170,000 228,286
AXA Financial, Inc., 7.75%, 08/01/10 . . 460,000 560,355
Cigna Corp., 6.38%, 10/15/11 . . . . . . 175,000 195,945
Farmers Insurance Exchange,
8.63%, 05/01/24 (c). . . . . . . . . . . 250,000 243,750
Hartford Financial Services Group,
2.38%, 06/01/06. . . . . . . . . . . . . 90,000 89,921
Hartford Financial Services Group,
7.90%, 06/15/10. . . . . . . . . . . . . 350,000 426,736
Hartford Life, Inc., 7.38%, 03/01/31 . . 110,000 130,282
----------
2,898,001
----------
INTERNET (0.0%)
Exodus Communications, Inc.,
11.63%, 07/15/10 (f) . . . . . . . . . . 138,427 0
Rhythms Netconnections,
14.00%, 02/15/10 (f) . . . . . . . . . . 370,330 0
----------
0
----------
MACHINERY - CONSTRUCTION/MINING (0.2%)
Flowserve Corp., 12.25%, 08/15/10. . . . 129,000 150,285
Manitowoc Co., Inc., 10.50%, 08/01/12. . 330,000 366,300
----------
516,585
----------
MANUFACTURING (1.3%)
ABB Finance Inc., 6.75%, 06/03/04. . . . 210,000 205,800
Honeywell International Inc.,
6.13%, 11/01/11. . . . . . . . . . . . . 410,000 467,116
Hutchison Whamp International., Ltd.,
6.50%, 02/13/13 (c). . . . . . . . . . . 120,000 125,897
Louisiana Pacific Corp.,
10.88%, 11/15/08 . . . . . . . . . . . . 265,000 302,100
Louisiana Pacific Corp.,
8.88%, 08/15/10. . . . . . . . . . . . . 120,000 137,400
Pacifica Papers, Inc., 10.00%, 03/15/09. 400,000 426,000
- -----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
MANUFACTURING (CONTINUED)
TriMas Corp., 9.88%, 06/15/12 . . . . . . $ 200,000 $ 205,000
Tyco International Group SA,
6.75%, 02/15/11 . . . . . . . . . . . . . 290,000 307,400
Tyco International Group SA,
6.38%, 10/15/11 . . . . . . . . . . . . . 510,000 538,050
Xerox Corp., 7.13%, 06/15/10. . . . . . . 415,000 414,481
----------
3,129,244
----------
MEDICAL INSTRUMENTS (0.3%)
Apogent Technologies, Inc.,
6.50%, 05/15/13 (c) . . . . . . . . . . . 85,000 87,763
Fisher Scientific International,
8.13%, 05/01/12 (c) . . . . . . . . . . . 275,000 294,250
Fresenius Medical Cap Trust II,
7.88%, 02/01/08 . . . . . . . . . . . . . 350,000 368,375
----------
750,388
----------
METALS (0.3%)
Inco Ltd., 7.75%, 05/15/12. . . . . . . . 80,000 94,775
Inco Ltd., 7.20%, 09/15/32. . . . . . . . 325,000 358,203
Intermet Corp., 9.75%, 06/15/09 . . . . . 220,000 211,200
Phelps Dodge Corp., 8.75%, 06/01/11 . . . 120,000 141,087
----------
805,265
----------
MULTIMEDIA (0.4%)
News America Holdings, Inc.,
8.88%, 04/26/23 . . . . . . . . . . . . . 460,000 588,053
Time Warner, Inc., 6.63%, 05/15/29. . . . 240,000 247,469
----------
835,522
----------
OIL & GAS (2.9%)
Amerada Hess Corp., 7.88%, 10/01/29 . . . 275,000 334,702
Chesapeake Energy Corp.,
8.13%, 04/01/11 . . . . . . . . . . . . . 555,000 598,012
CITGO Petroleum Corp.,
11.38%, 02/01/11 (c). . . . . . . . . . . 200,000 223,000
Conoco, Inc., 6.95%, 04/15/29 . . . . . . 450,000 541,420
Consolidated Natural Gas,
6.25%, 11/01/11 . . . . . . . . . . . . . 225,000 258,361
Devon Financing Corp., 6.88%, 09/30/11. . 50,000 58,652
Devon Financing Corp., 7.88%, 09/30/31. . 200,000 253,962
Emp Nacional Del Petrole,
6.75%, 11/15/12 (c) . . . . . . . . . . . 520,000 585,017
Husky Oil Ltd., 8.90%, 08/15/28 . . . . . 525,000 606,374
Key Energy Services, Inc.,
6.38%, 05/01/13 . . . . . . . . . . . . . 80,000 81,200
Magnum Hunter Resources,
9.60%, 03/15/12 . . . . . . . . . . . . . 45,000 49,500
Marathon Oil Corp., 6.80%, 03/15/32 . . . 270,000 305,434
Pemex Project Funding Master Trust,
9.13%, 10/13/10 . . . . . . . . . . . . . 730,000 883,299
Pemex Project Fundings Master Trust,
8.63%, 02/01/22 . . . . . . . . . . . . . 190,000 217,075
Petro-Canada, 5.35%, 07/15/33 . . . . . . 185,000 176,836
Petroleos Mexicanos, 9.50%, 09/15/27. . . 300,000 373,500
RAS Laffan Liquid Natural Gas,
8.29%, 03/15/14 (c) . . . . . . . . . . . 265,000 306,075
Tesoro Petroleum Corp.,
9.63%, 04/01/12 . . . . . . . . . . . . . 310,000 283,650
Vintage Petroleum, Inc., 7.88%, 05/15/11. 345,000 370,013
----------
6,506,082
----------
- --------------------------------------------------------------------------------
50
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
PACKAGING/CONTAINERS (0.5%)
Norampac, Inc., 6.75%,
06/01/13 (c) . . . . . . . . . . . . . . $ 100,000 $ 105,000
Owens-Illinois, Inc., 7.35%, 05/15/08. . 175,000 175,000
Owens-Illinois, Inc., 7.50%, 05/15/10. . 620,000 607,600
Owens-Illinois, Inc., 8.75%, 11/15/12. . 55,000 59,675
Riverwood International Co.,
10.88%, 04/01/08 . . . . . . . . . . . . 175,000 179,375
----------
1,126,650
----------
PAPER & FOREST PRODUCTS (1.2%)
Abitibi-Consolidated, Inc.,
8.55%, 08/01/10. . . . . . . . . . . . . 310,000 347,249
Abitibi-Consolidated, Inc.,
8.85%, 08/01/30. . . . . . . . . . . . . 160,000 170,006
Bowater, Inc., 7.95%, 11/15/11 . . . . . 450,000 477,253
Georgia-Pacific Corp.,
8.88%, 02/01/10 (c). . . . . . . . . . . 360,000 390,600
International Paper Co.,
5.85%, 10/30/12 (c). . . . . . . . . . . 160,000 174,382
International Paper Co.,
5.30%, 04/01/15 (c). . . . . . . . . . . 130,000 133,652
Norske Skog Canada Ltd.,
8.63%, 06/15/11. . . . . . . . . . . . . 200,000 209,000
Pindo Deli Financial Mauritius,
10.75%, 10/01/07 (f) . . . . . . . . . . 1,520,000 391,400
Sappi Papier Holding AG,
6.75%, 06/15/12 (c). . . . . . . . . . . 240,000 274,094
Tjiwi Kimia Finance Mauritius,
10.00%, 08/01/04 (f) . . . . . . . . . . 395,000 127,388
Tjiwi Kimia International BV,
13.25%, 08/01/49 (f) . . . . . . . . . . 420,000 135,450
----------
2,830,474
----------
PHARMACY SERVICES (0.4%)
Amerisourcebergen Corp.,
8.13%, 09/01/08. . . . . . . . . . . . . 520,000 572,000
Omnicare, Inc., 8.13%, 03/15/11. . . . . 260,000 282,100
----------
854,100
----------
PIPELINES (0.5%)
El Paso Energy Partners LP,
8.50%, 06/01/10 (c). . . . . . . . . . . 20,000 21,400
El Paso Energy Partners LP,
10.63%, 12/01/12 (c) . . . . . . . . . . 185,000 213,675
El Paso Energy Partners LP,
7.75%, 06/01/13 (c). . . . . . . . . . . 205,000 204,488
GulfTerra Energy Partners, LP,
6.25%, 06/01/10 (c). . . . . . . . . . . 170,000 169,575
Southern Natural Gas Co.,
8.88%, 03/15/10 (c). . . . . . . . . . . 185,000 201,650
The Williams Cos, Inc.,
9.25%, 03/15/04. . . . . . . . . . . . . 100,000 102,500
The Williams Cos., Inc.,
7.88%, 09/01/21. . . . . . . . . . . . . 125,000 121,875
Transcontinental Gas Pipe Line Corp.,
8.88%, 07/15/12. . . . . . . . . . . . . 95,000 107,350
----------
1,142,513
----------
PRINTING & PUBLISHING (0.7%)
Belo Corp., 8.00%, 11/01/08. . . . . . . 370,000 448,015
Houghton Mifflin Co.,
8.25%, 02/01/11 (c). . . . . . . . . . . 155,000 163,525
Houghton Mifflin Co.,
9.88%, 02/01/13 (c). . . . . . . . . . . 105,000 113,925
PEI Holdings, Inc., 11.00%, 03/15/10 (c) 180,000 198,450
Primedia, Inc., 8.88%, 05/15/11. . . . . 575,000 605,187
----------
1,529,102
----------
REAL ESTATE (1.4%)
Boston Properties, Inc.,
6.25%, 01/15/13 (c). . . . . . . . . . . 155,000 169,734
CB Richard Ellis, 11.25%, 06/15/11 . . . 225,000 241,313
EOP Operating LP, 7.25%, 06/15/28. . . . 275,000 307,632
EOP Operating LP, 7.88%, 07/15/31. . . . 75,000 90,680
Istar Financial, Inc., 7.00%, 03/15/08 . 160,000 167,481
Istar Financial, Inc., 8.75%, 08/15/08 . 650,000 708,499
LNR Property Corp., 7.63%, 07/15/13 (c). 390,000 394,637
Simon Debartolo Property,
6.38%, 11/15/07. . . . . . . . . . . . . 345,000 384,910
Vornado Realty, 5.63%, 06/15/07. . . . . 155,000 166,311
World Financial, 6.91%, 09/01/13 (c) . . 453,702 518,221
----------
3,149,418
----------
RENTAL AUTO/EQUIPMENT (0.2%)
Hertz Corp., 7.63%, 08/15/07 . . . . . . 265,000 279,688
Hertz Corp., 7.40%, 03/01/11 . . . . . . 90,000 92,177
----------
371,865
----------
RETAIL (0.6%)
Delhaize America, Inc., 8.13%, 04/15/11. 310,000 339,449
Federated Department Stores Inc.,
6.90%, 04/01/29. . . . . . . . . . . . . 260,000 291,562
Federated Department Stores Inc.,
7.00%, 02/15/28. . . . . . . . . . . . . 185,000 209,400
Gap, Inc., 6.90%, 09/15/07 . . . . . . . 95,000 102,363
Gap, Inc., 10.55%, 12/15/08. . . . . . . 80,000 97,200
Lowe's Company, Inc., 6.50%, 03/15/29. . 200,000 226,812
Penney (JC) Co., Inc., 7.60%, 04/01/07 . 55,000 57,750
Penney (JC) Co., Inc., 8.00%, 03/01/10 . 20,000 20,950
Penney (JC) Co., Inc., 9.00%, 08/01/12 . 120,000 130,200
----------
1,475,686
----------
STEEL MANUFACTURING/PRODUCTS (0.2%)
Oregon Steel Mills, Inc.,
10.00%, 07/15/09 . . . . . . . . . . . . 280,000 252,000
United States Steel Corp.,
9.75%, 05/15/10. . . . . . . . . . . . . 175,000 177,625
----------
429,625
----------
TELECOMMUNICATIONS (2.7%)
American Cellular Corp.,
9.50%, 10/15/09. . . . . . . . . . . . . 675,000 337,500
American Tower Corp., 6.25%, 10/15/09. . 250,000 231,250
AT&T Corp., 8.50%, 11/15/31. . . . . . . 400,000 453,556
AT&T Wireless Services, Inc.,
8.75%, 03/01/31. . . . . . . . . . . . . 310,000 383,180
Avaya, Inc., 11.13%, 04/01/09. . . . . . 185,000 202,575
British Telecom PLC, 8.88%, 12/15/30 . . 140,000 191,039
Deutsche Telekom, 8.75%, 06/15/30. . . . 390,000 496,894
Dobson Communications Corp.,
10.88%, 07/01/10 . . . . . . . . . . . . 155,000 167,400
France Telecom SA,
7.00%, 12/23/09 EU . . . . . . . . . . . 175,000 231,206
GTE Corp., 6.94%, 04/15/28 . . . . . . . 435,000 493,662
- --------------------------------------------------------------------------------
51
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- --------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
Nextel Communications, Inc.,
10.65%, 09/15/07 . . . . . . . . . . . $ 225,000 $ 232,313
Nextel Communications, Inc.,
9.75%, 10/31/07. . . . . . . . . . . . 500,000 517,499
Nextlink Communications, Inc.,
10.75%, 06/01/09 (f) . . . . . . . . . 500,000 0
Nextlink Communications, Inc.,
12.25%, 06/01/09 (f) . . . . . . . . . 350,000 0
Nextel Communications, Inc.,
11.00%, 03/15/10 . . . . . . . . . . . 135,000 145,800
Nextel Communications, Inc.,
8.13%, 07/01/11 (c). . . . . . . . . . 60,000 59,850
Olivetti Finance NV,
5.88%, 01/24/08 EU . . . . . . . . . . 150,000 185,602
Primus Telecommunications Group,
12.75%, 10/15/09 . . . . . . . . . . . 285,000 283,575
PTC International Finance BV,
10.75%, 07/01/07 . . . . . . . . . . . 157,000 162,625
Qwest Corp., 6.63%, 09/15/05 . . . . . 95,000 96,663
Satelites Mexicanos SA de CV,
10.13%, 11/01/04 . . . . . . . . . . . 590,000 271,400
SBA Communications Corp.,
10.25%, 02/01/09 . . . . . . . . . . . 250,000 230,000
Sprint Capital Corp., 8.38%, 03/15/12. 170,000 203,544
Verizon Global Funding Corp.,
7.75%, 12/01/30. . . . . . . . . . . . 250,000 316,619
Verizon New England, 6.50%, 09/15/11 . 190,000 220,465
Worldcom, Inc., 6.95%, 08/15/28 (f). . 215,000 63,425
Worldcom, Inc., 8.25%, 05/15/31 (f). . 395,000 116,525
----------
6,294,167
----------
TEXTILES (0.1%)
Mohawk Industries, Inc., Series D,
7.20%, 04/15/12. . . . . . . . . . . . 110,000 128,901
Oxford Industries, Inc.,
8.88%, 06/01/11 (c). . . . . . . . . . 100,000 105,000
----------
233,901
----------
TOBACCO (0.1%)
Altria Group, Inc., 7.75%, 01/15/27. . 80,000 85,746
BAT International. Finance PLC,
4.88%, 02/25/09 EU . . . . . . . . . . 200,000 233,208
----------
318,954
----------
TRANSPORTATION - SERVICES (0.1%)
Laidlaw International, Inc.,
10.75%, 06/15/11 (c) . . . . . . . . . 210,000 220,500
----------
TRAVEL SERVICES (0.0%)
Worldspan LP/WS Financial Corp.,
9.63%, 06/15/11 (c). . . . . . . . . . 70,000 72,100
----------
UTILITIES/POWER PRODUCERS (1.7%)
AES Corp., 9.38%, 09/15/10 . . . . . . 53,000 53,265
AES Corp., 9.00%, 05/15/15 (c) . . . . 305,000 318,725
Appalachian Power, Co.,
5.95%, 05/15/33. . . . . . . . . . . . 40,000 39,891
BRL Universal Equipment,
8.88%, 02/15/08. . . . . . . . . . . . 325,000 352,624
Calpine Corp., 8.50%, 02/15/11 . . . . 165,000 123,750
Cincinnati Gas & Electric Co.,
5.70%, 09/15/12. . . . . . . . . . . . 130,000 142,826
- -----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------
CORPORATE BONDS (CONTINUED)
UTILITIES/POWER PRODUCERS (CONTINUED)
Cincinnati Gas & Electric Co.,
5.38%, 06/15/33 $. . . . . . . . . . . . 90,000 $ 86,197
Cincinnati Gas & Electric Co.,
5.40%, 06/15/33. . . . . . . . . . . . . 95,000 91,326
CMS Energy Corp., 7.50%, 01/15/09. . . . 150,000 148,313
CMS Energy Corp., 8.50%, 04/15/11. . . . 150,000 156,563
Constellation Energy Group,
7.60%, 04/01/32. . . . . . . . . . . . . 205,000 246,418
Detroit Edison Co., 6.13%, 10/01/10. . . 230,000 262,624
Exelon Corp., 6.75%, 05/01/11. . . . . . 115,000 133,054
Florida Power & Light Co.,
4.85%, 02/01/13. . . . . . . . . . . . . 50,000 52,848
Monongahela Power Co.,
5.00%, 10/01/06. . . . . . . . . . . . . 170,000 168,938
MSW Energy Holdings,
8.50%, 09/01/10 (c). . . . . . . . . . . 45,000 46,238
NiSource Finance Corp.,
7.63%, 11/15/05. . . . . . . . . . . . . 155,000 169,469
Ohio Edison Co., 5.45%, 05/01/15 (c) . . 65,000 68,072
Ohio Power Co., 6.60%, 02/15/33 (c). . . 115,000 128,352
PSEG Energy Holdings,
9.13%, 02/10/04. . . . . . . . . . . . . 240,000 247,200
PSEG Energy Holdings,
7.75%, 04/16/07 (c). . . . . . . . . . . 180,000 190,350
Sempra Energy, 6.00%, 02/01/13 . . . . . 150,000 165,380
Southern California Edison Co.,
8.00%, 02/15/07 (c). . . . . . . . . . . 100,000 109,625
TNP Enterprises, Inc., 10.25%, 04/01/10. 300,000 300,000
Wisconsin Electric Power Co.,
5.63%, 05/15/33. . . . . . . . . . . . . 60,000 62,019
Wisconsin Energy Corp.,
6.20%, 04/01/33. . . . . . . . . . . . . 75,000 81,278
----------
3,945,345
----------
VENTURE CAPITAL (0.1%)
MDP Acquisitions PLC,
10.13%, 10/01/12 EU. . . . . . . . . . . 200,000 248,044
----------
TOTAL CORPORATE BONDS 81,665,018
----------
CASH EQUIVALENTS (30.8%)
FEDERAL HOME LOAN BANK DISCOUNT NOTES (15.8%)
1.14%, 07/07/03. . . . . . . . . . . . . 10,000,000 9,998,420
1.16%, 07/09/03. . . . . . . . . . . . . 9,500,000 9,497,996
1.16%, 08/20/03. . . . . . . . . . . . . 10,000,000 9,986,670
1.71%, 09/03/03. . . . . . . . . . . . . 7,185,000 7,172,735
----------
36,655,821
----------
FEDERAL HOME LOAN MORTGAGE CORPORATION
DISCOUNT NOTES (8.6%)
1.18%, 07/29/03. . . . . . . . . . . . . 10,000,000 9,992,610
1.18%, 08/27/03. . . . . . . . . . . . . 10,000,000 9,984,800
----------
19,977,410
----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION DISCOUNT
NOTES (4.3%)
1.13%, 08/11/03. . . . . . . . . . . . . 10,000,000 9,989,070
----------
U.S. TREASURY BILL (2.1%)
3.45%, 07/24/03. . . . . . . . . . . . . 5,000,000 4,997,465
----------
TOTAL CASH EQUIVALENTS 71,619,766
----------
- --------------------------------------------------------------------------------
52
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -------------------------------------------------------------
SOVEREIGN BONDS (22.7%)
ARGENTINA (0.2%)
Republic of Argentina,
8.73%, 04/10/05 . . . . . . . . . . . $ 570,000 $ 205,200
Republic of Argentina,
6.00%, 03/31/23 . . . . . . . . . . . 440,000 235,400
----------
440,600
----------
BRAZIL (2.2%)
Federal Republic of Brazil,
10.00%, 01/16/07. . . . . . . . . . . 480,000 493,200
Federal Republic of Brazil,
11.25%, 07/26/07. . . . . . . . . . . 230,000 239,775
Federal Republic of Brazil,
12.00%, 04/15/10. . . . . . . . . . . 2,460,000 2,562,090
Federal Republic of Brazil,
12.75%, 01/15/20. . . . . . . . . . . 240,000 247,800
Federal Republic of Brazil,
8.88%, 04/15/24 (e) . . . . . . . . . 1,200,000 912,000
Federal Republic of Brazil,
12.25%, 03/06/30. . . . . . . . . . . 110,000 110,550
Federal Republic of Brazil C-Bond,
8.00%, 04/15/14 . . . . . . . . . . . 689,591 601,668
----------
5,167,083
----------
BULGARIA (0.5%)
Republic of Bulgaria,
8.25%, 01/15/15 (c) . . . . . . . . . 820,000 967,600
Republic of Bulgaria,
8.25%, 01/15/15 . . . . . . . . . . . 99,000 116,820
----------
1,084,420
----------
COLUMBIA (0.9%)
Republic of Columbia,
10.50%, 07/09/10. . . . . . . . . . . 130,000 149,500
Republic of Columbia,
9.75%, 04/09/11 . . . . . . . . . . . 868,164 987,537
Republic of Columbia,
10.00%, 01/23/12. . . . . . . . . . . 410,000 459,200
Republic of Columbia,
10.75%, 01/15/13. . . . . . . . . . . 170,000 198,900
Republic of Columbia,
11.75%, 02/25/20. . . . . . . . . . . 150,000 186,750
----------
1,981,887
----------
EL SALVADOR (0.1%)
Republic of El Salvador,
8.25%, 04/10/32 . . . . . . . . . . . 120,000 117,000
----------
FRANCE (3.6%)
Government of France,
6.50%, 04/25/11 EU. . . . . . . . . . 6,000,000 8,292,359
----------
GERMANY (3.4%)
Bundes Republic of Deutschland,
5.63%, 01/04/28 EU. . . . . . . . . . 3,620,000 4,714,713
Treuhananstalt,
7.50%, 09/09/04 EU. . . . . . . . . . 2,650,000 3,237,565
----------
7,952,278
----------
ITALY (0.1%)
Buoni Poliennali Del Tesson,
5.25%, 11/01/29 EU. . . . . . . . . . 120,000 147,216
----------
IVORY COAST (0.0%)
Ivory Coast, 2.00%, 03/29/18. . . . . 265,000 49,688
----------
MEXICO (2.7%)
United Mexican States,
10.38%, 02/17/09. . . . . . . . . . . 610,000 789,035
United Mexican States,
9.88%, 02/01/10 . . . . . . . . . . . 530,000 679,725
United Mexican States,
8.38%, 01/14/11 . . . . . . . . . . . 840,000 1,006,320
United Mexican States,
11.38%, 09/15/16. . . . . . . . . . . 1,460,000 2,124,300
United Mexican States,
8.00%, 09/24/22 . . . . . . . . . . . 330,000 369,600
United Mexican States,
8.30%, 08/15/31 . . . . . . . . . . . 1,210,000 1,393,315
----------
6,362,295
----------
NIGERIA (0.2%)
Central Bank of Nigeria,
6.25%, 11/15/20 . . . . . . . . . . . 500,00 427,500
----------
PANAMA (0.3%)
Republic of Panama, 9.63%, 02/08/11 . 180,000 208,800
Republic of Panama, 9.38%, 04/01/29 . 520,000 600,600
----------
809,400
----------
PERU (0.6%)
Republic of Peru, 9.13%, 02/21/12 . . 200,000 213,200
Republic of Peru, 9.88%, 02/06/15 . . 1,040,000 1,141,400
----------
1,354,600
----------
PHILIPPINES (0.5%)
Republic of Philippines,
9.38%, 01/18/17 . . . . . . . . . . . 400,000 439,000
Republic of Philippines,
9.88%, 01/15/19 . . . . . . . . . . . 440,000 485,650
Republic of Philippines,
10.63%, 3/16/25 . . . . . . . . . . . 270,000 314,213
----------
1,238,863
----------
QATAR(0.1%)
State of Qatar, 9.75%, 06/15/30 . . . 170,000 235,960
----------
RUSSIA (2.5%)
Russian Federation, 8.75%, 07/24/05 . 520,000 580,320
Russian Federation, 12.75%, 06/24/28. 1,780,000 2,990,400
Russian Federation, 5.00%, 03/31/30 . 2,391,948 2,320,190
----------
5,890,910
----------
SPAIN (4.1%)
Bonos Y Oblig Del Estado,
5.15%, 07/30/09 EU. . . . . . . . . . 7,250,000 9,171,186
Bonos Y Oblig Del Estado,
6.15%, 01/31/13 EU. . . . . . . . . . 330,000 449,567
----------
9,620,753
----------
TUNISIA (0.1%)
Banque Cent De Tunisie,
7.38%, 04/25/12 . . . . . . . . . . . 110,000 128,150
----------
UKRAINE (0.2%)
Ukraine Government, 11.00%, 03/15/07. 336,748 370,086
----------
- --------------------------------------------------------------------------------
53
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ------------------------------------------------------------------------------
SOVEREIGN BONDS (CONTINUED)
URUGUAY (0.0%)
Republic of Uruguay,
7.25%, 02/15/11 . . . . . . . . . . . . $ 117,244 $ 93,795
-------------
VENEZUELA (0.4%)
Republic of Venezuela,
9.25%, 09/15/27 . . . . . . . . . . . . 820,000 606,800
Venezuela Government, Series A,
1.88%, 12/18/07 (e) . . . . . . . . . . 428,571 339,643
-------------
946,443
-------------
TOTAL SOVEREIGN BONDS 52,711,286
-------------
MORTGAGE-BACKED OBLIGATIONS (7.9%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (0.3%)
Gold, Pool # C29979, 7.50%, 08/01/29. . 23,935 25,450
Gold, Pool # C41333, 7.50%, 08/01/30. . 152,321 161,883
Gold, Pool # C44964, 7.50%, 11/01/30. . 334,337 355,326
Gold, Pool # C60019, 7.50%, 11/01/31. . 42,024 44,663
-------------
587,322
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (5.7%)
Pool # 253113, 7.50%, 03/01/30. . . . . 121,133 128,769
Pool # 253673, 7.50%, 03/01/31. . . . . 171,603 182,323
Pool # 323961, 7.00%, 10/01/29. . . . . 3,683,291 3,880,745
Pool # 511954, 7.50%, 10/01/29. . . . . 151,487 161,022
Pool # 517874, 7.50%, 02/01/30. . . . . 291,734 309,958
Pool # 519145, 7.50%, 10/01/29. . . . . 127,646 135,680
Pool # 523284, 7.50%, 11/01/29. . . . . 70,089 74,500
Pool # 527589, 7.50%, 01/01/30. . . . . 85,793 91,193
Pool # 535533, 8.00%, 10/01/30. . . . . 813,792 877,555
Pool # 540091, 7.50%, 06/01/30. . . . . 112,188 119,196
Pool # 545551, 8.00%, 04/01/32. . . . . 181,887 196,139
Pool # 545604, 8.00%, 09/01/31. . . . . 102,730 110,867
Pool # 562158, 7.50%, 12/01/30. . . . . 157,033 166,842
Pool # 564363, 8.00%, 01/01/31. . . . . 25,327 27,311
Pool # 564993, 7.50%, 03/01/31. . . . . 142,640 151,551
Pool # 577304, 7.50%, 04/01/31. . . . . 91,844 97,584
Pool # 577407, 7.50%, 07/01/31. . . . . 68,750 73,046
Pool # 606566, 7.50%, 10/01/31. . . . . 290,657 308,822
Pool # 615613, 7.00%, 01/01/32. . . . . 602,772 634,778
Pool # 624139, 7.00%, 01/01/32. . . . . 1,655,280 1,743,172
Pool # 637417, 7.00%, 05/01/32. . . . . 1,006,647 1,060,098
Pool # 642656, 7.00%, 07/01/32. . . . . 617,217 649,989
Pool # 648176, 7.00%, 06/01/32. . . . . 239,818 252,552
Pool # 652067, 7.00%, 08/01/32. . . . . 630,420 663,894
Pool # 666097, 7.00%, 10/01/32. . . . . 652,480 687,125
Pool # 689828, 7.00%, 06/01/32. . . . . 406,730 428,326
-------------
13,213,037
-------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.9%)
Pool # 170271, 12.00%, 08/01/15 . . . . 726,741 839,985
Pool # 780141, 10.00%, 12/15/20 . . . . 594,077 684,000
Pool # 780349, 10.00%, 09/15/21 . . . . 718,797 827,394
Pool # 780378, 11.00%, 01/15/19 . . . . 620,071 720,859
Pool # 780699, 9.50%, 12/15/17. . . . . 600,891 675,995
Pool # 780709, 11.00%, 01/15/21 . . . . 634,339 736,697
4,484,930
-------------
TOTAL MORTGAGE-BACKED OBLIGATIONS . . . 18,285,289
-------------
U.S. GOVERNMENT AGENCIES (7.5%)
FEDERAL GOVERNMENT LOAN MORTGAGE CORPORATION (0.3%)
7.50%, 07/01/33 TBA, (d). . . . . . . . 750,000 797,109
-------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (4.2%)
6.50%, 07/01/03 TBA, (d). . . . . . . . 9,500,000 9,885,937
IOETTE, Series 1103, Class N,
1156.50%, 06/15/21. . . . . . . . . . . 53 312
-------------
9,886,249
-------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (2.1%)
6.00%, 08/15/33 TBA, (d). . . . . . . . 4,600,000 4,776,815
-------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (0.9%)
6.50%, 07/01/32 TBA, (d). . . . . . . . 1,900,000 1,995,000
-------------
TOTAL U.S. GOVERNMENT AGENCIES 17,455,173
-------------
CONVERTIBLE BOND (0.1%)
ELECTRONIC EQUIPMENT (0.1%)
Solectron Corp., 0.00%, 11/20/20. . . . 255,000 141,525
-------------
TOTAL CONVERTIBLE BOND 141,525
-------------
- ------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------------------------
COMMON STOCKS (0.0%)
TELECOMMUNICATIONS (0.0%)
Focal Communications Corp. (b). . . . . 1 0
McLeodUSA, Inc. (b) . . . . . . . . . . 5,437 2,229
XO Communications, Inc. (b) . . . . . . 739 5,358
-------------
TOTAL COMMON STOCKS 7,587
-------------
WARRANTS (0.0%)
BANKING (0.0%)
Central Bank of Nigeria . . . . . . . . 500 0
-------------
FOREIGN GOVERNMENT (0.0%)
Republic of Venezuela, 0.00%, 04/15/20. 1,150 0
-------------
TELECOMMUNICATIONS (0.0%)
McLeodUSA, Inc. . . . . . . . . . . . . 2,454 17,767
XO Communications, Inc. . . . . . . . . 1,108 0
XO Communications, Inc. . . . . . . . . 1,108 0
XO Communications, Inc. . . . . . . . . 1,477 1,477
-------------
TOTAL WARRANTS 19,244
-------------
TOTAL INVESTMENTS
(COST $227,339,707) (A) - 104.0% 241,904,888
LIABILITIES IN EXCESS
OF OTHER ASSETS - (4.0)% (9,399,860)
-------------
NET ASSETS - 100.0% $232,505,028
-------------
-------------
- --------------------------------------------------------------------------------
54
GARTMORE VARIABLE INSURANCE TRUST
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
(c) Represents a restricted security acquired and eligible for resale under
Rule 144A, which limits the resale to certain qualified buyers.
(d) Mortgage Dollar Rolls.
(e) Variable Rate security. The rate reflected in the Statement of Investments
is the rate reflected in effect on June 30, 2003.
(f) Security in default.
C-Bond Capitalization Bond
EU Principal amount denominated in Euro.
JP Principal amount denominated in Japanese Yen.
TBA To Be Announced
AT JUNE 30, 2003, THE FUND'S OPEN FORWARD CURRENCY CONTRACTS WERE AS FOLLOWS:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- ------------------------------------------------------------------------
SHORT CONTRACTS:
Euro. . . . . . . . . 7/24/03 $ 6,405,750 $ 6,711,995 $(306,245)
Euro. . . . . . . . . 7/24/03 1,174,570 1,147,349 27,221
Euro. . . . . . . . . 8/22/03 675,454 661,953 13,501
- ------------------------------------------------------------------------
TOTAL SHORT CONTRACTS $ 8,255,774 $ 8,521,297 $(265,523)
- ------------------------------------------------------------------------
LONG CONTRACTS:
British Pound . . . . 7/22/03 $ 1,276,290 $ 1,342,524 $ 66,234
Canadian Dollar . . . 8/21/03 5,535,675 5,562,026 26,351
Japanese Yen. . . . . 9/10/03 5,994,596 5,928,683 (65,913)
- ------------------------------------------------------------------------
TOTAL LONG CONTRACTS $12,806,561 $12,833,233 26,672
- ------------------------------------------------------------------------
TOTAL CONTRACTS $(238,851)
----------
----------
AT JUNE 30, 2003, THE FUND'S OPEN FUTURES CONTRACTS WERE AS FOLLOWS:
MARKET
VALUE UNREALIZED
NUMBER OF SHORT COVERED BY APPRECIATION
CONTRACTS CONTRACTS* EXPIRATION CONTRACTS (DEPRECIATION)
- --------------------------------------------------------------------------
90 U.S. 5yr Note Future. 9/20/03 $10,361,250 $ 5,053
38 U.S. 10yr Note Future 9/20/03 4,462,625 7,481
---------------
$ 12,534
---------------
---------------
* Cash pledged as collateral.
See notes to financial statements.
- --------------------------------------------------------------------------------
55
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (94.4%)
AEROSPACE (0.7%)
Alliant Techsystems, Inc. (b). . . . . 38,250 $ 1,985,558
Orbital Sciences Corp. (b) . . . . . . 302,200 2,206,060
-----------
4,191,618
-----------
AEROSPACE/DEFENSE (0.6%)
BE Aerospace, Inc. (b) . . . . . . . . 278,700 922,497
Goodrich Corp. . . . . . . . . . . . . 61,400 1,289,400
Titan Corp. (The) (b). . . . . . . . . 143,500 1,476,615
-----------
3,688,512
-----------
AIR TRANSPORT (1.6%)
Atlas Air, Inc. (b). . . . . . . . . . 391,500 575,505
Continental Airlines, Inc. Class B (b) 68,900 1,031,433
EGL, Inc. (b). . . . . . . . . . . . . 68,500 1,041,200
ExpressJet Holdings, Inc. (b). . . . . 214,900 3,244,990
SkyWest, Inc.. . . . . . . . . . . . . 188,876 3,599,977
-----------
9,493,105
-----------
ALTERNATIVE POWER GENERATION (0.5%)
Calpine Corp. (b). . . . . . . . . . . 454,270 2,998,182
-----------
AUTO PARTS: AFTER MARKET (0.2%)
Aftermarket Technology Corp. (b) . . . 92,100 967,971
-----------
AUTO PARTS: ORIGINAL EQUIPMENT (1.0%)
Collins & Aikman Corp. (b) . . . . . . 408,200 1,204,190
Dana Corp. . . . . . . . . . . . . . . 161,600 1,868,096
Lear Corp. (b) . . . . . . . . . . . . 37,400 1,721,148
Navistar International Corp. (b) . . . 30,600 998,478
-----------
5,791,912
-----------
BANKS: OUTSIDE NEW YORK CITY (3.2%)
Bank of Hawaii Corp. . . . . . . . . . 4,100 135,915
BOK Financial Corp. (b). . . . . . . . 84,944 3,276,290
Colonial BancGroup, Inc. (The) . . . . 32,700 453,549
Community First Bankshares, Inc. . . . 122,700 3,349,710
East West Bancorp, Inc.. . . . . . . . 92,985 3,360,477
First Financial Bancorp (Ohio) . . . . 9,150 146,400
Hudson United Bancorp. . . . . . . . . 67,100 2,291,465
Provident Financial Group, Inc.. . . . 129,770 3,326,005
Sky Financial Group, Inc.. . . . . . . 106,600 2,315,352
-----------
18,655,163
-----------
BEVERAGE: BREWERS (WINERIES) (0.3%)
Adolph Coors Co. . . . . . . . . . . . 33,400 1,635,932
-----------
BIOTECHNOLOGY RESEARCH & PRODUCTION (1.8%)
Enzon, Inc. (b). . . . . . . . . . . . 432,300 5,412,396
Invitrogen Corp. (b) . . . . . . . . . 54,900 2,106,513
Millenium Pharmaceuticals, Inc. (b). . 80,900 1,272,557
Serologicals Corp. (b) . . . . . . . . 113,400 1,545,642
-----------
10,337,108
-----------
BROADCASTING (0.2%)
Young Broadcasting, Inc. (b) . . . . . 63,300 1,337,529
-----------
BUILDING MATERIALS (0.2%)
NCI Building Systems, Inc. (b) . . . . 15,680 261,856
Texas Industries, Inc. . . . . . . . . 26,850 639,030
-----------
900,886
-----------
BUILDING: AIR CONDITIONING (0.4%)
York International Corp. . . . . . . . 98,500 2,304,900
-----------
BUSINESS SERVICES (0.8%)
Acxiom Corp. (b) . . . . . . . . . . . 48,000 724,320
Catalina Marketing Corp. (b) . . . . . 101,700 1,795,005
NCR Corp. (b). . . . . . . . . . . . . 76,500 1,959,930
-----------
4,479,255
-----------
CAPITAL GOODS (0.4%)
Stanley Works (The). . . . . . . . . . 92,400 2,550,240
-----------
CASINOS & GAMBLING (0.6%)
Ameristar Casinos, Inc. (b). . . . . . 35,200 751,520
Scientific Games Corp. (b) . . . . . . 270,300 2,540,820
-----------
3,292,340
-----------
CHEMICALS (1.2%)
Agrium, Inc. ADR - CA. . . . . . . . . 76,090 833,946
Albemarle Corp.. . . . . . . . . . . . 11,480 321,096
Cytec Industries, Inc. (b) . . . . . . 12,275 414,895
FMC Corp. (b). . . . . . . . . . . . . 38,700 875,781
Great Lakes Chemical Corp. . . . . . . 44,300 903,720
Lubrizol Corp. . . . . . . . . . . . . 64,400 1,995,756
PolyOne Corp.. . . . . . . . . . . . . 255,900 1,138,755
Wellman, Inc.. . . . . . . . . . . . . 52,000 582,400
-----------
7,066,349
-----------
COAL (1.4%)
Arch Coal, Inc.. . . . . . . . . . . . 76,600 1,760,268
Massey Energy Co.. . . . . . . . . . . 255,500 3,359,825
Peabody Energy Corp. . . . . . . . . . 92,700 3,113,793
-----------
8,233,886
-----------
COMMERCIAL SERVICES (0.2%)
Quanta Services, Inc. (b). . . . . . . 189,500 1,345,450
-----------
COMMUNICATIONS TECHNOLOGY (2.6%)
3Com Corp. (b) . . . . . . . . . . . . 408,200 1,910,376
Advanced Fibre Communications,
Inc. (b) . . . . . . . . . . . . . . . 88,500 1,439,895
Avaya, Inc. (b). . . . . . . . . . . . 355,800 2,298,468
Brocade Communications Systems,
Inc. (b) . . . . . . . . . . . . . . . 219,300 1,291,677
CommScope, Inc. (b). . . . . . . . . . 21,800 207,100
Harris Corp. . . . . . . . . . . . . . 64,900 1,950,245
Network Associates, Inc. (b) . . . . . 259,900 3,295,531
Symbol Technologies, Inc.. . . . . . . 178,300 2,319,683
-----------
14,712,975
-----------
COMPUTER SERVICES SOFTWARE & SYSTEMS (4.3%)
Autodesk, Inc. . . . . . . . . . . . . 119,600 1,932,736
Black Box Corp.. . . . . . . . . . . . 11,300 409,060
Borland Software Corp. (b) . . . . . . 108,000 1,055,160
CACI International, Inc. (b) . . . . . 56,500 1,937,950
Cadence Design Systems, Inc. (b) . . . 120,300 1,450,818
Compuware Corp. (b). . . . . . . . . . 394,200 2,274,534
Dendrite International, Inc. (b) . . . 43,975 566,398
GlobespanVirata, Inc. (b). . . . . . . 303,200 2,501,400
MicroStrategy, Inc. (b). . . . . . . . 21,500 783,245
MSC Software Corp. (b) . . . . . . . . 27,200 183,328
Novell, Inc. (b) . . . . . . . . . . . 580,000 1,786,400
Parametric Technology Corp. (b). . . . 1,537,600 4,689,679
Tech Data Corp. (b). . . . . . . . . . 96,700 2,582,857
THQ, Inc. (b). . . . . . . . . . . . . 57,200 1,029,600
Verity, Inc. (b) . . . . . . . . . . . 72,800 921,648
-----------
24,104,813
-----------
- --------------------------------------------------------------------------------
56
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMPUTER TECHNOLOGY (1.6%)
Advanced Digital Information Corp. (b). . 211,800 $ 2,115,882
Filenet Corp. (b) . . . . . . . . . . . . 51,000 920,040
Intergraph Corp. (b). . . . . . . . . . . 149,200 3,207,800
Palm, Inc. (b). . . . . . . . . . . . . . 113,900 1,853,153
Unisys Corp. (b). . . . . . . . . . . . . 99,100 1,216,948
-----------
9,313,823
-----------
CONSTRUCTION (1.2%)
Chicago Bridge & Iron Co. . . . . . . . . 95,500 2,165,940
MasTec, Inc. (b). . . . . . . . . . . . . 346,700 1,996,992
Terex Corp. (b) . . . . . . . . . . . . . 128,800 2,514,176
-----------
6,677,108
-----------
CONSULTING SERVICES (0.3%)
DiamondCluster International, Inc. (b). . 411,100 1,525,181
-----------
CONSUMER ELECTRONICS (1.1%)
CNET Networks, Inc. (b) . . . . . . . . . 198,000 1,233,540
EarthLink, Inc. (b) . . . . . . . . . . . 614,250 4,846,433
-----------
6,079,973
-----------
CONSUMER PRODUCTS (0.6%)
Blyth, Inc. . . . . . . . . . . . . . . . 10,100 274,720
International Flavors & Fragrances, Inc.. 30,700 980,251
Intertape Polymer Group, Inc. (b) . . . . 131,070 779,867
Rayovac Corp. (b) . . . . . . . . . . . . 77,100 998,445
Snap-On, Inc. . . . . . . . . . . . . . . 13,300 386,099
-----------
3,419,382
-----------
CONTAINERS & PACKAGING: PAPER & PLASTIC (0.3%)
Temple-Inland, Inc. . . . . . . . . . . . 40,500 1,737,855
-----------
CONTRACT DRILLING (0.7%)
Parker Drilling Co. (b) . . . . . . . . . 738,500 2,149,035
Patterson-UTI Energy, Inc. (b). . . . . . 52,300 1,694,520
-----------
3,843,555
-----------
DIVERSIFIED FINANCIAL SERVICES (0.3%)
BISYS Group, Inc. (The) (b) . . . . . . . 108,700 1,996,819
-----------
DIVERSIFIED MATERIALS & PROCESSING (0.4%)
Acuity Brands, Inc. . . . . . . . . . . . 33,100 601,427
Armor Holdings, Inc. (b). . . . . . . . . 63,400 849,560
Ball Corp.. . . . . . . . . . . . . . . . 17,100 778,221
Tredegar Industries, Inc. . . . . . . . . 12,390 185,726
-----------
2,414,934
-----------
DRUG & GROCERY STORE CHAINS (0.3%)
SUPERVALU, Inc. . . . . . . . . . . . . . 92,300 1,967,836
-----------
DRUGS & PHARMACEUTICALS (0.5%)
Pharmaceutical Resources, Inc. (b). . . . 54,600 2,656,836
-----------
E-COMMERCE & SERVICES (0.1%)
ebookers PLC ADR - GB (b) . . . . . . . . 29,100 467,113
-----------
ELECTRICAL EQUIPMENT & COMPONENTS (2.0%)
A.O. Smith Corp.. . . . . . . . . . . . . 24,800 698,120
CTS Corp. . . . . . . . . . . . . . . . . 174,500 1,823,525
Artesyn Technologies, Inc. (b). . . . . . 162,580 912,074
Flextronics International Ltd. (b). . . . 249,800 2,595,422
Sanmina Corp. (b) . . . . . . . . . . . . 592,400 3,738,044
Solectron Corp. (b) . . . . . . . . . . . 510,700 1,910,018
-----------
11,677,203
-----------
ELECTRONICS (1.0%)
Aeroflex, Inc. (b). . . . . . . . . . . . 219,100 1,695,835
Del Global Technologies Corp. (b) . . . . 164 377
DuPont Photomasks, Inc. (b) . . . . . . . 84,700 1,594,901
Mattson Technology, Inc. (b). . . . . . . 517,900 1,600,311
Molecular Devices Corp. (b) . . . . . . . 50,400 801,864
Riverstone Networks, Inc. (b) . . . . . . 2 2
-----------
5,693,290
-----------
ELECTRONICS: INSTRUMENTS, GAUGES & METERS (0.4%)
Itron, Inc. (b) . . . . . . . . . . . . . 40,100 864,556
Tektronix, Inc. (b) . . . . . . . . . . . 56,100 1,211,760
-----------
2,076,316
-----------
ELECTRONICS: SEMI-CONDUCTORS/COMPONENTS (3.0%)
Advanced Micro Devices, Inc. (b). . . . . 330,600 2,119,146
Agere Systems, Inc. (b) . . . . . . . . . 561,700 1,308,761
Atmel Corp. (b) . . . . . . . . . . . . . 588,200 1,488,146
Axcelis Technologies, Inc. (b). . . . . . 699,600 4,281,551
Credence Systems Corp. (b). . . . . . . . 125,190 1,060,359
Fairchild Semiconductor Corp. (b) . . . . 304,325 3,892,317
Integrated Device Technology, Inc. (b). . 35,800 395,590
LTX Corp. (b) . . . . . . . . . . . . . . 319,800 2,756,676
-----------
17,302,546
-----------
ELECTRONICS: TECHNOLOGY (0.6%)
Edo Corp. . . . . . . . . . . . . . . . . 69,200 1,224,840
Herley Industries, Inc. (b) . . . . . . . 74,100 1,258,218
Trimble Navigation Ltd. (b) . . . . . . . 51,900 1,190,067
-----------
3,673,125
-----------
ENGINEERING & CONTRACTING SERVICES (0.1%)
Dycom Industries, Inc. (b). . . . . . . . 28,600 466,180
-----------
ENTERTAINMENT (0.4%)
Metro-Goldwyn-Mayer, Inc. (b) . . . . . . 196,700 2,443,014
-----------
FERTILIZERS (0.4%)
IMC Global, Inc.. . . . . . . . . . . . . 336,600 2,258,586
-----------
FINANCIAL DATA PROCESSING SERVICES & SYSTEMS (0.7%)
Jack Henry & Associates, Inc. . . . . . . 129,500 2,303,805
NDCHealth Corp. . . . . . . . . . . . . . 104,500 1,917,575
PRG-Schultz International, Inc. (b) . . . 9,380 55,342
-----------
4,276,722
-----------
FOODS (1.7%)
Del Monte Foods Co. (b) . . . . . . . . . 420,400 3,716,336
Hormel Foods Corp.. . . . . . . . . . . . 77,500 1,836,750
Interstate Bakeries Corp. . . . . . . . . 86,800 1,102,360
NBTY, Inc. (b). . . . . . . . . . . . . . 138,100 2,908,386
Sensient Technologies Corp. . . . . . . . 17,000 390,830
-----------
9,954,662
-----------
HEALTH CARE MANAGEMENT SERVICES (1.7%)
AdvancePCS (b). . . . . . . . . . . . . . 100,600 3,845,938
AMERIGROUP Corp. (b). . . . . . . . . . . 12,800 476,160
Curative Health Services, Inc. (b). . . . 38,200 649,400
Select Medical Corp. (b). . . . . . . . . 106,500 2,644,395
Triad Hospitals, Inc. (b) . . . . . . . . 77,800 1,930,996
-----------
9,546,889
-----------
- --------------------------------------------------------------------------------
57
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------------
COMMON STOCKS (CONTINUED)
HEALTH CARE SERVICES (1.6%)
Apria Healthcare Group, Inc. (b) . . . . 122,500 $3,047,800
PAREXEL International Corp. (b). . . . . 48,700 679,365
PDI, Inc. (b). . . . . . . . . . . . . . 88,500 899,160
Province Healthcare Co. (b). . . . . . . 142,400 1,576,368
Quovadx, Inc. (b). . . . . . . . . . . . 181,300 542,087
RehabCare Group, Inc. (b). . . . . . . . 117,200 1,716,980
Ventiv Health, Inc. (b). . . . . . . . . 240,000 984,240
----------
9,446,000
----------
HOMEBUILDING (0.2%)
Beazer Homes USA, Inc. (b) . . . . . . . 14,400 1,202,400
----------
HOUSEHOLD FURNISHINGS (1.0%)
Ethan Allen Interiors, Inc.. . . . . . . 8,890 312,572
Furniture Brands International, Inc. (b) 93,125 2,430,563
La-Z-Boy, Inc. . . . . . . . . . . . . . 73,100 1,635,978
Maytag Corp. . . . . . . . . . . . . . . 51,500 1,257,630
----------
5,636,743
----------
IDENTIFICATION CONTROL & FILTER DEVICES (1.1%)
Flowserve Corp. (b). . . . . . . . . . . 166,000 3,265,220
Hubbell, Inc. Class B. . . . . . . . . . 60,500 2,002,550
Pall Corp. . . . . . . . . . . . . . . . 52,300 1,176,750
----------
6,444,520
----------
INDUSTRIAL SPECIALTIES (0.5%)
Graftech International Ltd. (b). . . . . 501,700 2,734,265
----------
INSURANCE: LIFE (0.8%)
Phoenix Co., Inc.. . . . . . . . . . . . 193,525 1,747,531
Unum Provident Corp. . . . . . . . . . . 233,600 3,132,576
----------
4,880,107
----------
INSURANCE: MULTI-LINE (1.5%)
Reinsurance Group of America, Inc. . . . 116,200 3,730,020
StanCorp Financial Group, Inc. . . . . . 56,900 2,971,318
Wellchoice, Inc. (b) . . . . . . . . . . 62,200 1,821,216
----------
8,522,554
----------
INSURANCE: PROPERTY - CASUALTY (1.6%)
IPC Holdings Ltd.. . . . . . . . . . . . 64,000 2,144,000
PMI Group, Inc. (The). . . . . . . . . . 105,600 2,834,304
ProAssurance Corp. (b) . . . . . . . . . 80,900 2,183,491
RLI Corp.. . . . . . . . . . . . . . . . 56,211 1,849,342
----------
9,011,137
----------
INTERNET SOFTWARE/SERVICES (0.4%)
Art Technology Group, Inc. (b) . . . . . 508,500 813,600
Websense, Inc. (b) . . . . . . . . . . . 79,800 1,249,668
----------
2,063,268
----------
INVESTMENT BANKS/BROKERS (1.1%)
E*TRADE Group, Inc. (b). . . . . . . . . 403,100 3,426,350
Knight Trading Group, Inc. (b) . . . . . 496,200 3,086,364
----------
6,512,714
----------
INVESTMENT MANAGEMENT COMPANIES (0.8%)
Affiliated Managers Group, Inc. (b). . . 58,800 3,583,860
Waddell & Reed Financial, Inc. . . . . . 34,815 893,701
----------
4,477,561
----------
LEISURE TIME (1.0%)
Action Performance Companies, Inc. . . . 67,000 1,273,000
Argosy Gaming Co. (b). . . . . . . . . . 80,300 1,679,072
Callaway Golf Co.. . . . . . . . . . . . 26,825 354,627
Intrawest Corp.. . . . . . . . . . . . . 79,300 1,045,174
Midway Games, Inc. (b) . . . . . . . . . 179,825 652,765
Six Flags, Inc. (b). . . . . . . . . . . 141,800 961,404
----------
5,966,042
----------
MACHINERY: CONSTRUCTION & HANDLING (0.2%)
Manitowoc Co. (The). . . . . . . . . . . 59,800 1,333,540
----------
MACHINERY: INDUSTRIAL/SPECIALTY (0.8%)
Joy Global, Inc. (b) . . . . . . . . . . 120,600 1,781,262
Kennametal, Inc. . . . . . . . . . . . . 82,800 2,801,952
----------
4,583,214
----------
MACHINERY: OIL WELL EQUIPMENT & SERVICES (1.4%)
Key Energy Services, Inc. (b). . . . . . 496,255 5,319,854
Rowan Companies, Inc. (b). . . . . . . . 120,000 2,688,000
----------
8,007,854
----------
MACHINERY: SPECIALTY (0.0%)
JLG Industries, Inc. . . . . . . . . . . 36,100 245,480
----------
MANUFACTURED HOUSING (0.4%)
Champion Enterprises (b) . . . . . . . . 492,300 2,550,114
----------
MANUFACTURING (0.2%)
Crane Co.. . . . . . . . . . . . . . . . 23,575 533,502
KEMET Corp. (b). . . . . . . . . . . . . 42,600 430,260
----------
963,762
----------
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES (1.4%)
CONMED Corp. (b) . . . . . . . . . . . . 66,200 1,208,812
Mentor Corp. . . . . . . . . . . . . . . 74,400 1,441,872
Ocular Sciences, Inc. (b). . . . . . . . 118,200 2,346,270
Owens & Minor, Inc.. . . . . . . . . . . 132,500 2,961,375
----------
7,958,329
----------
MEDICAL SPECIALTIES (0.0%)
VISX, Inc. (b) . . . . . . . . . . . . . 10,825 187,814
----------
METAL FABRICATING (1.0%)
Maverick Tube Corp. (b). . . . . . . . . 171,490 3,284,034
Precision Castparts Corp.. . . . . . . . 16,800 522,480
SPS Technologies, Inc. (b) . . . . . . . 3,600 97,344
Timken Co. . . . . . . . . . . . . . . . 93,500 1,637,185
----------
5,541,043
----------
MISCELLANEOUS MATERIALS & PROCESSING (0.4%)
USEC, Inc. . . . . . . . . . . . . . . . 313,900 2,203,578
----------
OFFICE FURNITURE & BUSINESS EQUIPMENT (0.1%)
HON Industries, Inc. . . . . . . . . . . 17,800 542,900
----------
OIL & GAS (0.8%)
Ashland, Inc.. . . . . . . . . . . . . . 18,800 576,784
Chesapeake Energy Corp.. . . . . . . . . 309,300 3,123,930
Tesoro Petroleum Corp. (b) . . . . . . . 172,900 1,189,552
----------
4,890,266
----------
- --------------------------------------------------------------------------------
58
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL: CRUDE PRODUCERS (1.1%)
Forest Oil Corp. (b). . . . . . . . . . . 6,650 $ 167,048
Newfield Exploration Co. (b). . . . . . . 95,100 3,571,005
Noble Energy, Inc.. . . . . . . . . . . . 11,500 434,700
XTO Energy, Inc.. . . . . . . . . . . . . 105,099 2,113,541
-----------
6,286,294
-----------
OILFIELD SERVICES/EQUIPMENT (1.2%)
Global Industries Ltd. (b). . . . . . . . 350,300 1,688,446
Grant Prideco, Inc. (b) . . . . . . . . . 154,000 1,809,500
Trico Marine Services, Inc. (b) . . . . . 511,200 2,003,904
Veritas DGC, Inc. (b) . . . . . . . . . . 118,400 1,361,600
-----------
6,863,450
-----------
PACKAGED SOFTWARE (0.7%)
IONA Technologies PLC ADR - IE (b). . . . 440,700 973,947
Manugistics Group, Inc. (b) . . . . . . . 378,300 1,554,813
MRO Software, Inc. (b). . . . . . . . . . 71,300 615,319
Skillsoft PLC ADR - GB (b). . . . . . . . 194,300 981,215
-----------
4,125,294
-----------
PAINTS & COATINGS (0.8%)
Ferro Corp. . . . . . . . . . . . . . . . 12,460 280,724
RPM International, Inc. . . . . . . . . . 156,800 2,156,000
Valspar Corp. . . . . . . . . . . . . . . 46,500 1,963,230
-----------
4,399,954
-----------
PAPER (0.2%)
Bowater, Inc. . . . . . . . . . . . . . . 31,000 1,160,950
-----------
PERSONNEL SERVICES (0.1%)
Kforce.com, Inc. (b). . . . . . . . . . . 113,400 547,722
-----------
PHARMACEUTICALS (1.5%)
Elan Corp. PLC ADR - IE (b) . . . . . . . 210,900 1,189,476
IVAX Corp. (b). . . . . . . . . . . . . . 102,800 1,834,980
King Pharmaceuticals, Inc. (b). . . . . . 152,200 2,246,472
Savient Pharmaceuticals, Inc (b). . . . . 306,100 1,420,304
Shire Pharmaceuticals Group
PLC ADR - GB (b). . . . . . . . . . . . . 94,600 1,863,620
-----------
8,554,852
-----------
PLASTICS (0.1%)
Spartech Corp.. . . . . . . . . . . . . . 18,300 388,143
-----------
POLLUTION CONTROL & ENVIRONMENTAL SERVICES (0.3%)
Headwaters, Inc. (b). . . . . . . . . . . 105,400 1,548,326
-----------
PRINTING & COPYING SERVICES (0.1%)
Bowne & Co. . . . . . . . . . . . . . . . 22,825 297,410
-----------
PRODUCTION TECHNOLOGY EQUIPMENT (1.0%)
Photronics, Inc. (b). . . . . . . . . . . 345,500 6,028,975
-----------
PUBLISHING: MISCELLANEOUS (0.7%)
Banta Corp. . . . . . . . . . . . . . . . 15,600 504,972
Proquest Co. (b). . . . . . . . . . . . . 120,125 3,099,225
Valassis Communications, Inc. (b) . . . . 27,700 712,444
-----------
4,316,641
-----------
PUBLISHING: NEWSPAPERS (0.5%)
Hollinger International, Inc. . . . . . . 40,750 438,878
Lee Enterprises, Inc. . . . . . . . . . . 60,900 2,285,577
-----------
2,724,455
-----------
RADIO & TV BROADCASTERS (0.9%)
Cumulus Media, Inc. (b) . . . . . . . . . 112,987 2,138,844
Emmis Communications Corp. (b). . . . . . 62,300 1,429,785
Sinclair Broadcast Group, Inc. (b). . . . 139,100 1,614,951
-----------
5,183,580
-----------
RAILROADS (0.5%)
Genesee & Wyoming, Inc. (b) . . . . . . . 152,450 3,135,897
-----------
REAL ESTATE (0.0%)
Avatar Holdings, Inc. (b) . . . . . . . . 3,980 120,196
-----------
REAL ESTATE INVESTMENT TRUSTS (2.3%)
American Financial Realty Trust . . . . . 120,700 1,799,637
CBL & Associates Properties, Inc. . . . . 81,000 3,482,999
Developers Diversified Realty Corp. . . . 68,900 1,959,516
Liberty Property Trust. . . . . . . . . . 82,500 2,854,500
SL Green Realty Corp. . . . . . . . . . . 86,300 3,011,007
-----------
13,107,659
-----------
RENTAL & LEASING SERVICES: CONSUMER (0.2%)
Dollar Thrifty Automotive Group, Inc. (b) 59,000 1,094,450
-----------
RESTAURANTS (0.2%)
Darden Restaurants, Inc.. . . . . . . . . 50,300 954,694
IHOP Corp.. . . . . . . . . . . . . . . . 13,900 438,823
-----------
1,393,517
-----------
RETAIL (4.2%)
American Eagle Outfitters, Inc. (b) . . . 69,900 1,281,966
AnnTaylor Stores Corp. (b). . . . . . . . 81,100 2,347,845
Barnes & Noble, Inc. (b). . . . . . . . . 4,200 96,810
Big Lots, Inc. (b). . . . . . . . . . . . 131,000 1,970,240
BJ's Wholesale Club, Inc. (b) . . . . . . 37,900 570,774
Blockbuster, Inc. . . . . . . . . . . . . 82,200 1,385,070
Claire's Stores, Inc. . . . . . . . . . . 42,300 1,072,728
Freemarkets, Inc. (b) . . . . . . . . . . 172,900 1,203,384
Group 1 Automotive, Inc. (b). . . . . . . 31,700 1,027,397
Linens 'n Things, Inc. (b). . . . . . . . 163,100 3,850,790
Men's Wearhouse (b) . . . . . . . . . . . 60,900 1,330,665
Payless Shoesource, Inc. (b). . . . . . . 49,000 612,500
Saks, Inc. (b). . . . . . . . . . . . . . 81,800 793,460
Sonic Automotive, Inc. (b). . . . . . . . 51,500 1,128,365
Too, Inc. (b) . . . . . . . . . . . . . . 127,500 2,581,875
Wet Seal, Inc. (b). . . . . . . . . . . . 87,300 932,364
Zale Corp. (b). . . . . . . . . . . . . . 41,025 1,641,000
-----------
23,827,233
-----------
SAVINGS & LOANS (2.2%)
BankAtlantic Bancorp, Inc.. . . . . . . . 304,220 3,617,176
Brookline Bancorp, Inc. . . . . . . . . . 25,000 350,000
First Niagara Financial Group, Inc. . . . 154,900 2,162,404
FirstFed Financial Corp. (b). . . . . . . 12,700 448,183
NetBank, Inc. . . . . . . . . . . . . . . 149,300 1,964,788
Provident Financial Services, Inc.. . . . 12,800 243,840
Sovereign Bancorp, Inc. . . . . . . . . . 24,200 378,730
Webster Financial Corp. . . . . . . . . . 98,100 3,708,179
-----------
12,873,300
-----------
SECURITIES BROKERAGE & SERVICES (1.6%)
American Capital Strategies Ltd.. . . . . 84,300 2,102,442
Friedman, Billings, Ramsey Group, Inc.. . 228,605 3,063,307
Legg Mason, Inc.. . . . . . . . . . . . . 57,800 3,754,110
Raymond James Financial, Inc. . . . . . . 10,175 336,284
-----------
9,256,143
-----------
- --------------------------------------------------------------------------------
59
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SECURITY SERVICES (0.4%)
Brink's Co. (The) . . . . . . . . . . . 170,475 $ 2,483,821
------------
SEMICONDUCTORS (0.8%)
ANADIGICS, Inc. (b) . . . . . . . . . . 392,350 1,290,832
Brooks Automation, Inc (b). . . . . . . 124,800 1,415,232
TriQuint Semiconductor, Inc. (b). . . . 355,700 1,479,712
Ultratech Stepper, Inc. (b) . . . . . . 31,900 589,831
------------
4,775,607
------------
SERVICES: COMMERCIAL (0.8%)
MPS Group, Inc. (b) . . . . . . . . . . 288,341 1,983,786
Waste Connections, Inc. (b) . . . . . . 70,200 2,460,510
------------
4,444,296
------------
SOAPS & HOUSEHOLD CHEMICALS (0.4%)
Dial Corp. (The). . . . . . . . . . . . 125,700 2,444,865
------------
SPECIALTY STORES (1.4%)
CSK Auto Corp. (b). . . . . . . . . . . 108,600 1,569,270
Electronics Boutique Holdings Corp. (b) 39,200 905,912
Finlay Enterprises, Inc. (b). . . . . . 81,500 1,348,825
Gamestop Corp. Class A (b). . . . . . . 56,600 731,272
Officemax, Inc. (b) . . . . . . . . . . 271,200 1,776,360
Radioshack Corp.. . . . . . . . . . . . 59,000 1,552,290
------------
7,883,929
------------
STEEL (0.8%)
Carpenter Technology Corp.. . . . . . . 59,800 932,880
United States Steel Corp. . . . . . . . 214,700 3,514,639
------------
4,447,519
------------
TELECOMMUNICATIONS EQUIPMENT (1.7%)
Andrew Corp. (b). . . . . . . . . . . . 72,300 665,160
Arris Group, Inc. (b) . . . . . . . . . 754,785 3,743,734
Belden, Inc.. . . . . . . . . . . . . . 29,125 462,796
Comverse Technology, Inc. (b) . . . . . 48,200 724,446
Intervoice, Inc. (b). . . . . . . . . . 110,900 547,846
Polycom, Inc. (b) . . . . . . . . . . . 250,500 3,471,930
------------
9,615,912
------------
TEXTILE APPAREL MFRS. (0.7%)
Kellwood Co.. . . . . . . . . . . . . . 8,925 282,298
Polo Ralph Lauren Corp. . . . . . . . . 22,200 572,538
Quiksilver, Inc. (b). . . . . . . . . . 88,400 1,457,716
Tommy Hilfiger Corp. (b). . . . . . . . 177,400 1,639,176
------------
3,951,728
------------
TEXTILE PRODUCTS (0.2%)
Footstar, Inc. (b). . . . . . . . . . . 38,350 498,550
G & K Services, Inc.. . . . . . . . . . 20,300 600,880
Unifi, Inc. (b) . . . . . . . . . . . . 10,150 62,930
------------
1,162,360
------------
TOILETRIES (0.1%)
Playtex Products, Inc. (b). . . . . . . 93,900 602,838
------------
TOYS (0.3%)
Hasbro, Inc.. . . . . . . . . . . . . . 104,200 1,822,458
------------
TRANSPORTATION (0.4%)
CNF Transportation, Inc.. . . . . . . . 12,500 317,250
Tidewater, Inc. . . . . . . . . . . . . 71,600 2,102,892
------------
2,420,142
------------
TRUCKERS (0.9%)
Arkansas Best Corp. . . . . . . . . . . 11,800 280,722
J.B. Hunt Transport Services, Inc. (b). 78,300 2,955,825
Roadway Express . . . . . . . . . . . . 40,600 1,158,318
USF Corp. . . . . . . . . . . . . . . . 19,200 517,824
------------
4,912,689
------------
UTILITIES: ELECTRICAL (1.9%)
Black Hills Corp. . . . . . . . . . . . 62,320 1,913,224
DQE, Inc. . . . . . . . . . . . . . . . 190,500 2,870,835
NSTAR . . . . . . . . . . . . . . . . . 56,000 2,550,800
Wisconsin Energy Corp.. . . . . . . . . 129,900 3,767,100
------------
11,101,959
------------
UTILITIES: GAS DISTRIBUTORS (1.8%)
New Jersey Resources Corp.. . . . . . . 96,100 3,411,550
Questar Corp. . . . . . . . . . . . . . 107,200 3,587,984
Western Gas Resources, Inc. . . . . . . 90,200 3,571,920
------------
10,571,454
------------
UTILITIES: MISCELLANEOUS (0.1%)
Vectren, Inc. . . . . . . . . . . . . . 15,800 395,790
------------
UTILITIES: TELECOMMUNICATIONS (0.2%)
Nextel Partners, Inc. (b) . . . . . . . 158,600 1,157,780
------------
UTILITIES: WATER (0.3%)
American States Water Co. . . . . . . . 68,252 1,863,280
------------
WASTE MANAGEMENT (0.4%)
Allied Waste Industries, Inc. (b) . . . 221,300 2,224,065
------------
WIRELESS TELECOMMUNICATIONS (0.5%)
Alamosa Holdings, Inc. (b). . . . . . . 657,000 1,005,210
Western Wireless Corp. (b). . . . . . . 167,200 1,927,816
------------
2,933,026
------------
TOTAL COMMON STOCKS 543,912,238
------------
WARRANT (0.0%)
ELECTROMEDICAL EQUIPMENT (0.0%)
Del Global Technologies Corp. . . . . . 66 30
------------
TOTAL WARRANT 30
------------
TOTAL INVESTMENTS
(COST $534,847,895) (A) - 94.4% 543,912,268
OTHER ASSETS IN EXCESS
OF LIABILITIES - 5.6% 32,296,973
------------
NET ASSETS - 100.0% $576,209,241
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security. ADR American Depositary Receipt
CA Canada
GB United Kingdom
IE Ireland
See notes to financial statements.
- --------------------------------------------------------------------------------
60
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (82.1%)
ADVERTISING SERVICES (2.7%)
Getty Images, Inc. (b) . . . . . . . . . 83,000 $ 3,427,900
-----------
AUDIO/VIDEO PRODUCTS (0.7%)
Harman International Industries, Inc.. . 10,400 823,056
-----------
AUTO PARTS & EQUIPMENT (2.8%)
Gentex Corp. (b) . . . . . . . . . . . . 64,500 1,974,345
O'Reilly Automotive, Inc. (b). . . . . . 46,400 1,549,296
-----------
3,523,641
-----------
BROADCAST MEDIA (1.3%)
Lin TV Corp., Class A (b). . . . . . . . 20,300 478,065
Radio One, Inc. (b). . . . . . . . . . . 64,300 1,142,611
-----------
1,620,676
-----------
CASINOS & GAMBLING (1.2%)
Alliance Gaming Corp. (b). . . . . . . . 42,400 801,784
Station Casinos, Inc. (b). . . . . . . . 25,400 641,350
-----------
1,443,134
-----------
CHEMICALS (0.7%)
Cabot Microelectronics Corp. (b) . . . . 17,200 868,084
-----------
COMMERCIAL BANKS - WESTERN U.S.(0.7%)
Cathay Bancorp, Inc. . . . . . . . . . . 11,600 517,128
Glacier Bancorp, Inc.. . . . . . . . . . 16,060 395,397
-----------
912,525
-----------
COMMERCIAL SERVICES (0.4%)
Euronet Worldwide, Inc. (b). . . . . . . 48,500 524,285
-----------
COMPUTER HARDWARE (0.5%)
Western Digital Corp. (b). . . . . . . . 64,300 662,290
-----------
COMPUTER SOFTWARE & SERVICES (4.4%)
Cerner Corp. (b) . . . . . . . . . . . . 71,100 1,631,745
Concord Communications, Inc. (b) . . . . 36,200 497,026
EPIQ Systems, Inc. (b) . . . . . . . . . 52,750 905,718
Manhattan Associates, Inc. (b) . . . . . 27,100 703,787
MemberWorks, Inc. (b). . . . . . . . . . 55,200 1,090,200
NetScreen Technologies, Inc. (b) . . . . 32,300 728,365
-----------
5,556,841
-----------
CONSTRUCTION & HOUSING (0.7%)
Meritage Corp. (b) . . . . . . . . . . . 16,800 827,568
-----------
CONSULTING SERVICES (2.1%)
FTI Consulting, Inc. (b) . . . . . . . . 38,100 951,357
MAXIMUS, Inc. (b). . . . . . . . . . . . 45,600 1,259,928
The Advisory Board Co. (b) . . . . . . . 11,900 482,188
-----------
2,693,473
-----------
CONSUMER PRODUCTS (0.5%)
Central Garden & Pet Co. (b) . . . . . . 25,800 615,330
-----------
DATA PROCESSING SERVICES (1.0%)
Documentum, Inc. (b) . . . . . . . . . . 33,900 666,813
Group 1 Software, Inc. (b) . . . . . . . 33,600 620,592
-----------
1,287,405
-----------
EDUCATION (2.6%)
ITT Educational Services, Inc. (b) . . . 67,100 1,962,675
Sylvan Learning Systems, Inc. (b). . . . 57,000 1,301,880
-----------
3,264,555
-----------
ELECTRONICS (3.8%)
Artisan Components, Inc. (b) . . . . . . 31,100 703,171
Cree, Inc. (b) . . . . . . . . . . . . . 44,100 717,948
Flir Systems, Inc. (b) . . . . . . . . . 21,000 633,150
PerkinElmer, Inc.. . . . . . . . . . . . 109,131 1,507,099
Photon Dynamics, Inc. (b). . . . . . . . 25,500 704,565
Planar Systems, Inc. (b) . . . . . . . . 25,000 489,000
-----------
4,754,933
-----------
ENTERTAINMENT SOFTWARE (1.9%)
Take-Two Interactive Software, Inc. (b). 83,200 2,357,888
-----------
ENVIRONMENTAL (0.4%)
Stericycle, Inc. (b) . . . . . . . . . . 14,000 538,720
-----------
FINANCIAL (4.0%)
AmeriCredit Corp. (b). . . . . . . . . . 52,800 451,440
Chicago Mercantile Exchange. . . . . . . 13,309 926,706
Financial Federal Corp. (b). . . . . . . 59,500 1,451,800
Jefferies Group, Inc.. . . . . . . . . . 17,100 851,409
Raymond James Financial, Inc.. . . . . . 23,800 786,590
Seacoast Banking Corp. of Florida. . . . 29,200 497,568
-----------
4,965,513
-----------
FINANCIAL SERVICES (4.5%)
Digital Insight Corp. (b). . . . . . . . 77,100 1,468,755
FactSet Research Systems, Inc. . . . . . 43,900 1,933,795
The Corporate Executive Board Co. (b). . 55,300 2,241,308
-----------
5,643,858
-----------
FOOD & BEVERAGE (2.8%)
American Italian Pasta Co. (b) . . . . . 57,300 2,386,545
Krispy Kreme Doughnuts, Inc. (b) . . . . 8,700 358,266
Robert Mondavi Corp. (The) (b) . . . . . 28,800 728,928
-----------
3,473,739
-----------
HEALTHCARE SERVICES (13.7%)
American Healthways, Inc. (b). . . . . . 97,100 3,507,251
AmSurg Corp. (b) . . . . . . . . . . . . 58,300 1,778,150
Cholestech Corp. (b) . . . . . . . . . . 79,500 784,665
Dendrite International, Inc. (b) . . . . 168,300 2,167,704
Gene Logic, Inc. (b) . . . . . . . . . . 15,110 90,207
Odyssey Healthcare, Inc. (b) . . . . . . 64,100 2,371,700
Omnicare, Inc. . . . . . . . . . . . . . 66,300 2,240,277
SurModics, Inc. (b). . . . . . . . . . . 22,100 674,050
VISX, Inc. (b) . . . . . . . . . . . . . 123,100 2,135,785
Wilson Greatbatch Technologies, Inc. (b) 35,820 1,293,102
-----------
17,042,891
-----------
HUMAN RESOURCES (0.4%)
Resources Connection, Inc. (b) . . . . . 19,800 472,428
-----------
INSURANCE (0.3%)
ProAssurance Corp. (b) . . . . . . . . . 14,600 394,054
-----------
INTERNET (4.3%)
Ask Jeeves, Inc. (b) . . . . . . . . . . 36,100 496,375
Avocent Corp. (b). . . . . . . . . . . . 21,600 646,488
CheckFree Corp. (b). . . . . . . . . . . 90,706 2,525,255
Netease.com, Inc. ADR - KY (b) . . . . . 16,000 583,360
RADWARE Ltd. (b) . . . . . . . . . . . . 34,200 585,846
Sohu.com, Inc. (b) . . . . . . . . . . . 17,500 597,800
-----------
5,435,124
-----------
- --------------------------------------------------------------------------------
61
GARTMORE VARIABLE INSURANCE TRUST
GVIT SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
MACHINERY, EQUIPMENT, & SUPPLIES (0.6%)
Zebra Technologies Corp., Class A (b) . . 10,700 $ 804,533
------------
MEDICAL (3.2%)
Advanced Neuromodulation Systems,
Inc. (b). . . . . . . . . . . . . . . . . 19,500 1,009,515
Angiotech Pharmaceuticals, Inc. (b) . . . 12,600 513,324
Edwards Lifesciences Corp. (b). . . . . . 15,900 511,026
Martek Biosciences Corp. (b). . . . . . . 17,700 760,038
Regeneration Technologies, Inc. (b) . . . 54,200 720,318
Techne Corp. (b). . . . . . . . . . . . . 16,300 494,542
------------
4,008,763
------------
METALWORKING & REPAIR (WHOLESALE
INDUSTRIAL MACHINERY) (1.5%)
MSC Industrial Direct Co., Inc. (b) . . . 102,600 1,836,540
------------
NETWORKING PRODUCTS (0.4%)
Foundry Networks, Inc. (b). . . . . . . . 38,900 560,160
------------
OIL & GAS (3.2%)
Evergreen Resources, Inc. (b) . . . . . . 14,000 760,340
Newfield Exploration Co. (b). . . . . . . 49,700 1,866,235
Patina Oil & Gas Corp.. . . . . . . . . . 23,200 745,880
Ultra Petroleum Corp. (b) . . . . . . . . 53,500 690,685
------------
4,063,140
------------
PHARMACEUTICALS (4.3%)
Alkermes, Inc. (b). . . . . . . . . . . . 37,900 407,425
Biosite, Inc. (b) . . . . . . . . . . . . 10,200 490,620
Eon Labs, Inc. (b). . . . . . . . . . . . 18,900 664,335
Medicis Pharmaceutical Corp., Class A . . 9,400 532,980
MGI Pharma, Inc. (b). . . . . . . . . . . 24,400 625,372
Neurocrine Biosciences, Inc. (b). . . . . 13,700 684,178
Pharmaceutical Resources, Inc. (b). . . . 24,600 1,197,036
Taro Pharmaceutical Industries Ltd. (b) . 13,700 751,856
------------
5,353,802
------------
RESORTS & THEME PARKS (0.6%)
Vail Resorts, Inc. (b). . . . . . . . . . 53,400 719,298
------------
RETAIL (2.7%)
Fred's, Inc.. . . . . . . . . . . . . . . 34,800 1,293,864
Guitar Center, Inc. (b) . . . . . . . . . 17,900 519,100
Hot Topic, Inc. (b) . . . . . . . . . . . 26,750 719,843
Tractor Supply Co. (b). . . . . . . . . . 18,600 888,150
------------
3,420,957
------------
SEMICONDUCTOR EQUIPMENT (0.4%)
Entegris, Inc. (b). . . . . . . . . . . . 41,800 561,792
------------
SEMICONDUCTORS (1.2%)
Integrated Circuit Systems, Inc. (b). . . 25,500 801,465
Microsemi Corp. (b) . . . . . . . . . . . 46,900 750,400
------------
1,551,865
------------
TELECOMMUNICATIONS (1.5%)
AO VimpelCom ADR - RU (b) . . . . . . . . 15,400 715,176
Tekelec (b) . . . . . . . . . . . . . . . 98,100 1,108,530
------------
1,823,706
------------
THERAPEUTICS (0.7%)
Connetics Corp. (b) . . . . . . . . . . . 32,400 485,028
CV Therapeutics, Inc. (b) . . . . . . . . 13,400 397,444
------------
882,472
------------
TRANSPORTATION (2.3%)
J.B. Hunt Transport Services, Inc. (b). . 6,890 260,098
Kansas City Southern Industries, Inc. (b) 82,500 992,475
Old Dominion Freight Line, Inc. (b) . . . 36,450 788,049
UTI Worldwide, Inc. . . . . . . . . . . . 25,200 785,988
------------
2,826,610
------------
TRAVEL SERVICES (1.1%)
Ebookers PLC (b). . . . . . . . . . . . . 38,000 609,976
Pegasus Solutions, Inc. (b) . . . . . . . 49,000 796,250
------------
1,406,226
------------
TOTAL COMMON STOCKS 102,949,775
------------
TOTAL INVESTMENTS
(COST $89,977,376) (A) - 82.1% 102,949,775
OTHER ASSETS IN EXCESS
OF LIABILITIES - 17.9% 22,465,484
------------
NET ASSETS - 100.0% $125,415,259
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
KY Cayman Islands
RU Russian Federation
See notes to financial statements.
- --------------------------------------------------------------------------------
62
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT WORLDWIDE LEADERS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (98.2%)
BRAZIL (1.7%)
AEROSPACE/DEFENSE (1.7%)
Empresa Brasiliera de Aeronautica
SA ADR. . . . . . . . . . . . . . . . 23,800 $ 454,580
-----------
FINLAND (3.3%)
OIL & GAS (3.3%)
Fortum Oyj. . . . . . . . . . . . . . 111,000 889,719
-----------
GERMANY (5.3%)
RETAIL (2.8%)
Puma AG . . . . . . . . . . . . . . . 7,852 772,743
-----------
TELECOMMUNICATIONS (2.5%)
Deutsche Telekom AG . . . . . . . . . 43,900 668,471
-----------
1,441,214
-----------
JAPAN (16.1%)
BROKERAGE SERVICES (2.5%)
Matsui Securities Co. Ltd.. . . . . . 65,000 663,127
-----------
BUILDING PRODUCTS (3.2%)
Asahi Glass Co. Ltd.. . . . . . . . . 139,000 862,419
-----------
ELECTRONICS (5.3%)
NEC Corp. . . . . . . . . . . . . . . 119,000 594,628
Yokogawa Electric Corp. . . . . . . . 113,000 872,381
-----------
1,467,009
-----------
MANUFACTURING (3.1%)
Mitsubishi Heavy Industries Ltd.. . . 322,000 833,995
-----------
TELECOMMUNICATIONS (2.0%)
NTT DoCoMo, Inc.. . . . . . . . . . . 245 530,502
-----------
4,357,052
-----------
KOREA (3.2%)
BANKING (3.2%)
Kookmin Bank ADR. . . . . . . . . . . 28,500 862,125
-----------
NETHERLANDS (2.4%)
RETAIL - FOOD PRODUCTS (2.4%)
Koninklijke Ahold NV. . . . . . . . . 78,800 654,243
-----------
SWITZERLAND (2.0%)
BANKS (2.0%)
Credit Suisse Group . . . . . . . . . 20,200 531,638
-----------
TAIWAN (2.2%)
ELECTRONICS (2.2%)
AU Optronics Corp. ADR (b). . . . . . 86,900 601,348
-----------
UNITED KINGDOM (16.0%)
BUILDING & CONSTRUCTION (4.6%)
George Wimpey PLC . . . . . . . . . . 257,781 1,254,863
-----------
FINANCIAL SERVICES (3.0%)
Amvescap PLC. . . . . . . . . . . . . 117,200 808,402
-----------
INSURANCE (1.6%)
Wellington Underwriting PLC (b) . . . 252,761 428,163
-----------
TELECOMMUNICATIONS (6.8%)
Marconi Corp. PLC (b) . . . . . . . . 538,300 546,290
Vodafone Group PLC. . . . . . . . . . 659,100 1,288,822
-----------
1,835,112
-----------
4,326,540
-----------
UNITED STATES (46.0%)
AIRLINES (3.6%)
JetBlue Airways Corp. (b) . . . . . . 23,000 972,670
-----------
BANKS (3.0%)
Federal Home Loan Mortgage Corp.. . . 16,100 817,397
-----------
COMMERCIAL SERVICES (3.1%)
Cendant Corp. (b) . . . . . . . . . . 24,000 439,680
Foundry Networks, Inc. (b). . . . . . 27,000 385,290
-----------
824,970
-----------
COMPUTERS (4.6%)
Apple Computer, Inc. (b). . . . . . . 21,700 413,602
Microsoft Corp. . . . . . . . . . . . 32,000 819,520
-----------
1,233,122
-----------
FINANCIAL SERVICES (3.0%)
Merrill Lynch & Co., Inc. . . . . . . 17,600 821,568
-----------
INSURANCE (6.6%)
Allstate Corp.. . . . . . . . . . . . 25,300 901,945
Platinum Underwriters Holdings, Inc.. 33,300 903,761
-----------
1,805,706
-----------
INTERNET SERVICES (2.6%)
Amazon.com, Inc. (b). . . . . . . . . 19,200 700,608
-----------
MEDICAL INSTRUMENTS (4.7%)
St. Jude Medical, Inc. (b). . . . . . 22,100 1,270,750
-----------
OIL & GAS (1.9%)
Apache Corp.. . . . . . . . . . . . . 7,900 513,974
-----------
PHARMACEUTICALS (6.3%)
Barr Laboratories, Inc. (b) . . . . . 12,800 838,400
ICN Pharmaceuticals, Inc. . . . . . . 51,200 858,112
-----------
1,696,512
-----------
RETAIL - BUILDING (4.1%)
Home Depot, Inc.. . . . . . . . . . . 33,700 1,116,144
-----------
TELECOMMUNICATIONS (2.5%)
Verizon Communications, Inc.. . . . . 16,900 666,705
-----------
12,440,126
-----------
TOTAL COMMON STOCKS 26,558,585
-----------
TOTAL INVESTMENTS
(COST $24,507,380) (A) - 98.2% 26,558,585
OTHER ASSETS IN
EXCESS OF LIABILITIES - 1.8% 489,145
-----------
NET ASSETS - 100.0% $27,047,730
-----------
-----------
- --------------------------------------------------------------------------------
63
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT WORLDWIDE LEADERS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
At June 30, 2003 the Fund's open forward currency contracts were as follows:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- ----------------------------------------------------------------
SHORT CONTRACTS:
British Pound. . 7/1/03 $ 315,331 $315,550 $ (219)
Japanese Yen . . 7/2/03 29,829 29,723 106)
- ----------------------------------------------------------------
TOTAL SHORT
CONTRACTS $ 345,160 $345,273 $ (113)
- ----------------------------------------------------------------
LONG CONTRACTS:
Japanese Yen . . 7/1/03 $ 197,045 $195,822 $ (1,223)
- ----------------------------------------------------------------
TOTAL CONTRACTS $ (1,336)
---------------
---------------
See notes to financial statements.
- --------------------------------------------------------------------------------
64
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (98.2%)
AEROSPACE/DEFENSE (0.2%)
Precision Castparts Corp.. . . . . . . . 20,600 $ 640,660
Sequa Corp. (b). . . . . . . . . . . . . 4,100 140,630
-----------
781,290
-----------
AGRICULTURAL PRODUCTS (0.1%)
Universal Corp.. . . . . . . . . . . . . 9,700 410,310
-----------
AIRLINES (0.1%)
Alaska Air Group, Inc. (b) . . . . . . . 10,400 223,080
-----------
AMUSEMENT & RECREATION (0.5%)
Callaway Golf Co.. . . . . . . . . . . . 29,600 391,312
International Speedway Corp. . . . . . . 20,700 817,857
Six Flags, Inc. (b). . . . . . . . . . . 36,100 244,758
-----------
1,453,927
-----------
AUTO PARTS & EQUIPMENT (1.7%)
Arvinmeritor, Inc. . . . . . . . . . . . 26,725 539,311
Bandag, Inc. . . . . . . . . . . . . . . 7,500 279,525
BorgWarner Automotive, Inc.. . . . . . . 10,400 669,760
Carmax, Inc. (b) . . . . . . . . . . . . 40,300 1,215,045
Gentex Corp. (b) . . . . . . . . . . . . 29,700 909,117
Lear Corp. (b) . . . . . . . . . . . . . 25,700 1,182,714
Modine Manufacturing Co. . . . . . . . . 13,200 255,684
Superior Industries International, Inc.. 10,400 433,680
-----------
5,484,836
-----------
BANKS (8.9%)
Associated Banc-Corp.. . . . . . . . . . 28,810 1,062,513
Astoria Financial Corp.. . . . . . . . . 32,100 896,553
Banknorth Group, Inc.. . . . . . . . . . 63,400 1,617,968
City National Corp.. . . . . . . . . . . 18,900 842,184
Colonial Bancgroup, Inc. . . . . . . . . 48,300 669,921
Compass Bancshares, Inc. . . . . . . . . 49,500 1,729,035
First Virginia Banks, Inc. . . . . . . . 26,800 1,155,616
FirstMerit Corp. . . . . . . . . . . . . 33,000 754,380
Greater Bay Bancorp. . . . . . . . . . . 20,300 416,962
GreenPoint Financial Corp. . . . . . . . 36,400 1,854,216
Hibernia Corp. . . . . . . . . . . . . . 61,200 1,111,392
Independence Community Bank Corp.. . . . 21,400 603,908
IndyMac Bancorp, Inc.. . . . . . . . . . 21,500 546,530
M&T Bank Corp. . . . . . . . . . . . . . 46,500 3,916,229
Mercantile Bankshare Corp. . . . . . . . 26,900 1,059,322
National Commerce Financial Co.. . . . . 79,790 1,770,540
New York Community Bancorp, Inc. . . . . 54,766 1,593,143
Provident Financial Group. . . . . . . . 19,000 486,970
Roslyn Bancorp, Inc. . . . . . . . . . . 30,100 646,849
Silicon Valley Bancshares (b). . . . . . 15,100 359,531
Sovereign Bancorp, Inc.. . . . . . . . . 101,900 1,594,735
TCF Financial Corp.. . . . . . . . . . . 28,300 1,127,472
Webster Financial Corp.. . . . . . . . . 17,800 672,840
West America Bancorp . . . . . . . . . . 12,900 555,732
Wilmington Trust Corp. . . . . . . . . . 25,600 751,360
-----------
27,795,901
-----------
BIOTECHNOLOGY (2.9%)
Gilead Sciences, Inc. (b). . . . . . . . 78,000 4,335,240
IDEC Pharmaceuticals Corp. (b) . . . . . 60,500 2,057,000
Millenium Pharmaceuticals, Inc. (b). . . 115,887 1,822,903
Protein Design Labs, Inc. (b). . . . . . 36,400 508,872
Vertex Pharmaceuticals, Inc. (b) . . . . 29,800 435,080
-----------
9,159,095
-----------
BROADCASTING (1.2%)
Emmis Communications Corp. (b) . . . . . 21,100 484,245
Entercom Communications Corp. (b). . . . 20,000 980,200
Hispanic Broadcasting Corp. (b). . . . . 42,500 1,081,625
Westwood One, Inc. (b) . . . . . . . . . 40,000 1,357,200
-----------
3,903,270
-----------
BUSINESS SERVICES (3.1%)
Acxiom Corp. (b) . . . . . . . . . . . . 33,500 505,515
Catalina Marketing Corp. (b) . . . . . . 20,900 368,885
Ceridian Corp. (b) . . . . . . . . . . . 57,900 982,563
CheckFree Corp. (b). . . . . . . . . . . 30,900 860,256
CSG Systems International, Inc. (b). . . 20,400 288,252
DST Systems, Inc. (b). . . . . . . . . . 46,300 1,759,400
Fair Issac Corp. . . . . . . . . . . . . 18,400 946,680
Gartner Group, Inc. (b). . . . . . . . . 31,100 233,250
Harte-Hanks, Inc.. . . . . . . . . . . . 34,450 654,550
Kelly Services, Inc. . . . . . . . . . . 13,900 325,955
Korn/Ferry International (b) . . . . . . 14,600 118,260
Manpower, Inc. . . . . . . . . . . . . . 30,200 1,120,118
MPS Group, Inc. (b). . . . . . . . . . . 39,600 272,448
Overture Services, Inc. (b). . . . . . . 24,800 449,624
The BISYS Group, Inc. (b). . . . . . . . 46,700 857,879
-----------
9,743,635
-----------
CHEMICALS (2.2%)
Airgas, Inc. . . . . . . . . . . . . . . 28,100 470,675
Albemarle Corp.. . . . . . . . . . . . . 16,100 450,317
Cabot Corp.. . . . . . . . . . . . . . . 24,100 691,670
Crompton Corp. . . . . . . . . . . . . . 44,400 313,020
Cytec Industries, Inc. (b) . . . . . . . 15,000 507,000
Ferro Corp.. . . . . . . . . . . . . . . 15,900 358,227
FMC Corp. (b). . . . . . . . . . . . . . 13,700 310,031
IMC Global, Inc. . . . . . . . . . . . . 44,900 301,279
Lubrizol Corp. . . . . . . . . . . . . . 20,100 622,899
Lyondell Chemical Co.. . . . . . . . . . 62,900 851,037
Minerals Technologies, Inc.. . . . . . . 7,800 379,548
Olin Corp. . . . . . . . . . . . . . . . 22,600 386,460
RPM, Inc.. . . . . . . . . . . . . . . . 45,100 620,125
Valspar Corp.. . . . . . . . . . . . . . 19,700 831,734
-----------
7,094,022
-----------
COMMUNICATION EQUIPMENT (2.2%)
Adtran, Inc. (b) . . . . . . . . . . . . 14,800 759,092
Advanced Fibre Communications, Inc. (b). 33,200 540,164
Cincinnati Bell, Inc. (b). . . . . . . . 85,400 572,180
CommScope, Inc. (b). . . . . . . . . . . 23,200 220,400
Harris Corp. . . . . . . . . . . . . . . 25,900 778,295
L-3 Communications Holdings, Inc. (b). . 37,300 1,622,177
Plantronics, Inc. (b). . . . . . . . . . 17,000 368,390
Polycom, Inc. (b). . . . . . . . . . . . 38,600 534,996
Powerwave Technologies, Inc. (b) . . . . 25,700 161,139
Price Communications Corp. (b) . . . . . 21,300 274,983
Telephone & Data Systems, Inc. . . . . . 22,400 1,113,280
-----------
6,945,096
-----------
COMPUTER HARDWARE (0.8%)
Infocus Corp. (b). . . . . . . . . . . . 15,500 73,160
Keane, Inc. (b). . . . . . . . . . . . . 26,000 354,380
National Instruments Corp. (b) . . . . . 20,100 759,378
Quantum Corp. (b). . . . . . . . . . . . 67,500 273,375
Storage Technology Corp. (b) . . . . . . 42,400 1,091,376
-----------
2,551,669
-----------
- --------------------------------------------------------------------------------
65
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMPUTER SOFTWARE & SERVICES (5.1%)
3COM Corp. (b) . . . . . . . . . . . . . 141,000 $ 659,880
Activision, Inc. (b) . . . . . . . . . . 38,700 500,004
Advent Software, Inc. (b). . . . . . . . 12,500 211,375
Affiliated Computer Services, Inc. (b) . 51,800 2,368,814
Ascential Software Corp (b). . . . . . . 22,625 371,955
Avocent Corp. (b). . . . . . . . . . . . 17,900 535,747
Cadence Design Systems, Inc. (b) . . . . 104,200 1,256,652
CDW Corp. (b). . . . . . . . . . . . . . 32,700 1,497,660
Henry (Jack) & Associates, Inc.. . . . . 34,200 608,418
Internet Security, Inc. (b). . . . . . . 19,300 279,657
Investment Technology Group, Inc. (b). . 18,400 342,240
Legato Systems, Inc. (b) . . . . . . . . 45,300 380,067
Macromedia, Inc. (b) . . . . . . . . . . 24,100 507,064
Macrovision Corp. (b). . . . . . . . . . 18,900 376,488
McData Corp. (b) . . . . . . . . . . . . 44,700 655,749
Mentor Graphics Corp. (b). . . . . . . . 26,300 380,824
Network Associates, Inc. (b) . . . . . . 61,100 774,748
Retek, Inc. (b). . . . . . . . . . . . . 20,800 133,120
RSA Security, Inc. (b) . . . . . . . . . 22,600 242,950
SanDisk Corp. (b). . . . . . . . . . . . 27,100 1,093,485
Sybase, Inc. (b) . . . . . . . . . . . . 36,900 513,279
Synopsys, Inc. (b) . . . . . . . . . . . 29,200 1,806,020
The Titan Corp. (b). . . . . . . . . . . 31,000 318,990
Transaction Systems Architects, Inc. (b) 14,000 125,440
Wind River Systems, Inc. (b) . . . . . . 31,100 118,491
-----------
16,059,117
-----------
CONSTRUCTION (2.3%)
Clayton Homes, Inc.. . . . . . . . . . . 53,100 666,405
D.R. Horton, Inc.. . . . . . . . . . . . 57,300 1,610,130
Dycom Industries, Inc. (b) . . . . . . . 18,700 304,810
Granite Construction, Inc. . . . . . . . 16,150 309,434
Jacobs Engineering Group, Inc. (b) . . . 21,600 910,440
Lennar Corp. . . . . . . . . . . . . . . 27,540 1,969,110
Martin Marietta Materials, Inc.. . . . . 19,100 641,951
Toll Brothers, Inc. (b). . . . . . . . . 27,300 772,863
-----------
7,185,143
-----------
CONSUMER & COMMERCIAL SERVICES (2.2%)
Career Education Corp. (b) . . . . . . . 18,200 1,245,244
Corinthian Colleges, Inc. (b). . . . . . 17,100 830,547
DeVry, Inc. (b). . . . . . . . . . . . . 27,300 635,817
Dun & Bradstreet Corp. (b) . . . . . . . 29,000 1,191,900
Education Management Corp. (b) . . . . . 13,900 739,202
Quanta Services, Inc. (b). . . . . . . . 45,400 322,340
Rollins, Inc.. . . . . . . . . . . . . . 17,500 329,875
Sotheby's Holdings, Inc. (b) . . . . . . 24,000 178,560
Sylvan Learning Systems, Inc. (b). . . . 16,000 365,440
United Rentals, Inc. (b) . . . . . . . . 30,100 418,089
Viad Corp. . . . . . . . . . . . . . . . 34,400 770,216
-----------
7,027,230
-----------
CONSUMER PRODUCTS (2.3%)
Blyth Industries, Inc. . . . . . . . . . 18,000 489,600
Choicepoint, Inc. (b). . . . . . . . . . 33,833 1,167,915
Church & Dwight, Inc.. . . . . . . . . . 15,600 510,588
Dial Corp. . . . . . . . . . . . . . . . 37,100 721,595
Energizer Holdings, Inc. (b) . . . . . . 32,700 1,026,780
Furniture Brands International, Inc. (b) 21,700 566,370
Lancaster Colony Corp. . . . . . . . . . 14,000 541,240
Mohawk Industries Co. (b). . . . . . . . 25,700 1,427,121
Timberland Co., Class A (b). . . . . . . 14,000 740,040
-----------
7,191,249
-----------
CONTAINERS/PACKAGING (0.5%)
Packaging Corp. of America (b) . . . . . 40,800 751,944
Sonoco Products Co.. . . . . . . . . . . 37,700 905,554
-----------
1,657,498
-----------
ELECTRONICS (4.5%)
Arrow Electronics, Inc. (b). . . . . . . 39,300 598,932
Atmel Corp. (b). . . . . . . . . . . . . 182,900 462,737
Avnet, Inc. (b). . . . . . . . . . . . . 46,600 590,888
Cabot Microelectronics Corp. (b) . . . . 9,482 478,557
Credence Systems Corp. (b) . . . . . . . 24,600 208,362
Cree, Inc. (b) . . . . . . . . . . . . . 28,600 465,608
Cypress Semiconductor Corp. (b). . . . . 49,200 590,400
Hubbell, Inc.. . . . . . . . . . . . . . 23,100 764,610
Integrated Device Technology, Inc. (b) . 40,400 446,420
International Rectifier Corp. (b). . . . 25,000 670,500
Intersil Corp. (b) . . . . . . . . . . . 53,400 1,420,974
Kemet Corp. (b). . . . . . . . . . . . . 33,600 339,360
Lam Research Corp. (b) . . . . . . . . . 49,500 901,395
Lattice Semiconductor Corp. (b). . . . . 43,800 360,474
LTX Corp. (b). . . . . . . . . . . . . . 19,400 167,228
Micrel, Inc. (b) . . . . . . . . . . . . 35,800 371,962
Microchip Technology, Inc. . . . . . . . 79,500 1,958,084
Newport Corp. (b). . . . . . . . . . . . 15,000 222,000
Plexus Corp. (b) . . . . . . . . . . . . 16,500 190,245
RF Micro Devices, Inc. (b) . . . . . . . 71,200 428,624
Semtech Corp. (b). . . . . . . . . . . . 28,500 405,840
SPX Corp. (b). . . . . . . . . . . . . . 30,500 1,343,830
TriQuint Semiconductor, Inc. (b) . . . . 51,791 215,451
Vishay Intertechnology, Inc. (b) . . . . 62,350 823,020
-----------
14,425,501
-----------
FINANCIAL SERVICES (4.1%)
Americredit Corp. (b). . . . . . . . . . 61,000 521,550
Bank of Hawaii Corp. . . . . . . . . . . 23,500 779,025
Certegy, Inc. (b). . . . . . . . . . . . 25,700 713,175
Commerce Bancorp, Inc. . . . . . . . . . 27,000 1,001,700
E*TRADE Group, Inc. (b). . . . . . . . . 139,600 1,186,600
Eaton Vance Corp.. . . . . . . . . . . . 27,000 853,200
Edwards (A.G.), Inc. . . . . . . . . . . 31,300 1,070,460
Investors Financial Services Corp. . . . 25,400 736,854
Labranche & Co., Inc.. . . . . . . . . . 23,200 480,008
Legg Mason, Inc. . . . . . . . . . . . . 25,300 1,643,235
Neuberger Berman, Inc. . . . . . . . . . 27,450 1,095,530
PMI Group, Inc.. . . . . . . . . . . . . 34,700 931,348
SEI Corp.. . . . . . . . . . . . . . . . 40,900 1,308,800
Waddell & Reed Financial, Inc. . . . . . 32,100 824,007
-----------
13,145,492
-----------
FOOD & BEVERAGE (3.9%)
Constellation Brands, Inc. (b) . . . . . 36,800 1,155,520
Dean Foods Co. (b) . . . . . . . . . . . 52,633 1,657,939
Dreyers Grand Ice Cream Holdings, Inc. . 13,700 1,075,724
Hormel Foods Corp. . . . . . . . . . . . 54,000 1,279,800
Interstate Bakeries Corp.. . . . . . . . 17,500 222,250
Krispy Kreme Doughnuts, Inc. (b) . . . . 22,600 930,668
PepsiAmericas, Inc.. . . . . . . . . . . 56,200 705,872
Sensient Technologies Corp.. . . . . . . 18,500 425,315
Smithfield Foods, Inc. (b) . . . . . . . 42,700 978,684
Smucker (J.M.) Co. . . . . . . . . . . . 19,367 772,550
Tootsie Roll Industries, Inc.. . . . . . 20,287 618,551
Tyson Foods, Inc.. . . . . . . . . . . . 136,881 1,453,676
Whole Foods Market, Inc. (b) . . . . . . 23,200 1,102,696
-----------
12,379,245
-----------
- --------------------------------------------------------------------------------
66
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
GAMING (0.8%)
GTECH Holdings Corp. (b) . . . . . . . . . 22,100 $ 832,065
Mandalay Resort Group. . . . . . . . . . . 23,200 738,920
Park Place Entertainment, Inc. (b) . . . . 117,300 1,066,257
-----------
2,637,242
-----------
HEALTHCARE (10.6%)
AdvancePCS (b) . . . . . . . . . . . . . . 35,200 1,345,696
Apogent Technologies, Inc. (b) . . . . . . 38,700 774,000
Apria Healthcare Group, Inc. (b) . . . . . 21,500 534,920
Barr Laboratories, Inc. (b). . . . . . . . 25,850 1,693,175
Beckman Coulter, Inc.. . . . . . . . . . . 23,800 967,232
Charles River Laboratories International,
Inc. (b) . . . . . . . . . . . . . . . . . 17,700 569,586
Community Health Systems, Inc. (b) . . . . 38,300 738,807
Covance, Inc. (b). . . . . . . . . . . . . 24,000 434,400
Coventry Health Care, Inc. (b) . . . . . . 23,000 1,061,680
Cytyc Corp. (b). . . . . . . . . . . . . . 43,700 459,724
Dentsply International, Inc. . . . . . . . 30,700 1,255,630
Edwards Lifesciences Corp. (b) . . . . . . 23,800 764,932
Express Scripts, Inc. (b). . . . . . . . . 30,500 2,083,759
First Health Group Corp. (b) . . . . . . . 37,200 1,026,720
Health Net, Inc. (b) . . . . . . . . . . . 45,200 1,489,340
Henry Schein, Inc. (b) . . . . . . . . . . 17,200 900,248
ICN Pharmaceuticals, Inc.. . . . . . . . . 32,700 548,052
IVAX Corp. (b) . . . . . . . . . . . . . . 75,925 1,355,261
LifePoint Hospitals, Inc. (b). . . . . . . 15,400 322,476
Lincare Holdings, Inc. (b) . . . . . . . . 40,900 1,288,759
Mylan Laboratories, Inc. . . . . . . . . . 71,750 2,494,747
Omnicare, Inc. . . . . . . . . . . . . . . 39,100 1,321,189
Oxford Health Plans, Inc. (b). . . . . . . 32,500 1,365,975
PacifiCare Health Systems, Inc. (b). . . . 14,500 715,285
Patterson Dental Co. (b) . . . . . . . . . 26,500 1,202,570
Perrigo Co.. . . . . . . . . . . . . . . . 27,100 423,844
Pharmaceutical Resources, Inc. (b) . . . . 13,000 632,580
Sepracor, Inc. (b) . . . . . . . . . . . . 32,800 591,384
SICOR, Inc. (b). . . . . . . . . . . . . . 45,900 933,606
Steris Corp. (b) . . . . . . . . . . . . . 27,100 625,739
Triad Hospitals, Inc. (b). . . . . . . . . 29,308 727,425
Universal Health Services, Inc. (b). . . . 22,800 903,336
Varian Medical Systems, Inc. (b) . . . . . 26,600 1,531,362
Visx, Inc. (b) . . . . . . . . . . . . . . 20,100 348,735
-----------
33,432,174
-----------
HOTELS & LODGING (0.2%)
Extended Stay America, Inc. (b). . . . . . 36,700 495,083
-----------
INSURANCE (5.1%)
Allmerica Financial Corp. (b). . . . . . . 20,600 370,594
American Financial Group, Inc. . . . . . . 27,100 617,880
AmerUs Group Co. . . . . . . . . . . . . . 15,200 428,488
Arthur J. Gallagher & Co.. . . . . . . . . 35,100 954,720
Brown & Brown, Inc.. . . . . . . . . . . . 26,600 864,500
Everest Re Group Ltd.. . . . . . . . . . . 21,600 1,652,400
Fidelity National Financial, Inc.. . . . . 52,612 1,618,345
First American Financial Corp. . . . . . . 29,700 782,595
HCC Insurance Holdings, Inc. . . . . . . . 24,500 724,465
Horace Mann Educators Corp.. . . . . . . . 16,700 269,371
Leucadia National Corp.. . . . . . . . . . 23,300 864,896
Mony Group, Inc. . . . . . . . . . . . . . 18,300 493,185
Ohio Casualty Corp. (b). . . . . . . . . . 23,700 312,366
Old Republic International Corp. . . . . . 47,100 1,614,117
Protective Life Corp.. . . . . . . . . . . 26,900 719,575
Radian Group, Inc. . . . . . . . . . . . . 36,400 1,334,060
Stancorp Financial Group, Inc. . . . . . . 11,300 590,086
Unitrin, Inc.. . . . . . . . . . . . . . . 26,300 713,256
W.R. Berkley Corp. . . . . . . . . . . . . 21,600 1,138,320
-----------
16,063,219
-----------
MACHINERY (0.2%)
AGCO Corp. (b) . . . . . . . . . . . . . . 29,300 500,444
Tecumseh Products Co.. . . . . . . . . . . 7,200 275,832
-----------
776,276
-----------
MANUFACTURING (2.6%)
Ametek, Inc. . . . . . . . . . . . . . . . 12,800 469,120
Carlisle Cos., Inc.. . . . . . . . . . . . 12,000 505,920
Diebold, Inc.. . . . . . . . . . . . . . . 28,200 1,219,650
Donaldson Co., Inc.. . . . . . . . . . . . 17,000 755,650
Federal Signal Corp. . . . . . . . . . . . 18,600 326,802
Flowserve Corp. (b). . . . . . . . . . . . 21,500 422,905
Harsco Corp. . . . . . . . . . . . . . . . 15,800 569,590
Hillenbrand Industry, Inc. . . . . . . . . 24,100 1,215,845
Nordson Corp.. . . . . . . . . . . . . . . 13,200 314,820
Pentair, Inc.. . . . . . . . . . . . . . . 19,300 753,858
Teleflex, Inc. . . . . . . . . . . . . . . 15,400 655,270
Trinity Industries, Inc. . . . . . . . . . 17,900 331,329
Varian, Inc. (b) . . . . . . . . . . . . . 13,200 457,644
York International Corp. . . . . . . . . . 15,500 362,700
-----------
8,361,103
-----------
METALS (0.2%)
AK Steel Holding Corp. (b) . . . . . . . . 42,200 152,764
Carpenter Technology Corp. . . . . . . . . 8,700 135,720
Kennametal, Inc. . . . . . . . . . . . . . 13,800 466,992
-----------
755,476
-----------
MINING (0.4%)
Arch Coal, Inc.. . . . . . . . . . . . . . 20,500 471,090
Peabody Energy Corp. . . . . . . . . . . . 20,500 688,595
-----------
1,159,685
-----------
OFFICE EQUIPMENT & SUPPLIES (0.6%)
HON Industries, Inc. . . . . . . . . . . . 22,700 692,350
Miller (Herman), Inc.. . . . . . . . . . . 28,400 573,964
Reynolds & Reynolds Co.. . . . . . . . . . 26,100 745,416
-----------
2,011,730
-----------
OIL & GAS (6.5%)
Cooper Cameron Corp. (b) . . . . . . . . . 21,300 1,073,094
ENSCO International, Inc.. . . . . . . . . 58,300 1,568,270
FMC Technologies, Inc. (b) . . . . . . . . 25,721 541,427
Forest Oil Corp. (b) . . . . . . . . . . . 18,800 472,256
Grant Prideco, Inc. (b). . . . . . . . . . 47,400 556,950
Hanover Compressor Co. (b) . . . . . . . . 26,000 293,800
Helmerich & Payne, Inc.. . . . . . . . . . 19,500 569,400
Murphy Oil Corp. . . . . . . . . . . . . . 35,800 1,883,080
National-Oilwell, Inc. (b) . . . . . . . . 32,900 723,800
Noble Energy, Inc. . . . . . . . . . . . . 22,400 846,720
Patterson-UTI Energy, Inc. (b) . . . . . . 31,300 1,014,120
Pioneer Natural Resources Co. (b). . . . . 45,900 1,197,990
Pogo Producing Co. . . . . . . . . . . . . 24,100 1,030,275
Pride International, Inc. (b). . . . . . . 52,500 988,050
- --------------------------------------------------------------------------------
67
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL & GAS (CONTINUED)
Smith International, Inc. (b) . . . . . 39,800 $ 1,462,252
Tidewater, Inc. . . . . . . . . . . . . 23,600 693,132
Valero Energy Corp. . . . . . . . . . . 44,600 1,620,318
Varco International, Inc. (b) . . . . . 37,808 741,037
Weatherford International Ltd. (b). . . 47,100 1,973,490
XTO Energy, Inc.. . . . . . . . . . . . 71,599 1,439,856
-----------
20,689,317
-----------
PAPER & FOREST PRODUCTS (0.7%)
Bowater, Inc. . . . . . . . . . . . . . 21,600 808,920
Longview Fibre Co.. . . . . . . . . . . 20,100 164,820
P.H. Glatfelter & Co. . . . . . . . . . 17,000 250,750
Potlatch Corp.. . . . . . . . . . . . . 11,200 288,400
Rayonier, Inc.. . . . . . . . . . . . . 16,300 537,900
Wausau-Mosinee Paper Corp.. . . . . . . 20,100 225,120
-----------
2,275,910
-----------
PHOTOGRAPHY/IMAGING (0.2%)
Imation Corp. . . . . . . . . . . . . . 13,900 525,698
-----------
PUBLISHING & PRINTING (2.1%)
A.H. Belo Corp. . . . . . . . . . . . . 44,100 986,076
Banta Corp. . . . . . . . . . . . . . . 9,900 320,463
Lee Enterprises, Inc. . . . . . . . . . 17,300 649,269
Media General, Inc. . . . . . . . . . . 9,100 520,520
Readers Digest Association. . . . . . . 38,200 514,936
Scholastic Corp. (b). . . . . . . . . . 15,300 455,634
Valassis Communications, Inc. (b) . . . 20,300 522,116
Washington Post Co. . . . . . . . . . . 3,700 2,711,730
-----------
6,680,744
-----------
REAL ESTATE INVESTMENT TRUSTS (1.6%)
AMB Property Corp.. . . . . . . . . . . 31,600 890,172
Hospitality Properties Trust. . . . . . 24,400 762,500
Liberty Property Trust. . . . . . . . . 30,600 1,058,760
Mack-Cali Realty Corp.. . . . . . . . . 22,500 818,550
New Plan Excel Realty Trust . . . . . . 37,800 807,030
United Dominion Realty Trust, Inc.. . . 43,800 754,236
-----------
5,091,248
-----------
RESTAURANTS (1.8%)
Applebee's International, Inc.. . . . . 21,600 678,888
Bob Evans Farms, Inc. . . . . . . . . . 13,700 378,531
Brinker International, Inc. (b) . . . . 37,900 1,365,158
CBRL Group, Inc.. . . . . . . . . . . . 19,300 749,998
Outback Steakhouse, Inc.. . . . . . . . 29,500 1,150,500
Ruby Tuesday, Inc.. . . . . . . . . . . 25,000 618,250
The Cheesecake Factory, Inc. (b). . . . 20,000 717,800
-----------
5,659,125
-----------
RETAIL (5.6%)
99 Cents Only Stores (b). . . . . . . . 27,500 943,800
Abercrombie & Fitch Co. (b) . . . . . . 38,100 1,082,421
American Eagle Outfitters Ltd. (b). . . 27,750 502,830
Barnes & Noble, Inc. (b). . . . . . . . 25,300 583,165
BJ's Wholesale Club, Inc. (b) . . . . . 27,100 408,126
Borders Group, Inc. (b) . . . . . . . . 30,200 531,822
Chico's FAS, Inc. (b) . . . . . . . . . 33,500 705,175
Claire's Stores, Inc. . . . . . . . . . 19,100 484,376
Coach, Inc. (b) . . . . . . . . . . . . 35,400 1,760,796
Copart, Inc. (b). . . . . . . . . . . . 35,700 337,365
Dollar Tree Stores, Inc. (b). . . . . . 44,650 1,416,745
Fastenal Co.. . . . . . . . . . . . . . 29,600 1,004,624
Longs Drug Stores Corp. . . . . . . . . 14,600 242,360
Michael's Stores, Inc. (b). . . . . . . 26,000 989,560
Nieman Marcus Group, Inc. (b) . . . . . 18,500 677,100
Payless Shoesource, Inc. (b). . . . . . 26,500 331,250
PETsMART, Inc. (b). . . . . . . . . . . 54,900 915,183
Pier 1 Imports, Inc.. . . . . . . . . . 35,000 714,000
Ross Stores, Inc. . . . . . . . . . . . 30,100 1,286,474
Ruddick Corp. . . . . . . . . . . . . . 18,200 286,104
Saks, Inc. (b). . . . . . . . . . . . . 55,600 539,320
Tech Data Corp. (b) . . . . . . . . . . 22,100 590,291
Williams Sonoma, Inc. (b) . . . . . . . 44,900 1,311,080
-----------
17,643,967
-----------
SECURITY SERVICES (0.1%)
The Brinks Co.. . . . . . . . . . . . . 21,200 308,884
-----------
SEMICONDUCTORS (0.3%)
Fairchild Semiconductor International,
Inc. (b). . . . . . . . . . . . . . . . 45,600 583,224
Silicon Laboratories, Inc. (b). . . . . 19,100 508,824
-----------
1,092,048
-----------
SHIPPING/TRANSPORTATION (2.0%)
Airborne, Inc.. . . . . . . . . . . . . 18,900 395,010
Alexander & Baldwin, Inc. . . . . . . . 16,100 427,133
CNF Transportation, Inc.. . . . . . . . 19,300 489,834
EGL, Inc. (b) . . . . . . . . . . . . . 18,400 279,680
Expeditors International of
Washington, Inc.. . . . . . . . . . . . 40,800 1,413,312
GATX Corp.. . . . . . . . . . . . . . . 19,100 312,285
J.B. Hunt Transport Services, Inc. (b). 15,400 581,350
Overseas Shipholding Group, Inc.. . . . 13,400 294,934
Robinson (C.H.) Worldwide, Inc. . . . . 32,900 1,169,924
Swift Transportation Co., Inc. (b). . . 32,400 603,288
Werner Enterprises, Inc.. . . . . . . . 24,900 527,880
-----------
6,494,630
-----------
TEXTILES (0.0%)
Unifi, Inc. (b) . . . . . . . . . . . . 21,000 130,200
-----------
UTILITIES (7.2%)
AGL Resources, Inc. . . . . . . . . . . 24,700 628,368
Allete, Inc.. . . . . . . . . . . . . . 33,600 892,080
Alliant Energy Corp.. . . . . . . . . . 36,200 688,886
Aquila, Inc.. . . . . . . . . . . . . . 75,800 195,564
Black Hills Corp. . . . . . . . . . . . 12,500 383,750
DPL, Inc. . . . . . . . . . . . . . . . 49,400 787,436
DQE, Inc. . . . . . . . . . . . . . . . 29,200 440,044
Energy East Corp. . . . . . . . . . . . 56,800 1,179,168
Equitable Resources, Inc. . . . . . . . 24,400 994,056
Great Plains Energy, Inc. . . . . . . . 27,000 779,760
Hawaiian Electric Industries, Inc.. . . 14,500 664,825
Idacorp, Inc. . . . . . . . . . . . . . 14,900 391,125
MDU Resources Group, Inc. . . . . . . . 29,000 971,210
National Fuel Gas Co. . . . . . . . . . 31,500 820,575
Northeast Utilities . . . . . . . . . . 51,900 868,806
Nstar . . . . . . . . . . . . . . . . . 20,700 942,885
Oklahoma Gas & Electric Co. . . . . . . 30,900 660,333
Oneok, Inc. . . . . . . . . . . . . . . 29,200 573,196
Pepco Holdings, Inc.. . . . . . . . . . 66,538 1,274,868
Philadelphia Suburban Corp. . . . . . . 26,600 648,508
- --------------------------------------------------------------------------------
68
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ---------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------
COMMON STOCKS (CONTINUED)
UTILITIES (CONTINUED)
PNM, Inc. . . . . . . . . . . . 15,300 $ 409,275
Puget Energy, Inc.. . . . . . . 36,600 873,642
Questar Corp. . . . . . . . . . 32,200 1,077,734
Scana Corp. . . . . . . . . . . 43,200 1,480,896
Sierra Pacific Resources (b). . 45,700 271,458
Vectren, Inc. . . . . . . . . . 26,600 666,330
Westar Energy, Inc. . . . . . . 28,100 456,063
Western Gas Resources, Inc. . . 12,900 510,840
WGL Holdings, Inc.. . . . . . . 19,000 507,300
Wisconsin Energy Corp.. . . . . 45,400 1,316,600
WPS Resources Corp. . . . . . . 12,600 506,520
-----------
22,862,101
-----------
WASTE DISPOSAL (0.6%)
Republic Services, Inc. (b) . . 62,500 1,416,875
Stericycle, Inc. (b). . . . . . 15,900 611,832
-----------
2,028,707
-----------
TOTAL COMMON STOCKS 311,791,173
-----------
- ---------------------------------------------------------
SECURITY DESCRIPTION. . . . . . PRINCIPAL VALUE
- ---------------------------------------------------------
U.S. TREASURY BILL (0.1%)
0.82%, 09/25/03 (c) . . . . . . $ 420,000 $ 419,139
-----------
TOTAL U.S. TREASURY BILL 419,139
-----------
TOTAL INVESTMENTS
(COST $330,643,767) (A) - 98.3% 312,210,312
OTHER ASSETS IN
EXCESS OF LIABILITIES - 1.7% 5,450,705
-----------
NET ASSETS - 100.0% $317,661,017
-----------
-----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
(c) Pledged as collateral for futures.
AT JUNE 30, 2003, THE FUND'S OPEN FUTURES CONTRACTS WERE AS FOLLOWS:
MARKET
VALUE UNREALIZED
NUMBER OF LONG COVERED BY APPRECIATION
CONTRACTS CONTRACTS EXPIRATION CONTRACTS (DEPRECIATION)
- ------------------------------------------------------------------
25 S&P Midcap 400 9/18/03 $6,002,500 $(77,075)
See notes to financial statements.
- --------------------------------------------------------------------------------
69
GARTMORE VARIABLE INSURANCE TRUST
TURNER GVIT GROWTH FOCUS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (96.1%)
CHEMICALS (3.8%)
Air Products & Chemicals, Inc. . . . . 8,210 $ 341,536
----------
COMMUNICATIONS EQUIPMENT (9.1%)
Nokia Corp. ADR - FI . . . . . . . . . 26,000 427,180
Nortel Networks Corp. ADR - CA (b) . . 147,890 399,303
----------
826,483
----------
CONSUMER DISCRETIONARY (10.2%)
InterActiveCorp, Inc. (b). . . . . . . 12,600 498,582
Yahoo!, Inc. (b) . . . . . . . . . . . 12,900 422,605
----------
921,187
----------
ENERGY (5.1%)
Apache Corp. . . . . . . . . . . . . . 7,070 459,974
----------
FINANCIAL SERVICES (4.1%)
Schwab (Charles) Corp. . . . . . . . . 37,070 374,036
----------
INSURANCE (4.5%)
American International Group, Inc. . . 7,430 409,987
----------
MEDICAL (8.8%)
MedImmune, Inc. (b). . . . . . . . . . 11,520 418,982
Medtronic, Inc.. . . . . . . . . . . . 7,770 372,727
----------
791,709
----------
MOTORCYCLES (4.7%)
Harley-Davidson, Inc.. . . . . . . . . 10,640 424,110
----------
MULTI-MEDIA (12.8%)
Clear Channel Communications, Inc. (b) 8,820 373,880
Univision Communications, Inc. (b) . . 12,320 374,528
Viacom, Inc. Class B (b) . . . . . . . 9,350 408,221
----------
1,156,629
----------
PRODUCER DURABLES (9.9%)
Applied Materials, Inc. (b). . . . . . 28,340 $ 449,472
KLA-Tencor Corp. (b) . . . . . . . . . 9,640 448,164
----------
897,636
----------
SEMICONDUCTORS (23.1%)
Analog Devices, Inc. (b) . . . . . . . 13,110 456,490
Intel Corp.. . . . . . . . . . . . . . 26,260 545,788
Micron Technology, Inc. (b). . . . . . 26,050 302,962
Taiwan Semiconductor Manufacturing
Co. Ltd. ADR - TW (b). . . . . . . . . 38,770 390,802
Texas Instruments, Inc.. . . . . . . . 21,870 384,912
----------
2,080,954
----------
TOTAL COMMON STOCKS 8,684,241
----------
TOTAL INVESTMENTS
(COST $8,211,921) (A) - 96.1% 8,684,241
OTHER ASSETS IN EXCESS
OF LIABILITIES - 3.9% 354,911
----------
NET ASSETS - 100.0% $9,039,152
----------
----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
CA Canada
FI Finland
TW Taiwan
See notes to financial statements.
- --------------------------------------------------------------------------------
70
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
COMMON STOCKS (102.7%)
FINLAND (0.6%)
TELECOM EQUIPMENT (0.6%)
Nokia Corp. ADR. . . . . . . . . . . . . 8,600 $ 141,298
------------
UNITED KINGDOM (0.9%)
TELECOM EQUIPMENT (0.9%)
Vodafone Group PLC ADR . . . . . . . . . 11,800 231,870
------------
UNITED STATES (101.2%)
BUSINESS SERVICES (1.5%)
Overture Services, Inc. (b). . . . . . . 20,400 369,852
------------
COMMERCIAL SERVICES (0.9%)
Iron Mountain, Inc. (b). . . . . . . . . 5,900 218,831
------------
COMPUTER EQUIPMENT (2.9%)
ATI Technologies, Inc. (b) . . . . . . . 24,000 244,800
Synaptics, Inc. (b). . . . . . . . . . . 35,000 471,100
------------
715,900
------------
COMPUTER HARDWARE (10.7%)
Apple Computer, Inc. (b) . . . . . . . . 37,600 718,912
Dell Computer Corp. (b). . . . . . . . . 10,180 325,353
EMC Corp. (b). . . . . . . . . . . . . . 83,700 876,339
International Business Machines Corp.. . 2,300 189,750
Maxtor Corp. (b) . . . . . . . . . . . . 70,800 531,708
------------
2,642,062
------------
COMPUTER SERVICES (7.0%)
Ascential Software Corp. (b) . . . . . . 11,500 189,060
Ask Jeeves, Inc. (b) . . . . . . . . . . 26,200 360,250
CNET Networks, Inc. (b). . . . . . . . . 48,500 302,155
Cognizant Technology Solutions Corp. (b) 9,200 224,112
Yahoo, Inc. (b). . . . . . . . . . . . . 19,600 642,096
------------
1,717,673
------------
COMPUTER SOFTWARE (23.4%)
Computer Associates International, Inc.. 24,300 541,404
Electronic Arts, Inc. (b). . . . . . . . 11,070 819,069
Hewlett Packard Co.. . . . . . . . . . . 45,700 973,411
Microsoft Corp.. . . . . . . . . . . . . 38,000 973,180
Oracle Corp. (b) . . . . . . . . . . . . 49,700 597,394
Seagate Technology (b) . . . . . . . . . 21,200 374,180
Storagenetworks, Inc. (b). . . . . . . . 262,200 364,458
Unisys Corp. (b) . . . . . . . . . . . . 22,300 273,844
VERITAS Software Corp. (b) . . . . . . . 28,900 828,563
------------
5,745,503
------------
COMPUTERS - INTEGRATED SYSTEMS (2.9%)
Cisco Systems, Inc. (b). . . . . . . . . 35,100 585,819
RadiSys Corp. (b). . . . . . . . . . . . 10,400 137,280
------------
723,099
------------
CONSULTING SERVICES (2.0%)
Accenture Ltd. (b) . . . . . . . . . . . 26,600 481,194
------------
DATA PROCESSING & REPRODUCTION (2.3%)
First Data Corp. . . . . . . . . . . . . 13,360 553,638
------------
E - COMMERCE (8.3%)
Amazon.com, Inc. (b) . . . . . . . . . . 13,400 488,966
InterActiveCorp, Inc. (b). . . . . . . . 29,200 1,155,444
Priceline.com, Inc. (b). . . . . . . . . 18,017 403,393
------------
2,047,803
------------
ELECTRONIC COMPONENTS (5.0%)
Agere Sysems, Inc. Class A (b) . . . . . 223,000 519,590
Intel Corp.. . . . . . . . . . . . . . . 34,600 719,126
------------
1,238,716
------------
MACHINERY/ PRINT TRADE (1.9%)
Zebra Technologies Corp. Class A (b) . . 6,100 458,659
------------
MULTIMEDIA (3.0%)
AOL Time Warner (b). . . . . . . . . . . 24,900 400,641
Macrovision Corp. (b). . . . . . . . . . 16,500 328,680
------------
729,321
------------
NETWORKING PRODUCTS (5.5%)
Enterasys Networks, Inc. (b) . . . . . . 148,500 449,955
Juniper Networks, Inc. (b) . . . . . . . 51,800 640,766
Polycom, Inc. (b). . . . . . . . . . . . 18,400 255,024
------------
1,345,745
------------
SEMICONDUCTORS (13.1%)
Applied Materials, Inc. (b). . . . . . . 30,800 488,488
Broadcom Corp. Class A (b) . . . . . . . 8,600 214,226
GlobespanVirata, Inc. (b). . . . . . . . 90,500 746,625
Intersil Corp. Class A (b) . . . . . . . 18,700 497,607
Marvel Technology Group Ltd. (b) . . . . 14,400 494,928
Rudolph Technologies, Inc. (b) . . . . . 21,200 338,352
Sigma Designs, Inc. (b). . . . . . . . . 41,600 451,776
------------
3,232,002
------------
TELECOM EQUIPMENT (4.8%)
Avanex Corp. (b) . . . . . . . . . . . . 24,800 99,200
Comverse Technology, Inc. (b). . . . . . 29,100 437,373
Corning, Inc. (b). . . . . . . . . . . . 44,100 325,899
Tellabs, Inc. (b). . . . . . . . . . . . 48,600 319,302
------------
1,181,774
------------
TELECOM SERVICES (2.5%)
Amdocs Ltd. (b). . . . . . . . . . . . . 10,100 242,400
EchoStar Communications Corp.
Class A (b). . . . . . . . . . . . . . . 3,400 117,708
NII Holdings, Inc. Class B (b) . . . . . 6,800 260,236
------------
620,344
------------
WIRELESS EQUIPMENT (3.5%)
Motorola, Inc. . . . . . . . . . . . . . 54,275 511,813
QUALCOMM, Inc. . . . . . . . . . . . . . 10,000 357,500
------------
869,313
------------
24,891,429
------------
TOTAL COMMON STOCKS 25,264,597
------------
TOTAL INVESTMENTS
(COST $24,174,833) (A) - 102.7% 25,264,597
LIABILITIES IN EXCESS
OF OTHER ASSETS - (2.7)% (662,127)
------------
NET ASSETS - 100.0% $24,602,470
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
See notes to financial statements.
- --------------------------------------------------------------------------------
71
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- -------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------------
COMMON STOCKS (97.2%)
DRUGS (56.0%)
Amgen, Inc. (b). . . . . . . . . . . . . 33,750 $ 2,242,350
Angiotech Pharmaceuticals, Inc. (b). . . 12,500 509,250
Eli Lilly & Co.. . . . . . . . . . . . . 25,330 1,747,010
Eon Labs, Inc. (b) . . . . . . . . . . . 7,570 266,086
GlaxoSmithKline PLC ADR-UK . . . . . . . 7,080 287,023
Ligand Pharmaceuticals, Inc. (b) . . . . 29,090 395,333
McKesson Corp. . . . . . . . . . . . . . 19,340 691,212
Merck & Co., Inc.. . . . . . . . . . . . 39,110 2,368,110
Mylan Laboratories, Inc. . . . . . . . . 22,280 774,676
Penwest Pharmaceuticals Co. (b). . . . . 27,080 659,940
Pfizer, Inc. . . . . . . . . . . . . . . 70,688 2,413,994
Pharmaceutical Resources, Inc. (b) . . . 14,100 686,106
POZEN Inc. (b) . . . . . . . . . . . . . 34,940 383,641
Shire Pharmaceuticals Group PLC (b). . . 9,200 181,240
Teva Pharmaceutical Industries Ltd.
ADR-IL . . . . . . . . . . . . . . . . . 11,600 660,388
Watson Pharmaceutical, Inc. (b). . . . . 27,340 1,103,716
Wyeth. . . . . . . . . . . . . . . . . . 36,050 1,642,078
-----------
17,012,153
-----------
INSURANCE (11.6%)
Anthem, Inc. (b) . . . . . . . . . . . . 13,530 1,043,840
UnitedHealth Group, Inc. . . . . . . . . 23,720 1,191,929
Wellchoice, Inc. (b) . . . . . . . . . . 17,460 511,229
WellPoint Health Networks, Inc. (b). . . 9,270 781,461
-----------
3,528,459
-----------
MEDICAL INSTRUMENTS (7.2%)
Boston Scientific Corp. (b). . . . . . . 11,280 689,209
Guidant Corp.. . . . . . . . . . . . . . 14,370 637,884
Hologic, Inc. (b). . . . . . . . . . . . 5,800 76,444
Intuitive Surgical, Inc. (b) . . . . . . 23,650 179,267
Kyphon, Inc. (b) . . . . . . . . . . . . 14,870 224,834
PerkinElmer, Inc.. . . . . . . . . . . . 27,790 383,780
-----------
2,191,418
-----------
MEDICAL PRODUCTS (10.1%)
Advanced Medical Optics, Inc. (b). . . . 224 3,819
Alaris Medical, Inc. (b) . . . . . . . . 33,690 436,286
Baxter International, Inc. . . . . . . . 26,410 686,660
Medtronic, Inc.. . . . . . . . . . . . . 25,840 1,239,544
Thermo Electron Corp. (b). . . . . . . . 16,840 353,977
Wilson Greatbatch Technologies, Inc. (b) 9,950 359,195
-----------
3,079,481
-----------
THERAPEUTICS (10.7%)
Amylin Pharmaceuticals, Inc. (b) . . . . 6,620 144,912
Genentech, Inc. (b). . . . . . . . . . . 12,480 900,058
Gilead Sciences, Inc. (b). . . . . . . . 11,810 656,400
MGI Pharma, Inc. (b) . . . . . . . . . . 5,500 140,965
Neurocrine Biosciences, Inc. (b) . . . . 5,880 293,647
NPS Pharmaceuticals, Inc. (b). . . . . . 17,220 419,135
United Therapeutics Corp. (b). . . . . . 31,980 696,524
-----------
3,251,641
-----------
VETERINARY DIAGNOSTICS (1.6%)
VCA Antech, Inc. (b) . . . . . . . . . . 24,090 471,441
-----------
TOTAL COMMON STOCKS 29,534,593
-----------
TOTAL INVESTMENTS
(COST $27,257,432) (A) - 97.2% 29,534,593
OTHER ASSETS IN EXCESS
OF LIABILITIES - 2.8% 860,268
-----------
NET ASSETS - 100.0% $30,394,861
-----------
-----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
IL Israel
UK United Kingdom
See notes to financial statements.
- --------------------------------------------------------------------------------
72
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT NATIONWIDE LEADERS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------
COMMON STOCKS (99.2%)
AIRLINES (4.2%)
JetBlue Airways Corp. (b). . . . . . . 8,200 $ 346,778
----------
BROADCAST MEDIA/CABLE TELEVISION (8.0%)
AOL Time Warner, Inc. (b). . . . . . . 16,000 257,440
EchoStar Communications Corp. (b). . . 11,700 405,054
----------
662,494
----------
CAPITAL GOODS (5.3%)
Eaton Corp.. . . . . . . . . . . . . . 5,570 437,858
----------
CHEMICALS (2.5%)
Air Products & Chemicals, Inc. . . . . 5,000 208,000
----------
COMPUTER EQUIPMENT (3.7%)
Hewlett-Packard Co.. . . . . . . . . . 14,200 302,460
----------
COMPUTER SERVICES (3.3%)
InterActive Corp. (b). . . . . . . . . 6,800 269,076
----------
CONGLOMERATES (3.4%)
3M Co. . . . . . . . . . . . . . . . . 2,200 283,756
----------
CONSTRUCTION & BUILDING MATERIALS (3.0%)
Lennar Corp. . . . . . . . . . . . . . 3,500 250,250
----------
FINANCIAL SERVICES (10.0%)
Fannie Mae . . . . . . . . . . . . . . 5,600 377,664
Goldman Sachs Group, Inc. (The). . . . 5,300 443,875
----------
821,539
----------
FOOD & BEVERAGE (4.0%)
PepsiCo, Inc.. . . . . . . . . . . . . 7,500 333,750
----------
HEALTHCARE (12.2%)
Boston Scientific Corp. (b). . . . . . 4,701 287,231
St. Jude Medical, Inc. (b) . . . . . . 4,694 269,905
UnitedHealth Group, Inc. . . . . . . . 8,800 442,200
----------
999,336
----------
INSURANCE (4.1%)
Allstate Corp. (The) . . . . . . . . . 9,500 338,675
----------
OIL & GAS (2.8%)
Apache Corp. . . . . . . . . . . . . . 3,600 234,216
----------
PHARMACEUTICALS (8.5%)
Mylan Laboratories, Inc. . . . . . . . 8,000 278,160
Pfizer, Inc. . . . . . . . . . . . . . 12,279 419,328
----------
697,488
----------
RAILROADS (4.3%)
Norfolk Southern Corp. . . . . . . . . 18,400 353,280
----------
SEMICONDUCTORS (3.5%)
Intel Corp.. . . . . . . . . . . . . . 14,000 290,976
----------
STEEL (5.2%)
Nucor Corp.. . . . . . . . . . . . . . 8,700 424,995
----------
TRANSPORTATION (2.9%)
J.B. Hunt Transport Services, Inc. (b) 6,365 240,279
----------
TRAVEL (3.6%)
Royal Caribbean Cruises Ltd. . . . . . 12,900 298,764
----------
UTILITIES (4.7%)
Dominion Resources, Inc. . . . . . . . 6,030 387,548
----------
TOTAL COMMON STOCKS 8,181,518
----------
TOTAL INVESTMENTS
(COST $7,648,310) (A) - 99.2% 8,181,518
OTHER ASSETS IN EXCESS
OF LIABILITIES - 0.8% 66,219
----------
NET ASSETS - 100.0% $8,247,737
----------
----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
See notes to financial statements.
- --------------------------------------------------------------------------------
73
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (101.9%)
BRAZIL (11.5%)
AEROSPACE & DEFENSE (0.7%)
Empresa Brasiliera de Aeronautica
SA ADR . . . . . . . . . . . . . . . . 9,800 $ 187,180
----------
BANKING (2.3%)
Banco Bradesco SA ADR. . . . . . . . . 4,800 89,664
Uniao de Bancos Brasileiros SA GDR . . 30,462 522,728
----------
612,392
----------
BEVERAGES (0.7%)
Companhia de Bebidas
das Americas ADR . . . . . . . . . . . 8,600 175,010
----------
ELECTRIC UTILITY (1.0%)
Centrais Eletricas Brasileiras SA. . . 18,748,600 144,421
Companhia Energetica
de Minas Gerais. . . . . . . . . . . . 11,500,000 105,821
Companhia Energetica
de Minas Gerais ADR. . . . . . . . . . 1,100 10,153
----------
260,395
----------
MINING (0.7%)
Cia Vale Do Rio Doce ADR . . . . . . . 7,200 199,800
----------
OIL & GAS (1.6%)
Petroleo Brasileiro SA ADR . . . . . . 24,619 437,233
----------
PAPER PRODUCTS (1.0%)
Votorantim Celulose ADR. . . . . . . . 13,700 264,958
----------
STEEL (1.0%)
Gerdau SA ADR. . . . . . . . . . . . . 22,260 261,555
----------
TELECOMMUNICATIONS (2.5%)
Tele Norte Leste Participacoes SA ADR. 20,550 240,024
Telesp Celular Participacoes SA ADR. . 112,900 440,310
----------
680,334
----------
3,078,857
----------
CHINA (3.5%)
METALS (0.5%)
Aluminum Corp. of China Ltd. . . . . . 629,000 140,349
----------
OIL & GAS (1.9%)
CNOOC Ltd. . . . . . . . . . . . . . . 303,000 446,836
Sinopec Shanghai Petrochemical
Co. Ltd. . . . . . . . . . . . . . . . 384,000 74,849
----------
521,685
----------
STEEL (0.5%)
Angang New Steel Co. Ltd.. . . . . . . 554,000 122,904
----------
TRANSPORTATION (0.6%)
China Shipping Development Co. Ltd.. . 462,000 164,404
----------
949,342
----------
CZECHOSLOVAKIA (0.7%)
TELECOMMUNICATIONS (0.7%)
Cesky Telecom SA . . . . . . . . . . . 18,500 190,013
----------
HONG KONG (4.5%)
AUTOMOBILE (1.2%)
Denway Motors Ltd. . . . . . . . . . . 712,000 321,846
----------
BEVERAGES (0.6%)
Harbin Brewery Group Ltd. (b). . . . . 510,000 170,040
----------
ELECTRIC UTILITY (0.7%)
Huaneng Power International, Inc.. . . 156,000 178,042
----------
OIL & GAS (0.8%)
China Petroleum & Chemical Corp. . . . 886,000 212,463
----------
TELECOMMUNICATIONS (1.0%)
China Mobile Ltd.. . . . . . . . . . . 110,000 259,549
----------
TRANSPORTATION (0.2%)
China Merchants Holdings
International Co. Ltd. . . . . . . . . 66,000 58,822
----------
1,200,762
----------
HUNGARY (1.4%)
PHARMACEUTICALS (1.4%)
Gedeon Richter GDR (b) . . . . . . . . 5,100 362,100
----------
INDIA (2.7%)
FINANCIAL SERVICES (0.9%)
ICICI Bank Ltd. ADR (b). . . . . . . . 34,476 250,641
----------
PHARMACEUTICALS (1.6%)
Ranbaxy Laboratories Ltd. GDR. . . . . 20,940 404,770
----------
SOFTWARE & COMPUTER SERVICES (0.2%)
Infosys Technologies Ltd. ADR. . . . . 1,100 59,015
----------
714,426
----------
INDONESIA (2.6%)
AUTOMOBILE (0.2%)
PT Astra International, Inc. (b) . . . 93,384 40,466
----------
BANKING (1.3%)
PT Bank Mandiri (b). . . . . . . . . . 567,000 46,391
PT Bank Pan Indonesia (b). . . . . . . 8,699,500 326,890
----------
373,281
----------
TELECOMMUNICATIONS (1.1%)
PT Telekomunikasi Indonesia. . . . . . 521,000 292,076
----------
705,823
----------
ISRAEL (5.0%)
COMPUTER HARDWARE (2.2%)
M-Systems Flash Disk Pioneer Ltd. (b). 52,499 584,314
----------
INTERNET SECURITY (1.6%)
Check Point Software Technologies
Ltd. (b) . . . . . . . . . . . . . . . 21,600 422,280
----------
PHARMACEUTICALS (1.2%)
Agis Industries Ltd. . . . . . . . . . 2,600 54,297
Teva Pharmaceutical Industries Ltd.
ADR 4,700 267,571
----------
321,868
----------
1,328,462
----------
- --------------------------------------------------------------------------------
74
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------
COMMON STOCKS (CONTINUED)
KOREA (21.2%)
AUTOMOBILE (1.7%)
Hyundai Motor Co. Ltd.. . . . . . . . 10,700 $ 283,065
Ssangyong Motor Co. (b) . . . . . . . 29,670 161,452
----------
444,517
----------
BANKING (2.7%)
Hana Bank . . . . . . . . . . . . . . 16,500 156,781
Shinhan Financial Group Co. Ltd. GDR. 27,400 570,742
----------
727,523
----------
CHEMICALS (1.9%)
Honam Petrochemical Corp. . . . . . . 5,600 164,554
Hyosung Corp. . . . . . . . . . . . . 12,100 130,674
LG Petrochemical Co. Ltd. . . . . . . 12,200 216,015
----------
511,243
----------
COMPUTER HARDWARE (0.4%)
Kortek Corp.. . . . . . . . . . . . . 21,400 115,555
----------
CONSTRUCTION (0.5%)
Daelim Industrial Co. Ltd.. . . . . . 7,100 123,633
----------
ELECTRONICS (8.2%)
LG Electronics, Inc.. . . . . . . . . 9,300 387,727
Samsung Electronics GDR . . . . . . . 25,540 1,831,217
----------
2,218,944
----------
SHIPBUILDING (0.5%)
Daewoo Shipbuilding & Marine
Engineering Co. Ltd. (b). . . . . . . 11,950 101,043
Samsung Heavy Industries Co. Ltd. . . 10,500 42,105
----------
143,148
----------
STEEL (1.7%)
Dongkuk Steel Mill Co. Ltd. . . . . . 31,000 135,730
POSCO ADR . . . . . . . . . . . . . . 12,300 322,137
----------
457,867
----------
TELECOMMUNICATIONS (1.7%)
KT Corp.. . . . . . . . . . . . . . . 4,480 175,149
SK Telecom Co. Ltd. . . . . . . . . . 1,630 278,376
----------
453,525
----------
TRANSPORTATION (1.9%)
Hanjin Shipping Co. Ltd.. . . . . . . 40,600 333,773
Korean Air Co. Ltd. . . . . . . . . . 14,900 170,892
----------
504,665
----------
5,700,620
----------
MALAYSIA (2.3%)
BANKING (0.9%)
Malayan Banking Berhad. . . . . . . . 113,500 256,869
----------
OIL & GAS (0.9%)
Petronas Dagangan Berhad. . . . . . . 150,000 242,763
----------
TELECOMMUNICATIONS (0.5%)
Maxis Communications Berhad . . . . . 85,900 128,850
----------
628,482
----------
MEXICO (11.3%)
BUILDING PRODUCTS (1.0%)
Cemex SA de CV ADR. . . . . . . . . . 11,747 261,841
----------
CABLE TELEVISION/PROGRAMMING (1.7%)
TV Azteca SA de CV ADR. . . . . . . . 69,000 448,500
----------
CONSTRUCTION (0.9%)
Consorcio ARA SA de CV (b). . . . . . 122,700 244,246
----------
DIVERSIFIED (1.5%)
Alfa SA Class A . . . . . . . . . . . 80,400 161,587
Grupo IMSA SA de CV ADR . . . . . . . 18,600 239,940
----------
401,527
----------
FINANCIAL SERVICES (1.9%)
Grupo Financiero Banorte SA de CV . . 181,500 513,646
----------
MINING (0.9%)
Grupo Mexico SA Class B (b) . . . . . 156,000 239,447
----------
RETAIL (1.8%)
Grupo Elektra SA de CV ADR. . . . . . 21,950 269,766
Organizacion Soriana SA de CV (b) . . 104,100 217,707
----------
487,473
----------
TELECOMMUNICATIONS (1.6%)
America Movil SA de CV ADR. . . . . . 8,617 161,569
Telefonos de Mexico ADR . . . . . . . 8,300 260,786
----------
422,355
----------
3,019,035
----------
POLAND (0.6%)
PETROLEUM (0.6%)
Polski Koncern Naftowy Orlen SA GDR . 15,500 150,970
----------
RUSSIA (8.0%)
ELECTRIC UTILITY (0.6%)
RAO Unified Energy System GDR . . . . 5,800 153,062
----------
MINING (0.5%)
JSC MMC Norilsk Nickel ADR. . . . . . 4,173 144,594
----------
OIL & GAS (6.7%)
OAO Gazprom ADR . . . . . . . . . . . 34,400 644,312
Surgutneftegaz ADR. . . . . . . . . . 36,600 760,548
YUKOS ADR . . . . . . . . . . . . . . 6,875 382,938
----------
1,787,798
----------
TELECOMMUNICATIONS (0.2%)
Rostelecom Sponsored ADR. . . . . . . 4,300 44,505
----------
2,129,959
----------
SOUTH AFRICA (7.8%)
BANKING (1.2%)
ABSA Group Ltd. . . . . . . . . . . . 47,673 223,066
Nedcor Ltd. . . . . . . . . . . . . . 9,100 108,449
----------
331,515
----------
DIVERSIFIED (0.5%)
Nampak Ltd. . . . . . . . . . . . . . 80,000 129,427
----------
- --------------------------------------------------------------------------------
75
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT EMERGING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOUTH AFRICA (CONTINUED)
INSURANCE (0.6%)
Old Mutual PLC. . . . . . . . . . . . 114,000 $ 167,736
------------
MINING (5.0%)
Anglo American PLC. . . . . . . . . . 29,995 462,866
AngloGold Ltd.. . . . . . . . . . . . 8,326 262,751
Impala Platinum Holdings Ltd. . . . . 6,899 409,714
Kumba Resources Ltd.. . . . . . . . . 42,000 168,336
------------
1,303,667
------------
OIL & GAS (0.5%)
Sasol Ltd.. . . . . . . . . . . . . . 12,931 143,860
------------
2,076,205
------------
TAIWAN (12.0%)
AUDIO/VIDEO PRODUCTS (0.2%)
Action Electronics Co. Ltd. . . . . . 51,000 51,133
------------
BANKING (0.6%)
Mega Financial Holding Co. Ltd. (b) . 315,000 148,353
------------
CHEMICALS (0.9%)
Formosa Plastic Corp. . . . . . . . . 138,000 192,187
Nan Ya Plastic Corp.. . . . . . . . . 44,760 48,498
------------
240,685
------------
COMPUTER HARDWARE (3.0%)
Advantech Co. Ltd.. . . . . . . . . . 51,000 73,678
Asustek Computer, Inc.. . . . . . . . 93,000 235,120
Compal Electronics, Inc. GDR. . . . . 78,800 527,172
------------
835,970
------------
ELECTRONICS (2.4%)
AU Optronics Corp. (b). . . . . . . . 161,000 111,644
AU Optronics Corp. ADR (b). . . . . . 23,400 161,928
Pro Mos Technologies, Inc. GDR (b). . 46,000 186,760
United Microelectronics Corp. ADR (b) 46,000 172,500
------------
632,832
------------
SEMICONDUCTORS (2.7%)
Advanced Semiconductor Engineering,
Inc. (b). . . . . . . . . . . . . . . 172,000 102,375
Taiwan Semiconductor Manufacturing
Co. Ltd. (b). . . . . . . . . . . . . 327,000 538,544
Taiwan Semiconductor Manufacturing
Co. Ltd. ADR (b). . . . . . . . . . . 8,300 83,664
------------
724,583
------------
TELECOMMUNICATIONS (0.4%)
Chunghwa Telecom Co. Ltd. . . . . . . 74,000 109,044
------------
TEXTILES (0.7%)
Far Eastern Textile Ltd.. . . . . . . 515,000 198,649
------------
TRANSPORTATION (1.1%)
Yang Ming Marine Transport (b). . . . 428,000 284,426
------------
3,225,675
------------
THAILAND (3.9%)
BUILDING PRODUCTS (0.9%)
The Siam Cement Public Co. Ltd. (c) . 62,400 249,363
------------
ELECTRIC UTILITY (0.2%)
Ratchaburi Electricity Generating
Holding Public Co. Ltd. (c) . . . . . 87,000 56,910
------------
FINANCIAL SERVICES (2.8%)
Siam Commercial Bank Public Co.
Ltd. (b) (c). . . . . . . . . . . . . 850,600 728,392
------------
1,034,665
------------
TURKEY (2.9%)
AUTOMOTIVE (0.3%)
Ford Otomotiv Sanayii AS (b). . . . . 6,925,000 85,967
------------
BANKING (2.1%)
Turkiye Garanti Bankasi AS (b). . . . 405,668,200 549,379
------------
FINANCIAL SERVICES (0.5%)
Sabanci Holding AS. . . . . . . . . . 55,094,000 132,125
------------
767,471
------------
TOTAL COMMON STOCKS 27,262,867
------------
TOTAL INVESTMENTS
(COST $24,744,146) (A) - 101.9% 27,262,867
LIABILITIES IN EXCESS
OF OTHER ASSETS - (1.9)% (495,281)
------------
NET ASSETS - 100.0% $26,767,586
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
(c) Foreign shares.
ADR American Depositary Receipt
GDR Global Depositary Receipt
AT JUNE 30, 2003, THE FUND'S OPEN FORWARD FOREIGN CURRENCY CONTRACTS WERE AS
FOLLOWS:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- -----------------------------------------------------------------
SHORT CONTRACTS:
South African Rand 7/1/03 $ 87,323 $ 90,637 $ (3,314)
South African Rand 7/2/03 79,619 80,658 (1,039)
Thai Baht. . . . . 7/2/03 33,591 33,327 264
Thai Baht. . . . . 7/3/03 52,724 52,699 25
- -----------------------------------------------------------------
TOTAL SHORT CONTRACTS $ 253,257 $257,321 $ (4,064)
- -----------------------------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
76
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INTERNATIONAL GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------
COMMON STOCKS (96.1%)
AUSTRALIA (4.4%)
BANKING (2.1%)
National Australia Bank Ltd. . . . . . . 5,000 $112,333
Westpac Banking Corp.. . . . . . . . . . 9,900 107,891
--------
220,224
--------
INSURANCE (0.5%)
AMP Ltd. . . . . . . . . . . . . . . . . 15,500 51,664
--------
MULTI-MEDIA (0.7%)
The News Corp. Ltd.. . . . . . . . . . . 9,700 72,859
--------
TELECOMMUNICATIONS (1.1%)
Telstra Corp. Ltd. . . . . . . . . . . . 37,800 111,543
--------
456,290
--------
BRAZIL (2.1%)
AEROSPACE/DEFENSE (1.1%)
Empresa Brasiliera de Aeronautica
SA ADR . . . . . . . . . . . . . . . . . 6,300 120,330
--------
BANKING (0.4%)
Unibanco - Uniao de Bancos
Brasileiros SA GDR . . . . . . . . . . . 2,400 41,184
--------
BREWERY (0.6%)
Companhia de Bebidas
das Americas ADR . . . . . . . . . . . . 2,900 59,015
--------
220,529
--------
CANADA (3.5%)
BANKING (1.3%)
Royal Bank Of Canada . . . . . . . . . . 3,200 135,136
--------
OIL & GAS (2.2%)
Petro-Canada . . . . . . . . . . . . . . 3,200 127,082
Suncor Energy, Inc.. . . . . . . . . . . 5,700 106,302
--------
233,384
--------
368,520
--------
FINLAND (3.4%)
OIL & GAS (1.4%)
Fortum Oyj . . . . . . . . . . . . . . . 17,800 142,676
--------
TELECOMMUNICATIONS (2.0%)
Nokia Oyj. . . . . . . . . . . . . . . . 12,912 212,626
--------
355,302
--------
FRANCE (3.3%)
BANKING (0.6%)
Societe Generale . . . . . . . . . . . . 1,000 63,389
--------
OIL & GAS (0.9%)
Total Fina Elf SA. . . . . . . . . . . . 589 89,011
--------
TELECOMMUNICATIONS (1.4%)
Alcatel SA . . . . . . . . . . . . . . . 17,100 154,149
--------
UTILITIES (0.4%)
Suez SA. . . . . . . . . . . . . . . . . 2,700 42,974
--------
349,523
--------
GERMANY (9.0%)
AUTOMOTIVE (1.6%)
Bayerische Motoren Werke AG. . . . . . . 2,351 90,307
Porsche AG . . . . . . . . . . . . . . . 200 84,289
--------
174,596
--------
BANKING (1.6%)
Deutsche Bank AG . . . . . . . . . . . . 2,600 167,946
--------
COMPUTER SOFTWARE SERVICES (0.6%)
SAP AG . . . . . . . . . . . . . . . . . 500 58,566
--------
FOOD & BEVERAGE (0.5%)
Metro AG . . . . . . . . . . . . . . . . 1,700 54,095
--------
MANUFACTURING (1.1%)
Siemens AG . . . . . . . . . . . . . . . 2,300 112,647
--------
RETAIL (1.3%)
Puma AG. . . . . . . . . . . . . . . . . 1,423 140,043
--------
TELECOMMUNICATIONS (1.3%)
Deutsche Telekom AG. . . . . . . . . . . 8,607 131,060
--------
UTILITIES (1.0%)
E. ON AG . . . . . . . . . . . . . . . . 2,000 102,548
--------
941,501
--------
HONG KONG (2.2%)
DIVERSIFIED (0.6%)
Hutchison Whampoa Ltd. . . . . . . . . . 11,000 67,003
--------
FINANCIAL SERVICES (0.6%)
Hong Kong Exchanges & Clearing Ltd.. . . 44,000 63,194
--------
OIL & GAS (1.0%)
CNOOC Ltd. . . . . . . . . . . . . . . . 71,000 104,705
--------
234,902
--------
INDIA (0.6%)
BANKING (0.6%)
State Bank of India GDR. . . . . . . . . 2,900 59,218
--------
IRELAND (1.7%)
BANKING (0.8%)
Allied Irish Banks . . . . . . . . . . . 5,500 82,675
--------
BUILDING & CONSTRUCTION (0.9%)
CRH PLC. . . . . . . . . . . . . . . . . 6,100 95,618
--------
178,293
--------
ISRAEL (0.9%)
PHARMACEUTICALS (0.9%)
Teva Pharmaceutical Industries Ltd. ADR. 1,700 96,781
--------
ITALY (1.9%)
BANKING (0.9%)
Banca Nazionale del Lavoro SpA (b) . . . 58,400 97,913
--------
TELECOMMUNICATIONS (1.0%)
Telecom Italia SpA . . . . . . . . . . . 11,600 104,968
--------
202,881
--------
- --------------------------------------------------------------------------------
77
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INTERNATIONAL GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
COMMON STOCKS (CONTINUED)
JAPAN (15.9%)
AUTOMOTIVE (0.5%)
Honda Motor Co. Ltd.. . . . . . . . . . . . 1,400 $ 53,050
----------
BROKERAGE SERVICES (1.9%)
Matsui Securities Co. Ltd.. . . . . . . . . 19,000 193,838
----------
BUILDING & CONSTRUCTION (0.7%)
Daito Trust Construction Co. Ltd. . . . . . 3,600 75,703
----------
BUILDING PRODUCTS (1.2%)
Asahi Glass Co. Ltd.. . . . . . . . . . . . 20,000 124,089
----------
CHEMICALS (1.5%)
Mitsubishi Chemical Corp. (b) . . . . . . . 47,000 95,898
Shin-Etsu Chemical Co. Ltd. . . . . . . . . 1,700 58,047
----------
153,945
----------
ELECTRONIC COMPONENTS (0.9%)
UMC Japan . . . . . . . . . . . . . . . . . 84 89,544
----------
ELECTRONICS (4.2%)
Canon, Inc. . . . . . . . . . . . . . . . . 2,000 91,776
Matsushita Electric Industrial Co. Ltd. . . 9,000 89,119
NEC Corp. . . . . . . . . . . . . . . . . . 23,000 114,928
Sanyo Electric Co., Ltd.. . . . . . . . . . 15,000 51,343
Yokogawa Electric Corp. . . . . . . . . . . 14,000 108,082
----------
455,248
----------
FINANCIAL SERVICES (0.5%)
Acom Co. Ltd. . . . . . . . . . . . . . . . 1,530 55,300
----------
MANUFACTURING (1.6%)
Mitsubishi Heavy Industries Ltd.. . . . . . 63,000 163,174
----------
RETAIL (0.8%)
Marui Co. Ltd.. . . . . . . . . . . . . . . 9,200 81,752
----------
TELECOMMUNICATIONS (2.1%)
Nippon Telegraph & Telephone Corp.. . . . . 15 58,838
NTT DoCoMo, Inc.. . . . . . . . . . . . . . 73 158,068
----------
216,906
----------
1,662,549
----------
KOREA (3.5%)
ADVERTISING (0.6%)
Cheil Communications, Inc.. . . . . . . . . 610 60,004
----------
BANKING (2.2%)
Kookmin Bank ADR. . . . . . . . . . . . . . 7,800 235,950
----------
ELECTRONICS (0.7%)
Samsung Electronics Co. Ltd.. . . . . . . . 500 74,375
----------
370,329
----------
MALAYSIA (0.5%)
BANKING (0.5%)
Commerce Asset-Holding Berhad . . . . . . . 58,000 52,811
----------
NETHERLANDS (4.4%)
ELECTRONICS (0.5%)
Koninklijke (Royal) Philips Electronics NV. 2,900 55,148
----------
INSURANCE (0.6%)
ING Groep NV. . . . . . . . . . . . . . . . 3,900 67,761
----------
OIL & GAS (1.5%)
Royal Dutch Petroleum Co. . . . . . . . . . 3,200 148,533
----------
RETAIL (1.3%)
Koninklijke Ahold NV. . . . . . . . . . . . 16,500 136,992
----------
TRANSPORTATION (0.5%)
TPG NV. . . . . . . . . . . . . . . . . . . 3,100 53,825
----------
462,259
----------
PORTUGAL (0.7%)
TELECOMMUNICATIONS (0.7%)
Portugal Telecom SA . . . . . . . . . . . . 10,200 73,090
----------
SPAIN (1.4%)
TELECOMMUNICATIONS (0.5%)
Telefonica SA (b) . . . . . . . . . . . . . 4,429 51,420
----------
UTILITIES (0.9%)
Endesa SA . . . . . . . . . . . . . . . . . 5,800 97,109
----------
148,529
----------
SWITZERLAND (9.0%)
BANKING (2.7%)
Credit Suisse Group . . . . . . . . . . . . 4,300 113,170
UBS AG. . . . . . . . . . . . . . . . . . . 3,000 166,882
----------
280,052
----------
CHEMICALS (0.9%)
Givaudan SA . . . . . . . . . . . . . . . . 220 92,577
----------
FOOD & BEVERAGE (0.6%)
Nestle SA . . . . . . . . . . . . . . . . . 290 59,839
----------
HEALTH & PERSONAL CARE (1.7%)
Roche Holding AG. . . . . . . . . . . . . . 2,300 180,410
----------
PHARMACEUTICALS (3.1%)
Alcon, Inc. . . . . . . . . . . . . . . . . 2,300 105,110
Novartis AG . . . . . . . . . . . . . . . . 5,600 221,595
----------
326,705
----------
939,583
----------
TAIWAN (1.7%)
ELECTRONICS (1.2%)
AU Optronics Corp. ADR (b). . . . . . . . . 17,900 123,868
----------
SEMICONDUCTORS (0.5%)
Taiwan Semiconductor Manufacturing
Co. Ltd. ADR (b). . . . . . . . . . . . . . 5,200 52,416
----------
176,284
----------
UNITED KINGDOM (26.0%)
BANKING (5.6%)
Barclays PLC. . . . . . . . . . . . . . . . 16,000 118,811
HSBC Holdings PLC . . . . . . . . . . . . . 14,900 176,045
Lloyds TSB Group PLC. . . . . . . . . . . . 17,000 120,696
Royal Bank of Scotland Group PLC. . . . . . 5,800 162,705
----------
578,257
----------
- --------------------------------------------------------------------------------
78
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INTERNATIONAL GROWTH FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
BUILDING & CONSTRUCTION (1.8%)
George Wimpey PLC . . . . . . . 21,400 $ 104,174
Westbury PLC. . . . . . . . . . 14,100 86,321
-----------
190,495
-----------
DIVERSIFIED (0.7%)
Unilever PLC. . . . . . . . . . 9,069 72,207
-----------
FINANCIAL SERVICES (2.6%)
Amvescap PLC. . . . . . . . . . 30,600 211,067
Man Group PLC . . . . . . . . . 3,100 61,181
-----------
272,248
-----------
FOOD & BEVERAGE (0.4%)
Diageo PLC. . . . . . . . . . . 3,600 38,435
-----------
GAMBLING (0.7%)
Hilton Group PLC. . . . . . . . 25,700 78,032
-----------
HOUSEHOLD PRODUCTS (1.0%)
Reckitt Benckiser PLC . . . . . 5,600 102,758
-----------
INSURANCE (0.6%)
Wellington Underwriting PLC (b) 38,021 64,405
-----------
MINING (0.5%)
Anglo American PLC. . . . . . . 3,500 53,424
-----------
OIL & GAS (1.0%)
BP PLC. . . . . . . . . . . . . 14,656 101,636
-----------
PHARMACEUTICALS (3.0%)
AstraZeneca PLC . . . . . . . . 3,600 144,355
GlaxoSmithKline PLC . . . . . . 8,500 171,541
-----------
315,896
-----------
RETAIL (2.8%)
Boots Group PLC . . . . . . . . 5,200 55,646
Matalan PLC . . . . . . . . . . 25,000 71,266
Safeway PLC . . . . . . . . . . 12,000 50,990
Tesco PLC . . . . . . . . . . . 17,000 61,505
Whitbread PLC . . . . . . . . . 5,100 57,059
-----------
296,466
-----------
TELECOMMUNICATIONS (4.3%)
Marconi Corp. PLC (b) . . . . . 94,500 95,903
Vodafone Group PLC. . . . . . . 180,470 352,895
-----------
448,798
-----------
UTILITIES (1.0%)
National Grid Group PLC . . . . 15,000 101,732
-----------
2,714,789
-----------
TOTAL COMMON STOCKS 10,063,963
-----------
TOTAL INVESTMENTS
(COST $9,267,375) (A) - 96.1% 10,063,963
OTHER ASSETS IN EXCESS
OF LIABILITIES - 3.9% 406,512
-----------
NET ASSETS - 100.0% $10,470,475
-----------
-----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
GDR Global Depositary Receipt
AT JUNE 30, 2003, THE FUND'S OPEN FORWARD FOREIGN CURRENCY CONTRACTS WERE AS
FOLLOWS:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- ---------------------------------------------------------------
SHORT CONTRACTS:
British Pound 7/1/03 $93,884 $93,949 $ (65)
Japanese Yen 7/2/03 1,835 10,797 38
------------------------------------
TOTAL SHORT
CONTRACTS $104,719 $104,746 $ (27)
------------------------------------
LONG CONTRACTS:
Euro 7/1/03 $83,884 $84,240 $ 356
------------------------------------
TOTAL CONTRACTS $ 329
---------
---------
AT JUNE 30, 2003, THE FUND'S OPEN FUTURES CONTRACTS WERE AS FOLLOWS:
MARKET
VALUE UNREALIZED
NUMBER OF COVERED BY APPRECIATION
CONTRACTS CONTRACTS* EXPIRATION CONTRACTS (DEPRECIATION)
- --------------------------------------------------------------------------
LONG CONTRACTS:
8 Nikkei 225 U.S. Future 9/11/03 $363,800 $(952)
* Cash pledged as collateral.
See notes to financial statements.
- --------------------------------------------------------------------------------
79
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT INTERNATIONAL VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------
COMMON STOCKS (85.0%)
AUSTRALIA (1.9%)
BANKING (0.5%)
Australia & New Zealand Banking
Group Ltd. . . . . . . . . . . . . . 30,470 $ 380,290
----------
OIL & GAS (1.4%)
Santos Ltd.. . . . . . . . . . . . . 252,300 998,309
----------
1,378,599
----------
BELGIUM (1.1%)
BANKING (1.1%)
Dexia. . . . . . . . . . . . . . . . 61,560 778,324
----------
BRAZIL (0.6%)
OIL & GAS (0.3%)
Petroleo Brasileiro SA ADR . . . . . 3,250 64,220
Petroleo Brasileiro SA ADR . . . . . 10,900 193,584
----------
257,804
----------
TELECOMMUNICATIONS (0.3%)
Telecomunicacoes Brasileiras SA ADR. 7,011 193,153
----------
450,957
----------
FINLAND (1.8%)
FINANCIAL SERVICES (0.6%)
Sampo Oyj. . . . . . . . . . . . . . 55,650 408,357
----------
PAPER PRODUCTS (0.6%)
UPM-Kymmene Oyj. . . . . . . . . . . 31,400 458,300
----------
TELECOMMUNICATIONS (0.6%)
Nokia Oyj ADR. . . . . . . . . . . . 28,346 465,725
----------
1,332,382
----------
FRANCE (7.5%)
AIRLINES (0.2%)
Air France . . . . . . . . . . . . . 9,110 117,796
----------
ALUMINUM (0.9%)
Pechiney SA Class A. . . . . . . . . 18,500 664,102
----------
AUDIO/VIDEO PRODUCTS (0.9%)
Thomson. . . . . . . . . . . . . . . 44,800 690,921
----------
BANKING (0.6%)
Banque Nationale de Paris SA . . . . 8,330 423,285
Dexia Strips (b) . . . . . . . . . . 45,100 518
----------
423,803
----------
INSURANCE (0.6%)
Assurances Generales de France . . . 10,678 439,841
----------
MACHINERY (0.7%)
Schneider Electric SA. . . . . . . . 11,460 538,774
----------
MEDICAL (1.2%)
Aventis SA . . . . . . . . . . . . . 16,350 899,535
----------
OIL & GAS (1.7%)
TotalFinaElf SA. . . . . . . . . . . 2,700 408,032
TotalFinaElf SA ADR. . . . . . . . . 9,741 738,368
----------
1,146,400
----------
RUBBER - TIRES (0.7%)
Michelin . . . . . . . . . . . . . . 13,053 509,640
----------
5,430,812
----------
GERMANY (4.9%)
AIRLINES (0.5%)
Deutsche Lufthansa AG. . . . . . . . 29,310 $ 342,303
----------
AUTOMOTIVE (1.0%)
Volkswagen AG. . . . . . . . . . . . 17,120 719,547
----------
BANKING (0.6%)
Deutsche Bank AG . . . . . . . . . . 6,500 419,865
----------
ELECTRIC & GAS (1.3%)
E. ON AG . . . . . . . . . . . . . . 18,672 957,385
----------
RETAIL (0.8%)
KarstadtQuelle AG. . . . . . . . . . 28,700 606,421
----------
TRANSPORTATION (0.7%)
Deutsche Post AG . . . . . . . . . . 36,060 525,901
----------
3,571,422
----------
GREECE (1.1%)
TELECOMMUNICATIONS (1.1%)
Hellenic Telecommunications
Organization SA. . . . . . . . . . . 65,447 774,107
Hellenic Telecommunications
Organization SA ADR. . . . . . . . . 1 6
----------
774,113
----------
HONG KONG (2.6%)
BANKING (0.5%)
Bank of East Asia Ltd. . . . . . . . 185,830 366,982
----------
DIVERSIFIED OPERATIONS (0.5%)
Swire Pacific Ltd. Class A . . . . . 82,000 358,572
----------
REAL ESTATE DEVELOPMENT (0.5%)
Sun Hung Kai Properties Ltd. . . . . 77,000 389,041
----------
TELECOMMUNICATIONS (0.5%)
China Mobile (Hong Kong) Ltd.. . . . 167,000 394,042
----------
TRANSPORTATION (0.6%)
MTR Corp. Ltd. . . . . . . . . . . . 347,715 399,076
----------
1,907,713
----------
IRELAND (1.2%)
BANKING (1.2%)
Bank of Ireland. . . . . . . . . . . 73,055 881,712
----------
ITALY (2.6%)
AEROSPACE & DEFENSE (0.9%)
Finmeccanica SpA . . . . . . . . . . 986,640 632,218
----------
BANKING (1.1%)
Banca Popolare di Bergamo Credito
Varesino SpA . . . . . . . . . . . . 21,000 482,067
Sanpaolo IMI SpA . . . . . . . . . . 36,782 341,710
----------
823,777
----------
OIL & GAS (0.6%)
Eni SpA. . . . . . . . . . . . . . . 29,360 444,034
----------
1,900,029
----------
- --------------------------------------------------------------------------------
80
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT INTERNATIONAL VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
JAPAN (20.2%)
ADVERTISING (0.5%)
Dentsu, Inc. . . . . . . . . . . . . . . 126 $ 392,455
-----------
APPLIANCES (0.9%)
Rinnai Corp. . . . . . . . . . . . . . . 30,900 649,781
-----------
AUDIO/VIDEO PRODUCTS (0.5%)
Matsushita Electric Industrial Co. Ltd.. 38,000 376,281
-----------
AUTOMOTIVE (2.8%)
Fuji Heavy Industries Ltd. . . . . . . . 72,500 327,254
Honda Motor Co. Ltd. . . . . . . . . . . 19,400 735,123
Toyota Motor Corp. . . . . . . . . . . . 16,500 427,358
Yamaha Motor Co. Ltd.. . . . . . . . . . 75,000 632,729
-----------
2,122,464
-----------
BANKING (0.6%)
The 77 Bank Ltd. . . . . . . . . . . . . 103,000 467,499
-----------
BUILDING & CONSTRUCTION (0.6%)
Sekisui House Ltd. . . . . . . . . . . . 53,500 405,455
-----------
CHEMICALS (1.3%)
Shin-Etsu Chemical Co. Ltd.. . . . . . . 17,400 594,129
Sumitomo Bakelite Co. Ltd. . . . . . . . 84,000 350,481
-----------
944,610
-----------
COMPUTERS (0.4%)
TDK Corp.. . . . . . . . . . . . . . . . 6,500 321,008
-----------
CONVENIENCE STORES (0.4%)
Lawson, Inc. . . . . . . . . . . . . . . 10,900 299,563
-----------
COSMETICS & TOILETRIES (0.9%)
Kao Corp.. . . . . . . . . . . . . . . . 35,000 651,468
-----------
DRUGSTORES (0.8%)
Matsumotokiyoshi Co. Ltd.. . . . . . . . 13,300 563,789
-----------
ELECTRONIC COMPONENTS (1.9%)
Mabuchi Motor Co. Ltd. . . . . . . . . . 6,900 527,520
Minebea Co. Ltd. . . . . . . . . . . . . 115,000 455,882
Murata Manufacturing Co. Ltd.. . . . . . 10,300 404,880
-----------
1,388,282
-----------
ENTERTAINMENT SOFTWARE (0.5%)
Konami Co. Ltd.. . . . . . . . . . . . . 19,200 343,785
-----------
FINANCIAL SERVICES (2.8%)
Aiful Corp.. . . . . . . . . . . . . . . 11,750 501,020
Credit Saison Co.. . . . . . . . . . . . 63,200 1,036,359
Shohkoh Fund & Co. Ltd.. . . . . . . . . 5,250 485,759
-----------
2,023,138
-----------
MACHINERY (0.3%)
Fuji Machine Manufacturing Co. Ltd.. . . 17,700 204,897
-----------
OFFICE AUTOMATION EQUIPMENT (0.9%)
Canon, Inc.. . . . . . . . . . . . . . . 15,000 688,320
-----------
PHARMACEUTICALS (1.8%)
Eisai Co. Ltd. . . . . . . . . . . . . . 27,000 555,403
Takeda Chemical Industries Ltd.. . . . . 19,700 726,804
-----------
1,282,207
-----------
RESTAURANTS (0.6%)
Skylark Co. Ltd. . . . . . . . . . . . . 38,600 458,089
-----------
TELECOMMUNICATIONS (0.7%)
Nippon Telegraph & Telephone Corp. . . . 128 502,086
-----------
TRANSPORTATION (1.0%)
Nippon Express Co. Ltd.. . . . . . . . . 188,000 729,611
-----------
14,814,788
-----------
KOREA (1.0%)
STEEL (0.5%)
POSCO ADR. . . . . . . . . . . . . . . . 13,000 340,470
-----------
UTILITIES (0.5%)
Korea Electric Power Corp. ADR . . . . . 44,700 398,277
-----------
738,747
-----------
LUXEMBOURG (0.7%)
STEEL (0.7%)
Arcelor. . . . . . . . . . . . . . . . . 44,020 512,581
-----------
MEXICO (0.5%)
TELECOMMUNICATIONS (0.5%)
Telefonos de Mexico SA de CV ADR . . . . 12,616 396,395
-----------
NETHERLANDS (6.1%)
BANKING (2.1%)
ABN AMRO Holding NV. . . . . . . . . . . 35,547 679,660
Fortis NV. . . . . . . . . . . . . . . . 50,860 876,075
-----------
1,555,735
-----------
CHEMICALS (1.0%)
Akzo Nobel NV. . . . . . . . . . . . . . 27,690 733,894
-----------
ELECTRONICS (0.7%)
Koninklijke (Royal) Philips
Electronics NV . . . . . . . . . . . . . 3,400 64,657
Koninklijke (Royal) Philips
Electronics NV ADR . . . . . . . . . . . 24,150 461,506
-----------
526,163
-----------
HOME FURNISHING (0.6%)
Hunter Douglas NV. . . . . . . . . . . . 12,721 423,637
-----------
HUMAN RESOURCES (0.5%)
Vedior NV. . . . . . . . . . . . . . . . 36,763 333,090
-----------
PRINTING & PUBLISHING (0.9%)
Wolters Kluwer NV. . . . . . . . . . . . 54,869 661,593
-----------
WHOLESALE DISTRIBUTION (0.3%)
Buhrmann NV. . . . . . . . . . . . . . . 33,848 233,605
-----------
4,467,717
-----------
NEW ZEALAND (0.6%)
TELECOMMUNICATIONS (0.6%)
Telecom Corp. of New Zealand Ltd.. . . . 136,464 418,639
-----------
- --------------------------------------------------------------------------------
81
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT INTERNATIONAL VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (CONTINUED)
NORWAY (1.2%)
OIL & GAS (1.2%)
Norsk Hydro ASA . . . . . . . . . . . 9,350 $ 459,832
Statoil ASA . . . . . . . . . . . . . 45,390 386,718
-----------
846,550
-----------
PORTUGAL (1.3%)
TELECOMMUNICATIONS (0.5%)
Portugal Telecom SA . . . . . . . . . 46,548 333,549
-----------
UTILITIES (0.8%)
Electricidade de Portugal SA. . . . . 271,420 579,735
-----------
913,284
-----------
SINGAPORE (1.9%)
BANKING (1.1%)
DBS Group Holdings Ltd. . . . . . . . 146,100 854,531
-----------
COMPUTER PERIPHERALS (0.3%)
Creative Technology Ltd.. . . . . . . 24,750 198,169
-----------
TELECOMMUNICATIONS (0.5%)
MobileOne Ltd.. . . . . . . . . . . . 444,100 337,930
-----------
1,390,630
-----------
SPAIN (2.3%)
OIL & GAS (0.9%)
Repsol YPF SA ADR . . . . . . . . . . 40,870 660,868
-----------
UTILITIES (1.4%)
Endesa SA . . . . . . . . . . . . . . 60,246 1,008,695
-----------
1,669,563
-----------
SWEDEN (1.5%)
AUTO PARTS & EQUIPMENT (0.4%)
Autoliv, Inc. SDR . . . . . . . . . . 10,090 271,631
-----------
BANKING (0.5%)
Nordea AB . . . . . . . . . . . . . . 74,100 357,311
-----------
FINANCIAL SERVICES (0.6%)
Investor AB Class B . . . . . . . . . 58,680 428,833
-----------
1,057,775
-----------
SWITZERLAND (5.8%)
BANKING (1.2%)
United Bank of Switzerland AG . . . . 15,390 856,105
-----------
CHEMICALS (0.7%)
Clariant AG (b) . . . . . . . . . . . 58,840 538,641
-----------
FOOD & BEVERAGES (1.5%)
Barry Callebaut AG. . . . . . . . . . 1,208 166,768
Nestle SA . . . . . . . . . . . . . . 4,640 957,425
-----------
1,124,193
-----------
PHARMACEUTICALS (2.4%)
Novartis AG . . . . . . . . . . . . . 25,290 1,000,733
Roche Holding AG. . . . . . . . . . . 8,840 693,404
-----------
1,694,137
-----------
4,213,076
-----------
TAIWAN (0.5%)
SEMICONDUCTOR COMPONENTS (0.5%)
United Microelectronics Corp. ADR (b) 101,850 381,938
-----------
UNITED KINGDOM (16.1%)
AEROSPACE & DEFENSE (0.8%)
British Aerospace PLC . . . . . . . . 236,366 555,806
-----------
AUTO PARTS & EQUIPMENT (1.2%)
GKN PLC . . . . . . . . . . . . . . . 228,900 840,426
-----------
BANKING (1.3%)
Barclays PLC. . . . . . . . . . . . . 128,732 955,922
-----------
CHEMICALS (1.1%)
BOC Group PLC . . . . . . . . . . . . 61,703 791,644
-----------
CONTAINERS - METAL/GLASS (0.2%)
Rexam PLC . . . . . . . . . . . . . . 19,900 125,113
-----------
FOOD & BEVERAGES (4.0%)
Allied Domecq PLC . . . . . . . . . . 194,400 1,071,436
Cadbury Schweppes PLC . . . . . . . . 173,168 1,022,996
Sainsbury (J) PLC . . . . . . . . . . 200,816 841,696
-----------
2,936,128
-----------
INDUSTRIAL GOODS & SERVICES (0.9%)
Bunzl PLC . . . . . . . . . . . . . . 97,982 686,757
-----------
INSURANCE (0.5%)
Old Mutual PLC. . . . . . . . . . . . 275,400 397,645
-----------
MINING (0.9%)
Rio Tinto PLC . . . . . . . . . . . . 35,270 663,489
-----------
OIL & GAS (2.2%)
Centrica PLC. . . . . . . . . . . . . 178,300 517,095
Shell Transportation &
Trading Co. PLC . . . . . . . . . . . 167,517 1,105,712
-----------
1,622,807
-----------
PHARMACEUTICALS (1.4%)
GlaxoSmithKline PLC . . . . . . . . . 51,520 1,039,742
-----------
RETAIL (0.1%)
Marks & Spencer Group PLC . . . . . . 11,000 57,314
-----------
TELECOMMUNICATIONS (0.7%)
BT Group PLC. . . . . . . . . . . . . 141,700 476,421
-----------
UTILITIES (0.8%)
Scottish & Southern Energy PLC. . . . 55,510 571,583
-----------
11,720,797
-----------
TOTAL COMMON STOCKS 61,948,543
-----------
TOTAL INVESTMENTS
(COST $64,940,053) (A) - 85.0% 61,948,543
OTHER ASSETS IN
EXCESS OF LIABILITIES - 15.0% 10,893,677
-----------
NET ASSETS - 100.0% $72,842,220
-----------
-----------
- --------------------------------------------------------------------------------
82
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT INTERNATIONAL VALUE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
SDR Swedish Depositary Receipt
AT JUNE 30, 2003, THE FUND'S OPEN FORWARD FOREIGN CURRENCY CONTRACTS WERE AS
FOLLOWS:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- --------------------------------------------------------------
LONG CONTRACTS:
British Pound . 7/1/03 $ 288,859 $288,763 $ (96)
See notes to financial statements.
- --------------------------------------------------------------------------------
83
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS AGGRESSIVE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
MUTUAL FUNDS (100.0%)
EQUITY FUNDS (95.0%)
Nationwide International Index Fund,
Institutional Class*. . . . . . . . . 2,091,407 $12,025,592
Nationwide Mid Cap Market
Index Fund, Institutional Class*. . . 576,631 6,025,793
Nationwide S&P 500 Index Fund,
Institutional Class*. . . . . . . . . 1,438,153 12,080,485
Nationwide Small Cap Index Fund,
Institutional Class*. . . . . . . . . 460,253 4,036,416
One Group Equity Index Fund,
Institutional Class . . . . . . . . . 180,685 4,022,041
------------
38,190,327
------------
FIXED INCOME FUNDS (5.0%)
Nationwide Bond Index Fund,
Institutional Class*. . . . . . . . . 179,556 2,021,799
------------
TOTAL MUTUAL FUNDS 40,212,126
------------
TOTAL INVESTMENTS
(COST $37,129,709) (A) - 100.0% 40,212,126
LIABILITIES IN EXCESS
OF OTHER ASSETS - 0.0% (3,754)
------------
NET ASSETS - 100.0% $40,208,372
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
* Investment in affiliate.
See notes to financial statements.
- --------------------------------------------------------------------------------
84
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
MUTUAL FUNDS (97.5%)
EQUITY FUNDS (79.9%)
Nationwide International Index Fund,
Institutional Class*. . . . . . . . . 6,107,584 $ 35,118,610
Nationwide Mid Cap Market
Index Fund, Institutional Class*. . . 2,020,738 21,116,711
Nationwide S&P 500 Index Fund,
Institutional Class*. . . . . . . . . 4,199,871 35,278,916
Nationwide Small Cap Index Fund,
Institutional Class*. . . . . . . . . 806,452 7,072,583
One Group Equity Index Fund,
Institutional Class . . . . . . . . . 633,126 14,093,383
------------
112,680,203
------------
FIXED INCOME FUNDS (17.6%)
Gartmore Morley Enhanced
Income Fund, Institutional Class* . . 376,602 3,540,057
Nationwide Bond Index Fund,
Institutional Class*. . . . . . . . . 1,887,700 21,255,503
------------
24,795,560
------------
TOTAL MUTUAL FUNDS 137,475,763
------------
- ---------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ---------------------------------------------------------------
FIXED CONTRACT (2.5%)
Nationwide Fixed Contract,
3.80%* (b). . . . . . . . . . . . . . $3,537,290 $ 3,537,290
------------
TOTAL FIXED CONTRACT 3,537,290
------------
TOTAL INVESTMENTS
(COST $132,564,313) (A) - 100.0% 141,013,053
OTHER ASSETS IN
EXCESS OF LIABILITIES - 0.0% 43,177
------------
NET ASSETS - 100.0% $141,056,230
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(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.
- --------------------------------------------------------------------------------
85
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS MODERATE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
MUTUAL FUNDS (92.4%)
EQUITY FUNDS (59.8%)
Nationwide International Index Fund,
Institutional Class*. . . . . . . . . 8,209,854 $ 47,206,659
Nationwide Mid Cap Market Index
Fund, Institutional Class*. . . . . . 3,018,099 31,539,130
Nationwide S&P 500 Index Fund,
Institutional Class*. . . . . . . . . 11,290,986 94,844,287
Nationwide Small Cap Index Fund,
Institutional Class*. . . . . . . . . 1,806,729 15,845,018
------------
189,435,094
------------
FIXED INCOME FUNDS (32.6%)
Gartmore Morley Enhanced Income
Fund, Institutional Class*. . . . . . 2,531,153 23,792,838
Nationwide Bond Index Fund,
Institutional Class*. . . . . . . . . 7,048,495 79,366,058
------------
103,158,896
------------
TOTAL MUTUAL FUNDS 292,593,990
------------
- ----------------------------------------------------------------
SECURITY DESCRIPTION. . . . . . . . . PRINCIPAL VALUE
- ----------------------------------------------------------------
FIXED CONTRACT (7.5%)
Nationwide Fixed Contract,
3.80%* (b). . . . . . . . . . . . . . $23,774,408 $ 23,774,408
------------
TOTAL FIXED CONTRACT 23,774,408
------------
TOTAL INVESTMENTS
(COST $299,466,355) (A) - 99.9% 316,368,398
OTHER ASSETS IN
EXCESS OF LIABILITIES - 0.1% 160,110
------------
NET ASSETS - 100.0% $316,528,508
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(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.
- --------------------------------------------------------------------------------
86
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
MUTUAL FUNDS (87.4%)
EQUITY FUNDS (39.8%)
Nationwide International Index Fund,
Institutional Class*. . . . . . . . . 3,056,378 $ 17,574,173
Nationwide Mid Cap Market
Index Fund, Institutional Class*. . . 1,685,374 17,612,160
Nationwide S&P 500 Index Fund,
Institutional Class*. . . . . . . . . 4,203,427 35,308,788
------------
70,495,121
------------
FIXED INCOME FUNDS (47.6%)
Gartmore Morley Enhanced
Income Fund, Institutional Class* . . 2,355,755 22,144,093
Nationwide Bond Index Fund,
Institutional Class*. . . . . . . . . 5,510,454 62,047,707
------------
84,191,800
------------
TOTAL MUTUAL FUNDS 154,686,921
------------
- ----------------------------------------------------------------
SECURITY DESCRIPTION. . . . . . . . . PRINCIPAL VALUE
- ----------------------------------------------------------------
FIXED CONTRACT (12.5%)
Nationwide Fixed Contract,
3.80%* (b). . . . . . . . . . . . . . $22,127,080 $ 22,127,080
------------
TOTAL FIXED CONTRACT 22,127,080
------------
TOTAL INVESTMENTS
(COST $169,351,250) (A) - 99.9% 176,814,001
OTHER ASSETS IN
EXCESS OF LIABILITIES - 0.1% 171,914
------------
NET ASSETS - 100.0% $176,985,915
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(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.
- --------------------------------------------------------------------------------
87
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
MUTUAL FUNDS (79.9%)
EQUITY FUNDS (19.9%)
Nationwide International Index Fund,
Institutional Class*. . . . . . . . . 1,281,795 $ 7,370,323
Nationwide Mid Cap Market
Index Fund, Institutional Class*. . . 706,819 7,386,254
Nationwide S&P 500 Index Fund,
Institutional Class*. . . . . . . . . 1,762,849 14,807,933
------------
29,564,510
------------
FIXED INCOME FUNDS (55.0%)
Gartmore Morley Enhanced
Income Fund, Institutional Class* . . 3,161,489 29,717,995
Nationwide Bond Index Fund,
Institutional Class*. . . . . . . . . 4,621,990 52,043,605
------------
81,761,600
------------
MONEY MARKET FUND (5.0%)
Gartmore Money Market Fund,
Institutional Class*. . . . . . . . . 7,421,595 7,421,595
------------
TOTAL MUTUAL FUNDS 118,747,705
------------
- ----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ----------------------------------------------------------------
FIXED CONTRACT (20.0%)
Nationwide Fixed Contract,
3.80%* (b). . . . . . . . . . . . . . $29,695,372 $ 29,695,372
------------
TOTAL FIXED CONTRACT 29,695,372
------------
TOTAL INVESTMENTS
(COST $144,459,250) (A) - 99.9% 148,443,077
OTHER ASSETS IN
EXCESS OF LIABILITIES - 0.1% 180,202
------------
NET ASSETS - 100.0% $148,623,279
------------
------------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(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.
- --------------------------------------------------------------------------------
88
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT U.S. GROWTH LEADERS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------
COMMON STOCKS (95.0%)
BIOTECHNOLOGY (3.5%)
Amgen, Inc. (b). . . . . . . . . . . 18,000 $ 1,195,920
-----------
COMMUNICATIONS EQUIPMENT (3.2%)
Corning, Inc. (b). . . . . . . . . . 148,400 1,096,676
-----------
COMPUTER EQUIPMENT (3.7%)
Dell Computer Corp. (b). . . . . . . 40,000 1,278,400
-----------
COMPUTER NETWORKS (4.2%)
Foundry Networks, Inc. (b) . . . . . 100,000 1,440,000
-----------
COMPUTER SERVICES (5.3%)
InterActive Corp. (b). . . . . . . . 45,900 1,816,263
-----------
COMPUTER SOFTWARE & SERVICES (12.8%)
Amdocs Ltd. (b). . . . . . . . . . . 3,000 1,272,000
Ask Jeeves, Inc. (b) . . . . . . . . 112,000 1,540,000
VERITAS Software Corp. (b) . . . . . 55,700 1,596,919
-----------
4,408,919
-----------
CONSUMER PRODUCTS (3.9%)
Procter & Gamble Co. (The) . . . . . 15,200 1,355,536
-----------
DRUGS (6.8%)
Mylan Laboratories, Inc. . . . . . . 33,400 1,161,318
Pfizer, Inc. . . . . . . . . . . . . 34,400 1,174,760
-----------
2,336,078
-----------
FINANCIAL SERVICES (7.3%)
Citigroup, Inc.. . . . . . . . . . . 32,000 1,369,600
Morgan Stanley . . . . . . . . . . . 27,000 1,154,250
-----------
2,523,850
-----------
HEALTHCARE (7.6%)
Anthem, Inc. (b) . . . . . . . . . . 20,800 1,604,720
Boston Scientific Corp. (b). . . . . 16,600 1,014,260
-----------
2,618,980
-----------
HOTELS & CASINOS (3.8%)
MGM Mirage (b) . . . . . . . . . . . 37,900 1,295,422
-----------
MEDIA (3.6%)
AOL Time Warner, Inc. (b). . . . . . 77,000 1,238,930
-----------
OIL & GAS (3.2%)
Patterson-UTI Energy, Inc. (b) . . . 34,400 1,114,560
-----------
PHARMACEUTICALS (4.0%)
McKesson Corp. . . . . . . . . . . . 39,000 1,393,860
-----------
RETAIL (6.9%)
Lowe's Companies, Inc. . . . . . . . 27,000 1,159,650
Target Corp. . . . . . . . . . . . . 31,900 1,207,096
-----------
2,366,746
-----------
SEMICONDUCTORS (15.2%)
Applied Materials, Inc. (b). . . . . 67,000 1,062,620
Emulex Corp. (b) . . . . . . . . . . 61,000 1,388,970
Integrated Circuit Systems, Inc. (b) 39,400 1,238,342
Marvell Technology Group Ltd. (b). . 45,100 1,550,087
-----------
5,240,019
-----------
TOTAL COMMON STOCKS 32,720,159
-----------
TOTAL INVESTMENTS
(COST $31,454,917) (A) - 95.0% 32,720,159
OTHER ASSETS IN
EXCESS OF LIABILITIES - 5.0% 1,723,407
-----------
NET ASSETS - 100.0% $34,443,566
-----------
-----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
See notes to financial statements.
- --------------------------------------------------------------------------------
89
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GLOBAL UTILITIES FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
COMMON STOCKS (94.6%)
FINLAND (1.7%)
OIL & GAS UTILITY (1.7%)
Fortum Oyj. . . . . . . . . . . . . . . 13,971 $ 111,984
----------
FRANCE (4.5%)
TELECOMMUNICATIONS (1.9%)
France Telecom SA . . . . . . . . . . . 5,000 122,644
----------
WATER UTILITY (2.6%)
Suez SA . . . . . . . . . . . . . . . . 9,000 143,245
Veolia Environment. . . . . . . . . . . 1,272 26,147
----------
169,392
----------
292,036
----------
GERMANY (9.3%)
GAS & ELECTRIC UTILITY (5.6%)
E. ON AG. . . . . . . . . . . . . . . . 4,161 213,350
RWE AG. . . . . . . . . . . . . . . . . 5,000 151,008
----------
364,358
----------
TELECOMMUNICATIONS (3.7%)
Deutsche Telekom AG . . . . . . . . . . 15,687 238,868
----------
603,226
----------
ITALY (1.3%)
ELECTRIC UTILITY (1.3%)
Enel SpA. . . . . . . . . . . . . . . . 14,000 87,298
----------
JAPAN (10.0%)
ELECTRIC UTILITY (4.8%)
Chubu Electric Power Co., Inc.. . . . . 5,500 100,312
Kansai Electric Power Co., Inc. . . . . 6,000 94,641
Tokyo Electric Power Co., Inc.. . . . . 6,000 114,678
----------
309,631
----------
TELECOMMUNICATIONS (5.2%)
Nippon Telegraph & Telephone Corp.. . . 46 180,437
NTT DoCoMo, Inc.. . . . . . . . . . . . 75 162,399
----------
342,836
----------
652,467
----------
NETHERLANDS (1.1%)
TELECOMMUNICATIONS (1.1%)
Koninklijke KPN NV (b). . . . . . . . . 9,990 70,782
----------
PORTUGAL (2.0%)
ELECTRIC UTILITY (0.7%)
Electricidade de Portugal SA. . . . . . 20,000 42,719
----------
TELECOMMUNICATIONS (1.3%)
Portugal Telecom SA . . . . . . . . . . 12,000 85,988
----------
128,707
----------
RUSSIA (1.3%)
ELECTRIC UTILITY (1.3%)
RAO Unified Energy Systems GDR. . . . . 3,205 84,580
----------
SPAIN (7.5%)
ELECTRIC UTILITY (2.9%)
Endesa SA . . . . . . . . . . . . . . . 6,000 100,457
Iberdrola SA. . . . . . . . . . . . . . 5,000 86,586
----------
187,043
----------
TELECOMMUNICATIONS (4.6%)
Telefonica SA (b) . . . . . . . . . . . 26,000 301,856
----------
488,899
----------
UNITED KINGDOM (17.4%)
ELECTRIC UTILITY (2.1%)
National Grid Group PLC . . . . . . . . 20,000 135,642
----------
GAS UTILITY (1.6%)
Centrica PLC. . . . . . . . . . . . . . 35,000 101,505
----------
TELECOMMUNICATIONS (12.2%)
BT Group PLC. . . . . . . . . . . . . . 45,567 153,204
Vodafone Group PLC. . . . . . . . . . . 331,354 647,939
----------
801,143
----------
WATER UTILITY (1.5%)
AWG PLC - Special Redeemable
Shares (b). . . . . . . . . . . . . . . 10,000,000 16,502
AWG PLC (b) . . . . . . . . . . . . . . 8,040 74,296
AWG PLC - Redeemable Shares (b) . . . . 3,240,000 5,079
----------
95,877
----------
1,134,167
----------
UNITED STATES (38.5%)
ELECTRIC UTILITY (10.8%)
American Electric Power Co., Inc. . . . 3,688 110,013
Calpine Corp. (b) . . . . . . . . . . . 9,093 60,014
Dominion Resources, Inc.. . . . . . . . 3,000 192,810
Duke Energy Corp. . . . . . . . . . . . 4,656 92,887
FPL Group, Inc. . . . . . . . . . . . . 2,500 167,125
Southern Co. (The). . . . . . . . . . . 2,500 77,900
----------
700,749
----------
GAS & ELECTRIC UTILITY (2.0%)
Exelon Corp.. . . . . . . . . . . . . . 1,091 65,253
TXU Corp. . . . . . . . . . . . . . . . 2,950 66,227
----------
131,480
----------
TELECOMMUNICATIONS (24.6%)
ALLTEL Corp.. . . . . . . . . . . . . . 2,515 121,273
AT&T Corp. Class A. . . . . . . . . . . 5,417 104,277
Comcast Corp. Class A (b) . . . . . . . 3,000 90,540
Nextel Communications, Inc. Class A (b) 3,718 67,221
SBC Communications, Inc.. . . . . . . . 21,399 546,745
Sprint Corp. (PCS Group) (b). . . . . . 27,300 156,975
Verizon Communications, Inc.. . . . . . 12,936 510,326
----------
1,597,357
----------
WATER UTILITY (1.1%)
Philadelphia Suburban Corp. . . . . . . 3,070 74,847
----------
2,504,433
----------
TOTAL COMMON STOCKS 6,158,579
----------
- --------------------------------------------------------------------------------
90
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GLOBAL UTILITIES FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------
TOTAL INVESTMENTS
(COST $5,555,986) (A) - 94.6% $6,158,579
OTHER ASSETS IN
EXCESS OF LIABILITIES - 5.4% 352,134
----------
NET ASSETS - 100.0% $6,510,713
----------
----------
(a) See notes to financial statements unrealized appreciation (depreciation) of
securities.
(b) Denotes a non-income producing security.
GDR Global Depositary Receipt
See notes to financial statements.
- --------------------------------------------------------------------------------
91
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------
COMMON STOCKS (95.9%)
BELGIUM (1.4%)
FINANCIAL SERVICES (1.4%)
Fortis. . . . . . . . . . . . . . . 7,310 $ 125,917
----------
GERMANY (0.5%)
BANKING (0.5%)
Aareal Bank AG. . . . . . . . . . . 2,000 41,341
----------
INDIA (5.1%)
BANKING (5.1%)
State Bank of India GDR . . . . . . 21,780 444,748
----------
INDONESIA (1.7%)
BANKING (1.7%)
PT Bank Mandiri (b) . . . . . . . . 1,800,000 147,273
----------
IRELAND (4.0%)
BANKING (4.0%)
Depfa Bank PLC. . . . . . . . . . . 4,540 348,262
----------
ITALY (1.0%)
BANKING (1.0%)
UniCredito Italiano SpA . . . . . . 18,050 86,020
----------
JAPAN (4.4%)
FINANCIAL SERVICES (4.4%)
ACOM Co. Ltd. . . . . . . . . . . . 10,690 386,380
----------
KOREA (6.0%)
BANKING (6.0%)
Kookmin Bank ADR. . . . . . . . . . 17,250 521,813
----------
NETHERLANDS (1.6%)
FINANCIAL SERVICES (1.6%)
Euronext NV . . . . . . . . . . . . 5,690 141,071
----------
SINGAPORE (2.0%)
BANKING (2.0%)
DBS Group Holdings Ltd. . . . . . . 30,000 175,468
----------
UNITED KINGDOM (7.0%)
BANKING (7.0%)
HSBC Holdings PLC . . . . . . . . . 36,480 431,014
Royal Bank of Scotland Group PLC. . 6,510 182,622
----------
613,636
----------
UNITED STATES (61.2%)
BANKING (21.7%)
Bank of America Corp. . . . . . . . 5,190 410,166
Charter One Financial, Inc. . . . . 6,930 216,077
City National Corp. . . . . . . . . 2,880 128,333
Commerce Bancorp, Inc.. . . . . . . 5,510 204,421
North Fork Bancorporation Inc.. . . 8,960 305,178
PNC Financial Services Group. . . . 1,826 89,127
U.S. Bancorp. . . . . . . . . . . . 3,210 78,645
UnionBanCal Corp. . . . . . . . . . 3,610 149,346
Wells Fargo & Co. . . . . . . . . . 6,090 306,936
----------
1,888,229
----------
FINANCIAL SERVICES (23.8%)
American Capital Strategies Ltd.. . 12,500 311,750
American Express Co.. . . . . . . . 2,940 122,921
Capital One Financial Corp. . . . . 1,650 81,147
Citigroup, Inc. . . . . . . . . . . 9,930 425,004
Fannie Mae. . . . . . . . . . . . . 5,900 397,896
Freddie Mac . . . . . . . . . . . . 7,120 361,482
Morgan Stanley. . . . . . . . . . . 4,620 197,505
Washington Mutual, Inc. . . . . . . 4,120 170,156
----------
2,067,861
----------
INSURANCE (15.7%)
American International Group, Inc.. 2,808 154,945
EverestRe Group Ltd.. . . . . . . . 3,330 254,745
PartnerRe Ltd.. . . . . . . . . . . 2,530 129,308
Prudential Financial, Inc.. . . . . 6,220 209,303
Radian Group, Inc.. . . . . . . . . 5,810 212,937
RenaissanceRe Holdings Ltd. . . . . 8,920 406,038
----------
1,367,276
----------
5,323,366
----------
TOTAL COMMON STOCKS 8,355,295
----------
TOTAL INVESTMENTS
(COST $7,671,543) (A) - 95.9% 8,355,295
OTHER ASSETS IN
EXCESS OF LIABILITIES - 4.1% 362,195
----------
NET ASSETS - 100.0% $8,717,490
----------
----------
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
GDR Global Depositary Receipt
See notes to financial statements.
- --------------------------------------------------------------------------------
92
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- ---------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
COMMON STOCKS (103.7%)
ARGENTINA (0.7%)
OIL & GAS (0.7%)
Tenaris SA ADR . . . . . . . . . . . . 25,157 $ 641,504
-----------
BRAZIL (12.3%)
AEROSPACE & DEFENSE (0.7%)
Empresa Brasiliera de Aeronautica
SA ADR . . . . . . . . . . . . . . . . 32,900 628,390
-----------
BANKING (2.1%)
Banco Bradesco SA ADR. . . . . . . . . 19,000 354,920
Uniao de Bancos Brasileiros SA GDR . . 83,400 1,431,144
-----------
1,786,064
-----------
BEVERAGES (0.8%)
Companhia de Bebidas
das Americas ADR . . . . . . . . . . . 32,100 653,235
-----------
ELECTRIC UTILITY (1.0%)
Centrais Eletricas Brasileiras SA. . . 63,880,200 492,071
Companhia Energetica de Minas
Gerais . . . . . . . . . . . . . . . . 37,000,000 340,467
Companhia Energetica de Minas
Gerais ADR . . . . . . . . . . . . . . 3,300 30,459
-----------
862,997
-----------
MINING (0.9%)
Companhia Vale do Rio Doce Class A . . 28,600 782,537
-----------
OIL & GAS (1.9%)
Petroleo Brasileiro SA . . . . . . . . 86,400 1,677,407
-----------
PAPER PRODUCTS (0.7%)
Votorantim Celulose ADR. . . . . . . . 33,400 645,956
-----------
STEEL (1.0%)
Gerdau SA ADR. . . . . . . . . . . . . 75,790 890,533
-----------
TELECOMMUNICATIONS (3.2%)
Tele Norte Leste Participacoes SA ADR. 68,500 800,080
Telemar Norte Leste SA . . . . . . . . 54,300,000 744,567
Telesp Celular Participacoes SA ADR. . 298,610 1,164,579
-----------
2,709,226
-----------
10,636,345
-----------
CHINA (3.8%)
METALS (0.8%)
Aluminum Corp. Of China Ltd. . . . . . 2,990,000 667,158
-----------
OIL & GAS (1.9%)
CNOOC Ltd. . . . . . . . . . . . . . . 940,500 1,386,964
Sinopec Shanghai Petrochemical
Co. Ltd. . . . . . . . . . . . . . . . 1,204,000 234,681
-----------
1,621,645
-----------
STEEL (0.4%)
Angang New Steel Co. Ltd.. . . . . . . 1,704,000 378,028
-----------
TRANSPORTATION (0.7%)
China Shipping Development Co. Ltd.. . 1,688,000 600,681
-----------
3,267,512
-----------
- -------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CZECHOSLOVAKIA (0.7%)
TELECOMMUNICATIONS (0.7%)
Cesky Telecom SA. . . . . . . . . . . 57,800 $ 593,662
----------
HONG KONG (4.6%)
AUTOMOBILE (1.1%)
Denway Motors Ltd.. . . . . . . . . . 2,096,000 947,456
----------
BEVERAGES (0.7%)
Harbin Brewery Group Ltd. (b) . . . . 1,778,000 592,807
----------
ELECTRIC UTILITY (0.7%)
Huaneng Power International, Inc. . . 514,000 586,626
----------
OIL & GAS (0.9%)
China Petroleum and Chemical Corp.. . 3,398,000 814,842
----------
TELECOMMUNICATIONS (1.0%)
China Mobile Ltd. . . . . . . . . . . 360,000 849,433
----------
TRANSPORTATION (0.2%)
China Merchants Holdings
International Co. Ltd.. . . . . . . . 204,000 181,812
----------
3,972,976
----------
HUNGARY (1.4%)
PHARMACEUTICALS (1.4%)
Gedeon Richter GDR (b). . . . . . . . 17,000 1,207,000
----------
INDIA (2.7%)
FINANCIAL SERVICES (1.0%)
ICICI Bank Ltd. ADR (b) . . . . . . . 123,447 897,460
----------
PHARMACEUTICALS (1.5%)
Ranbaxy Laboratories Ltd. GDR . . . . 65,200 1,260,316
----------
SOFTWARE & COMPUTER SERVICES (0.2%)
Infosys Technologies Ltd. ADR . . . . 3,300 177,045
----------
2,334,821
----------
INDONESIA (2.8%)
AUTOMOBILE (0.2%)
PT Astra International, Inc. (b). . . 304,000 131,733
----------
BANKING (1.4%)
PT Bank Mandiri (b) . . . . . . . . . 1,775,000 145,227
PT Bank Pan Indonesia (b) . . . . . . 29,327,500 1,102,004
----------
1,247,231
----------
TELECOMMUNICATIONS (1.2%)
PT Telekomunikasi Indonesia . . . . . 1,774,000 994,515
----------
2,373,479
----------
ISRAEL (3.6%)
COMPUTER HARDWARE (0.9%)
M-Systems Flash Disk Pioneer Ltd. (b) 70,200 781,326
----------
INTERNET SECURITY (1.4%)
Check Point Software Technologies
Ltd. (b). . . . . . . . . . . . . . . 60,250 1,177,887
----------
- --------------------------------------------------------------------------------
93
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (CONTINUED)
ISRAEL (CONTINUED)
PHARMACEUTICALS (1.3%)
Agis Industries Ltd.. . . . . . . . . 8,600 $ 179,598
Teva Pharmaceutical Industries
Ltd. ADR. . . . . . . . . . . . . . . 16,500 939,345
-----------
1,118,943
-----------
3,078,156
-----------
KOREA (20.7%)
AUTOMOBILE (1.3%)
Hyundai Motor Co. Ltd.. . . . . . . . 32,600 862,419
Ssangyong Motor Co. (b) . . . . . . . 53,760 292,541
-----------
1,154,960
-----------
BANKING (2.9%)
Hana Bank . . . . . . . . . . . . . . 51,500 489,347
Shinhan Financial Group Co. Ltd.. . . 111,810 1,165,370
Shinhan Financial Group Co. Ltd. GDR. 34,600 720,718
-----------
2,375,435
-----------
CHEMICALS (1.7%)
Honam Petrochemical Corp. . . . . . . 17,300 508,355
Hyosung Corp. . . . . . . . . . . . . 37,600 406,061
LG Petrochemical Co. Ltd. . . . . . . 31,600 559,515
-----------
1,473,931
-----------
COMPUTER HARDWARE (0.4%)
Kortek Corp.. . . . . . . . . . . . . 70,500 380,682
-----------
CONSTRUCTION (0.5%)
Daelim Industrial Co. Ltd.. . . . . . 23,500 409,209
-----------
ELECTRONICS (8.1%)
LG Electronics, Inc.. . . . . . . . . 25,150 1,048,530
Samsung Electronics . . . . . . . . . 19,806 5,886,253
-----------
6,934,783
-----------
SHIPBUILDING (0.6%)
Daewoo Shipbuilding & Marine
Engineering Co. Ltd. (b). . . . . . . 41,900 354,282
Samsung Heavy Industries Co. Ltd. . . 33,700 135,139
-----------
489,421
-----------
STEEL (1.9%)
Dongkuk Steel Mill Co. Ltd. . . . . . 109,800 480,748
Pohang Iron & Steel Co. . . . . . . . 11,490 1,192,767
-----------
1,673,515
-----------
TELECOMMUNICATIONS (1.7%)
KT Corp.. . . . . . . . . . . . . . . 14,300 559,071
SK Telecom Co. Ltd. . . . . . . . . . 5,400 922,227
-----------
1,481,298
-----------
TRANSPORTATION (1.6%)
Hanjin Shipping Co. Ltd.. . . . . . . 106,600 876,360
Korean Air Co. Ltd. . . . . . . . . . 45,400 520,703
-----------
1,397,063
-----------
17,770,297
-----------
MALAYSIA (2.4%)
BANKING (1.0%)
Malayan Banking Berhad. . . . . . . . 382,200 864,979
-----------
OIL & GAS (0.9%)
Petronas Dagangan Berhad. . . . . . . 478,000 773,605
-----------
TELECOMMUNICATIONS (0.5%)
Maxis Communications Berhad . . . . . 282,400 423,600
-----------
2,062,184
-----------
MEXICO (10.7%)
BUILDING PRODUCTS (0.8%)
Cemex SA de CV ADR. . . . . . . . . . 31,340 698,564
-----------
CABLE TELEVISION/PROGRAMMING (1.8%)
TV Azteca SA de CV ADR. . . . . . . . 243,300 1,581,450
-----------
CONSTRUCTION (1.0%)
Consorcio ARA SA de CV (b). . . . . . 418,200 832,468
-----------
DIVERSIFIED (1.1%)
Alfa SA Class A . . . . . . . . . . . 276,500 555,706
Grupo IMSA SA de CV ADR . . . . . . . 30,200 389,580
-----------
945,286
-----------
FINANCIAL SERVICES (2.1%)
Grupo Financiero Banorte SA de CV . . 629,500 1,781,490
-----------
MINING (0.9%)
Grupo Mexico SA Class B (b) . . . . . 502,500 771,297
-----------
RETAIL (1.4%)
Grupo Elektra SA de CV ADR. . . . . . 36,300 446,127
Organizacion Soriana SA de Cv (b) . . 366,100 765,635
-----------
1,211,762
-----------
TELECOMMUNICATIONS (1.6%)
America Movil SA de CV ADR. . . . . . 29,000 543,750
Telefonos de Mexico ADR . . . . . . . 27,700 870,334
-----------
1,414,084
-----------
9,236,401
-----------
POLAND (0.6%)
PETROLEUM (0.6%)
Polski Koncern Naftowy Orlen SA GDR . 49,800 485,052
-----------
RUSSIA (8.7%)
ELECTRIC UTILITY (0.6%)
RAO Unified Energy System GDR . . . . 21,200 559,468
-----------
MINING (0.6%)
JSC MMC Norilsk Nickel ADR. . . . . . 15,300 530,145
-----------
OIL & GAS (7.3%)
OAO Gazprom ADR . . . . . . . . . . . 112,500 2,107,125
Surgutneftegaz ADR. . . . . . . . . . 138,000 2,867,640
YUKOS ADR . . . . . . . . . . . . . . 23,525 1,310,343
-----------
6,285,108
-----------
TELECOMMUNICATIONS (0.2%)
Rostelekom Sponsored ADR. . . . . . . 14,100 145,935
-----------
7,520,656
-----------
- --------------------------------------------------------------------------------
94
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOUTH AFRICA (9.1%)
BANKING (1.2%)
ABSA Group Ltd. . . . . . . . . . . . 152,000 $ 711,222
Nedcor Ltd. . . . . . . . . . . . . . 28,600 340,839
------------
1,052,061
------------
COMPUTER SERVICES (0.5%)
Dimension Date Holdings PLC (b) . . . 1,253,200 442,208
------------
DIVERSIFIED (0.4%)
Nampak Ltd. . . . . . . . . . . . . . 188,700 305,287
------------
INSURANCE (0.6%)
Old Mutual PLC. . . . . . . . . . . . 356,000 523,808
------------
MINING (5.8%)
Anglo American PLC. . . . . . . . . . 104,489 1,612,414
AngloGold Ltd.. . . . . . . . . . . . 25,900 817,350
Gold Fields Ltd.. . . . . . . . . . . 73,900 881,388
Impala Platinum Holdings Ltd. . . . . 23,220 1,378,977
Kumba Resources Ltd.. . . . . . . . . 84,000 336,671
------------
5,026,800
------------
OIL & GAS (0.6%)
Sasol Ltd.. . . . . . . . . . . . . . 45,600 507,308
------------
7,857,472
------------
TAIWAN (12.4%)
AUDIO/VIDEO PRODUCTS (0.2%)
Action Electronics Co. Ltd. . . . . . 167,000 167,434
------------
BANKING (0.5%)
Mega Financial Holding Co. Ltd. (b) . 993,000 467,665
------------
CHEMICALS (0.9%)
Formosa Plastic Corp. . . . . . . . . 464,000 646,195
Nan Ya Plastic Corp.. . . . . . . . . 144,000 156,024
------------
802,219
------------
COMPUTER HARDWARE (1.4%)
Advantech Co. Ltd.. . . . . . . . . . 178,000 257,151
Asustek Computer, Inc.. . . . . . . . 360,000 910,142
------------
1,167,293
------------
ELECTRICAL & ELECTRONIC (2.0%)
Compal Electronics, Inc.. . . . . . . 1,308,400 1,754,110
------------
ELECTRONICS (1.7%)
AU Optronics Corp. (b). . . . . . . . 859,000 595,666
AU Optronics Corp. ADR (b). . . . . . 61,000 422,120
United Microelectronics Corp. ADR (b) 121,000 453,750
------------
1,471,536
------------
SEMICONDUCTORS (3.1%)
Advanced Semiconductor Engineering,
Inc. (b). . . . . . . . . . . . . . . 566,000 336,885
Taiwan Semiconductor Manufacturing
Co. Ltd. (b). . . . . . . . . . . . . 933,158 1,536,840
Taiwan Semiconductor Manufacturing
Co. Ltd. ADR (b). . . . . . . . . . . 80,000 806,400
------------
2,680,125
------------
TELECOMMUNICATIONS (0.4%)
Chunghwa Telecom Co. Ltd. . . . . . . 228,000 335,972
------------
TEXTILES (0.8%)
Far Eastern Textile Ltd.. . . . . . . 1,739,000 670,779
------------
TRANSPORTATION (1.4%)
Yang Ming Marine Transport (b). . . . 1,768,000 1,174,921
------------
10,692,054
------------
THAILAND (4.2%)
BUILDING PRODUCTS (1.0%)
The Siam Cement Public Co. Ltd. (c) . 214,100 855,585
------------
ELECTRIC UTILITY (0.2%)
Ratchaburi Electricity Generating
Holding Public Co. Ltd. (c) . . . . . 249,000 162,881
------------
FINANCIAL SERVICES (3.0%)
Siam Commercial Bank
Public Co. Ltd. (c) (b) . . . . . . . 3,029,800 2,594,500
------------
3,612,966
------------
TURKEY (2.3%)
APPLIANCES & HOUSEHOLD PRODUCTS (0.4%)
Arcelik AS. . . . . . . . . . . . . . 104,871,250 366,152
------------
AUTOMOTIVE (0.3%)
Ford Otomotiv Sanayii AS (b). . . . . 21,700,000 269,385
------------
BANKING (0.6%)
Turkiye Garanti Bankasi AS (b). . . . 400,000,000 541,703
------------
BANKING/INSURANCE (0.4%)
Akbank TAS. . . . . . . . . . . . . . 112,161,614 332,272
------------
OIL & GAS (0.6%)
Tupras Turkiye Petrol Rafinerileri
AS (b). . . . . . . . . . . . . . . . 76,380,000 503,723
------------
2,013,235
------------
TOTAL COMMON STOCKS 89,355,772
------------
- -----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------
FOREIGN BOND (0.0%)
BRAZIL (0.0%)
OIL & GAS (0.0%)
Companhia Vale Do Rio Doce. . . . . . $ 20,000 0
------------
TOTAL FOREIGN BOND 0
------------
TOTAL INVESTMENTS
(COST $77,938,372) (A) - 103.7% 89,355,772
LIABILITIES IN EXCESS
OF OTHER ASSETS - (3.7)% (3,171,049)
------------
NET ASSETS - 100.0% $86,184,723
------------
------------
- --------------------------------------------------------------------------------
95
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
GDR Global Depositary Receipt
AT JUNE 30, 2003, THE FUND'S OPEN FORWARD FOREIGN CURRENCY CONTRACTS WERE AS
FOLLOWS:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- ----------------------------------------------------------------------
SHORT CONTRACTS:
South African Rand. . 7/2/03 $ 254,126 $257,442 $ (3,316)
Thai Baht . . . . . . 7/2/03 112,789 111,904 885
-----------------------------------------------
TOTAL SHORT CONTRACTS $ 366,915 $ 369,346 $ (2,431)
-----------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
96
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
GARTMORE GVIT GARTMORE GARTMORE GVIT GARTMORE GARTMORE
NATIONWIDE GVIT GVIT GOVERNMENT SMALL GVIT MONEY GVIT MONEY
FUND GROWTH FUND BOND FUND COMPANY FUND MARKET FUND MARKET FUND II
----------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
(cost $1,475,588,189;
233,530,471; 1,950,118,228;
536,759,359; 2,551,895,398
and $138,060,493;
respectively). . . . . . . . $1,517,243,359 $ 249,223,953 $ 2,049,686,828 $ 637,536,601 $2,551,895,398 $ 138,060,493
Cash . . . . . . . . . . . . - - 9,502,621 34,696,793 - 98,551
Foreign currencies,
at value (cost $0; $0;
$0; 305,008; $0
and $0; respectively). . . . - - - 304,772 - -
Interest and dividends
receivable . . . . . . . . . 1,529,711 161,109 17,766,394 534,177 1,473,204 -
Receivable for investments
sold . . . . . . . . . . . . - 13,695,887 1,180 2,766,364 - -
Receivable from adviser. . . - - - - 14,617 277
Reclaims receivable. . . . . - - - 87,257 - -
Prepaid expenses and
other assets . . . . . . . . 20,998 3,395 35,755 10,032 50,810 -
----------------------------------------------------------------------------------------------------
Total Assets . . . . . . . . 1,518,794,068 263,084,344 2,076,992,778 675,935,996 2,553,434,029 138,159,321
----------------------------------------------------------------------------------------------------
LIABILITIES:
Payable to custodian . . . . 5,371,498 1,389,846 - - 14,224 -
Distributions payable. . . . - - - - 1,395,098 22,905
Payable for investments
purchased. . . . . . . . . . 2,039,637 10,296,835 - 5,046,766 - -
Unrealized depreciation
on forward
foreign currency contracts . - - - 972 - -
Accrued expenses and
other payables:
Investment advisory fees . . 744,748 124,724 840,937 513,460 804,517 51,593
Fund administration fees . . 80,366 13,441 109,564 37,268 131,713 6,582
Distribution fees. . . . . . 439 - 4,800 1,206 - 25,796
Administrative servicing
fees . . . . . . . . . . . . 190,322 30,686 252,909 75,233 294,760 14,650
Other. . . . . . . . . . . . 105,269 27,295 168,066 53,437 192,709 14,389
----------------------------------------------------------------------------------------------------
Total Liabilities. . . . . . 8,532,279 11,882,827 1,376,276 5,728,342 2,833,021 135,915
----------------------------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . $1,510,261,789 $ 251,201,517 $ 2,075,616,502 $ 670,207,654 $2,550,601,008 $ 138,023,406
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
REPRESENTED BY:
Capital. . . . . . . . . . . $1,939,829,801 $ 623,705,944 $ 1,949,853,877 $ 693,421,097 $2,550,601,184 $ 138,023,445
Accumulated net
investment income
(loss) . . . . . . . . . . . 447,334 102,225 1,393,165 (763,746) 35,826 -
Accumulated net realized
gains (losses) from investment
and foreign currency
transactions . . . . . . . . (471,670,516) (388,300,134) 24,800,860 (123,235,300) (36,002) (39)
Net unrealized appreciation
(depreciation) on investments
and translation of assets and
liabilities denominated
in foreign currencies. . . . 41,655,170 15,693,482 99,568,600 100,785,603 - -
----------------------------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . $1,510,261,789 $ 251,201,517 $ 2,075,616,502 $ 670,207,654 $2,550,601,008 $ 138,023,406
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSETS:
Class I Shares** . . . . . . $1,349,610,965 $ 221,127,333 $ 1,962,494,840 $ 624,183,694 $2,038,074,243 $ 138,023,406
Class II Shares. . . . . . . 2,202,315 - 24,015,843 6,439,367 - -
Class III Shares . . . . . . 1,094,000 - 16,321,139 221,155 - -
Class IV Shares. . . . . . . 157,354,509 30,074,184 72,784,680 39,363,438 125,340,911 -
Class V Shares . . . . . . . - - - - 387,185,854 -
----------------------------------------------------------------------------------------------------
Total. . . . . . . . . . . . $1,510,261,789 $ 251,201,517 $ 2,075,616,502 $ 670,207,654 $2,550,601,008 $ 138,023,406
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of
shares authorized):
Class I Shares** . . . . . . 148,969,067 25,575,748 158,260,962 35,174,492 2,038,073,940 138,023,444
Class II Shares. . . . . . . 243,176 - 1,939,964 363,894 - -
Class III Shares . . . . . . 120,586 - 1,316,540 12,456 - -
Class IV Shares. . . . . . . 17,370,819 3,479,028 5,870,398 2,218,267 125,341,260 -
Class V Shares . . . . . . . - - - - 387,189,630 -
----------------------------------------------------------------------------------------------------
Total. . . . . . . . . . . . 166,703,648 29,054,776 167,387,864 37,769,109 2,550,604,830 138,023,444
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
NET ASSET VALUE AND OFFERING
PRICE PER SHARE: *
Class I Shares** . . . . . . $ 9.06 $ 8.65 $ 12.40 $ 17.75 $ 1.00 $ 1.00
Class II Shares. . . . . . . $ 9.06 $ - $ 12.38 $ 17.70 $ - $ -
Class III Shares . . . . . . $ 9.07 $ - $ 12.40 $ 17.75 $ - $ -
Class IV Shares. . . . . . . $ 9.06 $ 8.64 $ 12.40 $ 17.75 $ 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.
97
- --------------------------------------------------------------------------------
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
J.P. MORGAN GARTMORE GVIT NATIONWIDE COMSTOCK FEDERATED GVIT GVIT
GVIT BALANCED MID CAP GVIT STRATEGIC GVIT VALUE HIGH INCOME EQUITY 500
FUND GROWTH FUND VALUE FUND FUND BOND FUND INDEX FUND
--------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
(cost $231,337,515;
174,097,930; 13,345,905;
81,785,873; 207,959,338
and 331,967,381;
respectively). . . . . . . . . $ 237,603,544 $ 205,644,911 $ 13,643,568 $ 89,394,766 $ 215,250,281 $249,930,541
Cash . . . . . . . . . . . . . 23,979,477 7,378,660 743,196 728 15,342,070 1,553,490
Interest and dividends
receivable . . . . . . . . . . 562,318 42,400 8,489 150,328 4,371,725 309,757
Receivable for investments
sold . . . . . . . . . . . . . 27,192,841 - 48,795 343,755 813,581 -
Receivable from adviser. . . . 1,559 7,047 2,005 248 - 33,210
Receivable for variation
margin on futures contracts . 16,788 - - - - -
Prepaid expenses and other
assets . . . . . . . . . . . . 2,589 2,055 195 772 3,035 496
--------------------------------------------------------------------------------------------------
Total Assets . . . . . . . . . 289,359,116 213,075,073 14,446,248 89,890,597 235,780,692 251,827,494
--------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investments
purchased. . . . . . . . . . . 66,163,396 1,479,517 25,147 - 3,728,100 -
Payable for variation margin
on futures contracts . . . . . 34,906 - - - - -
Accrued expenses and other
payables:
Investment advisory fees . . . 133,263 128,255 10,781 54,389 126,606 50,300
Fund administration fees . . . 13,652 11,255 936 4,942 13,849 14,580
Distribution fees. . . . . . . - 2 - 22 - -
Administrative servicing
fees . . . . . . . . . . . . . 24,969 27,008 1,724 11,919 30,172 24,329
Other. . . . . . . . . . . . . 18,483 21,662 1,049 8,576 28,212 71,319
--------------------------------------------------------------------------------------------------
Total Liabilities. . . . . . . 66,388,669 1,667,699 39,637 79,848 3,926,939 160,528
--------------------------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . . $ 222,970,447 $ 211,407,374 $ 14,406,611 $ 89,810,749 $ 231,853,753 $251,666,966
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
REPRESENTED BY:
Capital. . . . . . . . . . . . $ 251,796,526 $ 372,559,346 $ 19,025,016 $111,747,683 $ 247,384,068 $380,875,232
Accumulated net
investment
income (loss). . . . . . . . . 61,639 (316,965) (878) 12,577 389,292 720,230
Accumulated net Realized
Gains (losses) from
investment, futures
and foreign
currency transactions. . . . . (35,209,555) (192,381,988) (4,915,190) (29,558,404) (23,210,550) (47,826,517)
Net unrealized
appreciation
(depreciation) on
investments and
futures. . . . . . . . . . . . 6,321,837 31,546,981 297,663 7,608,893 7,290,943 (82,101,979)
--------------------------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . . $ 222,970,447 $ 211,407,374 $ 14,406,611 $ 89,810,749 $ 231,853,753 $251,666,966
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSETS:
Class I Shares . . . . . . . . $ 160,481,756 $ 128,046,099 $ 14,406,611 $ 47,219,688 $ 231,853,753 $ -
Class II Shares. . . . . . . . - 34,939 - 214,278 - -
Class III Shares . . . . . . . - 156,997 - - - -
Class IV Shares. . . . . . . . 62,488,691 83,169,339 - 42,376,783 - 251,666,966
--------------------------------------------------------------------------------------------------
Total. . . . . . . . . . . . . $ 222,970,447 $ 211,407,374 $ 14,406,611 $ 89,810,749 $ 231,853,753 $251,666,966
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of
shares authorized):
Class I Shares . . . . . . . . 18,471,127 6,832,221 1,744,918 5,478,179 30,030,262 -
Class II Shares. . . . . . . . - 1,865 - 24,877 - -
Class III Shares . . . . . . . - 8,369 - - - -
Class IV Shares. . . . . . . . 7,193,134 4,437,414 - 4,916,773 - 36,864,278
--------------------------------------------------------------------------------------------------
Total. . . . . . . . . . . . . 25,664,261 11,279,869 1,744,918 10,419,829 30,030,262 36,864,278
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
NET ASSET VALUE AND
OFFERING PRICE PER SHARE:*
Class I Shares . . . . . . . . $ 8.69 $ 18.74 $ 8.26 $ 8.62 $ 7.72 $ -
Class II Shares. . . . . . . . $ - $ 18.74 $ - $ 8.61 $ - $ -
Class III Shares . . . . . . . $ - $ 18.76 $ - $ - $ - $ -
Class IV Shares. . . . . . . . $ 8.69 $ 18.74 $ - $ 8.62 $ - $ 6.83
* Not subject to a front-end sales charge.
See notes to financial statements.
- --------------------------------------------------------------------------------
98
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
VAN KAMPEN GARTMORE DREYFUS TURNER
GVIT GVIT GVIT GVIT GVIT GVIT
MULTI SECTOR SMALL CAP SMALL CAP WORLDWIDE MID CAP GROWTH FOCUS
BOND FUND VALUE FUND GROWTH FUND LEADERS FUND INDEX FUND FUND
--------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
(cost $227,339,707;
534,847,895; $89,977,376;
$24,507,380; 330,643,767 and
8,211,921; respectively) . . $ 241,904,888 $ 543,912,268 $102,949,775 $ 26,558,585 $312,210,312 $ 8,684,241
Cash. . . . . . . . . . . . . 6,955,431 33,444,035 22,983,996 821,866 5,472,512 270,871
Foreign currencies,
at value (cost $0; $0; $0;
20,709; $0 and $0;
respectively) . . . . . . . . - - - 20,513 - -
Interest and dividends
receivable. . . . . . . . . . 2,316,248 543,363 22,772 17,750 184,970 2,249
Receivable for investments
sold . . . . . . . . . . . . 9,900,781 5,375,923 17,775 3,402,649 - 381,086
Unrealized appreciation
on forward foreign
currency contracts. . . . . . 133,307 - - 106 - -
Receivable for variation
margin on futures contracts . - - - - 9,431 -
Reclaims receivable . . . . . 42,581 - - 54,366 - -
Prepaid expenses and
other assets. . . . . . . . . 4,082 7,763 902 453 5,384 4
--------------------------------------------------------------------------------------------
Total Assets. . . . . . . . . 261,257,318 583,283,352 125,975,220 30,876,288 317,882,609 9,338,451
--------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investments
purchased . . . . . . . . . . 28,141,172 6,531,413 418,500 3,796,538 - 291,149
Unrealized depreciation
on forward foreign
currency contracts. . . . . . 372,158 - - 1,442 - -
Payable for variation
margin on futures contracts . 38,156 - - - 20,000 -
Accrued expenses and
other payables:
Investment advisory fees. . . 144,272 413,673 111,785 22,207 130,309 6,359
Fund administration fees. . . 14,270 30,741 6,491 1,627 17,132 562
Distribution fees . . . . . . - 796 779 - 578 -
Administrative
servicing fees. . . . . . . . 28,490 70,935 15,426 3,258 39,156 948
Other . . . . . . . . . . . . 13,772 26,553 6,980 3,486 14,417 281
--------------------------------------------------------------------------------------------
Total Liabilities . . . . . . 28,752,290 7,074,111 559,961 3,828,558 221,592 299,299
--------------------------------------------------------------------------------------------
NET ASSETS. . . . . . . . . . $ 232,505,028 $ 576,209,241 $125,415,259 $ 27,047,730 $317,661,017 $ 9,039,152
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
REPRESENTED BY:
Capital . . . . . . . . . . . $ 225,792,065 $ 717,421,179 $184,362,663 $ 53,882,163 $352,599,943 $ 21,443,573
Accumulated net investment
income (loss) . . . . . . . . (1,877,918) (136,686) (540,730) (1,300) 19,820 (20,765)
Accumulated net realized
gains (losses) from investment,
futures and foreign
currency transactions . . . . (5,807,110) (150,139,625) (71,379,073) (28,891,886) (16,448,216) (12,855,976)
Net unrealized appreciation
(depreciation) on investments,
futures and translation of assets
and liabilities denominated
in foreign currencies . . . . 14,397,991 9,064,373 12,972,399 2,058,753 (18,510,530) 472,320
--------------------------------------------------------------------------------------------
NET ASSETS. . . . . . . . . . $ 232,505,028 $ 576,209,241 $125,415,259 $ 27,047,730 $317,661,017 $ 9,039,152
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET ASSETS
Class I Shares. . . . . . . . $ 232,505,028 $ 525,506,225 $121,355,847 $ 25,106,023 $314,757,278 $ 4,747,178
Class II Shares . . . . . . . - 4,146,284 3,836,577 - 2,903,739 -
Class III Shares. . . . . . . - 165,094 222,835 1,941,707 - 4,291,974
Class IV Shares . . . . . . . - 46,391,638 - - - -
--------------------------------------------------------------------------------------------
Total . . . . . . . . . . . . $ 232,505,028 $ 576,209,241 $125,415,259 $ 27,047,730 $317,661,017 $ 9,039,152
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of
shares authorized):
Class I Shares. . . . . . . . 23,895,371 59,756,466 10,841,485 3,346,531 25,562,684 1,866,633
Class II Shares . . . . . . . - 472,289 343,937 - 236,230 -
Class III Shares. . . . . . . - 18,754 20,028 259,074 - 1,675,714
Class IV Shares . . . . . . . - 5,275,261 - - - -
--------------------------------------------------------------------------------------------
Total . . . . . . . . . . . . 23,895,371 65,522,770 11,205,450 3,605,605 25,798,914 3,542,347
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
NET ASSET VALUE AND OFFERING
PRICE PER SHARE:*
Class I Shares. . . . . . . . $ 9.73 $ 8.79 $ 11.19 $ 7.50 $ 12.31 $ 2.54
Class II Shares . . . . . . . $ - $ 8.78 $ 11.15 $ - $ 12.29 $ -
Class III Shares. . . . . . . $ - $ 8.80 $ 11.13 $ 7.49 $ - $ 2.56
Class IV Shares . . . . . . . $ - $ 8.79 $ - $ - $ - $ -
* Not subject to a front-end sales charge.
See notes to financial statements.
- --------------------------------------------------------------------------------
99
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
GARTMORE GARTMORE
GVIT GLOBAL GARTMORE GARTMORE GVIT GARTMORE DREYFUS
TECHNOLOGY AND GVIT GVIT EMERGING GVIT GVIT
COMMUNICATIONS GLOBAL HEALTH NATIONWIDE MARKETS INTERNATIONAL INTERNATIONAL
FUND SCIENCES FUND LEADERS FUND FUND GROWTH FUND VALUE FUND
-------------------------------------------------------------------------------------------------
ASSETS:
Investments, at value
(cost $24,174,833;
$27,257,432; 7,648,310;
24,744,146; $9,267,375 and
64,940,053 respectively) . . . $ 25,264,597 $ 29,534,593 $ 8,181,518 $27,262,867 $ 10,063,963 $ 61,948,543
Cash. . . . . . . . . . . . . . 1,176,351 2,768,202 372,051 - 212,943 9,745,228
Foreign currencies,
at value
(cost $103,787; $0;
0; $632,492; $171,710
and $737,485; respectively) . . 104,021 - - 632,888 172,213 741,864
Interest and dividends
receivable. . . . . . . . . . . 6,830 13,834 7,444 125,958 19,868 124,705
Receivable for investments
sold. . . . . . . . . . . . . . 571,944 - 158,807 487,595 635,492 144,127
Unrealized appreciation on
forward foreign
currency contracts. . . . . . . - - - 289 394 -
Reclaims receivable . . . . . . - - - - 15,065 139,687
Prepaid expenses and
other assets. . . . . . . . . . 5,014 - 142 283 5,904 67,529
-------------------------------------------------------------------------------------------------
Total Assets. . . . . . . . . . 27,128,757 32,316,629 8,719,962 28,509,880 11,125,842 72,911,683
-------------------------------------------------------------------------------------------------
LIABILITIES:
Payable to custodian. . . . . . - - - 1,463,658 - -
Payable for investments
purchased . . . . . . . . . . . 2,502,985 1,886,401 462,148 243,121 643,459 -
Unrealized depreciation
on forward foreign
currency contracts. . . . . . . - - - 4,353 65 96
Accrued expenses and
other payables:
Investment advisory fees. . . . 18,951 23,073 6,132 25,431 8,753 43,025
Fund administration fees. . . . 1,375 1,660 557 1,561 1,648 4,816
Distribution fees . . . . . . . 20 11 - 275 - 1
Administrative servicing fees . 2,618 2,673 1,009 2,577 1,212 8,938
Other . . . . . . . . . . . . . 338 7,950 2,379 1,318 230 12,587
-------------------------------------------------------------------------------------------------
Total Liabilities . . . . . . . 2,526,287 1,921,768 472,225 1,742,294 655,367 69,463
-------------------------------------------------------------------------------------------------
NET ASSETS. . . . . . . . . . . $ 24,602,470 $ 30,394,861 $ 8,247,737 $26,767,586 $ 10,470,475 $ 72,842,220
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
REPRESENTED BY:
Capital . . . . . . . . . . . . $ 40,331,955 $ 27,003,019 $ 9,283,104 $29,759,403 $ 15,504,007 $ 83,841,562
Accumulated net investment
income (loss) . . . . . . . . . (66,639) (40,852) 1,790 186,743 42,205 569,683
Accumulated net realized gains
(losses) frominvestment,
futures, and foreign
currency transactions . . . . . (16,752,845) 1,155,533 (1,570,365) (5,698,884) (5,874,251) (8,600,943)
Net unrealized appreciation
(depreciation) on
investments, futures
and translation of assets
and liabilities denominated
in foreign currencies . . . . . 1,089,999 2,277,161 533,208 2,520,324 798,514 (2,968,082)
-------------------------------------------------------------------------------------------------
NET ASSETS. . . . . . . . . . . $ 24,602,470 $ 30,394,861 $ 8,247,737 $26,767,586 $ 10,470,475 $ 72,842,220
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSETS:
Class I Shares. . . . . . . . . $ 11,833,681 $ 2,237,168 $ 362,443 $10,308,483 $ 6,793,732 $ 36,383
Class II Shares . . . . . . . . 128,819 87,145 - 898,713 - 3,369
Class III Shares. . . . . . . . 12,639,970 28,070,548 7,885,294 15,560,390 3,676,743 11,166,951
Class IV Shares . . . . . . . . - - - - - 61,635,517
-------------------------------------------------------------------------------------------------
Total . . . . . . . . . . . . . $ 24,602,470 $ 30,394,861 $ 8,247,737 $26,767,586 $ 10,470,475 $ 72,842,220
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of
shares authorized):
Class I Shares. . . . . . . . . 3,930,788 216,214 35,967 1,485,841 1,388,738 3,507
Class II Shares . . . . . . . . 42,724 8,423 - 129,691 - 325
Class III Shares. . . . . . . . 4,164,962 2,709,424 781,995 2,243,899 750,632 1,080,248
Class IV Shares . . . . . . . . - - - - - 5,947,607
-------------------------------------------------------------------------------------------------
Total . . . . . . . . . . . . . 8,138,474 2,934,061 817,962 3,859,431 2,139,370 7,031,687
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
NET ASSET VALUE AND OFFERING
PRICE PER SHARE:*
Class I Shares. . . . . . . . . $ 3.01 $ 10.35 $ 10.08 $ 6.94 $ 4.89 $ 10.37
Class II Shares . . . . . . . . $ 3.02 $ 10.35 $ - $ 6.93 $ - $ 10.36
Class III Shares. . . . . . . . $ 3.03 $ 10.36 $ 10.08 $ 6.93 $ 4.90 $ 10.34
Class IV Shares . . . . . . . . $ - $ - $ - $ - $ - $ 10.36
* Not subject to a front-end sales charge.
See notes to financial statements.
- --------------------------------------------------------------------------------
100
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
GARTMORE GARTMORE GVIT GARTMORE GARTMORE GVIT GARTMORE
GVIT INVESTOR INVESTOR GVIT INVESTOR INVESTOR GVIT INVESTOR
DESTINATIONS DESTINATIONS DESTINATIONS DESTINATIONS DESTINATIONS
AGGRESSIVE MODERATELY MODERATE MODERATELY CONSERVATIVE
FUND AGGRESSIVE FUND FUND CONSERVATIVE FUND FUND
-------------------------------------------------------------------------------------------
ASSETS:
Investments in affiliated
securities, at value (cost
$33,375,099; 119,415,764;
299,466,355; 169,351,250 and
144,459,250; respectively). . . $ 36,190,085 $ 126,919,670 $ 316,368,398 $ 176,814,001 $ 148,443,077
Investments, at value
(cost $3,754,610; $13,148,549;
0; $0 and $0; respectively) . . 4,022,041 14,093,383 - - -
-------------------------------------------------------------------------------------------
Total Investments. . . . . . . . 40,212,126 141,013,053 316,368,398 176,814,001 148,443,077
-------------------------------------------------------------------------------------------
Interest and dividends
receivable . . . . . . . . . . . 15,629 107,997 304,318 253,419 248,665
Prepaid expenses and
other assets . . . . . . . . . . 391 1,531 3,551 2,169 2,114
-------------------------------------------------------------------------------------------
Total Assets . . . . . . . . . . 40,228,146 141,122,581 316,676,267 177,069,589 148,693,856
-------------------------------------------------------------------------------------------
LIABILITIES:
Accrued expenses and
other payables:
Investment advisory fees . . . . 4,169 14,807 33,024 18,481 15,242
Distribution fees. . . . . . . . 8,017 28,475 63,509 35,541 29,312
Administrative servicing fees. . 4,498 16,718 36,746 21,061 17,587
Other. . . . . . . . . . . . . . 3,090 6,351 14,480 8,591 8,436
-------------------------------------------------------------------------------------------
Total Liabilities. . . . . . . . 19,774 66,351 147,759 83,674 70,577
-------------------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . . . $ 40,208,372 $ 141,056,230 $ 316,528,508 $ 176,985,915 $ 148,623,279
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
REPRESENTED BY:
Capital. . . . . . . . . . . . . $ 38,084,539 $ 134,894,850 $ 302,448,580 $ 170,914,059 $ 144,922,621
Accumulated net investment
income (loss). . . . . . . . . . 6,641 40,934 63,802 64,907 73,533
Accumulated net realized
gains (losses) from
investment transactions. . . . . (965,225) (2,328,294) (2,885,917) (1,455,802) (356,702)
Net unrealized appreciation
(depreciation) on investments. . 3,082,417 8,448,740 16,902,043 7,462,751 3,983,827
-------------------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . . . $ 40,208,372 $ 141,056,230 $ 316,528,508 $ 176,985,915 $ 148,623,279
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of
shares authorized):. . . . . . . 4,476,944 15,282,308 33,094,923 17,907,169 14,710,734
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
NET ASSET VALUE AND
OFFERING PRICE PER SHARE:* . . . $ 8.98 $ 9.23 $ 9.56 $ 9.88 $ 10.10
* Not subject to a front-end sales charge.
See notes to financial statements.
- --------------------------------------------------------------------------------
101
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
GARTMORE GARTMORE
GARTMORE GVIT GARTMORE GVIT GLOBAL GVIT
U.S. GROWTH GVIT GLOBAL FINANCIAL DEVELOPING
LEADERS FUND UTILITIES FUND SERVICES FUND MARKETS FUND
-------------------------------------------------------------------------------
ASSETS:
Investments, at value
(cost $31,454,917;
5,555,986; $7,671,543 and
77,938,372; respectively) . . . . . . $ 32,720,159 $ 6,158,579 $ 8,355,295 $ 89,355,772
Cash . . . . . . . . . . . . . . . . . 415,995 340,965 512,928 -
Foreign currency, at value
(cost $0; $4,314; $2,354 and
1,298,951; respectively). . . . . . . - 4,314 2,354 1,300,679
Interest and dividends receivable. . . 3,400 10,249 3,222 386,965
Receivable for investments sold. . . . 2,966,901 159,784 - 976,971
Unrealized appreciation on
forward foreign currency contracts . . - - - 885
Receivable from adviser. . . . . . . . - - - 5,696
Reclaims receivable. . . . . . . . . . - 2,167 1,435 3,545
Prepaid expenses and other assets. . . 153 85 118 4,052
-------------------------------------------------------------------------------
Total Assets . . . . . . . . . . . . . 36,106,608 6,676,143 8,875,352 92,034,565
-------------------------------------------------------------------------------
LIABILITIES:
Payable to custodian . . . . . . . . . - - - 4,565,199
Payable for investments
purchased. . . . . . . . . . . . . . . 1,629,284 159,776 148,745 704,041
Unrealized depreciation on
forward foreign currency contracts . . - - - 3,316
Accrued expenses and other payables:
Investment advisory fees . . . . . . . 24,107 4,262 7,206 472,564
Fund administration fees . . . . . . . 2,425 589 724 11,737
Distribution fees. . . . . . . . . . . 42 53 16 4,875
Administrative servicing fees. . . . . 3,048 507 774 -
Other. . . . . . . . . . . . . . . . . 4,136 243 397 88,110
-------------------------------------------------------------------------------
Total Liabilities. . . . . . . . . . . 1,663,042 165,430 157,862 5,849,842
-------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . . . . . . $ 34,443,566 $ 6,510,713 $ 8,717,490 $ 86,184,723
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
REPRESENTED BY:
Capital. . . . . . . . . . . . . . . . $ 32,671,816 $ 6,863,483 $ 8,129,306 $132,796,088
Accumulated net investment
income (loss) . . . . . . . . . . . . (45,476) 42,383 31,261 773,863
Accumulated net realized gains
(losses) from investment and foreign
currency transactions. . . . . . . . . 551,984 (998,017) (127,391) (58,807,543)
Net unrealized appreciation
(depreciation) on investments
and translation of assets and
liabilities denominated in foreign
currencies. . . . . . . . . . . . . . 1,265,242 602,864 684,314 11,422,315
-------------------------------------------------------------------------------
NET ASSETS . . . . . . . . . . . . . . $ 34,443,566 $ 6,510,713 $ 8,717,490 $ 86,184,723
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
NET ASSETS:
Class I Shares . . . . . . . . . . . . $ 2,886,760 $ 540,732 $ 839,170 $ -
Class II Shares. . . . . . . . . . . . 293,712 262,493 83,107 86,184,723
Class III Shares . . . . . . . . . . . 31,263,094 5,707,488 7,795,213 -
-------------------------------------------------------------------------------
Total. . . . . . . . . . . . . . . . . $ 34,443,566 $ 6,510,713 $ 8,717,490 $ 86,184,723
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of
shares authorized):
Class I Shares . . . . . . . . . . . . 300,511 65,776 82,402 -
Class II Shares. . . . . . . . . . . . 30,485 31,848 8,166 11,631,286
Class III Shares . . . . . . . . . . . 3,240,599 692,950 765,555 -
-------------------------------------------------------------------------------
Total. . . . . . . . . . . . . . . . . 3,571,595 790,574 856,123 11,631,286
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
NET ASSET VALUE AND
OFFERING PRICE PER SHARE:*
Class I Shares . . . . . . . . . . . . $ 9.61 $ 8.22 $ 10.18 $ -
Class II Shares. . . . . . . . . . . . $ 9.63 $ 8.24 $ 10.18 $ 7.41
Class III Shares . . . . . . . . . . . $ 9.65 $ 8.24 $ 10.18 $ -
* Not subject to a front-end sales charge.
See notes to financial statements.
- --------------------------------------------------------------------------------
102
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
GARTMORE GVIT GARTMORE GVIT GARTMORE GVIT GVIT SMALL GARTMORE GVIT GARTMORE GVIT
NATIONWIDE GROWTH GOVERNMENT COMPANY MONEY MARKET MONEY MARKET
FUND FUND BOND FUND FUND FUND FUND II
-------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income . . . . . . . . $ 97,700 $ 15,021 $ 49,734,726 $ 229,131 $ 18,042,115 $ 740,516
Dividend income
(net of foreign
withholding
tax of $0; $0; $0;
98,359; $0 and $0;
respectively) . . . . . . . . . 10,960,829 1,015,498 118 2,503,026 256,702 38,946
-------------------------------------------------------------------------------------------------
Total Income. . . . . . . . . . 11,058,529 1,030,519 49,734,844 2,732,157 18,298,817 779,462
-------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees. . . . 3,884,413 649,364 4,978,337 2,684,841 5,084,438 312,575
Fund administration fees. . . . 429,530 72,054 677,881 200,303 880,087 40,913
Distribution fees . . . . . . . - - - - - 156,288
Distribution fees
Class II Shares . . . . . . . . 1,691 - 22,103 4,761 - -
Administrative servicing
fees Class I Shares*. . . . . . 938,639 154,484 1,494,575 410,501 1,682,072 93,773
Administrative servicing
fees Class II Shares. . . . . . 1,014 - 13,262 2,806 - -
Administrative servicing
Fees Class III Shares . . . . . 459 - 8,600 96 - -
Administrative servicing
fees Class IV Shares. . . . . . 40,898 7,857 12,363 9,867 34,375 -
Administrative servicing
fees Class V Shares . . . . . . - - - - 129,794 -
Other . . . . . . . . . . . . . 186,797 31,546 288,800 79,530 395,585 16,442
-------------------------------------------------------------------------------------------------
Total expenses
before waived or
reimbursed expenses . . . . . . 5,483,441 915,305 7,495,921 3,392,705 8,206,351 619,991
Expenses waived or
reimbursed. . . . . . . . . . . - - - - (29,861) (277)
-------------------------------------------------------------------------------------------------
Total Expenses. . . . . . . . . 5,483,441 915,305 7,495,921 3,392,705 8,176,490 619,714
-------------------------------------------------------------------------------------------------
NET INVESTMENT
INCOME (LOSS) . . . . . . . . . 5,575,088 115,214 42,238,923 (660,548) 10,122,327 159,748
-------------------------------------------------------------------------------------------------
REALIZED/
UNREALIZED
GAINS (LOSSES)
ON INVESTMENTS:
Net realized gains (losses)
on investment transactions. . . (23,277,751) 4,005,431 24,809,069 (9,701,102) (30,384) -
Net realized gains (losses)
on foreign currency
transactions. . . . . . . . . . - - - (623,469) - -
-------------------------------------------------------------------------------------------------
Net realized gains (losses)
on investment and
foreign currency transactions . (23,277,751) 4,005,431 24,809,069 (10,324,571) (30,384) -
Net change in unrealized
appreciation/depreciation
on investments and
translation of assets and
liabilities denominated
in foreign currencies . . . . . 180,553,866 28,074,664 (1,624,028) 99,228,280 - -
-------------------------------------------------------------------------------------------------
Net realized/unrealized
gains (losses) on
investments and foreign
currencies. . . . . . . . . . . 157,276,115 32,080,095 23,185,041 88,903,709 (30,384) -
-------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS
RESULTING FROM OPERATIONS . . . $ 162,851,203 $ 32,195,309 $ 65,423,964 $ 88,243,161 $ 10,091,943 $ 159,748
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
* Gartmore GVIT Money Market Fund II shares have no class designation.
See notes to financial statements.
- --------------------------------------------------------------------------------
103
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
J.P. MORGAN GARTMORE GVIT NATIONWIDE COMSTOCK FEDERATED GVIT GVIT
GVIT BALANCED MID CAP GVIT STRATEGIC GVIT VALUE HIGH INCOME EQUITY 500
FUND GROWTH FUND VALUE FUND FUND BOND FUND INDEX FUND
------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income. . . . . . . . . $ 1,549,320 $ 10,164 $ 4,017 $ 16,967 $ 8,493,953 $ 3,040
Dividend income
(net of foreign
witholding tax
of $0; $401; $0;
0; $0 and $0;
respectively). . . . . . . . . . 873,038 217,282 65,467 699,205 132,743 2,077,264
------------------------------------------------------------------------------------------------
Total Income . . . . . . . . . . 2,422,358 227,446 69,484 716,172 8,626,696 2,080,304
------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory
fees . . . . . . . . . . . . . . 623,305 426,255 58,715 216,441 654,908 280,803
Fund administration
fees . . . . . . . . . . . . . . 70,323 36,383 5,311 19,690 82,138 73,654
Distribution fees
Class II Shares. . . . . . . . . - 2 - 26 - -
Administrative servicing
fees Class I Shares. . . . . . . 111,939 54,281 9,237 31,434 144,720 -
Administrative servicing
fees Class II Shares. . . . . . - - - 17 - -
Administrative servicing
fees Class III Shares . . . . . - 50 - - - -
Administrative servicing
fees Class IV Shares. . . . . . 12,041 28,799 - 10,348 - 116,514
Professional fees. . . . . . . . 6,492 12,436 567 2,001 25,368 37,150
Printing fees. . . . . . . . . . 3,998 9,738 527 748 3,461 31,554
Other. . . . . . . . . . . . . . 12,940 22,791 1,113 4,383 14,353 76,963
------------------------------------------------------------------------------------------------
Total expenses before
waived or reimbursed
expenses . . . . . . . . . . . . 841,038 590,735 75,470 285,088 924,948 616,638
Expenses waived
or reimbursed. . . . . . . . . . (2,933) (46,324) (10,231) (991) - (288,388)
------------------------------------------------------------------------------------------------
Total Expenses . . . . . . . . . 838,105 544,411 65,239 284,097 924,948 328,250
------------------------------------------------------------------------------------------------
NET INVESTMENT
INCOME (LOSS). . . . . . . . . . 1,584,253 (316,965) 4,245 432,075 7,701,748 1,752,054
------------------------------------------------------------------------------------------------
REALIZED /UNREALIZED
GAINS (LOSSES)
ON INVESTMENTS:
Net realized gains (losses)
on investment transactions . . . (1,263,848) 8,745,581 (500,654) (73,777) (3,284,903) (7,079,522)
Net realized gains (losses)
on futures transactions . . . . . (273,706) - - - - 296,306
Net realized gains (losses)
on foreign currency
transactions . . . . . . . . . . (766) - - - - -
------------------------------------------------------------------------------------------------
Net realized gains (losses)
on investment, futures
and foreign currency
transactions . . . . . . . . . . (1,538,320) 8,745,581 (500,654) (73,777) (3,284,903) (6,783,216)
Net change in unrealized
appreciation/depreciation
on investments and futures . . . 16,165,173 20,020,815 2,346,598 9,194,697 19,656,287 31,183,384
------------------------------------------------------------------------------------------------
Net realized/unrealized
gains (losses) on investments,
futures, and foreign
currencies . . . . . . . . . . . 14,626,853 28,766,396 1,845,944 9,120,920 16,371,384 24,400,168
------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS
RESULTING FROM
OPERATIONS . . . . . . . . . . . $ 16,211,106 $ 28,449,431 $ 1,850,189 $ 9,552,995 $ 24,073,132 $26,152,222
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
104
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
VAN KAMPEN
GVIT GVIT GVIT GARTMORE GVIT DREYFUS GVIT TURNER GVIT
MULTI SECTOR SMALL CAP SMALL CAP WORLDWIDE MID CAP GROWTH FOCUS
BOND FUND VALUE FUND GROWTH FUND LEADERS FUND INDEX FUND FUND
---------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income . . . . . . . . . . $ 5,291,272 $ 135,204 $ 112,040 $ 4,038 $ 35,304 $ 1,143
Dividend income
(net of foreign
withholding tax
of $0; $543; $0;
29,110; $0 and $0;
respectively). . . . . . . . . . . 14,273 2,345,916 64,612 303,245 1,707,740 11,931
---------------------------------------------------------------------------------------------
Total Income. . . . . . . . . . . . 5,305,545 2,481,120 176,652 307,283 1,743,044 13,074
---------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees. . . . . . 833,918 2,038,772 584,007 136,442 712,152 25,627
Fund administration fees. . . . . . 94,592 156,261 36,234 10,234 97,039 2,686
Distribution fees Class II Shares . - 2,948 3,296 - 2,339 -
Administrative servicing fees
Class I Shares. . . . . . . . . . . 168,070 337,557 77,604 20,226 212,808 2,657
Administrative servicing fees
Class II Shares . . . . . . . . . . - 1,769 1,978 - 1,403 -
Administrative servicing fees
Class III Shares. . . . . . . . . . - 75 55 240 - 1,683
Administrative servicing fees
Class IV. . . . . . . . . . . . . . - 11,512 - - - -
Other . . . . . . . . . . . . . . . 32,353 68,911 14,208 8,198 40,569 1,186
---------------------------------------------------------------------------------------------
Total Expenses. . . . . . . . . . . 1,128,933 2,617,805 717,382 175,340 1,066,310 33,839
---------------------------------------------------------------------------------------------
NET INVESTMENT
INCOME (LOSS) . . . . . . . . . . . 4,176,612 (136,685) (540,730) 131,943 676,734 (20,765)
---------------------------------------------------------------------------------------------
REALIZED /UNREALIZED
GAINS (LOSSES)
ON INVESTMENTS:
Net realized gains (losses)
on investment transactions. . . . . (306,620) (37,798,822) (7,271,713) 1,086,656 (3,577,878) 272,731
Net realized gains (losses)
on futures. . . . . . . . . . . . . (395,776) - - (88,738) (303,914) -
Net realized gains (losses)
on foreign currency
transactions. . . . . . . . . . . . 1,417,902 - - (706,414) - -
---------------------------------------------------------------------------------------------
Net realized gains (losses)
on investment, futures
and foreign currency
transactions. . . . . . . . . . . . 715,506 (37,798,822) (7,271,713) 291,504 (3,881,792) 272,731
Net change in unrealized
appreciation/depreciation
on investments, futures
and translation of assets
and liabilities denominated
in foreign currencies. . . . . . . 11,992,015 126,071,808 24,112,878 2,150,997 36,105,539 878,320
---------------------------------------------------------------------------------------------
Net realized/unrealized
gains (losses) on investments,
futures and foreign currencies. . . 12,707,521 88,272,986 16,841,165 2,442,501 32,223,747 1,151,051
---------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS
RESULTING FROM OPERATIONS . . . . . $ 16,884,133 $ 88,136,301 $ 16,300,435 $ 2,574,444 $ 32,900,481 $ 1,130,286
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
See notes to financial statements
- --------------------------------------------------------------------------------
105
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
GARTMORE GVIT
GLOBAL TECHNOLOGY GARTMORE
AND GVIT GARTMORE GVIT GARTMORE GVIT GARTMORE GVIT DREYFUS GVIT
COMMUNICATIONS GLOBAL HEALTH NATIONWIDE EMERGING INTERNATIONAL INTERNATIONAL
FUND SCIENCES FUND LEADERS FUND MARKETS FUND GROWTH FUND VALUE FUND
--------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income. . . . . $ 6,777 $ 8,917 $ 1,811 $ 4,641 $ 1,910 $ 10,437
Dividend income
(net of foreign
withholding tax
of $557; $0; $0;
23,732; $20,074
and $147,662
respectively). . . . . . 31,346 52,618 64,084 450,415 138,325 1,203,204
--------------------------------------------------------------------------------------------------------
Total Income . . . . . . 38,123 61,535 65,895 455,056 140,235 1,213,641
--------------------------------------------------------------------------------------------------------
EXPENSES:
Investment
advisory fees. . . . . . 80,824 82,738 36,500 131,962 49,107 217,515
Fund administration
fees . . . . . . . . . . 6,433 6,185 3,325 10,457 7,076 19,254
Distribution fees
Class II Shares. . . . . 32 16 - 1,305 - 1
Administrative
servicing fees
Class I Shares . . . . . 5,993 702 207 4,578 2,387 -
Administrative
servicing fees
Class II Shares. . . . . 19 10 - 779 - -
Administrative
servicing fees
Class III Shares. . . . 5,291 9,646 5,289 9,108 2,052 -
Administrative
servicing fees
Class IV Shares . . . . - - - - - 42,370
Other. . . . . . . . . . 4,047 1,895 1,096 3,834 2,579 30,643
--------------------------------------------------------------------------------------------------------
Total Expenses . . . . . 102,639 101,192 46,417 162,023 63,201 309,783
--------------------------------------------------------------------------------------------------------
NET INVESTMENT
INCOME (LOSS). . . . . . (64,516) (39,657) 19,478 293,033 77,034 903,858
--------------------------------------------------------------------------------------------------------
REALIZED/
UNREALIZED
GAINS (LOSSES)
ON INVESTMENTS:
Net realized gains
(losses) on investment
transactions . . . . . . 2,113,115 2,110,196 (660,377) (1,065,665) (76,979) (5,096,871)
Net realized gains
(losses) on futures
transactions. . . . . . - - - - (85,423) -
Net realized gains
(losses) on
foreign currency
transactions . . . . . . (11,866) (3,743) - (73,684) (200,925) 3,961
--------------------------------------------------------------------------------------------------------
Net realized
Gains (losses)
on investment,
futures and foreign
currency
transactions . . . . . . 2,101,249 2,106,453 (660,377) (1,139,349) (363,327) (5,092,910)
Net change in
unrealized
appreciation/
depreciation
on investments,
futures and
translation of
assets
and liabilities
denominated
in foreign currencies. . 1,717,757 2,450,243 1,119,793 4,893,514 902,483 9,314,343
--------------------------------------------------------------------------------------------------------
Net realized/
unrealized
gains (losses)
On investments,
futures, and
foreign currencies . . . 3,819,006 4,556,696 459,416 3,754,165 539,156 4,221,433
--------------------------------------------------------------------------------------------------------
CHANGE IN
NET ASSETS
RESULTING
FROM
OPERATIONS . . . . . . . $ 3,754,490 $ 4,517,039 $ 478,894 $ 4,047,198 $ 616,190 $ 5,125,291
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
106
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
GARTMORE GARTMORE
GARTMORE GVIT GARTMORE GVIT GARTMORE
GVIT INVESTOR GVIT INVESTOR GVIT
INVESTOR DESTINATIONS INVESTOR DESTINATIONS INVESTOR
DESTINATIONS MODERATELY DESTINATIONS MODERATELY DESTINATIONS
AGGRESSIVE AGGRESSIVE MODERATE CONSERVATIVE CONSERVATIVE
FUND FUND FUND FUND FUND
------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income from affiliates . . . . $ - $ 46,436 $ 323,566 $ 316,393 $ 461,841
Interest income . . . . . . . . . . . . 2 12 30 16 6
Dividend income from affiliates . . . . 254,927 1,031,258 2,658,633 1,706,132 1,525,849
Dividend income . . . . . . . . . . . . 14,117 50,702 - - -
------------------------------------------------------------------------------
Total Income. . . . . . . . . . . . . . 269,046 1,128,408 2,982,229 2,022,541 1,987,696
------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees. . . . . . . . 17,566 64,367 148,810 86,755 78,625
Distribution fees . . . . . . . . . . . 33,781 123,783 286,175 166,839 151,204
Administrative servicing fees . . . . . 19,715 74,270 171,706 100,104 90,723
Other . . . . . . . . . . . . . . . . . 2,465 11,094 27,022 15,543 14,436
------------------------------------------------------------------------------
Total Expenses. . . . . . . . . . . . . 73,527 273,514 633,713 369,241 334,988
------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS). . . . . . 195,519 854,894 2,348,516 1,653,300 1,652,708
------------------------------------------------------------------------------
REALIZED/UNREALIZED GAINS (LOSSES)
FROM INVESTMENTS:
Realized gains (losses) on investment
Transactions with affiliates. . . . . . (21,510) (607,894) (1,311,722) (265,292) 296,339
Net change in unrealized appreciation/
depreciation on investments . . . . . . 3,476,257 10,942,498 20,229,831 7,691,263 3,371,171
------------------------------------------------------------------------------
Net realized/unrealized gains
(losses) on investments . . . . . . . . 3,454,747 10,334,604 18,918,109 7,425,971 3,667,510
------------------------------------------------------------------------------
CHANGE IN NET ASSETS
RESULTING FROM
OPERATIONS. . . . . . . . . . . . . . . $ 3,650,266 11,189,498 $ 21,266,625 $ 9,079,271 $ 5,320,218
------------------------------------------------------------------------------
------------------------------------------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
107
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (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. . . . . . . . . . . . . . . . . . . $ 8,430 $ 1,340 $ 2,087 $ 11,382
Dividend income (net of foreign withholding tax of
0; $6,265; $6,453 and $113,432; respectively) . . . 30,953 73,705 94,734 1,383,957
Income from securities lending . . . . . . . . . . . - - - 4,668
----------------------------------------------------------------------
Total Income . . . . . . . . . . . . . . . . . . . . 39,383 75,045 96,821 1,400,007
----------------------------------------------------------------------
EXPENSES:
Investment advisory fees . . . . . . . . . . . . . . 68,218 19,030 33,707 473,192
Fund administration fees . . . . . . . . . . . . . . 5,188 3,065 3,567 43,672
Distribution fees Class II Shares. . . . . . . . . . 63 113 27 4,875
Administrative servicing fees Class I Shares . . . . 821 235 356 -
Administrative servicing fees Class II Shares. . . . 38 68 16 -
Administrative servicing fees Class III Shares . . . 8,207 1,604 2,602 -
Custodian fees . . . . . . . . . . . . . . . . . . . 686 222 331 91,676
Other. . . . . . . . . . . . . . . . . . . . . . . . 1,638 467 938 60,635
----------------------------------------------------------------------
Total expenses before waived or
reimbursed expenses. . . . . . . . . . . . . . . . . 84,859 24,804 41,544 674,050
Expenses waived or reimbursed. . . . . . . . . . . . - - - (6,953)
----------------------------------------------------------------------
Total Expenses . . . . . . . . . . . . . . . . . . . 84,859 24,804 41,544 667,097
----------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) . . . . . . . . . . . . (45,476) 50,241 55,277 732,910
----------------------------------------------------------------------
REALIZED/UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment
transactions. . . . . . . . . . . . . . . . . . . . 2,106,185 (104,310) 255,654 (3,254,402)
Net realized gains (losses) on foreign
currency transactions. . . . . . . . . . . . . . . . - (36,353) (65,375) (373,873)
----------------------------------------------------------------------
Net realized gains (losses) on investment
and foreign currency transactions. . . . . . . . . . 2,106,185 (140,663) 190,279 (3,628,275)
Net change in unrealized appreciation/
Depreciation on investments
and translation of assets and liabilities
denominated in foreign currencies. . . . . . . . . . 1,292,951 578,729 541,162 13,821,145
----------------------------------------------------------------------
Net realized/unrealized gains (losses)
on investments and foreign currencies. . . . . . . . 3,399,136 438,066 731,441 10,192,870
----------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS . . . . . . . . . . . . . . . . . . $ 3,353,660 $ 488,307 $ 786,718 $ 10,925,780
----------------------------------------------------------------------
----------------------------------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
108
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,
2003 2002 2003 2002
-------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss). . . . . . . . . . $ 5,575,088 $ 12,482,800 $ 115,214 $ (76,863)
Net realized gains (losses) on
investment transactions . . . . . . . . . . . . (23,277,751) (111,414,770) 4,005,431 (76,317,671)
Net change in unrealized appreciation/
depreciation on investments . . . . . . . . . . 180,553,866 (185,840,181) 28,074,664 (17,627,059)
-------------------------------------------------------------------
Change in net assets resulting from operations. 162,851,203 (284,772,151) 32,195,309 (94,021,593)
-------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (4,859,467) (12,476,633) (7,521) -
DISTRIBUTIONS TO CLASS II SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (4,571) (2,917)(a) - -
DISTRIBUTIONS TO CLASS III SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (2,419) (1,658)(b) - -
DISTRIBUTIONS TO CLASS IV
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (262,889)(c) - (5,468)(c) -
-------------------------------------------------------------------
Change in net assets from
shareholder distributions . . . . . . . . . . . (5,129,346) (12,481,208) (12,989) -
-------------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 63,231,767 137,610,346 38,381,948 38,610,530
Dividends reinvested. . . . . . . . . . . . . . 4,859,467 12,476,666 7,521 -
Cost of shares redeemed . . . . . . . . . . . . (115,221,309) (277,487,007) (48,411,747) (95,047,514)
-------------------------------------------------------------------
(47,130,075) (127,399,995) (10,022,278) (56,436,984)
-------------------------------------------------------------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 1,314,692 813,877 (a) - -
Dividends reinvested. . . . . . . . . . . . . . 4,571 2,917 (a) - -
Cost of shares redeemed . . . . . . . . . . . . (77,579) (33,106)(a) - -
-------------------------------------------------------------------
1,241,684 783,688 - -
-------------------------------------------------------------------
CLASS III CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 868,401 435,071 (b) - -
Dividends reinvested. . . . . . . . . . . . . . 2,419 1,658 (b) - -
Cost of shares redeemed . . . . . . . . . . . . (252,912) (33,639)(b) - -
-------------------------------------------------------------------
617,908 403,090 - -
-------------------------------------------------------------------
CLASS IV CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 1,152,565 (c) - 3,808,357 (c) -
Proceeds from shares issued in
connection with merger. . . . . . . . . . . . . 146,829,542 - 30,711,320 -
Dividends reinvested. . . . . . . . . . . . . . 262,889 (c) - 5,468 (c) -
Cost of shares redeemed . . . . . . . . . . . . (4,284,236)(c) - (7,172,590)(c) -
-------------------------------------------------------------------
143,960,760 - 27,352,555 -
-------------------------------------------------------------------
Change in net assets from
capital transactions. . . . . . . . . . . . . . 98,690,277 (126,213,217) 17,330,277 (56,436,984)
-------------------------------------------------------------------
Change in net assets. . . . . . . . . . . . . . 256,412,134 (423,466,576) 49,512,597 (150,458,577)
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . 1,253,849,655 1,677,316,231 201,688,920 352,147,497
-------------------------------------------------------------------
End of period . . . . . . . . . . . . . . . . . $ 1,510,261,789 $1,253,849,655 $ 251,201,517 $ 201,688,920
-------------------------------------------------------------------
-------------------------------------------------------------------
See footnotes on page 110. (continued)
- --------------------------------------------------------------------------------
109
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
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,
2003 2002 2003 2002
----------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
CLASS I SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 7,953,279 14,947,244 4,951,524 4,347,905
Reinvested . . . . . . . . . . . 576,700 1,458,099 869 -
Redeemed . . . . . . . . . . . . (14,216,448) (31,410,086) (6,199,869) (10,907,126)
----------------------------------------------------------------
(5,686,469) (15,004,743) (1,247,476) (6,559,221)
----------------------------------------------------------------
CLASS II SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 157,121 98,179 (a) - -
Reinvested . . . . . . . . . . . 536 366 (a) - -
Redeemed . . . . . . . . . . . . (8,940) (4,086)(a) - -
----------------------------------------------------------------
148,717 94,459 - -
----------------------------------------------------------------
CLASS III SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 103,589 52,954 (b) - -
Reinvested . . . . . . . . . . . 275 206 (b) - -
Redeemed . . . . . . . . . . . . (32,431) (4,007)(b) - -
----------------------------------------------------------------
71,433 49,153 - -
----------------------------------------------------------------
CLASS IV SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 128,926 (c) - 452,537 (c) -
Issued in connection with merger 17,696,964 - 3,889,915 -
Reinvested . . . . . . . . . . . 28,857 (c) - 631 (c) -
Redeemed . . . . . . . . . . . . (483,928)(c) - (864,055)(c) -
----------------------------------------------------------------
17,370,819 - 3,479,028 -
----------------------------------------------------------------
(a) For the period from July 11, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
110
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
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,
2003 2002 2003 2002
-------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss). . . . . . . . . . $ 42,238,923 $ 74,038,513 $ (660,548) $ (2,217,644)
Net realized gains (losses) on investment
and foreign currency transactions . . . . . . . 24,809,069 16,994,408 (10,324,571) (48,480,330)
Net change in unrealized appreciation/
depreciation on investments and
translation of assets and liabilities
denominated in foreign currencies . . . . . . . (1,624,028) 77,111,343 99,228,280 (77,409,137)
-------------------------------------------------------------------------
Change in net assets resulting from operations. 65,423,964 168,144,264 88,243,161 (128,107,111)
-------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (39,455,644) (74,073,271) - -
Net realized gains on investments . . . . . . . (2,616,610) (15,377,853) - -
DISTRIBUTIONS TO CLASS II
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (388,239) (143,034)(a) - -
Net realized gains on investments . . . . . . . (26,042) (70,633)(a) - -
DISTRIBUTIONS TO CLASS III
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (245,992) (97,299)(b) - -
Net realized gains on investments . . . . . . . (16,120) (53,766)(b) - -
DISTRIBUTIONS TO CLASS IV
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . (758,051)(c) - - -
-------------------------------------------------------------------------
Change in net assets from
shareholder distributions . . . . . . . . . . . (43,506,698) (89,815,856) - -
-------------------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 238,886,015 981,386,422 127,793,030 376,772,376
Dividends reinvested. . . . . . . . . . . . . . 42,072,254 89,450,902 - -
Cost of shares redeemed . . . . . . . . . . . . (322,146,165) (468,295,642) (148,180,345) (430,466,599)
-------------------------------------------------------------------------
(41,187,896) 602,541,682 (20,387,315) (53,694,223)
-------------------------------------------------------------------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 14,106,601 9,956,335 (a) 8,251,948 2,603,105 (d)
Dividends reinvested. . . . . . . . . . . . . . 414,281 213,666 (a) - -
Cost of shares redeemed . . . . . . . . . . . . (798,297) (35,178)(a) (4,839,693) (111,650)(d)
-------------------------------------------------------------------------
13,722,585 10,134,823 3,412,255 2,491,455
-------------------------------------------------------------------------
CLASS III CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 9,425,105 8,679,378 (b) 162,826 57,955
Dividends reinvested. . . . . . . . . . . . . . 262,111 151,064 (b) - -
Cost of shares redeemed . . . . . . . . . . . . (1,120,843) (1,252,341)(b) (18,083) (4,147)
-------------------------------------------------------------------------
8,566,373 7,578,101 144,743 53,808
-------------------------------------------------------------------------
CLASS IV CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 2,482,431 (c) - 770,217 (c) -
Proceeds from shares issued in
connection with merger. . . . . . . . . . . . . 71,183,753 - 35,126,129 -
Dividends reinvested. . . . . . . . . . . . . . 758,051 (c) - - -
Cost of shares redeemed . . . . . . . . . . . . (2,237,311)(c) - (1,313,768)(c) -
-------------------------------------------------------------------------
72,186,924 - 34,582,578 -
-------------------------------------------------------------------------
Change in net assets from
capital transactions . . . . . . . . . . . . . 53,287,986 620,254,606 17,752,261 (51,148,960)
-------------------------------------------------------------------------
Change in net assets. . . . . . . . . . . . . . 75,205,252 698,583,014 105,995,422 (179,256,071)
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . 2,000,411,250 1,301,828,236 564,212,232 743,468,303
-------------------------------------------------------------------------
End of period . . . . . . . . . . . . . . . . . $ 2,075,616,502 $2,000,411,250 $ 670,207,654 $ 564,212,232
-------------------------------------------------------------------------
-------------------------------------------------------------------------
See footnotes on page 112. (continued)
- --------------------------------------------------------------------------------
111
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
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,
2003 2002 2003 2002
--------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
CLASS I SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 19,410,549 81,360,454 8,120,751 21,316,931
Reinvested . . . . . . . . . . . 3,409,174 7,411,670 - -
Redeemed . . . . . . . . . . . . (26,059,873) (38,878,138) (9,400,877) (24,749,334)
--------------------------------------------------------------------------
(3,240,150) 49,893,986 (1,280,126) (3,432,403)
--------------------------------------------------------------------------
CLASS II SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 1,146,072 810,181 (a) 521,058 158,204 (d)
Reinvested . . . . . . . . . . . 33,559 17,383 (a) - -
Redeemed . . . . . . . . . . . . (64,348) (2,883)(a) (308,245) (7,123)(d)
--------------------------------------------------------------------------
1,115,283 824,681 212,813 151,081
--------------------------------------------------------------------------
CLASS III SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 764,329 711,849 (b) 10,183 3,599
Reinvested . . . . . . . . . . . 21,232 12,295 (b) - -
Redeemed . . . . . . . . . . . . (90,223) (102,942)(b) (1,055) (271)
--------------------------------------------------------------------------
695,338 621,202 9,128 3,328
--------------------------------------------------------------------------
CLASS IV SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 198,630 (c) - 44,766 (c) -
Issued in connection with merger 5,789,853 - 2,250,088 -
Reinvested . . . . . . . . . . . 60,644 (c) - - -
Redeemed . . . . . . . . . . . . (178,729)(c) - (76,587)(c) -
--------------------------------------------------------------------------
5,870,398 - 2,218,267 -
--------------------------------------------------------------------------
(a) For the period from July 8, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from May 20, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(d) For the period from March 5, 2002 (commencement of operations) through
December 31, 2002.
See notes to financial statements.
- --------------------------------------------------------------------------------
112
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,
2003 2002 2003 2002
---------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income. . . . . $ 10,122,327 $ 34,554,789 $ 159,748 $ 400,151
Net realized gains (losses) on
investment transactions . . . (30,384) (5,268) - (39)
---------------------------------------------------------------------
Change in net assets resulting
from operations. . . . . . . . 10,091,943 34,549,521 159,748 400,112
---------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM*:
Net investment income. . . . . (8,407,147) (34,104,582) (159,748) (400,151)
DISTRIBUTIONS TO CLASS IV
SHAREHOLDERS FROM:
Net investment income. . . . . (184,628)(a) - - -
DISTRIBUTIONS TO CLASS V
SHAREHOLDERS FROM:
Net investment income. . . . . (1,530,552) (450,207)(b) - -
---------------------------------------------------------------------
Change in net assets from
shareholder distributions. . . (10,122,327) (34,554,789) (159,748) (400,151)
---------------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS*:
Proceeds from shares issued. . 2,737,827,122 9,878,027,628 238,363,198 456,253,029
Dividends reinvested . . . . . 9,340,862 35,997,623 160,793 394,299
Cost of shares redeemed. . . . (3,145,850,008) (10,346,590,868) (210,541,783) (384,016,848)
---------------------------------------------------------------------
(398,682,024) (432,565,617) 27,982,208 72,630,480
---------------------------------------------------------------------
CLASS IV CAPITAL TRANSACTIONS:
Proceeds from shares issued. . 17,590,665 (a) - - -
Proceeds from shares issued
in connection with merger. . . 131,179,154 - - -
Dividends reinvested . . . . . 182,885 (a) - - -
Cost of shares redeemed. . . . (23,611,793)(a) - - -
---------------------------------------------------------------------
125,340,911 - - -
---------------------------------------------------------------------
CLASS V CAPITAL TRANSACTIONS:
Proceeds from shares issued. . 213,466,555 340,292,608 (b) - -
Dividends reinvested . . . . . 1,556,159 199,194 (b) - -
Cost of shares redeemed. . . . (152,782,648) (15,542,238)(b) - -
---------------------------------------------------------------------
62,240,066 324,949,564 - -
---------------------------------------------------------------------
Change in net assets from
capital transactions . . . . . (211,101,047) (107,616,053) 27,982,208 72,630,480
---------------------------------------------------------------------
Change in net assets . . . . . (211,131,431) (107,621,321) 27,982,208 72,630,441
NET ASSETS:
Beginning of period. . . . . . 2,761,732,439 2,869,353,760 110,041,198 37,410,757
---------------------------------------------------------------------
End of period. . . . . . . . . $ 2,550,601,008 $ 2,761,732,439 $ 138,023,406 $ 110,041,198
---------------------------------------------------------------------
---------------------------------------------------------------------
See footnotes on page 114. (continued)
- --------------------------------------------------------------------------------
113
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
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,
2003 2002 2003 2002
------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
CLASS I SHARE TRANSACTIONS: *
Issued . . . . . . . . . . . . . 2,737,827,122 9,878,027,627 238,363,197 456,253,028
Reinvested . . . . . . . . . . . 9,340,862 35,997,623 160,793 394,299
Redeemed . . . . . . . . . . . . (3,145,850,008) (10,346,590,868) (210,541,783) (384,016,847)
------------------------------------------------------------------
(398,682,024) (432,565,618) 27,982,207 72,630,480
------------------------------------------------------------------
CLASS IV SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 17,590,665 (a) - - -
Issued in connection with merger 131,179,504 - - -
Reinvested . . . . . . . . . . . 182,884 (a) - - -
Redeemed . . . . . . . . . . . . (23,611,793)(a) - - -
------------------------------------------------------------------
125,341,260 - - -
------------------------------------------------------------------
CLASS V SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 213,466,555 340,292,608 (b) - -
Reinvested . . . . . . . . . . . 1,556,159 199,194 (b) - -
Redeemed . . . . . . . . . . . . (152,782,648) (15,542,238)(b) - -
------------------------------------------------------------------
62,240,066 324,949,564 - -
------------------------------------------------------------------
* Gartmore GVIT Money Market Fund II shares have no class designation.
(a) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(b) For the period from October 21, 2002 (commencement of operations) through
December 31, 2002.
See notes to financial statements.
- --------------------------------------------------------------------------------
114
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
J.P. MORGAN GARTMORE GVIT NATIONWIDE GVIT
GVIT BALANCED FUND MID CAP GROWTH FUND STRATEGIC VALUE FUND
-----------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2003 (A) 2002 2003 2002
-----------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment
income (loss). . . . . . . $ 1,584,253 $ 3,288,111 $ (316,965) $ (516,804) $ 4,245 $ 5,478
Net realized gains
(losses) on investment,
futures and foreign
currency transactions. . . (1,538,320) (14,719,903) 8,745,581 (17,439,012) (500,654) (3,431,912)
Net change in unrealized
appreciation/depreciation
on investments and
futures. . . . . . . . . . 16,165,173 (8,664,456) 20,020,815 (4,320,109) 2,346,598 (2,062,489)
-----------------------------------------------------------------------------------------------------
Change in net assets
resulting from
operations . . . . . . . . 16,211,106 (20,096,248) 28,449,431 (22,275,925) 1,850,189 (5,488,923)
-----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income. . . (1,283,560) (3,279,433) - - (5,146) (5,455)
DISTRIBUTIONS TO CLASS IV
SHAREHOLDERS FROM:
Net investment income. . . (239,684) - - - - -
Net realized gains on
investments. . . . . . . . - - - (452,788) - -
-----------------------------------------------------------------------------------------------------
Change in net assets
from shareholder
distributions. . . . . . . (1,523,244) (3,279,433) - (452,788) (5,146) (5,455)
-----------------------------------------------------------------------------------------------------
CLASS I CAPITAL
TRANSACTIONS:
Proceeds from shares
issued . . . . . . . . . . 11,520,866 33,511,764 33,086,909 (b) - 1,171,941 2,809,971
Proceeds from shares
issued in connection
with merger. . . . . . . . - - 105,382,691 - - -
Dividends reinvested . . . 1,283,560 3,279,436 - - 5,145 5,455
Cost of shares
redeemed . . . . . . . . . (11,015,067) (16,001,673) (24,478,306) (b) - (2,175,333) (6,500,641)
-----------------------------------------------------------------------------------------------------
1,789,359 20,789,527 113,991,294 - (998,247) (3,685,215)
-----------------------------------------------------------------------------------------------------
CLASS II CAPITAL
TRANSACTIONS:
Proceeds from shares
issued. . . . . . . . . . - - 34,902 (b) - - -
Cost of shares
redeemed . . . . . . . . . - - (4)(b) - - -
-----------------------------------------------------------------------------------------------------
- - 34,898 - - -
-----------------------------------------------------------------------------------------------------
CLASS III CAPITAL
TRANSACTIONS:
Proceeds from shares
issued. . . . . . . . . . - - 211,993 (b) - - -
Proceeds from shares
issued in connection
with merger. . . . . . . . - - 145,511 - - -
Cost of shares
redeemed . . . . . . . . . - - (224,678)(b) - - -
-----------------------------------------------------------------------------------------------------
- - 132,826 - - -
-----------------------------------------------------------------------------------------------------
CLASS IV CAPITAL
TRANSACTIONS:
Proceeds from shares
issued. . . . . . . . . . 1,544,813 (b) - 3,757,718 11,467,739 - -
Proceeds from shares
issued in connection
with merger. . . . . . . . 59,267,431 - - - - -
Dividends reinvested . . . 239,684 (b) - - 452,788 - -
Cost of shares
redeemed . . . . . . . . . (1,847,687) (b) - (5,627,567) (16,737,019) - -
-----------------------------------------------------------------------------------------------------
59,204,241 - (1,869,849) (4,816,492) - -
-----------------------------------------------------------------------------------------------------
Change in net assets
from capital
transactions . . . . . . . 60,993,600 20,789,527 112,289,169 (4,816,492) (998,247) (3,685,215)
-----------------------------------------------------------------------------------------------------
Change in
net assets . . . . . . . . 75,681,462 (2,586,154) 140,738,600 (27,545,205) 846,796 (9,179,593)
-----------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of
period . . . . . . . . . . 147,288,985 149,875,139 70,668,774 98,213,979 13,559,815 22,739,408
-----------------------------------------------------------------------------------------------------
End of period. . . . . . . $ 222,970,447 $ 147,288,985 $ 211,407,374 $ 70,668,774 $ 14,406,611 $ 13,559,815
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
See footnotes on page 116. (continued)
- --------------------------------------------------------------------------------
115
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
J.P. MORGAN GARTMORE GVIT NATIONWIDE GVIT
GVIT BALANCED FUND MID CAP GROWTH FUND STRATEGIC VALUE FUND
----------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2003 (A) 2002 2003 2002
----------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CLASS I SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 1,395,243 3,861,150 1,828,990 (b) - 160,656 329,020
Issued in connection with merger - - 6,376,823 - - -
Reinvested . . . . . . . . . . . 154,643 392,585 - - 728 762
Redeemed . . . . . . . . . . . . (1,344,776) (1,927,041) (1,373,592)(b) - (300,096) (802,833)
----------------------------------------------------------------------------------------------
205,110 2,326,694 6,832,221 - (138,712) (473,051)
----------------------------------------------------------------------------------------------
CLASS II SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . - - 1,865 (b) - - -
----------------------------------------------------------------------------------------------
- - 1,865 - - -
----------------------------------------------------------------------------------------------
CLASS III SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . - - 11,562 (b) - - -
Issued in connection with merger - - 8,805 - - -
Redeemed . . . . . . . . . . . . - - (11,998)(b) - - -
----------------------------------------------------------------------------------------------
- - 8,369 - - -
----------------------------------------------------------------------------------------------
CLASS IV SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 180,716 (b) - 224,277 647,097 - -
Issued in connection with merger 7,199,989 - - - - -
Reinvested . . . . . . . . . . . 27,455 (b) - - 23,066 - -
Redeemed . . . . . . . . . . . . (215,026)(b) - (356,861) (1,008,324) - -
----------------------------------------------------------------------------------------------
7,193,134 - (132,584) (338,161) - -
----------------------------------------------------------------------------------------------
(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 GVIT Mid Cap Growth Fund.
(b) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
116
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
COMSTOCK FEDERATED GVIT GVIT
GVIT VALUE FUND HIGH INCOME BOND FUND EQUITY 500 INDEX FUND
----------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 (A) 2002
----------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment
income (loss). . . . . . . $ 432,075 $ 594,225 $ 7,701,748 $ 12,104,412 $ 1,752,054 $ 3,669,931
Net realized gains
(losses) on investment
and futures transactions . (73,777) (13,926,705) (3,284,903) (9,438,861) (6,783,216) (32,951,237)
Net change in unrealized
appreciation/depreciation
on investments and
futures. . . . . . . . . . 9,194,697 522,771 19,656,287 1,760,670 31,183,384 (43,019,963)
----------------------------------------------------------------------------------------------------
Change in net assets
resulting from
operations . . . . . . . . 9,552,995 (12,809,709) 24,073,132 4,426,221 26,152,222 (72,301,269)
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income. . . (277,498) (607,204) (7,338,995) (12,077,873) - -
DISTRIBUTIONS TO CLASS II
SHAREHOLDERS FROM:
Net investment income. . . (544) (b) - - - - -
DISTRIBUTIONS TO CLASS IV
SHAREHOLDERS FROM:
Net investment income. . . (141,512) (c) - - - (4,701,755) (3,532,315)
----------------------------------------------------------------------------------------------------
Change in net assets
from shareholder
distributions. . . . . . . (419,554) (607,204) (7,338,995) (12,077,873) (4,701,755) (3,532,315)
----------------------------------------------------------------------------------------------------
CLASS I CAPITAL
TRANSACTIONS:
Proceeds from shares
issued. . . . . . . . . . 12,391,763 30,593,748 112,441,476 132,393,865 - -
Dividends reinvested . . . 277,497 607,206 7,338,987 12,077,888 - -
Cost of shares
redeemed. . . . . . . . . (9,714,522) (31,208,642) (67,394,092) (88,108,577) - -
----------------------------------------------------------------------------------------------------
2,954,738 (7,688) 52,386,371 56,363,176 - -
----------------------------------------------------------------------------------------------------
CLASS II CAPITAL
TRANSACTIONS:
Proceeds from shares
issued . . . . . . . . . . 216,090 (b) - - - - -
Dividends reinvested . . . 544 (b) - - - - -
Cost of shares
redeemed . . . . . . . . . (287)(b) - - - - -
----------------------------------------------------------------------------------------------------
216,347 - - - - -
----------------------------------------------------------------------------------------------------
CLASS IV CAPITAL
TRANSACTIONS:
Proceeds from
shares issued . . . . . . . 811,866 (c) - - - 9,957,126 65,025,442
Proceeds from shares
issued in connection
with merger. . . . . . . . 38,687,395 - - - - -
Dividends reinvested . . . 141,512 (c) - - - 4,701,733 3,532,315
Cost of shares redeemed. . (1,558,199)(c) - - - (20,403,765) (81,677,549)
----------------------------------------------------------------------------------------------------
38,082,574 - - - (5,744,906) (13,119,792)
----------------------------------------------------------------------------------------------------
Change in net assets
from capital
transactions . . . . . . . 41,253,659 (7,688) 52,386,371 56,363,176 (5,744,906) (13,119,792)
----------------------------------------------------------------------------------------------------
Change in net assets . . . 50,387,100 (13,424,601) 69,120,508 48,711,524 15,705,561 (88,953,376)
NET ASSETS:
Beginning of
period . . . . . . . . . . 39,423,649 52,848,250 162,733,245 114,021,721 235,961,405 324,914,781
----------------------------------------------------------------------------------------------------
End of period. . . . . . . $ 89,810,749 $ 39,423,649 $ 231,853,753 $ 162,733,245 $ 251,666,966 $ 235,961,405
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
See footnotes on page 118. (continued)
- --------------------------------------------------------------------------------
117
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
COMSTOCK FEDERATED GVIT GVIT
GVIT VALUE FUND HIGH INCOME BOND FUND EQUITY 500 INDEX FUND
----------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 (A) 2002
----------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CLASS I SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 1,568,982 3,911,863 15,163,957 18,159,360 - -
Reinvested . . . . . . . . . . . 34,587 71,697 979,170 1,681,418 - -
Redeemed . . . . . . . . . . . . (1,271,493) (3,926,471) (9,157,070) (12,128,179) - -
----------------------------------------------------------------------------------------------
332,076 57,089 6,986,057 7,712,599 - -
----------------------------------------------------------------------------------------------
CLASS II SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 24,847 (b) - - - - -
Reinvested . . . . . . . . . . . 63 (b) - - - - -
Redeemed . . . . . . . . . . . . (33)(b) - - - - -
----------------------------------------------------------------------------------------------
24,877 - - - - -
----------------------------------------------------------------------------------------------
CLASS IV SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 95,922 (c) - - - 1,588,341 8,987,017
Issued in connection with merger 4,988,136 - - - - -
Reinvested . . . . . . . . . . . 16,417 (c) - - - 738,105 436,627
Redeemed . . . . . . . . . . . . (183,702)(c) - - - (3,279,662) (11,604,996)
----------------------------------------------------------------------------------------------
4,916,773 - - - (953,216) (2,181,352)
----------------------------------------------------------------------------------------------
(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
June 30, 2003.
(c) For the period from April 28, 2003 (commencement of
operations) through June 30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
118
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
VAN KAMPEN GVIT 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,
2003 2002 2003 2002
------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) . . . . . . . $ 4,176,612 $ 8,685,225 $ (136,685) $ 56,128
Net realized gains (losses) on
investment, futures and foreign
currency transactions. . . . . . . . . . . 715,506 (4,017,056) (37,798,822) (104,033,638)
Net change in unrealized appreciation/
depreciation on investments, futures
and translation of assets and liabilities
denomintated in foreign currencies . . . . 11,992,015 8,153,719 126,071,808 (104,846,114)
------------------------------------------------------------------
Change in net assets resulting
from operations. . . . . . . . . . . . . . 16,884,133 12,821,888 88,136,301 (208,823,624)
------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income. . . . . . . . . . . (6,068,282) (10,400,483) (2,654) (53,460)
Net realized gains on investments. . . . . - - - (15,376,195)
DISTRIBUTIONS TO CLASS II
SHAREHOLDERS FROM:
Net realized gains on investments. . . . . - - - (5,349)(a)
DISTRIBUTIONS TO CLASS III
SHAREHOLDERS FROM:
Net investment income. . . . . . . . . . . - - (4) (25)(b)
Net realized gains on investments. . . . . - - - (70)(b)
------------------------------------------------------------------
Change in net assets from
shareholder distributions. . . . . . . . . (6,068,282) (10,400,483) (2,658) (15,435,099)
------------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . . . . 67,831,854 123,291,779 118,094,049 344,989,197
Dividends reinvested . . . . . . . . . . . 6,068,282 10,400,484 2,618 15,429,655
Cost of shares redeemed. . . . . . . . . . (61,490,613) (104,157,671) (140,564,942) (366,908,980)
------------------------------------------------------------------
12,409,523 29,534,592 (22,468,275) (6,490,128)
------------------------------------------------------------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . . . . - - 2,490,570 1,686,153 (a)
Dividends reinvested . . . . . . . . . . . - - - 5,349 (a)
Cost of shares redeemed. . . . . . . . . . - - (346,975) (167,141)(a)
------------------------------------------------------------------
- - 2,143,595 1,524,361
------------------------------------------------------------------
CLASS III CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . . . . - - 121,487 75,624 (b)
Dividends reinvested . . . . . . . . . . . - - 4 95 (b)
Cost of shares redeemed. . . . . . . . . . - - (35,902) (11,842)(b)
------------------------------------------------------------------
- - 85,589 63,877
------------------------------------------------------------------
CLASS IV CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . . . . - - 2,074,845 (c) -
Proceeds from shares issued
in connection with merger. . . . . . . . . - - 38,499,981 -
Cost of shares redeemed. . . . . . . . . . - - (959,870)(c) -
------------------------------------------------------------------
- - 39,614,956 -
------------------------------------------------------------------
Change in net assets from
capital transactions . . . . . . . . . . . 12,409,523 29,534,592 19,375,865 (4,901,890)
------------------------------------------------------------------
Change in net assets . . . . . . . . . . . 23,225,374 31,955,997 107,509,508 (229,160,613)
NET ASSETS:
Beginning of period. . . . . . . . . . . . 209,279,654 177,323,657 468,699,733 697,860,346
------------------------------------------------------------------
End of period. . . . . . . . . . . . . . . $ 232,505,028 $ 209,279,654 $ 576,209,241 $ 468,699,733
------------------------------------------------------------------
------------------------------------------------------------------
See footnotes on page 120. (continued)
- --------------------------------------------------------------------------------
119
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
VAN KAMPEN GVIT 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,
2003 2002 2003 2002
--------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
CLASS I SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . 7,144,217 13,414,020 14,981,954 37,449,189
Reinvested . . . . . . . . . . . 638,291 1,142,155 374 1,740,829
Redeemed . . . . . . . . . . . . (6,447,539) (11,400,171) (18,577,493) (43,216,498)
--------------------------------------------------------------
1,334,969 3,156,004 (3,595,165) (4,026,480)
--------------------------------------------------------------
CLASS II SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . - - 317,683 221,957 (a)
Reinvested . . . . . . . . . . . - - - 603 (a)
Redeemed . . . . . . . . . . . . - - (45,094) (22,860)(a)
--------------------------------------------------------------
- - 272,589 199,700
--------------------------------------------------------------
CLASS III SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . - - 15,052 9,912 (b)
Reinvested . . . . . . . . . . . - - 1 11 (b)
Redeemed . . . . . . . . . . . . - - (4,810) (1,412)(b)
--------------------------------------------------------------
- - 10,243 8,511
--------------------------------------------------------------
CLASS IV SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . - - 250,200 (c) -
Issued in connection with merger - - 5,139,972 -
Redeemed . . . . . . . . . . . . - - (114,911)(c) -
--------------------------------------------------------------
- - 5,275,261 -
--------------------------------------------------------------
(a) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from May 3, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
120
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
GVIT GARTMORE GVIT
SMALL CAP GROWTH FUND WORLDWIDE LEADERS FUND
-------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2003 2002 2003 2002
-------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss). . . . . . . . . . $ (540,730) $ (1,193,130) $ 131,943 $ 134,526
Net realized gains (losses)
on investment, futures and foreign
currency transactions . . . . . . . . . . . . . (7,271,713) (30,548,275) 291,504 (9,332,279)
Net change in unrealized appreciation/
depreciation on investments
and translation of assets and liabilities
denominated in foreign currencies . . . . . . . 24,112,878 (17,877,984) 2,150,997 921,975
-------------------------------------------------------------
Change in net assets resulting from operations. 16,300,435 (49,619,389) 2,574,444 (8,275,778)
-------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . - - - (542,428)
Tax return of capital . . . . . . . . . . . . . - - - (177,521)
-------------------------------------------------------------
Change in net assets from
shareholder distributions . . . . . . . . . . . - - - (719,949)
-------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 76,568,692 148,054,453 65,336,764 211,434,949
Dividends reinvested. . . . . . . . . . . . . . - - - 719,948
Cost of shares redeemed . . . . . . . . . . . . (71,311,494) (142,270,002) (69,209,913) (247,161,392)
-------------------------------------------------------------
5,257,198 5,784,451 (3,873,149) (35,006,495)
-------------------------------------------------------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 7,893,539 2,258,083 (a) - -
Cost of shares redeemed . . . . . . . . . . . . (6,200,879) (450,131)(a) - -
-------------------------------------------------------------
1,692,660 1,807,952 - -
-------------------------------------------------------------
CLASS III CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 728,410 88,971 (b) 1,879,959 (c) -
Cost of shares redeemed . . . . . . . . . . . . (540,742) (66,742)(b) (58)(c) -
-------------------------------------------------------------
187,668 22,229 1,879,901 -
-------------------------------------------------------------
Change in net assets from
capital transactions. . . . . . . . . . . . . . 7,137,526 7,614,632 (1,993,248) (35,006,495)
-------------------------------------------------------------
Change in net assets. . . . . . . . . . . . . . 23,437,961 (42,004,757) 581,196 (44,002,222)
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . 101,977,298 143,982,055 26,466,534 70,468,756
-------------------------------------------------------------
End of period . . . . . . . . . . . . . . . . . $125,415,259 $ 101,977,298 $ 27,047,730 $ 26,466,534
-------------------------------------------------------------
-------------------------------------------------------------
CLASS I SHARE TRANSACTIONS:
Issued. . . . . . . . . . . . . . . . . . . . . 7,597,847 12,985,558 9,838,038 26,693,136
Reinvested. . . . . . . . . . . . . . . . . . . - - - 80,083
Redeemed. . . . . . . . . . . . . . . . . . . . (7,141,120) (12,545,395) (10,355,525) (30,506,179)
-------------------------------------------------------------
456,727 440,163 (517,487) (3,732,960)
-------------------------------------------------------------
CLASS II SHARE TRANSACTIONS:
Issued. . . . . . . . . . . . . . . . . . . . . 784,215 215,755 (a) - -
Redeemed. . . . . . . . . . . . . . . . . . . . (611,714) (44,319)(a) - -
-------------------------------------------------------------
172,501 171,436 - -
-------------------------------------------------------------
CLASS III SHARE TRANSACTIONS:
Issued. . . . . . . . . . . . . . . . . . . . . 70,329 8,895 (b) 259,082 (c) -
Redeemed. . . . . . . . . . . . . . . . . . . . (52,119) (7,077)(b) (8)(c) -
-------------------------------------------------------------
18,210 1,818 259,074 -
-------------------------------------------------------------
(a) For the period from March 7, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from July 5, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from May 2, 2003 (commencement of operations) through June
30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
121
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
DREYFUS GVIT TURNER GVIT
MID CAP INDEX FUND GROWTH FOCUS FUND
---------------------------------------------------- -------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2003 2002 2003 2002
------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) . . . . . . . $ 676,734 $ 1,110,204 $ (20,765) $ (56,055)
Net realized gains (losses) on investment
and futures transactions . . . . . . . . . (3,881,792) (6,179,491) 272,731 (4,944,191)
Net change in unrealized appreciation /
depreciation on investments and futures. . 36,105,539 (52,601,723) 878,320 (598,268)
------------------------------------------------------------
Change in net assets resulting
from operations . . . . . . . . . . . . . 32,900,481 (57,671,010) 1,130,286 (5,598,514)
------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income. . . . . . . . . . . (657,249) (1,105,007) - -
Net realized gains on investments. . . . . - (2,522,109) - -
DISTRIBUTIONS TO CLASS II
SHAREHOLDERS FROM:
Net investment income. . . . . . . . . . . (3,051) (1,811)(a) - -
Net realized gains on investments. . . . . - (6,271)(a) - -
------------------------------------------------------------
Change in net assets from
shareholder distributions. . . . . . . . . (660,300) (3,635,198) - -
------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . . . . 67,241,516 237,253,602 1,535,170 18,111,076
Dividends reinvested . . . . . . . . . . . 657,249 3,627,118 - -
Cost of shares redeemed. . . . . . . . . . (71,064,999) (151,261,627) (1,439,473) (21,949,674)
------------------------------------------------------------
(3,166,234) 89,619,093 95,697 (3,838,598)
------------------------------------------------------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . . . . 2,061,941 1,875,383 (a) - -
Dividends reinvested . . . . . . . . . . . 3,051 8,082 (a) - -
Cost of shares redeemed. . . . . . . . . . (679,777) (617,601)(a) - -
------------------------------------------------------------
1,385,215 1,265,864 - -
------------------------------------------------------------
CLASS III CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . . . . - - 3,965,382 4,602,518 (b)
Cost of shares redeemed. . . . . . . . . . - - (2,525,720) (1,835,421)(b)
------------------------------------------------------------
- - 1,439,662 2,767,097
------------------------------------------------------------
Change in net assets from
capital transactions . . . . . . . . . . . (1,781,019) 90,884,957 1,535,359 (1,071,501)
------------------------------------------------------------
Change in net assets . . . . . . . . . . . 30,459,162 29,578,749 2,665,645 (6,670,015)
NET ASSETS:
Beginning of period. . . . . . . . . . . . 287,201,855 257,623,106 6,373,507 13,043,522
------------------------------------------------------------
End of period. . . . . . . . . . . . . . . $317,661,017 $ 287,201,855 $ 9,039,152 $ 6,373,507
------------------------------------------------------------
------------------------------------------------------------
CLASS I SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . . . . . . 6,050,358 18,397,887 656,263 5,506,967
Reinvested . . . . . . . . . . . . . . . . 57,974 312,071 - -
Redeemed . . . . . . . . . . . . . . . . . (6,501,091) (12,319,387) (657,373) (7,218,865)
------------------------------------------------------------
(392,759) 6,390,571 (1,110) (1,711,898)
------------------------------------------------------------
CLASS II SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . . . . . . 181,887 166,313 (a) - -
Reinvested . . . . . . . . . . . . . . . . 266 734 (a) - -
Redeemed . . . . . . . . . . . . . . . . . (57,842) (55,128)(a) - -
------------------------------------------------------------
124,311 111,919 - -
------------------------------------------------------------
CLASS III SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . . . . . . - - 1,663,596 1,989,106 (b)
Redeemed . . . . . . . . . . . . . . . . . - - (1,169,805) (807,183)(b)
------------------------------------------------------------
- - 493,791 1,181,923
------------------------------------------------------------
(a) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from May 2, 2002 (commencement of operations) through
December 31, 2002.
See notes to financial statements.
- --------------------------------------------------------------------------------
122
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
GARTMORE GVIT GARTMORE GVIT
GLOBAL TECHNOLOGY GARTMORE GVIT NATIONWIDE
AND COMMUNICATIONS FUND GLOBAL HEALTH SCIENCES FUND LEADERS FUND
-----------------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 2002
-----------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment
income (loss) . . . . . . . $ (64,516) $ (132,576) $ (39,657) $ (21,982) $ 19,478 $ 55,946
Net realized gains
(losses) on
investment and
foreign currency
transactions. . . . . . . . 2,101,249 (6,839,026) 2,106,453 (855,928) (660,377) (909,988)
Net change in
unrealized
appreciation/
depreciation on
investments
and translation of
assets and liabilities
denominated in
foreign currencies. . . . . 1,717,757 (994,771) 2,450,243 (316,799) 1,119,793 (594,840)
-----------------------------------------------------------------------------------------
Change in net assets
resulting from
operations. . . . . . . . . 3,754,490 (7,966,373) 4,517,039 (1,194,709) 478,894 (1,448,882)
-----------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income . . . - - - - (667) (1,492)(a)
Tax return of capital . . . - (80,814) - - - -
DISTRIBUTIONS TO CLASS III
SHAREHOLDERS FROM:
Net investment income . . . - - - (17,036) (54,439)
Tax return of capital . . . - (8,546)(b) - - - -
-----------------------------------------------------------------------------------------
Change in net assets
from shareholder
distributions . . . . . . . - (89,360) - - (17,703) (55,931)
-----------------------------------------------------------------------------------------
CLASS I CAPITAL
TRANSACTIONS:
Proceeds from shares
issued. . . . . . . . . . . 5,130,447 26,060,996 2,470,019 945,373 (c) 298,503 457,610(a)
Dividends reinvested. . . . - 80,814 - - 667 1,492(a)
Cost of shares
redeemed. . . . . . . . . . (3,364,708) (26,710,740) (898,921) (555,108)(c) (207,836) (184,367)(a)
-----------------------------------------------------------------------------------------
1,765,739 (568,930) 1,571,098 390,265 91,334 274,735
-----------------------------------------------------------------------------------------
CLASS II CAPITAL
TRANSACTIONS:
Proceeds from
shares issued . . . . . . . 122,847 (d) - 86,540 (d) - - -
Cost of shares
redeemed. . . . . . . . . . (125)(d) - (3,614)(d) - - -
-----------------------------------------------------------------------------------------
122,722 - 82,926 - - -
-----------------------------------------------------------------------------------------
CLASS III CAPITAL
TRANSACTIONS:
Proceeds from shares
issued. . . . . . . . . . . 8,680,019 8,258,729 (b) 15,080,677 13,278,701 1,875,001 17,840,102
Dividends reinvested. . . . - 8,546 (b) - - 17,036 54,439
Cost of shares
redeemed. . . . . . . . . . (3,333,063) (1,614,585)(b) (2,879,044) (2,991,820) (2,906,827) (8,962,652)
-----------------------------------------------------------------------------------------
5,346,956 6,652,690 12,201,633 10,286,881 (1,014,790) 8,931,889
-----------------------------------------------------------------------------------------
Change in net
assets from
capital
transactions. . . . . . . . 7,235,417 6,083,760 13,855,657 10,677,146 (923,456) 9,206,624
-----------------------------------------------------------------------------------------
Change in
net assets. . . . . . . . . 10,989,907 (1,971,973) 18,372,696 9,482,437 (462,265) 7,701,811
NET ASSETS:
Beginning of
period . . . . . . . . . . 13,612,563 15,584,536 12,022,165 2,539,728 8,710,002 1,008,191
-----------------------------------------------------------------------------------------
End of period . . . . . . . $24,602,470 $ 13,612,563 $30,394,861 $ 12,022,165 $ 8,247,737 $ 8,710,002
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
See footnotes on page 124. (continued)
- --------------------------------------------------------------------------------
123
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
GARTMORE GVIT GARTMORE GVIT
GLOBAL TECHNOLOGY GARTMORE GVIT NATIONWIDE
AND COMMUNICATIONS FUND GLOBAL HEALTH SCIENCES FUND LEADERS FUND
----------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 2002
----------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CLASS I SHARE
TRANSACTIONS:
Issued. . . . . 1,960,863 6,869,198 271,225 111,085 (c) 31,627 44,861 (a)
Reinvested. . . - 28,759 - - 70 160 (a)
Redeemed. . . . (1,284,989) (7,345,704) (100,126) (65,970)(c) (21,856) (18,895)(a)
----------------------------------------------------------------------------------------------
675,874 (447,747) 171,099 45,115 9,841 26,126
----------------------------------------------------------------------------------------------
CLASS II SHARE
TRANSACTIONS:
Issued. . . . . 42,767 (d) - 8,793 (d) - - -
Redeemed. . . . (43)(d) - (370)(d) - - -
----------------------------------------------------------------------------------------------
42,724 - 8,423 - - -
----------------------------------------------------------------------------------------------
CLASS III SHARE
TRANSACTIONS:
Issued. . . . . 3,074,137 3,041,352 (b) 1,627,949 1,515,772 202,431 1,711,166
Reinvested. . . - 3,030 (b) - - 1,814 5,670
Redeemed. . . . (1,320,419) (633,138)(b) (338,914) (345,882) (318,634) (920,452)
----------------------------------------------------------------------------------------------
1,753,718 2,411,244 1,289,035 1,169,890 (114,389) 796,384
----------------------------------------------------------------------------------------------
(a) For the period from May 9, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from May 2, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(d) For the period from March 28, 2003 (commencement of operations) through
December 31, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
124
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
GARTMORE GVIT GARTMORE GVIT DREYFUS GVIT
EMERGING MARKETS FUND INTERNATIONAL GROWTH FUND INTERNATIONAL VALUE FUND
-----------------------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 2002
-----------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment
income (loss) . . . . . . . $ 293,033 $ 137,776 $ 77,034 $ 43,934 $ 903,858 $ 1,087,437
Net realized gains
(losses) on investment,
futures, and foreign
currency transactions. . . (1,139,349) (2,389,721) (363,327) (1,674,340) (5,092,910) (1,978,272)
Net change in unrealized
appreciation/depreciation
on investments, futures and
translation of assets and
liabilities denominated in
foreign currencies . . . . . 4,893,514 (2,956,346) 902,483 (293,915) 9,314,343 (6,666,555)
------------------------------------------------------------------------------------------------
Change in net assets
Resulting from
operations . . . . . . . . . 4,047,198 (5,208,291) 616,190 (1,924,321) 5,125,291 (7,557,390)
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income. . . . (28,732) (25,390) - - - -
DISTRIBUTIONS TO CLASS II
SHAREHOLDERS FROM:
Net investment income. . . . (2,513) (443)(a) - - - -
DISTRIBUTIONS TO CLASS III
SHAREHOLDERS FROM:
Net investment income. . . . (40,363) (21,804)(b) - - - -
DISTRIBUTIONS TO CLASS IV
SHAREHOLDERS FROM:
Net investment income. . . . - - - - (1,575,263)(c) (746,525)
------------------------------------------------------------------------------------------------
Change in net assets from
shareholder distributions. . (71,608) (47,637) - - (1,575,263) (746,525)
------------------------------------------------------------------------------------------------
CLASS I CAPITAL
TRANSACTIONS:
Proceeds from shares
issued . . . . . . . . . . . 4,099,036 105,767,841 24,197,548 73,142,371 769,906 (d) -
Dividends reinvested . . . . 28,732 25,390 - - - -
Cost of shares redeemed. . . (5,257,955) (108,377,597) (24,654,644) (74,030,380) (740,367)(d) -
------------------------------------------------------------------------------------------------
(1,130,187) (2,584,366) (457,096) (888,009) 29,539 -
------------------------------------------------------------------------------------------------
CLASS II CAPITAL
TRANSACTIONS:
Proceeds from shares
issued . . . . . . . . . . . 34,652,439 9,314,394 (a) - - 122,493 (d) -
Dividends reinvested . . . . 2,513 443 (a) - - - -
Cost of shares
redeemed . . . . . . . . . . (34,667,768) (8,728,757)(a) - - (120,125)(d) -
------------------------------------------------------------------------------------------------
(12,816) 586,080 - - 2,368 -
------------------------------------------------------------------------------------------------
CLASS III CAPITAL
TRANSACTIONS:
Proceeds from shares
issued . . . . . . . . . . . 4,304,448 16,676,333 (b) 1,565,409 3,933,004 (b) 57,290,524 (d) -
Dividends reinvested . . . . 40,363 21,804 (b) - - - -
Cost of shares
redeemed . . . . . . . . . . (2,303,549) (3,523,788)(b) (345,746) (1,476,937)(b) (46,582,621)(d) -
------------------------------------------------------------------------------------------------
2,041,262 13,174,349 1,219,663 2,456,067 10,707,903 -
------------------------------------------------------------------------------------------------
CLASS IV CAPITAL
TRANSACTIONS:
Proceeds from shares
issued . . . . . . . . . . . - - - - 2,520,895 (c) 7,663,969
Dividends reinvested . . . . - - - - 1,575,261 (c) 746,525
Cost of shares
redeemed . . . . . . . . . . - - - - (4,879,141)(c) (9,516,869)
------------------------------------------------------------------------------------------------
- - - - (782,985) (1,106,375)
------------------------------------------------------------------------------------------------
Change in net assets
from capital
transactions . . . . . . . . 898,259 11,176,063 762,567 1,568,058 9,956,825 (1,106,375)
------------------------------------------------------------------------------------------------
Change in net
assets . . . . . . . . . . . 4,873,849 5,920,135 1,378,757 (356,263) 13,506,853 (9,410,290)
NET ASSETS:
Beginning of
period . . . . . . . . . . . 21,893,737 15,973,602 9,091,718 9,447,981 59,335,367 $ 68,745,657
------------------------------------------------------------------------------------------------
End of period. . . . . . . . $ 26,767,586 $ 21,893,737 $ 10,470,475 $ 9,091,718 $ 72,842,220 $ 59,335,367
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
See footnotes on page 126. (continued)
- --------------------------------------------------------------------------------
125
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
GARTMORE GVIT GARTMORE GVIT DREYFUS GVIT
EMERGING MARKETS FUND INTERNATIONAL GROWTH FUND INTERNATIONAL VALUE FUND
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 2002
------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CLASS I SHARE
TRANSACTIONS:
Issued. . . . . 665,781 14,320,057 5,468,732 13,150,889 76,266 (d) -
Reinvested. . . 4,213 3,995 - - - -
Redeemed. . . . (855,151) (14,910,559) (5,551,263) (13,217,573) (72,759)(d) -
------------------------------------------------------------------------------------------------
(185,157) (586,507) (82,531) (66,684) 3,507 -
------------------------------------------------------------------------------------------------
CLASS II SHARE
TRANSACTIONS:
Issued. . . . . 5,649,871 1,477,981 (a) - - 11,716 (d) -
Reinvested. . . 387 72 (a) - - - -
Redeemed. . . . (5,596,444) (1,402,176)(a) - - (11,391)(d) -
------------------------------------------------------------------------------------------------
53,814 75,877 - - 325 -
------------------------------------------------------------------------------------------------
CLASS III SHARE
TRANSACTIONS:
Issued. . . . . 692,538 2,467,481 (b) 349,826 782,247 (b) 5,520,658 (d) -
Reinvested. . . 5,878 3,532 (b) - - - -
Redeemed. . . . (364,963) (560,567)(b) (77,163) (304,278)(b) (4,440,410)(d) -
------------------------------------------------------------------------------------------------
333,453 1,910,446 272,663 477,969 1,080,248 -
------------------------------------------------------------------------------------------------
CLASS IV SHARE
TRANSACTIONS:
Issued. . . . . - - - - 260,756 (c) 695,917
Reinvested. . . - - - - 170,115 (c) 66,714
Redeemed. . . . - - - - (508,240)(c) (874,651)
------------------------------------------------------------------------------------------------
- - - - (77,369) (112,020)
------------------------------------------------------------------------------------------------
(a) For the period from March 4, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from May 2, 2002 (commencement of operations) through
December 31, 2002.
(c) 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 GVIT International Value Fund.
(d) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
126
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
GARTMORE GARTMORE GARTMORE
GVIT INVESTOR DESTINATIONS GVIT INVESTOR DESTINATIONS GVIT INVESTOR DESTINATIONS
AGGRESSIVE FUND MODERATELY AGGRESSIVE FUND MODERATE FUND
---------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2003 2002 2003 2002
---------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income (loss) $ 195,519 $ 104,059 $ 854,894 $ 502,258 $ 2,348,516 $ 1,386,961
Net realized gains (losses)
on investment transactions . (21,510) (943,715) (607,894) (1,614,036) (1,311,722) (1,442,342)
Net change in unrealized
appreciation/depreciation
on investments. . . . . . . 3,476,257 (398,149) 10,942,498 (2,496,954) 20,229,831 (3,330,743)
---------------------------------------------------------------------------------------------------
Change in net assets
Resulting From
operations . . . . . . . . . 3,650,266 (1,237,805) 11,189,498 (3,608,732) 21,266,625 (3,386,124)
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
FROM:
Net investment income. . . . (193,377) (99,684) (830,232) (486,111) (2,286,073) (1,385,602)
Net realized gains on
investments. . . . . . . . . - (990) - (107,373) - (131,983)
---------------------------------------------------------------------------------------------------
Change in net assets
From shareholder
distributions. . . . . . . . (193,377) (100,674) (830,232) (593,484) (2,286,073) (1,517,585)
---------------------------------------------------------------------------------------------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued . . . . . . . . . . . 19,708,633 27,562,364 64,947,737 81,066,256 140,296,069 173,868,245
Dividends reinvested . . . . 193,377 100,673 830,232 593,479 2,286,064 1,517,574
Cost of shares redeemed. . . (2,643,559) (7,338,022) (7,043,175) (6,000,805) (10,589,645) (5,430,938)
---------------------------------------------------------------------------------------------------
Change in net assets
From capital transactions. . 17,258,451 20,325,015 58,734,794 75,658,930 131,992,488 169,954,881
---------------------------------------------------------------------------------------------------
Change in net assets . . . . 20,715,340 18,986,536 69,094,060 71,456,714 150,973,040 165,051,172
NET ASSETS:
Beginning of period. . . . . 19,493,032 506,496 71,962,170 505,456 165,555,468 504,296
---------------------------------------------------------------------------------------------------
End of period. . . . . . . . $ 40,208,372 $ 19,493,032 $ 141,056,230 $ 71,962,170 $ 316,528,508 $ 165,555,468
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued . . . . . . . . . . . 2,389,008 3,180,794 7,516,533 9,046,457 15,504,375 18,899,823
Reinvested . . . . . . . . . 22,850 12,242 94,568 69,659 248,008 170,233
Redeemed . . . . . . . . . . (327,096) (850,960) (806,056) (688,964) (1,173,502) (604,134)
---------------------------------------------------------------------------------------------------
2,084,762 2,342,076 6,805,045 8,427,152 14,578,881 18,465,922
---------------------------------------------------------------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
127
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,
2003 2002 2003 2002
------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) . . . . $ 1,653,300 $ 1,017,839 $ 1,652,708 $ 1,156,260
Net realized gains (losses) on
investment transactions. . . . . . . (265,292) (1,083,348) 296,339 (609,377)
Net change in unrealized
appreciation/depreciation
on investments . . . . . . . . . . . 7,691,263 (230,171) 3,371,171 612,143
------------------------------------------------------------------
Change in net assets resulting
from operations. . . . . . . . . . . 9,079,271 (295,680) 5,320,218 1,159,026
------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income. . . . . . . . (1,589,623) (1,016,609) (1,580,961) (1,154,475)
Net realized gains on investments. . - (107,305) - (43,789)
------------------------------------------------------------------
Change in net assets from
shareholder distributions. . . . . . (1,589,623) (1,123,914) (1,580,961) (1,198,264)
------------------------------------------------------------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . . . 79,188,806 106,000,132 72,657,331 96,504,058
Dividends reinvested . . . . . . . . 1,589,623 1,123,908 1,580,961 1,198,251
Cost of shares redeemed. . . . . . . (6,951,164) (10,538,496) (19,712,324) (7,806,859)
------------------------------------------------------------------
Change in net assets from
capital transactions . . . . . . . . 73,827,265 96,585,544 54,525,968 89,895,450
------------------------------------------------------------------
Change in net assets . . . . . . . . 81,316,913 95,165,950 58,265,225 89,856,212
NET ASSETS:
Beginning of period. . . . . . . . . 95,669,002 503,052 90,358,054 501,842
------------------------------------------------------------------
End of period. . . . . . . . . . . . $ 176,985,915 $ 95,669,002 $ 148,623,279 $ 90,358,054
------------------------------------------------------------------
------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued . . . . . . . . . . . . . . . 8,328,040 11,086,660 7,351,632 9,807,007
Reinvested . . . . . . . . . . . . . 164,945 119,765 158,662 122,377
Redeemed . . . . . . . . . . . . . . (734,427) (1,107,938) (1,989,019) (790,045)
------------------------------------------------------------------
7,758,558 10,098,487 5,521,275 9,139,339
------------------------------------------------------------------
See notes to financial statements.
- --------------------------------------------------------------------------------
128
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,
2003 2002 2003 2002
------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss). . . . . . . . . . $ (45,476) $ (30,927) $ 50,241 $ 52,471
Net realized gains (losses) on investment
and foreign currency transactions . . . . . . . 2,106,185 (1,545,307) (140,663) (874,946)
Net change in unrealized appreciation/
depreciation on investments and
translation of assets and liabilities
denominated in foreign currencies . . . . . . . 1,292,951 (13,076) 578,729 19,675
------------------------------------------------------------------
Change in net assets resulting from operations. 3,353,660 (1,589,310) 488,307 (802,800)
------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . - - (362) (453)(b)
DISTRIBUTIONS TO CLASS II
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . - - (130) -
DISTRIBUTIONS TO CLASS III
SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . - - (4,190) (35,249)
------------------------------------------------------------------
Change in net assets from
shareholder distributions . . . . . . . . . . . - - (4,682) (35,702)
------------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 4,385,689 798,966 (a) 902,309 364,501 (b)
Dividends reinvested. . . . . . . . . . . . . . - - 362 453 (b)
Cost of shares redeemed . . . . . . . . . . . . (2,268,963) (273,904)(a) (567,205) (202,131)(b)
------------------------------------------------------------------
2,116,726 525,062 335,466 162,823
------------------------------------------------------------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 285,229 (c) - 253,823 (d) -
Dividends reinvested. . . . . . . . . . . . . . - - 130 (d) -
Cost of shares redeemed . . . . . . . . . . . . (5,774)(c) - (13,577)(d) -
------------------------------------------------------------------
279,455 - 240,376 -
------------------------------------------------------------------
CLASS III CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . 30,015,512 7,782,435 2,648,359 2,035,766
Dividends reinvested. . . . . . . . . . . . . . - - 4,190 35,249
Cost of shares redeemed . . . . . . . . . . . . (8,299,178) (2,716,816) (940,848) (657,763)
------------------------------------------------------------------
21,716,334 5,065,619 1,711,701 1,413,252
------------------------------------------------------------------
Change in net assets from
capital transactions. . . . . . . . . . . . . . 24,112,515 5,590,681 2,287,543 1,576,075
------------------------------------------------------------------
Change in net assets. . . . . . . . . . . . . . 27,466,175 4,001,371 2,771,168 737,573
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . 6,977,391 2,976,020 3,739,545 3,001,972
------------------------------------------------------------------
End of period . . . . . . . . . . . . . . . . . $ 34,443,566 $ 6,977,391 $ 6,510,713 $ 3,739,545
------------------------------------------------------------------
------------------------------------------------------------------
See footnotes on page 130. (continued)
- --------------------------------------------------------------------------------
129
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
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,
2003 2002 2003 2002
--------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
CLASS I SHARE
TRANSACTIONS:
Issued. . . . . 504,891 100,188 (a) 116,220 47,045 (b)
Reinvested. . . - - 44 64 (b)
Redeemed. . . . (267,315) (37,253)(a) (73,216) (24,381)(b)
--------------------------------------------------------------
237,576 62,935 43,048 22,728
--------------------------------------------------------------
CLASS II SHARE
TRANSACTIONS:
Issued. . . . . 31,093 (c) - 33,537 (d) -
Reinvested. . . - - 16 (d) -
Redeemed. . . . (608)(c) - (1,705)(d) -
--------------------------------------------------------------
30,485 - 31,848 -
--------------------------------------------------------------
CLASS III SHARE
TRANSACTIONS:
Issued. . . . . 3,443,245 899,119 337,989 257,340
Reinvested. . . - - 503 4,648
Redeemed. . . . (1,059,859) (341,906) (126,144) (81,386)
--------------------------------------------------------------
2,383,386 557,213 212,348 180,602
--------------------------------------------------------------
(a) For the period from June 3, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from May 10, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from March 21, 2003 (commencement of operations) through
June 30, 2003.
(d) For the period from March 28, 2003 (commencement of operations) through
June 30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
130
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,
2003 2002 2003 (A) 2002
------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) . . $ 55,277 $ 28,634 $ 732,910 $ 448,752
Net realized gains (losses)
on investment and foreign
currency transactions. . . . . . 190,279 (358,444) (3,628,275) (6,968,619)
Net change in unrealized
appreciation/depreciation
on investments and
translation of assets and
liabilities denominated
in foreign currencies . . . . . 541,162 96,430 13,821,145 (1,847,272)
------------------------------------------------------------------
Change in net assets
resulting from operations. . . . 786,718 (233,380) 10,925,780 (8,367,139)
------------------------------------------------------------------
DISTRIBUTIONS TO CLASS I
SHAREHOLDERS FROM:
Net investment income. . . . . . - (76)(b) - -
DISTRIBUTIONS TO CLASS II
SHAREHOLDERS FROM:
Net investment income. . . . . . - - - (127,920)
DISTRIBUTIONS TO CLASS III
SHAREHOLDERS FROM:
Net investment income. . . . . . - (5,695) - -
------------------------------------------------------------------
Change in net assets from
shareholder distributions. . . . - (5,771) - (127,920)
------------------------------------------------------------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . 1,833,705 348,973 (b) - -
Dividends reinvested . . . . . . - 76 (b) - -
Cost of shares redeemed. . . . . (1,292,676) (131,390)(b) - -
------------------------------------------------------------------
541,029 217,659 - -
------------------------------------------------------------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . 348,433 (c) - 135,556,289 270,615,852
Dividends reinvested . . . . . . - - - 127,920
Cost of shares redeemed. . . . . (269,122)(c) - (135,618,324) (287,826,678)
------------------------------------------------------------------
79,311 - (62,035) (17,082,906)
------------------------------------------------------------------
CLASS III CAPITAL TRANSACTIONS:
Proceeds from shares issued. . . 3,473,829 8,989,589 - -
Dividends reinvested . . . . . . - 5,695 - -
Cost of shares redeemed. . . . . (2,390,275) (5,787,900) - -
------------------------------------------------------------------
1,083,554 3,207,384 - -
------------------------------------------------------------------
Change in net assets from
capital transactions . . . . . . 1,703,894 3,425,043 (62,035) (17,082,906)
------------------------------------------------------------------
Change in net assets . . . . . . 2,490,612 3,185,892 10,863,745 (25,577,965)
NET ASSETS:
Beginning of period. . . . . . . 6,226,878 3,040,986 75,320,978 100,898,943
------------------------------------------------------------------
End of period. . . . . . . . . . $ 8,717,490 $ 6,226,878 $ 86,184,723 $ 75,320,978
------------------------------------------------------------------
------------------------------------------------------------------
See footnotes on page 132. (continued)
- --------------------------------------------------------------------------------
131
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
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,
2003 2002 2003 (A) 2002
--------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
CLASS I SHARE
TRANSACTIONS:
Issued. . . . . 197,613 38,869 (b) - -
Reinvested. . . - 10 (b) - -
Redeemed. . . . (139,568) (14,522)(b) - -
--------------------------------------------------------------
58,045 24,357 - -
--------------------------------------------------------------
CLASS II SHARE
TRANSACTIONS:
Issued. . . . . 35,454 (c) - 20,331,443 36,932,987
Reinvested. . . - - - 19,470
Redeemed. . . . (27,288)(c) - (20,272,787) (39,361,948)
--------------------------------------------------------------
8,166 - 58,656 (2,409,491)
--------------------------------------------------------------
CLASS III SHARE
TRANSACTIONS:
Issued. . . . . 369,501 985,135 - -
Reinvested. . . - 724 - -
Redeemed. . . . (274,464) (615,389) - -
--------------------------------------------------------------
95,037 370,470 - -
--------------------------------------------------------------
(a) Upon reorganization on June 23, 2003, the existing shares of the Fund were
designated Class II shares.
(b) For the period from May 10, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from March 28, 2003 (commencement of operations) through
June 30, 2003.
See notes to financial statements.
- --------------------------------------------------------------------------------
132
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT NATIONWIDE FUND
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF
PERIOD . . . . . . . . . . . . . $ 8.10 $ 9.89 $ 11.64 $ 18.81 $ 18.40 $ 16.38
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . . . 0.03 0.08 0.08 0.12 0.12 0.19
Net realized and unrealized
Gains (losses) on investments. . 0.96 (1.79) (1.46) (0.47) 1.13 2.77
------------------------------------------------------------------------------------------------
Total investment activities. . . 0.99 (1.71) (1.38) (0.35) 1.25 2.96
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . (0.03) (0.08) (0.08) (0.12) (0.12) (0.19)
Net realized gains . . . . . . . - - (0.29) (6.70) (0.72) (0.75)
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . (0.03) (0.08) (0.37) (6.82) (0.84) (0.94)
------------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . $ 9.06 $ 8.10 $ 9.89 $ 11.64 $ 18.81 $ 18.40
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 12.28% (e) (17.35%) (11.82%) (2.12%) 6.94% 18.07%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of
period (000) . . . . . . . . . . $ 1,349,611 $ 1,252,686 $ 1,677,316 $ 2,014,759 $ 2,419,737 $ 2,343,437
Ratio of expenses to
Average net assets . . . . . . . 0.84% (f) 0.83% 0.78% 0.78% 0.72% 0.65%
Ratio of net investment
income (loss)
to average net assets. . . . . . 0.85% (f) 0.84% 0.77% 0.63% 0.64% 1.05%
Ratio of expenses (prior to
reimbursements) to average
net assets* . . . . . . . . . . (g) 0.84% 0.82% 0.81% (g) (g)
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (g) 0.83% 0.73% 0.60% (g) (g)
Portfolio turnover (h) . . . . . 51.08% 33.25% 58.36% 148.28% 29.95% 17.13%
See footnotes on page 134. (continued)
- --------------------------------------------------------------------------------
133
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GARTMORE GVIT NATIONWIDE FUND
----------------------------------------------------------------------------------
CLASS II SHARES CLASS III SHARES CLASS IV SHARES
------------------------------ ------------------------------- ---------------
SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, JUNE 30,
2003 2002 (B) 2003 2002 (C) 2003 (D)
----------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . . $ 8.10 $ 8.68 $ 8.11 $ 9.78 $ 8.30
----------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . 0.03 0.04 0.03 0.05 0.02
Net realized and unrealized gains
(losses) on investments. . . . . . 0.96 (0.57) 0.96 (1.65) 0.76
----------------------------------------------------------------------------------
Total investment activities. . . . 0.99 (0.53) 0.99 (1.60) 0.78
----------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . . (0.03) (0.05) (0.03) (0.07) (0.02)
----------------------------------------------------------------------------------
Total distributions. . . . . . . . (0.03) (0.05) (0.03) (0.07) (0.02)
----------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . . $ 9.06 $ 8.10 $ 9.07 $ 8.11 $ 9.06
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Total Return . . . . . . . . . . . 12.19% (e) (6.14%)(e) 12.26% (e) (16.38%)(e) 9.34% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000) . . . . . . . . . . . . . . $ 2,202 $ 765 $ 1,094 $ 399 $ 157,355
Ratio of expenses to
average net assets . . . . . . . . 1.09% (f) 1.07% (f) 0.84% (f) 0.72% (f) 0.83% (f)
Ratio of net investment
income (loss)
to average net assets. . . . . . . 0.57% (f) 1.03% (f) 0.86% (f) 1.07% (f) 0.94% (f)
Ratio of expenses
(prior to reimbursements)
to average net assets* . . . . . . (g) (g) (g) (g) (g)
Ratio of net investment
income (loss)
(prior to reimbursements) to
average net assets*. . . . . . . . (g) (g) (g) (g) (g)
Portfolio turnover (h) . . . . . . 51.08% 33.25% 51.08% 33.25% 51.08%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from July 11, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(d) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
(h) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
134
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT GROWTH FUND
----------------------------------------------------------------------------
CLASS I SHARES
----------------------------------------------------------------------------
SIX
MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE DECEMBER DECEMBER DECEMBER DECEMBER DECEMBER
30, 31, 31, 31, 31, 31,
2003 2002 2001 (A) 2000 1999 1998
----------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . . . . . $ 7.52 $ 10.55 $ 14.68 $ 25.71 $ 26.59 $ 21.21
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . . . . - - (0.01) (0.01) 0.17 0.19
Net realized and unrealized gains
(losses) on investments. . . . . . . . . 1.13 (3.03) (4.12) (6.76) 0.92 6.14
----------------------------------------------------------------------------
Total investment activities. . . . . . . 1.13 (3.03) (4.13) (6.77) 1.09 6.33
----------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . . . . . - - - (0.04) (0.17) (0.19)
Net realized gains . . . . . . . . . . . - - - (4.22) (1.60) (0.76)
Tax return of capital. . . . . . . . . . - - - - (0.20) -
----------------------------------------------------------------------------
Total distributions. . . . . . . . . . . - - - (4.26) (1.97) (0.95)
----------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . . . . . $ 8.65 $ 7.52 $ 10.55 $ 14.68 $ 25.71 $ 26.59
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total Return . . . . . . . . . . . . . . 15.03% (c) (28.72%) (28.13%) (26.53%) 4.28% 29.96%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . $ 221,127 $ 201,689 $ 352,147 $ 606,599 $1,067,839 $1,064,498
Ratio of expenses to average net assets. 0.84% (d) 0.85% 0.80% 0.80% 0.74% 0.67%
Ratio of net investment income (loss)
to average net assets. . . . . . . . . . 0.10% (d) (0.03%) (0.10%) (0.07%) 0.62% 0.83%
Ratio of expenses (prior to
reimbursements) to average net assets* . (e) 0.85% 0.85% 0.83% (e) (e)
Ratio of net investment income (loss)
(prior to reimbursements) to average
net assets*. . . . . . . . . . . . . . . (e) (0.03%) (0.15%) (0.10%) (e) (e)
Portfolio turnover (f) . . . . . . . . . 153.83% 231.69% 227.28% 205.34% 24.70% 10.67%
CLASS IV SHARES
-----------------
PERIOD
ENDED JUNE 30,
2003 (B)
-----------------
(UNAUDITED)
NET ASSET VALUE-BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7.90
-----------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -
Net realized and unrealized gains (losses) on investments . . . . . . . . . . . . . . . 0.74
-----------------
Total investment activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.74
-----------------
NET ASSET VALUE-END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8.64
-----------------
-----------------
Total Return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.39% (c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,074
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . . . 0.84% (d)
Ratio of net investment income (loss) to average net assets . . . . . . . . . . . . . . 0.19% (d)
Ratio of expenses (prior to reimbursements) to average net assets*. . . . . . . . . . . (e)
Ratio of net investment income (loss) (prior to reimbursements) to average net assets*. (e)
Portfolio turnover (f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153.83%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(c) Not annualized.
(d) Annualized.
(e) There were no fee reductions during the period.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
135
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT GOVERNMENT BOND FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . $ 12.28 $ 11.66 $ 11.44 $ 10.79 $ 11.69 $ 11.38
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . 0.26 0.53 0.58 0.66 0.61 0.63
Net realized and unrealized
gains
(losses) on investments. . . 0.13 0.72 0.24 0.65 (0.88) 0.37
------------------------------------------------------------------------------------------------
Total investment activities. 0.39 1.25 0.82 1.31 (0.27) 1.00
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . (0.25) (0.53) (0.58) (0.66) (0.61) (0.63)
Net realized gains . . . . . (0.02) (0.10) (0.02) - (0.02) (0.06)
------------------------------------------------------------------------------------------------
Total distributions. . . . . (0.27) (0.63) (0.60) (0.66) (0.63) (0.69)
------------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . $ 12.40 $ 12.28 $ 11.66 $ 11.44 $ 10.79 $ 11.69
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . 3.13% (e) 10.98% 7.25% 12.54% (2.35%) 8.91%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end
of period (000). . . . . . . $ 1,962,495 $ 1,982,676 $ 1,301,828 $ 867,139 $ 769,957 $ 761,897
Ratio of expenses to
average net assets . . . . . 0.73% (f) 0.73% 0.66% 0.66% 0.65% 0.57%
Ratio of net investment
income (loss) to
average net assets . . . . . 4.13% (f) 4.53% 5.21% 6.00% 5.41% 5.60%
Ratio of expenses (prior
To reimbursements) to
average net assets*. . . . . (g) 0.73% 0.73% 0.73% (g) (g)
Ratio of net investment
income (loss) (prior to
reimbursements) to
Average net assets*. . . . . (g) 4.53% 5.14% 5.93% (g) (g)
Portfolio turnover (h) . . . 29.22% 49.00% 55.80% 75.91% 51.61% 32.03%
See footnotes on page 137. (continued)
- --------------------------------------------------------------------------------
136
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GARTMORE GVIT GOVERNMENT BOND FUND
------------------------------------------------------------------------------------
CLASS II SHARES CLASS III SHARES CLASS IV SHARES
------------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED SIX MONTHS
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30,
2003 2002 (B) 2003 2002 (C) 2003 (D)
------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . . . . . $ 12.26 $ 11.88 $ 12.27 $ 11.75 $ 12.29
------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . . . . 0.21 0.18 0.24 0.36 0.09
Net realized and unrealized gains
(losses) on investments. . . . . . . . . 0.16 0.55 0.16 0.67 0.15
------------------------------------------------------------------------------------
Total investment activities. . . . . . . 0.37 0.73 0.40 1.03 0.24
------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . . . . . (0.23) (0.26) (0.25) (0.41) (0.13)
Net realized gains . . . . . . . . . . . (0.02) (0.09) (0.02) (0.10) -
------------------------------------------------------------------------------------
Total distributions. . . . . . . . . . . (0.25) (0.35) (0.27) (0.51) (0.13)
------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . . . . . $ 12.38 $ 12.26 $ 12.40 $ 12.27 $ 12.40
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
Total Return . . . . . . . . . . . . . . 3.04% (e) 6.16% (e) 3.22% (e) 8.84% (e) 1.95% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . $ 24,016 $ 10,111 $ 16,321 $ 7,625 $ 72,785
Ratio of expenses to average net assets. 0.98% (f) 0.97% (f) 0.73% (f) 0.73% (f) 0.68% (f)
Ratio of net investment income (loss)
to average net assets. . . . . . . . . . 3.85% (f) 3.93% (f) 4.11% (f) 4.12% (f) 4.02% (f)
Ratio of expenses (prior to
reimbursements) to average net assets* . (g) (g) (g) (g) (g)
Ratio of net investment income (loss)
(prior to reimbursements) to average
net assets*. . . . . . . . . . . . . . . (g) (g) (g) (g) (g)
Portfolio turnover (h) . . . . . . . . . 29.22% 49.00% 29.22% 49.00% 29.22%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from July 8, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from May 20, 2002 (commencement of operations) through
December 31, 2002.
(d) For the period from April 28, 2003 (commencement of operations)
through June 30, 2003
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
(h) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
137
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GVIT SMALL COMPANY FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . $ 15.41 $ 18.64 $ 20.00 $ 22.12 $ 16.01 $ 15.85
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . (0.02) (0.07) - 0.02 (0.03) 0.03
Net realized and unrealized
gains (losses) on investments. 2.36 (3.16) (1.34) 1.91 7.03 0.13
------------------------------------------------------------------------------------------------
Total investment activities. . 2.34 (3.23) (1.34) 1.93 7.00 0.16
------------------------------------------------------------------------------------------------
Distributions:
Net investment income. . . . . - - (0.02) (0.01) - -
Net realized gains . . . . . . - - - (4.04) (0.89) -
------------------------------------------------------------------------------------------------
Total distributions. . . . . . - - (0.02) (4.05) (0.89) -
------------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . $ 17.75 $ 15.41 $ 18.64 $ 20.00 $ 22.12 $ 16.01
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . 15.18% (e) (17.33%) (6.70%) 8.90% 44.02% 1.01%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . $ 624,184 $ 561,836 $ 743,468 $ 790,607 $ 542,537 $ 406,569
Ratio of expenses to average
net assets. . . . . . . . . . 1.17% (f) 1.18% 1.20% 1.21% 1.15% 1.07%
Ratio of net investment
income (loss)
to average net assets. . . . . (0.23%)(f) (0.33%) 0.02% 0.06% (0.16%) 0.21%
Portfolio turnover (g) . . . . 52.69% 92.59% 135.90% 163.66% 134.74% 141.27%
CLASS II SHARES CLASS III SHARES CLASS IV SHARES
----------------------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, JUNE 30,
2003 2002 (B) 2003 2002 (C) 2003 (D)
----------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . . $ 15.39 $ 18.70 $ 15.42 $ 17.48 $ 15.61
----------------------------------------------------------------------------------------------
Investment Activities:
Net investment income (loss) . . . (0.02) (0.03) (0.01) (0.01) -
Net realized and unrealized gains
(losses) on investments. . . . . . 2.33 (3.28) 2.34 (2.05) 2.14
----------------------------------------------------------------------------------------------
Total investment activities. . . . 2.31 (3.31) 2.33 (2.06) 2.14
----------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . . $ 17.70 $ 15.39 $ 17.75 $ 15.42 $ 17.75
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . . 15.01% (e) (17.70%)(e) 15.11% (e) (11.78%)(e) 13.71% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . . $ 6,439 $ 2,325 $ 221 $ 51 $ 39,363
Ratio of expenses to average
net assets . . . . . . . . . . . . 1.42% (f) 1.44% (f) 1.17% (f) 1.15% (f) 1.17% (f)
Ratio of net investment
income (loss)
to average net assets. . . . . . . (0.45%)(f) (0.54%)(f) (0.18%)(f) (0.25%)(f) (0.03%) (f)
Portfolio turnover (g) . . . . . . 52.69% 92.59% 52.69% 92.59% 52.69%
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from March 5, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from July 1, 2002 (commencement of operations) through
December 31, 2002.
(d) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(e) Not annualized.
(f) Annualized.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
138
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT MONEY MARKET FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income . . . . . (d) 0.01 0.04 0.06 0.05 0.05
------------------------------------------------------------------------------------------------
Total investment activities . . - 0.01 0.04 0.06 0.05 0.05
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . (d) (0.01) (0.04) (0.06) (0.05) (0.05)
------------------------------------------------------------------------------------------------
Total distributions . . . . . . - (0.01) (0.04) (0.06) (0.05) (0.05)
------------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return. . . . . . . . . . 0.37% (e) 1.21% 3.60% 6.03% 4.81% 5.27%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000) . . . . . . . . . . . . . $ 2,038,074 $ 2,436,783 $ 2,869,354 $ 1,982,922 $ 2,127,500 $ 1,373,334
Ratio of expenses to average
net assets. . . . . . . . . . . 0.63% (f) 0.62% 0.55% 0.55% 0.54% 0.46%
Ratio of net investment
income to average net assets . 0.75% (f) 1.21% 3.41% 5.87% 4.77% 5.15%
Ratio of expenses (prior to
reimbursements) to average
net assets* . . . . . . . . . . (g) 0.62% 0.61% 0.61% (g) (g)
Ratio of net investment income
(prior to reimbursements)
To average net assets*. . . . . (g) 1.21% 3.35% 5.81% (g) (g)
See footnotes on page 140. (continued)
- --------------------------------------------------------------------------------
139
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GARTMORE GVIT MONEY MARKET FUND
------------------------------------------------
CLASS IV SHARES CLASS V SHARES
------------------------------------------------
PERIOD ENDED SIX MONTHS PERIOD ENDED
JUNE 30, ENDED JUNE 30, DECEMBER 31,
2003 (B) 2003 2002 (C)
------------------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00
------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income. . . . . . . . . . (d) (d) (d)
------------------------------------------------
Total investment activities. . . . . . . - - -
------------------------------------------------
Distributions:
Net investment income. . . . . . . . . . (d) (d) (d)
------------------------------------------------
Total distributions. . . . . . . . . . . - - -
------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00
------------------------------------------------
------------------------------------------------
Total Return . . . . . . . . . . . . . . 0.14% (e) 0.41% (e) 0.22% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . $ 125,341 $ 387,186 $ 324,950
Ratio of expenses to average net assets. 0.50% (f) 0.55% (f) 0.56% (f)
Ratio of net investment income to
average net assets . . . . . . . . . . . 0.81% (f) 0.83% (f) 1.11% (f)
Ratio of expenses (prior to
reimbursements) to average net assets* . 0.63% (g) (g)
Ratio of net investment income
(prior to reimbursements) to average
net assets*. . . . . . . . . . . . . . . 0.68% (g) (g)
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(c) For the period from October 21, 2002 (commencement of operations) through
December 31, 2002.
(d) The amount is less than $0.005
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
140
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT MONEY MARKET FUND II
------------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A)
------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00
------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income. . . . . . . . . . (b) 0.01 (b)
------------------------------------------------
Total investment activities. . . . . . . - 0.01 -
------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . . . . . (b) (0.01) (b)
------------------------------------------------
Total distributions. . . . . . . . . . . - (0.01) -
------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00
------------------------------------------------
------------------------------------------------
Total Return . . . . . . . . . . . . . . 0.13% (c) 0.70% 0.24% (c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . $ 138,023 $ 110,041 $ 37,411
Ratio of expenses to average net assets. 0.99% (d) 0.99% 1.30% (d)
Ratio of net investment income to
average net assets . . . . . . . . . . . 0.26% (d) 0.66% 0.93% (d)
Ratio of expenses (prior to
reimbursements) to average net assets* . 0.99% (d) 0.99% 1.45% (d)
Ratio of net investment income
(prior to reimbursements) to
average net assets*. . . . . . . . . . . 0.26% (d) 0.66% 0.78% (d)
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from October 2, 2001 (commencement of operations) through
December 31, 2001.
(b) The amount is less than $0.005.
(c) Not annualized.
(d) Annualized.
See notes to financial statements.
- --------------------------------------------------------------------------------
141
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
JP MORGAN GVIT BALANCED FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD . . . . . $ 8.06 $ 9.40 $ 10.00 $ 10.31 $ 10.58 $ 10.10
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss). . . . . . . . . . . . 0.08 0.19 0.22 0.28 0.37 0.30
Net realized and
unrealized
Gains (losses)
on investments. . . . . . . . 0.62 (1.34) (0.60) (0.30) (0.28) 0.51
------------------------------------------------------------------------------------------------
Total investment activities . 0.70 (1.15) (0.38) (0.02) 0.09 0.81
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . (0.07) (0.19) (0.22) (0.29) (0.36) (0.30)
Net realized gains. . . . . . - - - - - (0.03)
------------------------------------------------------------------------------------------------
Total distributions . . . . . (0.07) (0.19) (0.22) (0.29) (0.36) (0.33)
------------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD . . . . . . . . $ 8.69 $ 8.06 $ 9.40 $ 10.00 $ 10.31 $ 10.58
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return. . . . . . . . . 8.73% (c) (12.31%) (3.77%) (0.35%) 0.87% 8.07%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000) . . . . . . . . . . . . $ 160,482 $ 147,289 $ 149,875 $ 112,577 $ 78,157 $ 40,885
Ratio of expenses to average
net assets. . . . . . . . . . 0.99% (d) 0.99% 0.90% 0.90% 0.90% 0.90%
Ratio of net investment
income (loss)
to average net assets . . . . 1.86% (d) 2.22% 2.34% 2.86% 3.68% 3.81%
Ratio of expenses (prior to
reimbursements) to average
net assets*. . . . . . . . . (e) 1.00% 1.03% 1.07% 1.00% 0.96%
Ratio of net investment I
ncome (loss) (prior
to reimbursements)
to average net assets*. . . . (e) 2.21% 2.21% 2.69% 3.58% 3.75%
Portfolio turnover (f). . . . 175.34% 297.08% 181.89% 252.43% 103.69% 137.35%
See footnotes on page 143. (continued)
- --------------------------------------------------------------------------------
142
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
JP MORGAN GVIT
BALANCED FUND
------------------
CLASS IV SHARES
------------------
PERIOD ENDED
JUNE 30, 2003 (B)
------------------
(UNAUDITED)
NET ASSET VALUE-BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8.23
------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02
Net realized and unrealized gains (losses) on investments . . . . . . . . . . . . . . . 0.47
------------------
Total investment activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.49
------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03)
------------------
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.03)
------------------
NET ASSET VALUE-END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8.69
------------------
------------------
Total Return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.99% (c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,489
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . . . 0.91% (d)
Ratio of net investment income (loss) to average net assets . . . . . . . . . . . . . . 1.79% (d)
Ratio of expenses (prior to reimbursements) to average net assets*. . . . . . . . . . . 0.94%
Ratio of net investment income (loss) (prior to reimbursements) to average net assets*. 1.76%
Portfolio turnover (f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175.34%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(c) Not annualized.
(d) Annualized.
(e) There were no fee reductions during the period.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
143
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT MID CAP GROWTH FUND
----------------------------------------------------------
CLASS I SHARES CLASS II SHARES CLASS III SHARES
----------------------------------------------------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED
JUNE 30, 2003 (A) JUNE 30, 2003 (A) JUNE 30, 2003 (A)
----------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE - BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 16.53 $ 16.77 $ 16.53
----------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . . . . . . . . . . (0.02) (0.02)(c) (0.02)
Net realized and unrealized gains (losses) on investments . . . . . 2.23 1.99 2.25
----------------------------------------------------------
Total investment activities . . . . . . . . . . . . . . . . . . . . 2.21 1.97 2.23
----------------------------------------------------------
NET ASSET VALUE - END OF PERIOD . . . . . . . . . . . . . . . . . . $ 18.74 $ 18.74 $ 18.76
----------------------------------------------------------
----------------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.37% (d) 11.75% (d) 13.49% (d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . . . . . . . . . . $ 128,046 $ 35 $ 157
Ratio of expenses to average net assets . . . . . . . . . . . . . . 0.98% (e) 1.10% (e) 0.99% (e)
Ratio of net investment income (loss) to average net assets . . . . (0.52%)(e) (0.72%)(e) (0.54%)(e)
Ratio of expenses (prior to reimbursements) to average net assets*. (f) (f) 1.04% (e)
Ratio of net investment income (loss) (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . . . . . . . . . . (f) (f) (0.59%)(e)
Portfolio turnover (g). . . . . . . . . . . . . . . . . . . . . . . 81.74% 81.74% 81.74%
See footnotes on page 145. (continued)
- --------------------------------------------------------------------------------
144
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GARTMORE GVIT MID CAP GROWTH FUND
------------------------------------------------------------------------------------------------
CLASS IV SHARES (B)
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . $ 15.46 $ 20.01 $ 27.71 $ 21.97 $ 21.91 $ 22.19
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss). . . . . . . . . . . . . (0.05) (0.11) (0.07) 0.18 0.11 0.11
Net realized and unrealized
gains
(losses) on investments. . . . . 3.33 (4.35) (1.00) 7.48 2.89 1.50
------------------------------------------------------------------------------------------------
Total investment activities. . . 3.28 (4.46) (1.07) 7.66 3.00 1.61
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . - - (0.18) (0.11) (0.11) (0.18)
Net realized gains . . . . . . . - (0.09) (6.45) (1.81) (2.83) (1.71)
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . - (0.09) (6.63) (1.92) (2.94) (1.89)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . $ 18.74 $ 15.46 $ 20.01 $ 27.71 $ 21.97 $ 21.91
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 21.22% (d) (22.38%) (3.36%) 38.24% 15.96% 7.99%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . $ 83,169 $ 70,669 $ 98,214 $ 98,969 $ 62,513 $ 56,495
Ratio of expenses to average
net assets . . . . . . . . . . . 0.95% (e) 0.95% 0.92% 0.53% 0.57% 0.61%
Ratio of net investment income
(loss) to average net assets . . (0.57%)(e) (0.61%) (0.37%) 0.81% 0.59% 0.56%
Ratio of expenses (prior to
reimbursements) to average
net assets*. . . . . . . . . . . 1.07% (e) 1.00% 1.01% 0.53% 0.57% 0.62%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (0.70%)(e) (0.66%) (0.46%) 0.81% 0.59% 0.55%
Portfolio turnover (g) . . . . . 81.74% 64.00% 135.00% 68.00% 46.00% 41.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(b) The Gartmore GVIT 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.
(c) Net investment income (loss) is based on average shares outstanding during
the period.
(d) Not annualized.
(e) Annualized.
(f) There were no fee reductions during the period.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
145
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
NATIONWIDE GVIT STRATEGIC VALUE FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . $ 7.20 $ 9.65 $ 10.04 $ 9.41 $ 10.12 $ 10.15
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . . . - - 0.05 0.08 0.09 0.07
Net realized and unrealized
gains
(losses) on investments. . . . . 1.06 (2.45) (0.38) 0.63 (0.41) (0.03)
------------------------------------------------------------------------------------------------
Total investment activities. . . 1.06 (2.45) (0.33) 0.71 (0.32) 0.04
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . - - (0.05) (0.08) (0.08) (0.07)
Net realized gains . . . . . . . - - (0.01) - (0.31) -
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . - - (0.06) (0.08) (0.39) (0.07)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . $ 8.26 $ 7.20 $ 9.65 $ 10.04 $ 9.41 $ 10.12
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 14.77% (b) (25.36%) (3.26%) 7.61% (3.07%) 0.39%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . $ 14,407 $ 13,560 $ 22,739 $ 26,272 $ 17,254 $ 15,279
Ratio of expenses to average
net assets . . . . . . . . . . . 1.00% (c) 1.00% 1.00% 1.00% 1.00% 1.00%
Ratio of net investment income
(loss) to average net assets . . 0.07% (c) 0.03% 0.47% 0.90% 0.88% 0.86%
Ratio of expenses (prior to
reimbursements) to average
net assets*. . . . . . . . . . . 1.16% (c) 1.16% 1.24% 1.26% 1.22% 1.23%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (0.09%)(c) (0.13%) 0.23% 0.64% 0.66% 0.63%
Portfolio turnover . . . . . . . 26.05% 93.09% 154.96% 78.80% 113.30% 68.65%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- --------------------------------------------------------------------------------
146
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
COMSTOCK GVIT VALUE FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . $ 7.66 $ 10.38 $ 11.99 $ 13.53 $ 11.47 $ 10.16
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . . . 0.05 0.12 0.15 0.12 0.05 0.10
Net realized and unrealized
gains
(losses) on investments. . . . . 0.96 (2.72) (1.61) (1.54) 2.06 1.44
------------------------------------------------------------------------------------------------
Total investment activities. . . 1.01 (2.60) (1.46) (1.42) 2.11 1.54
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . (0.05) (0.12) (0.15) (0.12) (0.04) (0.10)
Net realized gains . . . . . . . - - - - (0.01) (0.13)
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . (0.05) (0.12) (0.15) (0.12) (0.05) (0.23)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . $ 8.62 $ 7.66 $ 10.38 $ 11.99 $ 13.53 $ 11.47
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 13.24% (d) (25.14%) (12.15%) (10.62%) 18.49% 15.13%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of
period (000) . . . . . . . . . . $ 47,220 $ 39,424 $ 52,848 $ 55,951 $ 29,189 $ 14,194
Ratio of expenses to average
net assets . . . . . . . . . . . 1.02% (e) 1.11% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment income
(loss) to average net assets . . 1.41% (e) 1.30% 1.41% 0.96% 0.43% 1.11%
Ratio of expenses (prior to
reimbursements) to
average net assets*. . . . . . . (f) 1.11% 1.09% 1.11% 1.09% 1.15%
Ratio of net investment income
(loss) (prior to reimbursements)
To average net assets* . . . . . (f) 1.30% 1.27% 0.80% 0.29% 0.91%
Portfolio turnover (g) . . . . . 67.83% 245.24% 127.03% 72.32% 45.16% 49.12%
See footnotes on page 148. (continued)
- --------------------------------------------------------------------------------
147
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
COMSTOCK GVIT VALUE FUND
-------------------------------------
CLASS II SHARES CLASS IV SHARES
-------------------------------------
PERIOD ENDED PERIOD ENDED
JUNE 30, 2003 (B) JUNE 30,
-------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE - BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 7.47 $ 7.76
-------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . . . . . . . . . . 0.01 0.03
Net realized and unrealized gains (losses) on investments . . . . . 1.16 0.86
-------------------------------------
Total investment activities . . . . . . . . . . . . . . . . . . . . 1.17 0.89
-------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.03)
-------------------------------------
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . (0.03) (0.03)
-------------------------------------
NET ASSET VALUE - END OF PERIOD . . . . . . . . . . . . . . . . . . $ 8.61 $ 8.62
-------------------------------------
-------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.65% (d) 11.45% (d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . . . . . . . . . . $ 214 $ 42,377
Ratio of expenses to average net assets . . . . . . . . . . . . . . 1.20% (e) 0.95% (e)
Ratio of net investment income (loss) to average net assets . . . . 0.58% (e) 1.87% (e)
Ratio of expenses (prior to reimbursements) to average net assets*. 1.25% (e) 0.96% (e)
Ratio of net investment income (loss) (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . . . . . . . . . . 0.54% (e) 1.86% (e)
Portfolio turnover (g). . . . . . . . . . . . . . . . . . . . . . . 67.83% 67.83%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from March 28, 2003 (commencement of operations) through
June 30, 2003.
(c) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(d) Not annualized.
(e) Annualized.
(f) There were no fee reductions during the period.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
148
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
FEDERATED GVIT HIGH INCOME BOND FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . $ 7.06 $ 7.44 $ 7.89 $ 9.52 $ 10.04 $ 10.12
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . 0.28 0.61 0.76 0.89 0.83 0.66
Net realized and
unrealized gains
(losses) on investments. . . 0.65 (0.38) (0.45) (1.62) (0.52) (0.08)
------------------------------------------------------------------------------------------------
Total investment activities. 0.93 0.23 0.31 (0.73) 0.31 0.58
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . (0.27) (0.61) (0.76) (0.89) (0.83) (0.66)
Tax return of capital. . . . - - - (0.01) - -
------------------------------------------------------------------------------------------------
Total distributions. . . . . (0.27) (0.61) (0.76) (0.90) (0.83) (0.66)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . $ 7.72 $ 7.06 $ 7.44 $ 7.89 $ 9.52 $ 10.04
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . 13.36% (b) 3.23% 4.22% (8.28%) 3.19% 5.80%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of
Period (000). . . . . . . . $ 231,854 $ 162,733 $ 114,022 $ 78,631 $ 64,754 $ 36,630
Ratio of expenses to
average net assets . . . . . 0.97% (c) 0.97% 0.95% 0.95% 0.95% 0.95%
Ratio of net investment
Income (loss) to average
net assets . . . . . . . . . 8.10% (c) 8.82% 9.96% 10.44% 8.81% 7.88%
Ratio of expenses (prior
to reimbursements) to
average net assets*. . . . . (d) 0.97% 1.03% 1.12% 1.15% 1.12%
Ratio of net investment
Income (loss) (prior to
reimbursements) to
average net assets*. . . . . (d) 8.82% 9.88% 10.27% 8.61% 7.71%
Portfolio turnover . . . . . 17.08% 30.59% 31.64% 18.12% 22.04% 24.25%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) Not Annualized.
(c) Annualized.
(d) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
149
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GVIT EQUITY 500 INDEX FUND
----------------------------------------------------------------
CLASS IV SHARES
----------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 (A) 2002 2001 2000 (B)
----------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE - BEGINNING OF PERIOD. . . . . . . . . . . . $ 6.24 $ 8.12 $ 9.36 $ 10.00
----------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . . . . . . . . . . . . . . 0.05 0.10 0.09 0.09
Net realized and unrealized gains (losses) on investments. . 0.67 (1.89) (1.22) (0.73)
----------------------------------------------------------------
Total investment activities. . . . . . . . . . . . . . . . . 0.72 (1.79) (1.13) (0.64)
----------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . . . . . . . . . . . . . . . (0.13) (0.09) (0.09) -
Net realized gains . . . . . . . . . . . . . . . . . . . . . - - (0.02) -
----------------------------------------------------------------
Total distributions. . . . . . . . . . . . . . . . . . . . . (0.13) (0.09) (0.11) -
----------------------------------------------------------------
NET ASSET VALUE - END OF PERIOD. . . . . . . . . . . . . . . $ 6.83 $ 6.24 $ 8.12 $ 9.36
----------------------------------------------------------------
----------------------------------------------------------------
Total Return . . . . . . . . . . . . . . . . . . . . . . . . 11.66% (c) (22.31%) (12.24%) 6.40% (c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . . . . . . . . . . . $ 251,667 $ 235,961 $ 324,915 $ 366,338
Ratio of expenses to average net assets. . . . . . . . . . . 0.28% (d) 0.28% 0.28% 0.28% (d)
Ratio of net investment income (loss) to average net assets. 1.50% (d) 1.32% 1.06% 0.99% (d)
Ratio of expenses (prior to reimbursements)
to average net assets* . . . . . . . . . . . . . . . . . . . 0.53% (d) 0.50% 0.53% 0.40% (d)
Ratio of net investment income (loss)
(prior to reimbursements) to average
net assets*. . . . . . . . . . . . . . . . . . . . . . . . . 1.25% (d) 1.10% 0.81% 0.87% (d)
Portfolio turnover . . . . . . . . . . . . . . . . . . . . . 1.33% 19.00% 6.00% 5.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The GVIT Equity 500 Index Fund retained the history of the Market Street
Equity 500 Index Fund and the existing shares of the Fund were designated
Class IV shares.
(b) For the period from February 7, 2000 (commencement of operations) through
December 31, 2000.
(c) Not annualized.
(d) Annualized.
See notes to financial statements.
- --------------------------------------------------------------------------------
150
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . $ 9.28 $ 9.14 $ 9.28 $ 9.37 $ 9.82 $ 10.05
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . . . 0.18 0.42 0.54 0.61 0.61 0.48
Net realized and unrealized
gains
(losses) on investments. . . . . 0.53 0.22 (0.16) (0.10) (0.47) (0.22)
------------------------------------------------------------------------------------------------
Total investment activities. . . 0.71 0.64 0.38 0.51 0.14 0.26
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . (0.26) (0.50) (0.52) (0.60) (0.59) (0.47)
Net realized gains . . . . . . . - - - - - (0.01)
Tax return of capital. . . . . . - - - - - (0.01)
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . (0.26) (0.50) (0.52) (0.60) (0.59) (0.49)
------------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . $ 9.73 $ 9.28 $ 9.14 $ 9.28 $ 9.37 $ 9.82
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 7.71% (b) 7.21% 4.19% 5.65% 1.56% 2.60%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . $ 232,505 $ 209,280 $ 177,324 $ 132,227 $ 72,862 $ 36,965
Ratio of expenses to average
net assets . . . . . . . . . . . 1.01% (c) 1.01% 0.90% 0.90% 0.90% 0.90%
Ratio of net investment income
(loss) to average net assets . . 3.73% (c) 4.61% 5.99% 7.07% 7.03% 6.42%
Ratio of expenses (prior to
reimbursements) to average
net assets*. . . . . . . . . . . (d) 1.02% 1.04% 1.09% 1.02% 0.96%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (d) 4.60% 5.85% 6.88% 6.91% 6.36%
Portfolio turnover . . . . . . . 131.95% 385.94% 340.77% 399.03% 242.89% 287.69%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) Not annualized.
(c) Annualized.
(d) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
151
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GVIT SMALL CAP VALUE FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . $ 7.37 $ 10.36 $ 8.70 $ 9.72 $ 9.49 $ 9.79
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . . . - - - (0.02) (0.02) (0.01)
Net realized and unrealized
gains
(losses) on investments. . . . . 1.42 (2.78) 2.44 1.06 2.38 (0.29)
------------------------------------------------------------------------------------------------
Total investment activities. . . 1.42 (2.78) 2.44 1.04 2.36 (0.30)
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net realized gains . . . . . . . - (0.21) (0.78) (2.06) (2.13) -
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . - (0.21) (0.78) (2.06) (2.13) -
------------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . $ 8.79 $ 7.37 $ 10.36 $ 8.70 $ 9.72 $ 9.49
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 19.27% (e) (27.16%) 28.28% 11.20% 27.84% (3.06%)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . $ 525,506 $ 467,165 $ 697,860 $ 280,110 $ 131,929 $ 50,439
Ratio of expenses to average
net assets . . . . . . . . . . . 1.12% (f) 1.11% 1.05% 1.05% 1.05% 1.05%
Ratio of net investment
income (loss)
to average net assets. . . . . . (0.06%)(f) 0.01% 0.04% (0.31%) (0.28%) (0.21%)
Ratio of expenses (prior to
reimbursements) to
average net assets*. . . . . . . (g) 1.11% 1.15% 1.20% 1.27% 1.33%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (g) 0.01% (0.06%) (0.46%) (0.50%) (0.49%)
Portfolio turnover (h) . . . . . 60.32% 127.77% 164.87% 181.85% 270.26% 283.65%
See footnotes on page 153. (continued)
- --------------------------------------------------------------------------------
152
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GVIT SMALL CAP VALUE FUND
----------------------------------------------------------------------------------------------
CLASS II SHARES CLASS III SHARES CLASS IV SHARES
----------------------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, JUNE 30,
2003 2002 (B) 2003 2002 (C) 2003 (D)
----------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE-
BEGINNING OF PERIOD. . . . . . . . $ 7.37 $ 10.26 $ 7.38 $ 10.48 $ 7.49
----------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . (0.01) - - - -
Net realized and unrealized gains
(losses)
on investments . . . . . . . . . . 1.42 (2.68) 1.42 (2.89) 1.30
----------------------------------------------------------------------------------------------
Total investment activities. . . . 1.41 (2.68) 1.42 (2.89) 1.30
----------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net realized gains . . . . . . . . - (0.21) - (0.21) -
----------------------------------------------------------------------------------------------
Total distributions. . . . . . . . - (0.21) - (0.21) -
----------------------------------------------------------------------------------------------
NET ASSET VALUE-
END OF PERIOD. . . . . . . . . . . $ 8.78 $ 7.37 $ 8.80 $ 7.38 $ 8.79
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . . 19.13% (e) (26.46%)(e) 19.25% (e) (27.88%)(e) 17.36% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . . $ 4,146 $ 1,472 $ 165 $ 63 $ 46,392
Ratio of expenses to average
net assets . . . . . . . . . . . . 1.36% (f) 1.32% (f) 1.12% (f) 1.07% (f) 1.11% (f)
Ratio of net investment income
(loss) to average net assets . . . (0.25%)(f) 0.13% (f) (0.01%)(f) 0.60% (f) 0.09% (f)
Ratio of expenses (prior to
reimbursements) to average
net assets*. . . . . . . . . . . . (g) (g) (g) (g) (g)
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . . (g) (g) (g) (g) (g)
Portfolio turnover (h) . . . . . . 60.32% 127.77% 60.32% 127.77% 60.32%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(c) For the period from May 3, 2002 (commencement of operations) through
December 31, 2002.
(d) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
(h) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
153
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GVIT SMALL CAP GROWTH FUND
--------------------------------------------------------------------------------
CLASS I SHARES
--------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 (B)
--------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . . . . . . . . . $ 9.66 $ 14.48 $ 16.24 $ 19.69 $ 10.00
--------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . . . . . . . . (0.05) (0.11) (0.07) (0.02) (0.01)
Net realized and unrealized gains
(losses) on investments. . . . . . . . . . . . . 1.58 (4.71) (1.69) (3.10) 10.48
--------------------------------------------------------------------------------
Total investment activities. . . . . . . . . . . 1.53 (4.82) (1.76) (3.12) 10.47
--------------------------------------------------------------------------------
DISTRIBUTIONS:
Net realized gains . . . . . . . . . . . . . . . - - - (0.33) (0.78)
--------------------------------------------------------------------------------
Total distributions. . . . . . . . . . . . . . . - - - (0.33) (0.78)
--------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . . . . . . . . . $ 11.19 $ 9.66 $ 14.48 $ 16.24 $ 19.69
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total Return . . . . . . . . . . . . . . . . . . 15.84% (e) (33.29%) (10.84%) (16.17%) 105.01% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . . . . . $ 121,356 $ 100,308 $ 143,982 $ 93,891 $ 19,541
Ratio of expenses to average net assets. . . . . 1.34% (f) 1.35% 1.30% 1.30% 1.30% (f)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . . (1.01%)(f) (1.03%) (0.65%) (0.22%) (0.24%)(f)
Ratio of expenses (prior to reimbursements)
to average net assets* . . . . . . . . . . . . . (g) 1.35% 1.43% 1.60% 3.40% (f)
Ratio of net investment income (loss) (prior to
reimbursements) to average net assets* . . . . . (g) (1.03%) (0.78%) (0.52%) (2.34%)(f)
Portfolio turnover (h) . . . . . . . . . . . . . 78.09% 165.97% 124.61% 182.48% 130.98%
CLASS II SHARES CLASS III SHARES
-----------------------------------------------------------------------
SIX MONTHS PERIOD ENDED SIX MONTHS PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 (C) 2003 2002 (D)
-----------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . $ 9.63 $ 13.59 $ 9.62 $ 10.95
-----------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . (0.06)(i) (0.04) (0.05)(i) (0.04)
Net realized and unrealized gains
(losses) on investments . . . . . . . . . . 1.58 (3.92) 1.56 (1.29)
-----------------------------------------------------------------------
Total investment activities . . . . . . . . 1.52 (3.96) 1.51 (1.33)
-----------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . $ 11.15 $ 9.63 $ 11.13 $ 9.62
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Total Return. . . . . . . . . . . . . . . . 15.78% (e) (29.14%) (e) 15.70% (e) (12.15%)(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . $ 3,837 $ 1,652 $ 223 $ 17
Ratio of expenses to average net assets . . 1.59% (f) 1.63% (f) 1.34% (f) 1.27% (f)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . (1.26%)(f) (1.33%)(f) (1.02%)(f) (0.94%)(f)
Ratio of expenses (prior to reimbursements)
to average net assets* . . . . . . . . . . (g) (g) (g) (g)
Ratio of net investment income (loss)
(prior to reimbursements)
to average net assets*. . . . . . . . . . . (g) (g) (g) (g)
Portfolio turnover (h). . . . . . . . . . . 78.09% 165.97% 78.09% 165.97%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from May 1, 1999 (commencement of operations) through
December 31, 1999.
(c) For the period from March 7, 2002 (commencement of operations) through
December 31, 2002.
(d) For the period from July 5, 2002 (commencement of operations) through
December 31, 2002.
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
(h) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
(i) Net investment income (loss) is based on average shares outstanding during
the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
154
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT WORLDWIDE LEADERS FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . $ 6.85 $ 9.28 $ 11.65 $ 13.89 $ 11.75 $ 10.10
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
loss). . . . . . . . . . . . . . 0.03 (0.04) 0.07 0.13 0.07 0.11
Net realized and unrealized
gains
(losses) on investments. . . . . 0.62 (2.29) (2.26) (1.81) 2.60 1.81
------------------------------------------------------------------------------------------------
Total investment activities. . . 0.65 (2.33) (2.19) (1.68) 2.67 1.92
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . - (0.08) (0.18) (0.11) (0.05) (0.19)
Net realized gains . . . . . . . - - - (0.44) (0.48) (0.08)
Tax return of capital. . . . . . - (0.02) - (0.01) - -
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . - (0.10) (0.18) (0.56) (0.53) (0.27)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . $ 7.50 $ 6.85 $ 9.28 $ 11.65 $ 13.89 $ 11.75
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 9.49% (c) (25.39%) (18.81%) (12.32%) 22.92% 19.14%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . $ 25,106 $ 26,467 $ 70,469 $ 81,359 $ 60,840 $ 21,527
Ratio of expenses to
average net assets . . . . . . . 1.28% (d) 1.32% 1.20% 1.20% 1.20% 1.20%
Ratio of net investment income
(loss) to average net assets . . 0.98% (d) 0.29% 0.66% 1.01% 0.31% 0.66%
Ratio of expenses (prior to
reimbursements) to average
net assets*. . . . . . . . . . . (e) 1.32% 1.30% 1.42% 1.54% 1.46%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (e) 0.29% 0.56% 0.79% (0.03%) 0.40%
Portfolio turnover (f) . . . . . 308.15% 529.97% 128.06% 184.98% 79.22% 59.01%
See footnotes on page 156. (continued)
- --------------------------------------------------------------------------------
155
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GARTMORE
GVIT
WORLDWIDE
LEADERS FUND
------------------
CLASS III SHARES
------------------
PERIOD ENDED
JUNE 30, 2003 (B)
------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . . . $ 6.89
------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . . . . . . . . -
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . . . . . . . . 0.60
------------------
Total investment activities . . . . . . . . . . . . . . . . . . 0.60
------------------
NET ASSET VALUE - END OF PERIOD . . . . . . . . . . . . . . . . $ 7.49
------------------
------------------
Total Return. . . . . . . . . . . . . . . . . . . . . . . . . . 8.71% (c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . . . . . . . . $ 1,942
Ratio of expenses to average net assets . . . . . . . . . . . . 1.26% (d)
Ratio of net investment income (loss) to a
verage net assets . . . . . . . . . . . . . . . . . . . . . . . 0.19% (d)
Ratio of expenses (prior to reimbursements)
to average net assets* . . . . . . . . . . . . . . . . . . . . (e)
Ratio of net investment income (loss) (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . . . . . . . . (e)
Portfolio turnover (f). . . . . . . . . . . . . . . . . . . . . 308.15%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period May 2, 2003 (commencement of operations) through June 30,
2003.
(c) Not annualized.
(d) Annualized.
(e) There were no fee reductions during the period.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distingguishing amoung the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
156
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
DREYFUS GVIT MID CAP INDEX FUND
------------------------------------------------------------------------------------------------
CLASS I SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . $ 11.02 $ 13.17 $ 13.55 $ 12.32 $ 10.92 $ 9.94
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . 0.03 0.04 0.07 0.07 0.05 0.09
Net realized and unrealized
gains (losses) on
investments. . . . . . . . . . . 1.29 (2.05) (0.25) 1.79 2.21 0.98
------------------------------------------------------------------------------------------------
Total investment activities. . . 1.32 (2.01) (0.18) 1.86 2.26 1.07
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . (0.03) (0.04) (0.07) (0.09) (0.03) (0.08)
Net realized gains . . . . . . . - (0.10) (0.13) (0.54) (0.83) -
Tax return of capital. . . . . . - - - - - (0.01)
------------------------------------------------------------------------------------------------
Total distributions. . . . . . . (0.03) (0.14) (0.20) (0.63) (0.86) (0.09)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . $ 12.31 $ 11.02 $ 13.17 $ 13.55 $ 12.32 $ 10.92
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . . 11.96% (c) (15.30%) (1.30%) 15.21% 20.92% 10.81%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . $ 314,757 $ 285,970 $ 257,623 $ 145,350 $ 20,259 $ 10,849
Ratio of expenses to
average net assets . . . . . . . 0.74% (d) 0.74% 0.65% 0.65% 1.03% 1.20%
Ratio of net investment income
(loss) to average net assets . . 0.48% (d) 0.37% 0.53% 0.68% 0.56% 0.79%
Ratio of expenses (prior to
reimbursements) to average
net assets* . . . . . . . . . . (e) 0.75% 0.78% 0.90% 1.74% 1.54%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (e) 0.36% 0.40% 0.43% (0.15%) 0.45%
Portfolio turnover (f) . . . . . 7.09% 27.32% 28.43% 83.45% 275.04% 119.37%
See footnotes on page 158. (continued)
- --------------------------------------------------------------------------------
157
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
DREYFUS GVIT
MID CAP INDEX FUND
----------------------------------
CLASS II SHARES
----------------------------------
SIX MONTHS ENDED PERIOD ENDED
JUNE 30, DECEMBER 31,
2003 2002 (B)
----------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . $ 11.00 $ 13.64
----------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . . . . . . . . . . 0.02 0.02
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . 1.29 (2.53)
----------------------------------
Total investment activities . . . . . . . . . . . . . . . . . . . . 1.31 (2.51)
----------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . (0.02) (0.03)
Net realized gains. . . . . . . . . . . . . . . . . . . . . . . . . - (0.10)
----------------------------------
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . (0.02) (0.13)
----------------------------------
NET ASSET VALUE - END OF PERIOD . . . . . . . . . . . . . . . . . . $ 12.29 $ 11.00
----------------------------------
----------------------------------
Total Return. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.88% (c) (18.44%)(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . . . . . . . . . . $ 2,904 $ 1,232
Ratio of expenses to average net assets . . . . . . . . . . . . . . 0.99% (d) 0.96% (d)
Ratio of net investment income (loss) to average net assets . . . . 0.22% (d) 0.25% (d)
Ratio of expenses (prior to reimbursements) to average net assets*. (e) (e)
Ratio of net investment income (loss) (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . . . . . . . . . . (e) (e)
Portfolio turnover (f). . . . . . . . . . . . . . . . . . . . . . . 7.09% 27.32%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(c) Not annualized.
(d) Annualized.
(e) There were no fee reductions during the period.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
158
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
TURNER GVIT GROWTH FOCUS FUND
--------------------------------------------------------------------------------------------------
CLASS I SHARES CLASS III SHARES
--------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED PERIOD ENDED SIX MONTHS PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2001 (A) 2000 (B) 2003 2002 (C)
(UNAUDITED) (UNAUDITED)
--------------------------------------------------------------------------------------------------
NET ASSET VALUE -
BEGINNING OF
PERIOD. . . . . . . . . . $ 2.08 $ 3.64 $ 5.97 $ 10.00 $ 2.10 $ 2.73
--------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment
income (loss). . . . . . (0.01) (0.04) (0.02) (0.01) (0.01)(h) (0.01)
Redemption fees . . . . . - 0.01 - - - 0.01
Net realized and
unrealized gains
(losses) on investments . 0.47 (1.53) (2.31) (4.02) 0.47 (0.63)
--------------------------------------------------------------------------------------------------
Total investment
activities. . . . . . . . 0.46 (1.56) (2.33) (4.03) 0.46 (0.63)
--------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . $ 2.54 $ 2.08 $ 3.64 $ 5.97 $ 2.56 $ 2.10
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total Return. . . . . . . 22.12% (d) (42.86%) (39.03%) (40.30%)(d) 21.90% (d) (23.08%)(d)
RATIOS/SUPPLEMENTAL
DATA:
Net Assets, at end of
period (000). . . . . . . $ 4,747 $ 3,891 $ 13,044 $ 5,530 $ 4,292 $ 2,482
Ratio of expenses to
average net assets. . . . 1.07% (e) 1.06% 1.33% 1.35% (e) 1.10% (e) 1.13% (e)
Ratio of net investment
income (loss) to
verage net assets . . . . (0.64%)(e) (0.64%) (0.77%) (0.55%) (e) (0.70%) (e) (0.58%)(e)
Ratio of expenses (prior
to reimbursements) to
average net assets* . . . (f) 1.06% 1.97% 5.03% (e) (f) (f)
Ratio of net investment
income (loss) (prior to
reimbursements) to
average net assets* . . . (f) (0.64%) (1.41%) (4.23%)(e) (f) (f)
Portfolio turnover (g). . 274.24% 906.43% 1256.23% 867.40% 274.24% 906.43%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from June 30, 2000 (commencement of operations) through
December 31, 2000.
(c) For the period from May 2, 2002 (commencement of operations) through
December 31, 2002.
(d) Not annualized.
(e) Annualized.
(f) There were no fee reductions during the period.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
(h) Net investment income (loss) is based on average shares outstanding during
the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
159
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND
--------------------------------------------------------------------------------
CLASS I SHARES CLASS II SHARES
--------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, JUNE 30,
2003 2002 2001 (A) 2000 (B) 2003 (C)
--------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . $ 2.39 $ 4.21 $ 7.35 $ 10.00 $ 2.45
--------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . (0.01) (0.03) (0.03) (0.01) -
Net realized and unrealized gains
(losses) on investments . . . . . . . . . . . 0.63 (1.77) (3.11) (2.48) 0.57
--------------------------------------------------------------------------------
Total investment activities . . . . . . . . . 0.62 (1.80) (3.14) (2.49) 0.57
--------------------------------------------------------------------------------
Distributions:
Net realized gains. . . . . . . . . . . . . . - - - (0.16) -
Tax return of capital . . . . . . . . . . . . - (0.02) - - -
--------------------------------------------------------------------------------
Total distributions . . . . . . . . . . . . . - (0.02) - (0.16) -
--------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . . $ 3.01 $ 2.39 $ 4.21 $ 7.35 $ 3.02
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . 25.94% (e) (42.78%) (42.72%) (24.96%)(e) 23.27% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . $ 11,834 $ 7,791 $ 15,585 $ 12,127 $ 129
Ratio of expenses to average net assets . . . 1.23% (f) 1.34% 1.35% 1.35% (f) 1.51% (f)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . (0.76%)(f) (0.65%) (0.88%) (0.44%)(f) (1.22%)(f)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . (g) 1.39% 2.02% 2.57% (f) (g)
Ratio of net investment income (loss) (prior
to reimbursements) to average net assets* . . (g) (0.70%) (1.55%) (1.66%)(f) (g)
Portfolio turnover (h). . . . . . . . . . . . 521.53% 879.28% 894.05% 305.36% 521.53%
CLASS III SHARES
--------------------------------
SIX MONTHS PERIOD ENDED
ENDED JUNE 30, DECEMBER 31,
2003 2002 (D)
--------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . . . . . . . . . . $ 2.41 $ 3.29
--------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . . . . . . . . . (0.01) (0.01)
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . 0.63 (0.85)
--------------------------------
Total investment activities. . . . . . . . . . . . 0.62 (0.86)
--------------------------------
DISTRIBUTIONS:
Tax return of capital. . . . . . . . . . . . . . . - (0.02)
--------------------------------
Total distributions. . . . . . . . . . . . . . . . - (0.02)
--------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . . . . . . . . . . $ 3.03 $ 2.41
--------------------------------
--------------------------------
Total Return . . . . . . . . . . . . . . . . . . . 25.73% (e) (26.14%)(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . . . . . . $ 12,640 $ 5,822
Ratio of expenses to average net assets. . . . . . 1.26% (f) 1.37% (f)
Ratio of net investment income (loss)
to average net assets. . . . . . . . . . . . . . . (0.81%)(f) (3.49%)(f)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . (g) 1.79% (f)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. (g) (3.91%)(f)
Portfolio turnover (h) . . . . . . . . . . . . . . 521.53% 879.28%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from June 30, 2000 (commencement of operations) through
December 31, 2000.
(c) For the period from March 28, 2003 (commencement of operations) through
June 30, 2003.
(d) For the period from May 2, 2002 (commencement of operations) through
December 31, 2002.
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
(h) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
160
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND
--------------------------------------------------------------------------------
CLASS I SHARES CLASS II SHARES
--------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED PERIOD ENDED PERIOD ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 27, DECEMBER 31, JUNE 30,
2003 2002 (A) 2001 (B) (C) 2000 (D) 2003 (E)
--------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . $ 8.19 $ 9.51 $ 9.83 $ 10.00 $ 8.72
--------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . (0.01) (0.02) (0.03) - (0.01)
Redemption fees. . . . . . . . . - 0.01 - - -
Net realized and unrealized
gains (losses) on investments. . 2.17 (1.31) 0.39 (0.17) 1.64
--------------------------------------------------------------------------------
Total investment activities. . . 2.16 (1.32) 0.36 (0.17) 1.63
--------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . - - (0.02) - -
--------------------------------------------------------------------------------
Total distributions. . . . . . . - - (0.02) - -
--------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . $ 10.35 $ 8.19 $ 10.17 $ 9.83 $ 10.35
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total Return . . . . . . . . . . 26.37% (f) (13.88%)(f) 3.67% (f) (1.70%)(f) 18.69% (f)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . . $ 2,237 $ 370 $ 2,549 $ 2,458 $ 87
Ratio of expenses to average
net assets. . . . . . . . . . . 1.24% (g) 1.22% (g) 1.24% (g) 1.00% (g) 1.49% (g)
Ratio of net investment income
(loss) to average net assets . . (0.51%)(g) (0.25%)(g) (0.32%)(g) (1.00%)(g) (0.88%)(g)
Ratio of expenses
prior to reimbursements)
to average net assets* . . . . . (h) (h) 5.51% (g) 28.69% (g) (h)
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . (h) (h) (4.59%)(g) (28.69%)(g) (h)
Portfolio turnover (i) . . . . . 320.78% 764.93% 892.96% 0.00% 320.78%
See footnotes on page 162. (continued)
- --------------------------------------------------------------------------------
161
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND
-----------------------------------------------------
CLASS III SHARES
-----------------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (C)
-----------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 8.20 $ 10.14 $ 10.17
-----------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . (0.01) (0.03) -
Redemption fees . . . . . . . . . . . . . . . . . - 0.01 -
Net realized and unrealized gains
(losses) on investments . . . . . . . . . . . . . 2.17 (1.92) (0.03)
-----------------------------------------------------
Total investment activities . . . . . . . . . . . 2.16 (1.94) (0.03)
-----------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . . . . $ 10.36 $ 8.20 $ 10.14
-----------------------------------------------------
-----------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . 26.34% (f) (19.13%) (0.30%)(f)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . $ 28,071 $ 11,652 $ 2,540
Ratio of expenses to average net assets . . . . . 1.22% (g) 1.23% 1.35% (g)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . . . (0.48%)(g) (0.37%) (1.13%)(g)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . (h) 1.24% 1.35% (g)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. (h) (0.38%) (1.13%)(g)
Portfolio turnover (i). . . . . . . . . . . . . . 320.78% 764.93% 892.96%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from May 6, 2002 (recommencement of sales to the public)
through December 31, 2002.
(b) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(c) Class I shares were exchanged into Class III shares effective December 28,
2001.
(d) For the period from December 29, 2000 (commencement of operations) through
December 31, 2000.
(e) For the period from March 28, 2003 (commencement of operations) through
June 30, 2003.
(f) Not annualized.
(g) Annualized.
(h) There were no fee reductions during the period.
(i) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
162
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT NATIONWIDE LEADERS FUND
----------------------------------------------------------------------------------
CLASS I SHARES CLASS III SHARES
----------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 (A) 2003 2002 2001 (B)
----------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . $ 9.44 $ 11.20 $ 9.44 $ 10.08 $ 10.00
----------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . 0.01 0.03 0.01 0.04 -
Redemption fees . . . . . . . . . . . . . . 0.01 0.02 0.01 0.02 -
Net realized and unrealized gains
(losses) on investments . . . . . . . . . . 0.64 (1.75) 0.64 (0.64) 0.08
----------------------------------------------------------------------------------
Total investment activities . . . . . . . . 0.66 (1.70) 0.66 (0.58) 0.08
----------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . (0.02) (0.06) (0.02) (0.06) -
----------------------------------------------------------------------------------
Total distributions . . . . . . . . . . . . (0.02) (0.06) (0.02) (0.06) -
----------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . $ 10.08 $ 9.44 $ 10.08 $ 9.44 $ 10.08
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Total Return. . . . . . . . . . . . . . . . 7.02% (c) (15.17%)(c) 7.01% (c) (5.78%) 0.80% (c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . $ 362 $ 247 $ 7,885 $ 8,463 $ 1,008
Ratio of expenses to average net assets . . 1.16% (d) 1.12% (d) 1.14% (d) 1.15% 1.25% (d)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . 0.43% (d) 1.03% (d) 0.48% (d) 0.80% (0.16%)(d)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . (e) (e) (e) 1.16% 20.55% (d)
Ratio of net investment income (loss)
(prior to reimbursements) to average
net assets* . . . . . . . . . . . . . . . . (e) (e) (e) 0.79% (19.46%)(d)
Portfolio turnover (f). . . . . . . . . . . 98.33% 105.28% 98.33% 105.28% 0.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from May 9, 2002 (recommencement of operations) through
December 31, 2002.
(b) For the period from December 18, 2001 (commencement of operations) through
December 31, 2001. Registration of shares effective with the Securities and
Exchange Commission on December 31, 2001. On the effective date, the net
asset value was $10.08 per share.
(c) Not annualized.
(d) Annualized.
(e) There were no fee reductions during the period.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
163
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT EMERGING MARKETS FUND
--------------------------------------------------------------------------------------------------
CLASS I SHARES CLASS II SHARES
--------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED PERIOD ENDED SIX MONTHS PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2001 (A) 2000 (B) 2003 2002 (C)
--------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . $ 5.99 $ 7.08 $ 7.51 $ 10.00 $ 5.99 $ 7.71
--------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss). . . . . . . . . . . . 0.07 0.05 0.06 - 0.05 0.01
Redemption fees . . . . . . . 0.01 0.01 - - 0.01 0.01
Net realized and unrealized
gains(losses) on investments. 0.89 (1.14) (0.45) (2.48) 0.89 (1.73)
--------------------------------------------------------------------------------------------------
Total investment activities . 0.97 (1.08) (0.39) (2.48) 0.95 (1.71)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . (0.02) (0.01) (0.04) (0.01) (0.01) (0.01)
--------------------------------------------------------------------------------------------------
Total distributions . . . . . (0.02) (0.01) (0.04) (0.01) (0.01) (0.01)
--------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . $ 6.94 $ 5.99 $ 7.08 $ 7.51 $ 6.93 $ 5.99
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total Return. . . . . . . . . 16.19% (e) (15.23%) (5.18%) (24.83%)(e) 15.95% (e) (22.23%)(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000) . . . . . . . . . . . . $ 10,308 $ 10,005 $ 15,974 $ 3,991 $ 899 $ 454
Ratio of expenses to average
net assets . . . . . . . . . 1.37% (f) 1.43% 1.70% 1.75% (f) 1.67% (f) 1.71% (f)
Ratio of net investment
Income (loss) to average
net assets. . . . . . . . . . 2.56% (f) 0.63% 0.57% (0.21%)(f) 1.72% (f) 0.44% (f)
Ratio of expenses (prior to
reimbursements) to average
net assets*. . . . . . . . . (g) (g) 2.39% 4.09% (f) (g) (g)
Ratio of net investment
income (loss) (prior to
reimbursements) to
average net assets* . . . . . (g) (g) (0.12%) (2.55%)(f) (g) (g)
Portfolio turnover (h). . . . 69.26% 219.84% 140.18% 43.33% 69.26% 219.84%
See footnotes on page 165. (continued)
- --------------------------------------------------------------------------------
164
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
GARTMORE GVIT
EMERGING MARKETS FUND
--------------------------------
CLASS III SHARES
--------------------------------
SIX MONTHS PERIOD ENDED
ENDED JUNE 30, DECEMBER 31,
2003 2002 (D)
--------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . . . . . . . . . . . . . . $ 5.99 $ 7.90
--------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . . . . . . . . . . . . . 0.07 0.01
Redemption fees. . . . . . . . . . . . . . . . . . . . . . 0.01 0.01
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . . . . . 0.88 (1.91)
--------------------------------
Total investment activities. . . . . . . . . . . . . . . . 0.96 (1.89)
--------------------------------
DISTRIBUTIONS:
Net investment income. . . . . . . . . . . . . . . . . . . (0.02) (0.02)
--------------------------------
Total distributions. . . . . . . . . . . . . . . . . . . . (0.02) (0.02)
--------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . . . . . . . . . . . . . . $ 6.93 $ 5.99
--------------------------------
--------------------------------
Total Return . . . . . . . . . . . . . . . . . . . . . . . 16.00% (e) (23.99%)(e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . . . . . . . . . . $ 15,560 $ 11,435
Ratio of expenses to average net assets. . . . . . . . . . 1.42% (f) 1.39% (f)
Ratio of net investment income (loss)
to average net assets. . . . . . . . . . . . . . . . . . . 2.61% (f) 0.61% (f)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . . . . . (g) (g)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. . . . . (g) (g)
Portfolio turnover (h) . . . . . . . . . . . . . . . . . . 69.26% 219.84%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from August 30, 2000 (commencement of operations) through
December 31, 2000.
(c) For the period from March 4, 2002 (commencement of operations) through
December 31, 2002.
(d) For the period from May 2, 2002 (commencement of operations) through
December 31, 2002.
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
(h) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
165
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FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT INTERNATIONAL GROWTH FUND
--------------------------------------------------------------------------------------------------
CLASS I SHARES CLASS III SHARES
--------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED PERIOD ENDED SIX MONTHS PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, ENDED JUNE 30, DECEMBER 31,
2003 2002 2001 (A) 2000 (B) 2003 2002 (C)
--------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . $ 4.66 $ 6.14 $ 8.62 $ 10.00 $ 4.67 $ 5.95
--------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . . 0.04 0.01 0.01 (0.01) 0.04 (0.01)
Redemption fees. . . . . . . . - 0.01 - - - 0.01
Net realized and unrealized
gains (losses) on investments. 0.19 (1.50) (2.47) (1.37) 0.19 (1.28)
--------------------------------------------------------------------------------------------------
Total investment activities. . 0.23 (1.48) (2.46) (1.38) 0.23 (1.28)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . - - (0.02) - - -
--------------------------------------------------------------------------------------------------
Total distributions. . . . . . - - (0.02) - - -
--------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . $ 4.89 $ 4.66 $ 6.14 $ 8.62 $ 4.90 $ 4.67
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . 4.94% (d) (24.10%) (28.65%) (13.70%)(d) 4.93% (d) (21.51%)(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of
period (000). . . . . . . . . $ 6,794 $ 6,859 $ 9,448 $ 9,239 $ 3,677 $ 2,232
Ratio of expenses to
average net assets . . . . . . 1.26% (e) 1.29% 1.58% 1.60% (e) 1.34% (e) 1.32% (e)
Ratio of net investment
Income (loss) to average
net assets . . . . . . . . . . 1.59% (e) 0.53% 0.05% (0.17%)(e) 1.51% (e) 0.08% (e)
Ratio of expenses (prior
To reimbursements) to
average net assets* . . . . . (f) 1.33% 2.69% 2.88% (e) (f) (f)
Ratio of net investment
income (loss) (prior to
reimbursements) to
average net assets* . . . . . (f) 0.49% (1.06%) (1.45%)(d) (f) (f)
Portfolio turnover (g) . . . . 137.78% 257.38% 245.96% 93.02% 137.78% 257.38%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from August 30, 2000 (commencement of operations) through
December 31, 2000.
(c) For the period from May 2, 2002 (commencement of operations) through
December 31, 2002.
(d) Not annualized.
(e) Annualized.
(f) There were no fee reductions during the period.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
166
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
DREYFUS GVIT INTERNATIONAL VALUE FUND
-------------------------------------------------------
CLASS I CLASS II CLASS III
-------------------------------------------------------
PERIOD ENDED PERIOD ENDED PERIOD ENDED
JUNE 30, 2003(A) JUNE 30, 2003(A) JUNE 30, 2003(A)
-------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . . . . . . $ 9.25 $ 9.25 $ 9.25
-------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . . . . . 0.12 0.16 (c) 0.06 (c)
Net realized and unrealized gains
(losses) on investments . . . . . . . . . 1.00 0.95 1.03
-------------------------------------------------------
Total investment activities. . . . . . . . 1.12 1.11 1.09
-------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . . . . . . $ 10.37 $ 10.36 $ 10.34
-------------------------------------------------------
-------------------------------------------------------
Total Return . . . . . . . . . . . . . . . 12.11% (d) 12.00% (d) 11.78% (d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) . . . . $ 36 $ 3 $ 11,167
Ratio of expenses to average net assets. . 0.87% (e) 0.99% (e) 0.85% (e)
Ratio of net investment income (loss)
to average net assets. . . . . . . . . . . 6.79% (e) 9.01% (e) 3.09% (e)
Portfolio turnover (f) . . . . . . . . . . 47.29% 47.29% 47.29%
CLASS IV SHARES (B)
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . $ 9.85 $ 11.20 $ 14.14 $ 16.68 $ 13.85 $ 13.61
------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss). . . . . . . . . . . . . 0.15 0.18 0.12 0.17 0.19 0.15
Net realized and unrealized
gains
(losses) on investments . . . . 0.63 (1.41) (1.67) (0.61) 3.61 1.14
------------------------------------------------------------------------------------------------
Total investment activities . . 0.78 (1.23) (1.55) (0.44) 3.80 1.29
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . (0.27) (0.12) (0.17) (0.19) (0.16) (0.10)
Net realized gains. . . . . . . - - (1.22) (1.91) (0.81) (0.95)
------------------------------------------------------------------------------------------------
Total distributions . . . . . . (0.27) (0.12) (1.39) (2.10) (0.97) (1.05)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . $ 10.36 $ 9.85 $ 11.20 $ 14.14 $ 16.68 $ 13.85
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return. . . . . . . . . . 8.22% (d) (11.10%) (12.20%) (2.75%) 29.33% 10.13%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period
(000). . . . . . . . . . . . . $ 61,636 $ 59,335 $ 68,746 $ 78,501 $ 88,796 $ 71,363
Ratio of expenses to average
net assets. . . . . . . . . . . 1.07% (e) 1.00% 1.08% 0.95% 0.98% 1.00%
Ratio of net investment income
(loss) to average net assets. . 3.12% (e) 1.63% 1.04% 1.33% 1.32% 1.18%
Portfolio turnover (f). . . . . 47.29% 35.00% 36.00% 37.00% 41.00% 37.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from April 28, 2003 (commencement of operations) through
June 30, 2003.
(b) 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.
(c) Net investment income (loss) is based on average shares outstanding for the
period.
(d) Not annualized.
(e) Annualized.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
167
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT INVESTOR DESTINATIONS
AGGRESSIVE FUND
------------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A)
------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 8.15 $ 10.11 $ 10.00
------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . 0.05 0.09 0.02
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . 0.83 (1.96) 0.11
------------------------------------------------
Total investment activities . . . . . . . . . . . 0.88 (1.87) 0.13
------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . (0.05) (0.09) (0.02)
------------------------------------------------
Total distributions . . . . . . . . . . . . . . . (0.05) (0.09) (0.02)
------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . . . . $ 8.98 $ 8.15 $ 10.11
------------------------------------------------
------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . 10.88% (b) (18.50%) 1.31% (b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . $ 40,208 $ 19,493 $ 506
Ratio of expenses to average net assets . . . . . 0.54% (c) 0.56% 0.61% (c)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . . . 1.45% (c) 1.41% 4.36% (c)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . (d) (d) 24.83% (c)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. (d) (d) (19.86%)(c)
Portfolio turnover. . . . . . . . . . . . . . . . 12.12% 111.74% 10.90%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from December 12, 2001 (commencement of operations) through
December 31, 2001.
(b) Not annualized.
(c) Annualized.
(d) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
168
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT INVESTOR DESTINATIONS
MODERATELY AGGRESSIVE FUND
------------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A)
------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 8.49 $ 10.09 $ 10.00
------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . 0.06 0.12 0.02
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . 0.74 (1.59) 0.09
------------------------------------------------
Total investment activities . . . . . . . . . . . 0.80 (1.47) 0.11
------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . (0.06) (0.12) (0.02)
Net realized gains. . . . . . . . . . . . . . . . - (0.01) -
------------------------------------------------
Total distributions . . . . . . . . . . . . . . . (0.06) (0.13) (0.02)
------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . . . . $ 9.23 $ 8.49 $ 10.09
------------------------------------------------
------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . 9.52% (b) (14.59%) 1.12% (b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . $ 141,056 $ 71,962 $ 505
Ratio of expenses to average net assets . . . . . 0.55% (c) 0.56% 0.61% (c)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . . . 1.73% (c) 1.89% 4.56% (c)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . (d) (d) 24.85% (c)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. (d) (d) (19.68%)(c)
Portfolio turnover. . . . . . . . . . . . . . . . 14.54% 43.38% 11.10%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from December 12, 2001 (commencement of operations) through
December 31, 2001.
(b) Not annualized.
(c) Annualized.
(d) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
169
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT INVESTOR DESTINATIONS
MODERATE FUND
------------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A)
------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 8.94 $ 10.06 $ 10.00
------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . 0.08 0.15 0.02
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . 0.62 (1.11) 0.06
------------------------------------------------
Total investment activities . . . . . . . . . . . 0.70 (0.96) 0.08
------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . (0.08) (0.15) (0.02)
Net realized gains. . . . . . . . . . . . . . . . - (0.01) -
------------------------------------------------
Total distributions . . . . . . . . . . . . . . . (0.08) (0.16) (0.02)
------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . . . . $ 9.56 $ 8.94 $ 10.06
------------------------------------------------
------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . 7.88% (b) (9.60%) 0.84% (b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . $ 316,529 $ 165,555 $ 504
Ratio of expenses to average net assets . . . . . 0.55% (c) 0.56% 0.61% (c)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . . . 2.05% (c) 2.41% 4.42% (c)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . (d) (d) 24.86% (c)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. (d) (d) (19.83%)(c)
Portfolio turnover. . . . . . . . . . . . . . . . 5.99% 21.58% 0.74%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from December 12, 2001 (commencement of operations) through
December 31, 2001.
(b) Not annualized.
(c) Annualized.
(d) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
170
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT INVESTOR DESTINATIONS
MODERATELY CONSERVATIVE FUND
------------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A)
------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 9.43 $ 10.04 $ 10.00
------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . 0.10 0.18 0.03
Net realized and unrealized gains (losses)
on investments. . . . . . . . . . . . . . . . . . 0.45 (0.60) 0.04
------------------------------------------------
Total investment activities . . . . . . . . . . . 0.55 (0.42) 0.07
------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . (0.10) (0.18) (0.03)
Net realized gains. . . . . . . . . . . . . . . . - (0.01) -
------------------------------------------------
Total distributions . . . . . . . . . . . . . . . (0.10) (0.19) (0.03)
------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . . . . $ 9.88 $ 9.43 $ 10.04
------------------------------------------------
------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . 5.88% (b) (4.15%) 0.65% (b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . $ 176,986 $ 95,669 $ 503
Ratio of expenses to average net assets . . . . . 0.55% (c) 0.56% 0.61% (c)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . . . 2.48% (c) 2.96% 4.56% (c)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . (d) (d) 24.88% (c)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. (d) (d) (19.71%)(c)
Portfolio turnover. . . . . . . . . . . . . . . . 6.19% 35.19% 0.60%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from December 12, 2001 (commencement of operations) through
December 31, 2001.
(b) Not annualized.
(c) Annualized.
(d) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
171
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT INVESTOR DESTINATIONS
CONSERVATIVE FUND
------------------------------------------------
SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A)
------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . $ 9.83 $ 10.01 $ 10.00
------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . 0.12 0.21 0.02
Net realized and unrealized gains
(losses) on investments. . . . . . . . . . . . . 0.27 (0.18) 0.01
------------------------------------------------
Total investment activities . . . . . . . . . . . 0.39 0.03 0.03
------------------------------------------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . (0.12) (0.21) (0.02)
------------------------------------------------
Total distributions . . . . . . . . . . . . . . . (0.12) (0.21) (0.02)
------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . . . . . . . . . . . . . $ 10.10 $ 9.83 $ 10.01
------------------------------------------------
------------------------------------------------
Total Return. . . . . . . . . . . . . . . . . . . 3.96% (b) 0.40% 0.34% (b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . $ 148,623 $ 90,358 $ 502
Ratio of expenses to average net assets . . . . . 0.55% (c) 0.56% 0.61% (c)
Ratio of net investment income (loss)
to average net assets . . . . . . . . . . . . . . 2.73% (c) 3.30% 4.39% (c)
Ratio of expenses (prior to reimbursements)
to average net assets*. . . . . . . . . . . . . . (d) (d) 24.89% (c)
Ratio of net investment income (loss)
(prior to reimbursements) to average net assets*. (d) (d) (19.89%)(c)
Portfolio turnover. . . . . . . . . . . . . . . . 13.96% 28.70% 0.40%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from December 12, 2001 (commencement of operations) through
December 31, 2001.
(b) Not annualized.
(c) Annualized.
(d) There were no fee reductions during the period.
See notes to financial statements.
- --------------------------------------------------------------------------------
172
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT U.S. GROWTH LEADERS FUND
----------------------------------------------------------------------------------------------------
CLASS I SHARES CLASS II SHARES CLASS III SHARES
----------------------------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED PERIOD SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 (A) 2003 (B) 2003 2002 2001 (C)
----------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF
PERIOD . . . . . . . . . . . $ 7.56 $ 8.64 $ 8.17 $ 7.58 $ 9.92 $ 10.00
----------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment
income (loss). . . . . . . . (0.02) (0.02) (0.02) (0.02) (0.05) -
Redemption fees. . . . . . . 0.01 0.01 0.01 0.01 0.01 -
Net realized and
unrealized gains
(losses) on investments. . . 2.06 (1.07) 1.47 2.08 (2.30) (0.08)
----------------------------------------------------------------------------------------------------
Total investment activities. 2.05 (1.08) 1.46 2.07 (2.34) (0.08)
----------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . $ 9.61 $ 7.56 $ 9.63 $ 9.65 $ 7.58 $ 9.92
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total Return . . . . . . . . 27.12% (d) (12.50%)(d) 17.87% (d) 27.31% (d) (23.59%) (0.80%)(d)
RATIOS/SUPPLEMENTAL
DATA:
Net Assets, at end of
period (000) . . . . . . . . $ 2,887 $ 476 $ 294 $ 31,263 $ 6,501 $ 2,976
Ratio of expenses to
average net assets . . . . . 1.14% (e) 1.16% (e) 1.37% (e) 1.12% (e) 1.10% 1.25% (e)
Ratio of net investment
income (loss) to
average net assets . . . . . (0.65%)(e) (0.56%)(e) (0.98%)(e) (0.59%)(e) (0.64%) (0.40%)(e)
Ratio of expenses (prior
to reimbursements) to
average net assets* . . . . (f) (f) (f) (f) (f) 7.56% (e)
Ratio of net investment
income (loss) (prior to
reimbursements) to
average net assets*. . . . . (f) (f) (f) (f) (f) (6.71%)(e)
Portfolio turnover (g) . . . 410.83% 754.41% 410.83% 410.83% 754.41% 9.71%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from June 3, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from March 21, 2003 (commencement of operations) through
June 30, 2003.
(c) 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.
(d) Not annualized.
(e) Annualized.
(f) There were no fee reductions during the period.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
173
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT GLOBAL UTILITIES FUND
----------------------------------------------------------------------------------------------------
CLASS I SHARES CLASS II SHARES CLASS III SHARES
----------------------------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED PERIOD SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 (A) 2003 (B) 2003 2002 2001 (C)
----------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF
PERIOD . . . . . . . . . . $ 7.42 $ 8.38 $ 7.08 $ 7.43 $ 10.01 $ 10.00
----------------------------------------------------------------------------------------------------
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . 0.07 (d) 0.08 0.04 (d) 0.07 0.12 -
Redemption fees. . . . . . 0.01 0.01 0.01 0.01 0.01 -
Net realized and
unrealized gains
(losses) on investments. . 0.73 (0.96) 1.11 0.74 (2.62) 0.01
----------------------------------------------------------------------------------------------------
Total investment
activities . . . . . . . . 0.81 (0.87) 1.16 0.82 (2.49) 0.01
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . (0.01) (0.09) - (0.01) (0.09) -
----------------------------------------------------------------------------------------------------
Total distributions. . . . (0.01) (0.09) - (0.01) (0.09) -
----------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . $ 8.22 $ 7.42 $ 8.24 $ 8.24 $ 7.43 $ 10.01
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total Return . . . . . . . 10.86% (e) (10.36%)(e) 16.44% (e) 10.98% (e) (24.85%) 0.10% (e)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of
period (000) . . . . . . . $ 541 $ 169 $ 262 $ 5,707 $ 3,571 $ 3,002
Ratio of expenses to
Average net assets. . . . 1.10% (f) 1.20% (f) 1.34% (f) 1.03% (f) 1.10% 1.15% (f)
Ratio of net investment
income (loss) to average
net assets. . . . . . . . 2.10% (f) 1.83% (f) 2.61% (f) 2.10% (f) 1.79% (0.12%)(f)
Ratio of expenses (prior
To reimbursements) to
average net assets* . . . (g) (g) (g) (g) 1.11% 8.45% (f)
Ratio of net investment
Income (loss) (prior to
reimbursements) to
average net assets*. . . . (g) (g) (g) (g) 1.78% (7.42%)(f)
Portfolio turnover (h) . . 45.75% 153.83% 45.75% 45.75% 153.83% 0.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from May 10, 2002 (commencement of operations) through
December 31, 2002.
(b) For the period from March 28, 2003 (commencement of operations) through
June 30, 2003.
(c) 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.
(d) Net investment income (loss) is based on average shares outstanding during
the period.
(e) Not annualized.
(f) Annualized.
(g) There were no fee reductions during the period.
(h) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
174
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND
----------------------------------------------------------------------------------------------------
CLASS I SHARES CLASS II SHARES CLASS III SHARES
----------------------------------------------------------------------------------------------------
SIX MONTHS PERIOD ENDED PERIOD SIX MONTHS YEAR ENDED PERIOD ENDED
ENDED JUNE 30, DECEMBER 31, ENDED JUNE 30, ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2003 2002 (A) 2003 (B) 2003 2002 2001 (C)
----------------------------------------------------------------------------------------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
NET ASSET VALUE -
BEGINNING OF
PERIOD. . . . . . . . . . $ 8.96 $ 10.23 $ 8.46 $ 8.96 $ 10.13 $ 10.00
INVESTMENT ACTIVITIES:
Net investment income
(loss). . . . . . . . . . 0.05 - - 0.06 0.04 -
Redemption fees . . . . . 0.01 0.01 0.01 0.01 0.01 -
Net realized and
unrealized gains (losses)
on investments . . . . . 1.16 (1.27) 1.71 1.15 (1.21) 0.13
----------------------------------------------------------------------------------------------------
Total investment
activities. . . . . . . . 1.22 (1.26) 1.72 1.22 (1.16) 0.13
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income . . - (0.01) - - (0.01) -
----------------------------------------------------------------------------------------------------
Total distributions . . . - (0.01) - - (0.01) -
----------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD . . . . . . $ 10.18 $ 8.96 $ 10.18 $ 10.18 $ 8.96 $ 10.13
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Total Return. . . . . . . 13.62% (d) (12.26%)(d) 20.33% (d) 13.62% (d) (11.41%) 1.32% (d)
RATIOS/SUPPLEMENTAL
DATA:
Net Assets, at end of
period (000). . . . . . . $ 839 $ 218 $ 83 $ 7,795 $ 6,009 $ 3,041
Ratio of expenses to
average net assets . . . 1.28% (e) 1.37% (e) 1.53% (e) 1.23% (e) 1.31% 1.35% (e)
Ratio of net investment
income (loss) to average
net assets. . . . . . . . 1.34% (e) 0.30% (e) 0.82% (e) 1.67% (e) 0.66% 0.33% (e)
Ratio of expenses (prior
to reimbursements) to
average net assets* . . . (f) (f) (f) (f) (f) 8.56% (e)
Ratio of net investment
income (loss) (prior to
reimbursements) to
average net assets* . . . (f) (f) (f) (f) (f) (6.88%)(e)
Portfolio turnover (g). . 125.67% 211.21% 125.67% 125.67% 211.21% 0.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) For the period from May 10, 2002 (commencement of
operations) through December 31, 2002.
(b) For the period from March 28, 2003 (commencement of operations) through
June 30, 2003.
(c) 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.
(d) Not annualized.
(e) Annualized.
(f) There were no fee reductions during the period.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
175
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT DEVELOPING MARKETS FUND
------------------------------------------------------------------------------------------------
CLASS II SHARES
------------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 (A) 2002 2001 2000 1999 1998
------------------------------------------------------------------------------------------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF
PERIOD . . . . . . . . . . . . $ 6.51 $ 7.22 $ 7.76 $ 10.86 $ 6.59 $ 10.57
INVESTMENT ACTIVITIES:
Net investment income
(loss) . . . . . . . . . . . . 0.07 0.03 0.08 (0.03) 0.02 0.01
Net realized and unrealized
gains (losses) on investments. 0.83 (0.73) (0.62) (3.07) 4.25 (3.98)
------------------------------------------------------------------------------------------------
Total investment activities. . 0.90 (0.70) (0.54) (3.10) 4.27 (3.97)
------------------------------------------------------------------------------------------------
DISTRIBUTIONS:
Net investment income. . . . . - (0.01) - - - (0.01)
------------------------------------------------------------------------------------------------
Total distributions. . . . . . - (0.01) - - - (0.01)
------------------------------------------------------------------------------------------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . $ 7.41 $ 6.51 $ 7.22 $ 7.76 $ 10.86 $ 6.59
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Total Return . . . . . . . . . 13.82% (b) (9.68%) (6.96%) (28.55%) 64.81% (37.53%)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of
period (000) . . . . . . . . . $ 86,185 $ 75,321 $ 100,899 $ 100,730 $ 131,197 $ 72,323
Ratio of expenses to
average net assets . . . . . . 1.76% (c) 1.60% 1.59% 1.56% 1.62% 1.75%
Ratio of net investment
Income (loss) to average
net assets . . . . . . . . . . 1.93% (c) 0.44% 1.19% (0.34%) 0.20% 0.67%
Ratio of expenses (prior
to reimbursements)
to average net assets* . . . . 1.78% (c) 1.68% 1.67% 1.81% 1.65% 1.80%
Ratio of net investment
income (loss) (prior to
reimbursements) to
average net assets* . . . . . . 1.91% (c) 0.36% 1.11% (0.59%) 0.17% 0.62%
Portfolio turnover . . . . . . 103.93% 97.00% 118.00% 103.00% 124.00% 112.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) Upon reorganization on June 23, 2003, the existing shares of the Fund were
designated Class II shares.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- --------------------------------------------------------------------------------
176
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003 (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, 2003, the Trust had authorized an
unlimited number of shares of beneficial interest, without par value ("shares").
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"), except with
respect to the Gartmore GVIT Developing Markets Fund, have purchased shares of
the Trust's series. The Trust operates thirty-three (33) 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") (formerly Gartmore GVIT Total
Return Fund)
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") (formerly Strong GVIT
Mid Cap Growth Fund)
Nationwide GVIT Strategic Value Fund ("Strategic Value")
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") (formerly MAS
GVIT Multi Sector Bond Fund)
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")
Turner GVIT Growth Focus Fund ("Growth Focus")
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 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.
- --------------------------------------------------------------------------------
177
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
2. MARKET STREET REORGANIZATION
The Trust entered into an agreement and plan of reorganization (the "Market
Street Reorganization") with the Market Street Fund pursuant to which all of the
assets and all of the stated liabilities of each portfolio of Market Street Fund
were transferred to a corresponding series of GVIT in exchange for Class IV
shares of such series. The Market Street Reorganization, which qualified as a
tax-free exchange for Federal income tax purposes, was completed on April 28,
2003 following approval by shareholders of Market Street Fund at a special
shareholder meeting. The following is a summary of shares outstanding, net
assets, net asset value per share issued and unrealized appreciation
(depreciation) immediately before and after the Market Street Reorganization:
BEFORE AFTER
REORGANIZATION REORGANIZATION
--------------------------------------------------
MARKET STREET
ALL PRO BROAD
EQUITY FUND NATIONWIDE FUND NATIONWIDE FUND
--------------------------------------------------
Shares*. . . . . . . . . . . . . . . . 14,135,763 150,234,910 167,931,874
Net assets . . . . . . . . . . . . . . $146,829,542 $1,246,472,312 $1,393,301,854
Net asset value:
Class I. . . . . . . . . . . . . . . . - 8.30 8.30
Class II . . . . . . . . . . . . . . . - 8.29 8.29
Class III. . . . . . . . . . . . . . . - 8.31 8.31
Class IV . . . . . . . . . . . . . . . 10.39 - 8.30
Unrealized appreciation (depreciation) (20,717,589) (80,185,399) (100,902,988)
Accumulated net realized loss. . . . . (36,379,261) (420,670,832) (457,050,093)
BEFORE AFTER
REORGANIZATION REORGANIZATION
--------------------------------------------------
MARKET STREET ALL
PRO LARGE CAP
GROWTH FUND GROWTH FUND GROWTH FUND
--------------------------------------------------
Shares*. . . . . . . . . . . . . . . . 4,557,244 26,378,201 30,268,116
Net assets . . . . . . . . . . . . . . $ 30,711,320 $ 208,260,492 $ 238,971,812
Net asset value:
Class I. . . . . . . . . . . . . . . . - 7.90 7.90
Class IV . . . . . . . . . . . . . . . 6.74 - 7.90
Unrealized appreciation (depreciation) (2,858,060) 3,972,915 1,114,855
Accumulated net realized loss. . . . . (20,325,723) (375,476,501) (395,802,224)
BEFORE AFTER
REORGANIZATION REORGANIZATION
--------------------------------------------------
MARKET STREET GOVERNMENT GOVERNMENT
BOND FUND BOND FUND BOND FUND
--------------------------------------------------
Shares*. . . . . . . . . . . . . . . . 6,500,762 166,694,790 172,484,643
Net assets . . . . . . . . . . . . . . $71,183,753 $2,049,401,950 $2,120,585,703
Net asset value:
Class I. . . . . . . . . . . . . . . . - 12.29 12.29
Class II . . . . . . . . . . . . . . . - 12.27 12.27
Class III. . . . . . . . . . . . . . . - 12.29 12.29
Class IV . . . . . . . . . . . . . . . 10.95 - 12.29
Unrealized appreciation (depreciation) 1,339,691 85,207,146 86,546,837
Accumulated net realized loss. . . . . (8,433) 12,669,102 12,660,669
- --------------------------------------------------------------------------------
178
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- -----------------------------------------------------------------------------
MARKET STREET ALL SMALL SMALL
PRO SMALL CAP COMPANY COMPANY
GROWTH FUND FUND FUND
- -----------------------------------------------------------------------------
Shares*. . . . . . . . . . . . 4,383,788 36,376,210 38,626,298
Net assets . . . . . . . . . . $ 35,126,129 $ 567,861,763 $ 602,987,892
Net asset value:
Class I. . . . . . . . . . . . - 15.61 15.61
Class II . . . . . . . . . . . - 15.57 15.57
Class III. . . . . . . . . . . - 15.62 15.62
Class IV . . . . . . . . . . . 8.01 - 15.61
Unrealized appreciation
(depreciation) . . . . . . . . 1,222,027 31,615,958 32,837,985
Accumulated net realized loss. (32,549,842) (103,690,519) (136,240,361)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- -------------------------------------------------------------------------------
MARKET STREET
MONEY MARKET MONEY MARKET MONEY MARKET
FUND FUND FUND
- -------------------------------------------------------------------------------
Shares*. . . . . . . . . . . . 131,179,504 2,585,640,915 2,716,820,419
Net assets . . . . . . . . . . $131,179,154 $2,585,637,437 $2,716,816,591
Net asset value:
Class I. . . . . . . . . . . . - 1.00 1.00
Class IV . . . . . . . . . . . 1.00 - 1.00
Class V. . . . . . . . . . . . - 1.00 1.00
Unrealized appreciation
(depreciation) . . . . . . . . - - -
Accumulated net realized loss. (350) (35,657) (36,007)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- ---------------------------------------------------------------------------
MARKET STREET
BALANCED BALANCED BALANCED
FUND FUND FUND
- ---------------------------------------------------------------------------
Shares*. . . . . . . . . . . . 4,800,135 18,512,125 25,712,114
Net assets . . . . . . . . . . $59,267,431 $152,385,275 $211,652,706
Net asset value:
Class I. . . . . . . . . . . . - 8.23 8.23
Class IV . . . . . . . . . . . 12.35 - 8.23
Unrealized appreciation
(depreciation) . . . . . . . . 1,717,094 (5,916,782) (4,199,688)
Accumulated net realized loss. (8,417,257) (28,106,662) (36,523,919)
- --------------------------------------------------------------------------------
179
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- ------------------------------------------------------------------------------
MARKET STREET STRONG GVIT MID CAP
MID CAP MID CAP GROWTH
GROWTH FUND GROWTH FUND FUND (A)
- ------------------------------------------------------------------------------
Shares*. . . . . . . . . . . . 4,400,177 13,389,463 10,785,806
Net assets . . . . . . . . . . $ 72,716,535 $ 105,528,202 $ 178,244,737
Net asset value:
Class I. . . . . . . . . . . . - 7.88 16.53
Class III. . . . . . . . . . . - 7.89 16.53
Class IV . . . . . . . . . . . 16.53 - 16.53
Unrealized appreciation
(depreciation) . . . . . . . . 8,347,535 9,039,708 17,387,243
Accumulated net realized loss. (18,726,539) (183,534,054) (202,260,593)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- --------------------------------------------------------------------------
MARKET STREET ALL
PRO LARGE CAP
VALUE FUND VALUE FUND VALUE FUND
- --------------------------------------------------------------------------
Shares*. . . . . . . . . . . . 4,643,348 5,189,921 10,178,057
Net assets . . . . . . . . . . $38,687,395 $ 40,251,999 $ 78,939,394
Net asset value:
Class I. . . . . . . . . . . . - 7.76 7.76
Class II . . . . . . . . . . . - 7.75 7.75
Class IV . . . . . . . . . . . 8.33 - 7.76
Unrealized appreciation
(depreciation) . . . . . . . . (1,993,006) 407,425 (1,585,581)
Accumulated net realized loss. (4,925,284) (24,328,615) (29,253,899)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- -------------------------------------------------------------------------
MARKET STREET
EQUITY 500 INDEX EQUITY 500 EQUITY 500
FUND INDEX INDEX FUND (B)
- -------------------------------------------------------------------------
Shares . . . . . . . . . . . . 37,457,499 - 37,457,499
Net assets . . . . . . . . . . $ 235,130,715 $ - $ 235,130,715
Net asset value:
Class IV . . . . . . . . . . . 6.28 - 6.28
Unrealized appreciation
(depreciation) . . . . . . . . (102,545,998) - (102,545,998)
Accumulated net realized loss. (47,125,045) - (47,125,045)
- --------------------------------------------------------------------------------
180
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- ----------------------------------------------------------------------------
MARKET STREET ALL SMALL CAP SMALL CAP
PRO SMALL CAP VALUE VALUE
VALUE FUND FUND FUND
- ----------------------------------------------------------------------------
Shares*. . . . . . . . . . . . 5,158,775 58,693,778 63,833,750
Net assets . . . . . . . . . . $38,499,981 $ 439,631,263 $ 478,131,244
Net asset value:
Class I. . . . . . . . . . . . - 7.49 7.49
Class II . . . . . . . . . . . - 7.48 7.48
Class III. . . . . . . . . . . - 7.49 7.49
Class IV . . . . . . . . . . . 7.46 - 7.49
Unrealized appreciation
(depreciation) . . . . . . . . (7,749,075) (64,298,455) (72,047,530)
Accumulated net realized loss. (377,357) (152,574,329) (152,951,686)
BEFORE AFTER
REORGANIZATION REORGANIZATION
- ----------------------------------------------------------------------------
MARKET STREET
INTERNATIONAL INTERNATIONAL INTERNATIONAL
FUND VALUE FUND VALUE FUND (C)
- ----------------------------------------------------------------------------
Shares . . . . . . . . . . . . 6,050,454 - 6,050,454
Net assets . . . . . . . . . . $ 55,301,957 $ - $ 55,301,957
Net asset value:
Class IV . . . . . . . . . . . 9.14 - 9.14
Unrealized appreciation
(depreciation) . . . . . . . . (12,768,441) - (12,768,441)
Accumulated net realized loss. (6,125,475) - (6,125,475)
* The share amounts after reorganization, reflected above, contain
adjustments required to maintain the net asset value of the acquiring fund.
(a) The Mid Cap Growth Fund retained the financial history of the Market Street
Mid Cap Growth Fund.
(b) The Equity 500 Index Fund retained the financial history of the Market
Street Equity 500 Fund.
(c) The International Value Fund retained the financial history of the Market
Street International Fund.
3. MONTGOMERY FUNDS III REORGANIZATION
The Trust entered into an agreement and plan of reorganization (the "Montgomery
Funds III Reorganization") with the Montgomery Funds III pursuant to which all
of the assets and all of the stated liabilities of Montgomery Variable Series:
Emerging Markets Fund were transferred to Gartmore GVIT Developing Markets Fund
in exchange for Class II shares of that GVIT series. The Montgomery Funds III
Reorganization, which qualified as a tax-free exchange for Federal income tax
purposes, was completed on June 23, 2003 following approval by shareholders of
the Montgomery Funds III at a special shareholder meeting on June 13, 2003. The
GVIT Developing Markets Fund retained the financial history of the Montgomery
Variable Series: Emerging Markets Fund. The following is a summary of shares
outstanding, net assets, net asset value per share issued and unrealized
appreciation (depreciation) immediately before and after the Montgomery Funds
III Reorganization:
BEFORE AFTER
REORGANIZATION REORGANIZATION
- ----------------------------------------------------------------------------
MONTGOMERY DEVELOPING DEVELOPING
EMERGING MARKETS MARKETS
MARKETS FUND FUND FUND
- ----------------------------------------------------------------------------
Shares . . . . . . . . . . . . 12,059,201 - 12,059,201
Net assets . . . . . . . . . . $ 90,059,735 $ - $ 90,059,735
Net asset value:
Class II . . . . . . . . . . . 7.47 - 7.47
Unrealized appreciation
(depreciation) . . . . . . . . 12,960,528 - 12,960,528
Accumulated net realized loss. (59,038,592) - (59,038,592)
- --------------------------------------------------------------------------------
181
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
4. 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,
liabilities and 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.
Debt and other fixed income securities (other than short-term obligations) are
valued at the last quoted bid price and/or by using a combination of daily
quotes and matrix evaluations provided by an independent pricing service, the
use of which has been approved by the Funds' Board of Trustees. Short-term debt
securities such as commercial paper and U.S. Treasury Bills having a remaining
maturity of 60 days or less at the time of purchase are considered to be
"short-term" and are valued at amortized cost which approximates market value.
Securities for which market quotations are not readily available, or for which
an independent pricing service does not provide a value or provides a value that
does not represent fair value in the judgement of the Funds' investment adviser
or designee, are valued at fair value under procedures approved by the Funds'
Board of Trustees.
Investments of the Money Market and Money Market II Funds (collectively, 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.
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.
(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. Such fluctuations are included
with the net realized and unrealized gain or loss from investments and foreign
currencies.
- --------------------------------------------------------------------------------
182
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
(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. Such 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. The forward foreign currency
exchange 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.
A "sale" of a futures contract means a contractual obligation to deliver the
securities or foreign currency called for by the contract at a fixed price at a
specified time in the future. A "purchase" of a futures contract means a
contractual obligation to acquire the securities or foreign currency at a fixed
price at a specified time in the future.
Should market conditions change unexpectedly, the Funds 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.
(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.
(I) SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are accounted for on the date the security is purchased or
sold ("trade date"). Securities gains and losses are calculated on the
identified cost basis. Interest income is recognized on the accrual basis and
includes, where applicable, the amortization or accretion of premium or
discount. Dividend income is recorded on the ex-dividend date.
- --------------------------------------------------------------------------------
183
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
(J) 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 it from all, or substantially all, federal
income taxes.
As of June 30, 2003, the tax cost of securities and the breakdown of unrealized
appreciation (depreciation) for each Fund was as follows:
NET UNREALIZED
TAX COST OF UNREALIZED UNREALIZED APPRECIATION
FUND SECURITIES APPRECIATION DEPRECIATION (DEPRECIATION)
- -----------------------------------------------------------------------------------------------------
Nationwide . . . . . . . . . . . . . $1,475,588,189 $ 174,634,302 $(132,979,132) $ 41,655,170
Growth . . . . . . . . . . . . . . . 233,530,471 23,492,602 (7,799,120) 15,693,482
Government Bond. . . . . . . . . . . 1,950,118,228 101,830,630 (2,262,030) 99,568,600
Small Company. . . . . . . . . . . . 536,759,359 121,841,505 (21,064,263) 100,777,242
Balanced . . . . . . . . . . . . . . 231,337,515 13,383,557 (7,117,528) 6,266,029
Mid Cap Growth . . . . . . . . . . . 174,097,930 33,566,773 (2,019,792) 31,546,981
Strategic Value. . . . . . . . . . . 13,345,905 1,798,670 (1,501,007) 297,663
Value. . . . . . . . . . . . . . . . 81,785,873 9,829,392 (2,220,499) 7,608,893
High Income Bond . . . . . . . . . . 207,959,338 15,846,776 (8,555,833) 7,290,943
Equity 500 Index . . . . . . . . . . 331,967,381 24,373,578 (106,410,418) (82,036,840)
Multi Sector Bond. . . . . . . . . . 227,339,707 16,873,041 (2,307,860) 14,565,181
Small Cap Value. . . . . . . . . . . 534,847,895 71,868,192 (62,803,819) 9,064,373
Small Cap Growth . . . . . . . . . . 89,977,376 18,144,552 (5,172,153) 12,972,399
Worldwide Leaders. . . . . . . . . . 24,507,380 2,252,713 (201,507) 2,051,205
Mid Cap Index. . . . . . . . . . . . 330,643,767 38,053,120 (56,486,575) (18,433,455)
Growth Focus . . . . . . . . . . . . 8,211,921 654,408 (182,088) 472,320
Global Technology and Communications 24,174,833 1,475,382 (385,618) 1,089,764
Global Health Sciences . . . . . . . 27,257,432 2,354,151 (76,990) 2,277,161
Nationwide Leaders . . . . . . . . . 7,648,310 661,924 (128,716) 533,208
Emerging Markets . . . . . . . . . . 24,744,146 3,208,633 (689,912) 2,518,721
International Growth . . . . . . . . 9,267,375 895,126 (98,538) 796,588
International Value. . . . . . . . . 64,940,053 3,493,489 (6,484,999) (2,991,510)
Aggressive . . . . . . . . . . . . . 37,129,709 3,197,221 (114,804) 3,082,417
Moderately Aggressive. . . . . . . . 132,564,313 9,257,370 (808,630) 8,448,740
Moderate . . . . . . . . . . . . . . 299,466,355 17,843,153 (941,110) 16,902,043
Moderately Conservative. . . . . . . 169,351,250 7,716,905 (254,154) 7,462,751
Conservative . . . . . . . . . . . . 144,459,250 4,214,384 (230,557) 3,983,827
US Growth Leaders. . . . . . . . . . 31,454,917 1,749,675 (484,433) 1,265,242
Global Utilities . . . . . . . . . . 5,555,986 621,169 (18,576) 602,593
Global Financial Services. . . . . . 7,671,543 760,771 (77,019) 683,752
Developing Markets . . . . . . . . . 77,938,372 12,718,067 (1,300,667) 11,417,400
(K) 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.
- --------------------------------------------------------------------------------
184
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
Dividends and distributions to shareholders are determined in accordance with
federal income tax regulations, which may differ from GAAP. These "book/tax"
differences are considered either permanent or temporary in nature. In
accordance with AICPA (American Institute of Certified Public Accountants)
Statement of Position 93-2, permanent differences (i.e., reclassification of
market discounts, gain/loss, paydowns and distributions) are reclassified within
the capital accounts based on their nature for federal income tax purposes;
temporary differences do not require reclassification. These reclassifications
have no effect upon the net asset value of the respective Funds. To the extent
distributions exceed current and accumulated earnings and profits for federal
income tax purposes, they are reported as distributions of paid-in-capital.
(L) EXPENSES
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 in relation to the net assets of each Fund or on
another reasonable basis. Once expenses are charged to a Fund, they are
allocated to the classes based on total settled shares outstanding of each class
for the Money Market Funds and based on relative net assets of each class for
all other Funds. Expenses specific to a class (such as 12b-1 and administrative
services fees) are charged to that class.
5. TRANSACTIONS WITH AFFILIATES
Under the terms of the 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
majority-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 (95.3%)
and Nationwide Mutual Fire Insurance Company (4.7%), 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 each of 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.
- Waddell & Reed Investment Management Company
- --------------------------------------------------------------------------------
Balanced. . . . . - J.P. Morgan Investment Management, Inc.
- --------------------------------------------------------------------------------
Strategic Value . - Strong Capital Management, Inc.
- --------------------------------------------------------------------------------
Value . . . . . . - Van Kampen Asset Management, Inc. after May 1, 2002
- Federated Investment Counseling prior to May 1, 2002
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
Small Cap Growth. - Waddell & Reed Investment Management Company
- Neuberger Berman, LLC
- --------------------------------------------------------------------------------
Worldwide Leaders - Gartmore Global Partners **
- --------------------------------------------------------------------------------
Mid Cap Index . . - The Dreyfus Corporation
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
185
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
Growth Focus. . . . . . . - Turner Investment Partners, Inc.
- --------------------------------------------------------------------------------
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.
Under the terms of the Investment Advisory Agreements, its 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, GGAMT and the
subadvisory fees is as follows for the six months ended June 30, 2003:
FEE TOTAL FEES PAID TO
FUND SCHEDULE FEES RETAINED SUB-ADVISER
- ---------------------------------------------------------------------
Nationwide and. Up to $1 billion 0.60% 0.60% N/A
Growth. . . . . Next $1 billion 0.575% 0.575% 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 0.475% 0.475% 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
- ---------------------------------------------------------------------
Strategic Value Up to $500 million 0.90% 0.40% 0.50%
$500 million or more 0.90% 0.45% 0.45%
- ---------------------------------------------------------------------
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%
- --------------------------------------------------------------------------------
186
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
FEE TOTAL FEES PAID TO
FUND SCHEDULE FEES RETAINED SUB-ADVISER
- --------------------------------------------------------------------------------
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 $200 million 0.24% 0.215% 0.025%
Next $500 million 0.24% 0.22% 0.02%
$700 million or more 0.24% 0.225% 0.015%
- --------------------------------------------------------------------------------
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%
- --------------------------------------------------------------------------------
Mid Cap Index . . . . . . Up to $250 million 0.50% 0.40% 0.10%
Next $250 million 0.49% 0.40% 0.09%
Next $250 million 0.48% 0.40% 0.08%
Next $250 million 0.47% 0.40% 0.07%
$ 1 billion or more 0.45% 0.40% 0.05%
- --------------------------------------------------------------------------------
Growth Focus *. . . . . . Up to $500 million 0.90% 0.35% 0.55%
Next $1.5 billion 0.80% 0.35% 0.45%
Over $2 billion 0.75% 0.35% 0.40%
- --------------------------------------------------------------------------------
Global Technology and . . All assets 0.98% 0.98% N/A
Communications
- --------------------------------------------------------------------------------
Global Health Sciences. . All assets 1.00% 1.00% N/A
- --------------------------------------------------------------------------------
Nationwide Leaders and. . Up to $500 million 0.90% 0.90% N/A
US Growth Leaders* 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. . . . All assets 1.15% 0.575% 0.575%
- --------------------------------------------------------------------------------
International Growth and
Global Financial Services All assets 1.00% 0.50% 0.50%
- --------------------------------------------------------------------------------
International Value . . . Up to $500 million 0.75% 0.375% 0.375%
$500 million or more 0.70% 0.40% 0.30%
- --------------------------------------------------------------------------------
Aggressive, Moderately. . All assets 0.13% 0.13% N/A
Aggressive, Moderate,
Moderately Conservative
and Conservative
- --------------------------------------------------------------------------------
Global Utilities. . . . . All assets 0.80% 0.40% 0.40%
- --------------------------------------------------------------------------------
* The Growth Focus Fund and the US Growth Leaders Fund pay GMF a base
management fee (as shown above) which may be adjusted upward or downward
depending on each of the Fund's performance relative to its benchmark, the
Russell 1000 Growth Index for the Growth Focus Fund and the S&P 500 Index
for the US Growth Leaders Fund. Thus, if either Fund outperforms its
benchmark by 12% or more over a 36 month period, that Fund will pay higher
management fees. Conversely, if either 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 over-performance 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 each Fund. The base fee is
either increased or decreased by the following amounts at each breakpoint:
- --------------------------------------------------------------------------------
187
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
FEE SCHEDULE FEE ADJUSTMENT
- ------------------------------------
Up to $500 million. +/- 0.22%
Next $1.5 billion . +/- 0.18%
$2 billion or more. +/- 0.16%
For certain Funds, GMF previously waived advisory fees and, if necessary,
reimbursed expenses of each Fund in order to limit annual Fund operating
expenses at or below stated expense caps. The following table illustrates the
voluntary expense caps for each applicable Fund and Class for the period ended
January 14, 2002, at which time each of these waivers and reimbursements was
discontinued after prior notice to shareholders:
FUND EXPENSE CAPS
- ------------------------------------------------
Nationwide. . . . Class I Shares 0.78%
Growth. . . . . . Class I Shares 0.80%
Government Bond . Class I Shares 0.66%
Small Company . . Class I Shares 1.25%
Money Market. . . Class I Shares 0.55%
Balanced. . . . . Class I Shares 0.90%
Value . . . . . . Class I Shares 0.95%
High Income Bond. Class I Shares 0.95%
Multi Sector Bond Class I Shares 0.90%
Small Cap Value . Class I Shares 1.05%
Small Cap Growth. Class I Shares 1.30%
Worldwide Leaders Class I Shares 1.20%
Mid Cap Index . . Class I Shares 0.65%
For Strategic Value Class I Shares, GMF has agreed to waive management fees and,
if necessary, to reimburse expenses so that operating expenses will not exceed
1.00%. These waivers and reimbursements are voluntary and can be discontinued
after prior notice to shareholders.
Effective July 1, 2002, 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, Rule 12b-1 fees and administrative services fees) from exceeding the
amounts listed in the table below until at least April 30, 2004:
FUND EXPENSE CAPS
- -----------------------------------------------------
Growth Focus. . . . . . . All Classes 1.35%
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.
- --------------------------------------------------------------------------------
188
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
Prior to July 1, 2002, GMF or GGAMT, where applicable, and the Funds had entered
into Expense Limitation Agreements limiting operating expense from exceeding the
amounts listed in the table below:
FUND EXPENSE CAPS
- -----------------------------------------------------------
Money Market II1 1.30%
Growth Focus1. . . . . . . Class I Shares 1.35%
Growth Focus1. . . . . . . Class III Shares 1.35%
Global Technology
and Communications1. . . . Class I Shares 1.35%
Global Technology
and Communications1. . . . Class III Shares 1.35%
Emerging Markets1. . . . . Class I Shares 1.75%
Emerging Markets1. . . . . Class II Shares 2.00%
Emerging Markets1. . . . . Class III Shares 1.75%
International Growth1. . . Class I Shares 1.60%
International Growth1. . . Class III Shares 1.60%
Global Health Sciences2. . Class I Shares 1.35%
Global Health Sciences2. . Class III Shares 1.35%
Nationwide Leaders2. . . . Class I Shares 1.10%
Nationwide Leaders2. . . . Class III Shares 1.10%
US Growth Leaders2 . . . . Class I Shares 1.25%
US Growth Leaders2 . . . . Class III Shares 1.25%
Global Utilities2. . . . . Class I Shares 1.15%
Global Utilities2. . . . . Class III Shares 1.15%
Global Financial Services2 Class I Shares 1.35%
Global Financial Services2 Class III Shares 1.35%
Aggressive3 0.61%
Moderately Aggressive3 0.61%
Moderate3 0.61%
Moderately Conservative3 0.61%
Conservative3 0.61%
1 Expense caps shown are contractual at least through May 1, 2002. After May
1, 2002, the expense caps described above limit operating expenses
excluding taxes, interest, brokerage fees, extraordinary expenses, Rule
12b-1 fees and administrative service fees. The expense cap for Money
Market II was discontinued effective May 1, 2002.
2 Expense caps shown are contractual through April 30, 2003. The expense caps
described above limit operating expenses excluding taxes, interest,
brokerage fees, extraordinary expenses, Rule 12b-1 fees and administrative
service fees.
3 Expense caps shown are contractual through May 1, 2003.
- --------------------------------------------------------------------------------
189
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
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, 2004 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 cap described above excludes taxes, interest, brokerage fees,
extraordinary expenses, Rule 12b-1 fees 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 (i) not to exceed three years from the
commencement of operations or (ii) 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 or Fund making such reimbursement is less than the limit set forth above;
and (iii) the payment of such reimbursement is approved by the Trust's 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.
As of the six months ended June 30, 2003, the cumulative potential
reimbursements for all classes of the following Funds based on expenses
reimbursed by GMF or GGAMT within three years from commencement of operations of
the Fund would be:
FUND AMOUNT EXPIRES
- ------------------------------------------------
Growth Focus. . . . . $136,078 June 30, 2003
Global Technology and 158,298 June 30, 2003
Communications
Emerging Markets. . . 97,637 August 30, 2003
International Growth. 143,699 August 30, 2003
As of the six months ended June 30, 2003, 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
FUND 2000 2001 2002 JUNE 30, 2003
- ------------------------------------------------------------------------------------
Money Market Class IV . . $ - $ - $ - $ 29,861
Money Market Class V. . . - - - -
Balanced Class IV . . . . - - - 2,933
Mid Cap Growth Class IV . - - - 11,666
Value Class II. . . . . . - - - 5
Value Class IV. . . . . . - - - 986
Equity 500 Index Class IV - - - 87,832
Global Health Sciences. . 5,577 95,729 283 -
Nationwide Leaders. . . . - 7,433 155 -
Aggressive. . . . . . . . - 6,646 - -
- --------------------------------------------------------------------------------
190
GARTMORE VARIABLE INSURANCE TRUS
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
AMOUNT AMOUNT AMOUNT SIX MONTHS
FISCAL YEAR FISCAL YEAR FISCAL YEAR ENDED
FUND 2000 2001 2002 JUNE 30, 2003
- ------------------------------------------------------------------------------------------
Moderately Aggressive . . $ - $ 6,646 $ - $ -
Moderate. . . . . . . . . - 6,646 - -
Moderately Conservative . - 6,646 - -
Conservative. . . . . . . - 6,646 - -
U.S. Growth Leaders . . . - 7,223 - -
Global Utilities. . . . . - 8,323 220 -
Global Financial Services - 8,320 - -
Developing Markets. . . . - - - 1,639
Under the terms of a Fund Administration Agreement, Gartmore SA Capital Trust
("GSA") provides the Funds with various administrative and accounting services.
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 both agreements 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 GISI's 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. Prior to October 1, 2002, Nationwide Securities, Inc.
("NSI"), served as the Funds' Distributor. 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, the Money Market
Fund II and the Investor Destinations Funds.
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.
- --------------------------------------------------------------------------------
191
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
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, 2003, the
Nationwide Leaders, Emerging Markets, US Growth Leaders, Global Utilities and
Global Financial Services Funds had contributions to capital in the amount of
$6,363, $21,706, $22,147, $9,575 and $6,680, respectively due to collection of
redemption fees.
As of June 30, 2003, 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
- ---------------------------------------------
International Growth. . . 47%
Global Utilities. . . . . 38%
Global Financial Services 35%
As a result of certain trading errors that occurred in April of 2002, the Global
Technology and Communications Fund was reimbursed $172,443 by GMF to offset
losses realized on the disposal of investments.
6. BANK LOANS
Prior to April 7, 2003, the Trust had an unsecured bank line of credit of
$50,000,000. Borrowing under this arrangement bore interest at the Federal
Funds rate plus 0.50%. These interest costs are included in the custodian fees
in the Statements of Operations. No compensating balances were required under
the terms of the line of credit. For the period from April 7, 2003 to June 30,
2003, the Trust did not maintain an unsecured bank line of credit. There were
no unsecured bank loans outstanding as of June 30, 2003.
7. INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the six
months ended June 30, 2003 are summarized as follows:
FUND PURCHASES SALES
- ----------------------------------------------------------------
Nationwide . . . . . . . . . . . . . $817,154,850 $670,435,212
Growth . . . . . . . . . . . . . . . 357,844,469 337,037,813
Government Bond. . . . . . . . . . . 672,677,296 593,616,671
Small Company. . . . . . . . . . . . 292,729,631 290,452,014
Balanced . . . . . . . . . . . . . . 361,846,993 303,885,825
Mid Cap Growth . . . . . . . . . . . 199,293,618 98,820,062
Strategic Value. . . . . . . . . . . 3,264,422 4,224,963
Value. . . . . . . . . . . . . . . . 76,101,142 38,481,849
High Income Bond . . . . . . . . . . 80,418,880 29,962,953
Equity 500 Index . . . . . . . . . . 3,086,150 10,210,182
Multi Sector Bond. . . . . . . . . . 221,780,007 206,861,471
Small Cap Value. . . . . . . . . . . 296,727,427 276,099,502
Small Cap Growth . . . . . . . . . . 71,117,517 69,693,023
Worldwide Leaders. . . . . . . . . . 81,666,111 83,765,093
Mid Cap Index. . . . . . . . . . . . 20,179,189 22,449,144
Growth Focus . . . . . . . . . . . . 18,734,569 17,488,227
Global Technology and Communications 92,277,218 84,898,270
Global Health Sciences . . . . . . . 65,314,797 51,307,554
Nationwide Leaders . . . . . . . . . 7,863,059 8,228,925
Emerging Markets . . . . . . . . . . 17,314,037 15,528,849
International Growth . . . . . . . . 12,687,401 12,362,206
International Value. . . . . . . . . 26,062,656 26,242,583
- --------------------------------------------------------------------------------
192
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
FUND PURCHASES SALES
- --------------------------------------------------
Aggressive. . . . . . . . 21,424,382 3,313,631
Moderately Aggressive . . 71,072,002 14,207,158
Moderate. . . . . . . . . 133,053,073 12,846,093
Moderately Conservative . 70,500,864 7,287,456
Conservative. . . . . . . 56,256,099 13,568,184
US Growth Leaders . . . . 83,253,509 60,556,089
Global Utilities. . . . . 4,187,857 2,087,511
Global Financial Services 9,583,964 8,126,169
Developing Markets. . . . 81,602,170 78,031,220
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' investments in securities rated below
investment grade typically involve risks not associated with higher rated
securities including, among others: (a) greater risk of not receiving timely
and/or ultimate payment of interest and principal; (b) greater market price
volatility; and (c) 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.
- --------------------------------------------------------------------------------
193
GARTMORE VARIABLE INSURANCE
TRUST SUPPLEMENTAL INFORMATION
(UNAUDITED) JUNE 30, 2003
SHAREHOLDER MEETING
On February 21, 2003, a Special Meeting of the shareholders of the Market Street
Fund was held. The matters considered at the meeting, together with the actual
tabulations relating to such matters are as follows:
PROPOSAL 1:
To approve an agreement and Plan of Reorganization between the Market Street
Funds, the acquired funds, and the Gartmore Variable Insurance Trust, the
acquiring funds.
FOR AGAINST ABSTAIN
- ----------------------------------------------------------------------
All Pro Broad Equity Portfolio . . 12,074,651 608,734 1,919,935
All Pro Large Cap Growth Portfolio 3,843,201 214,425 345,525
All Pro Large Cap Value Portfolio. 4,028,090 253,613 311,059
All Pro Small Cap Growth Portfolio 3,659,369 209,862 433,671
All Pro Small Cap Value Portfolio. 3,907,606 219,831 654,243
Equity 500 Index Portfolio . . . . 31,768,389 2,017,341 4,097,231
International Portfolio. . . . . . 5,300,616 220,569 517,876
Mid Cap Growth Portfolio . . . . . 3,864,140 301,427 434,684
Balanced Portfolio . . . . . . . . 3,849,584 224,079 620,250
Bond Portfolio . . . . . . . . . . 5,001,354 195,611 701,829
Money Market Portfolio . . . . . . 117,022,023 6,613,021 15,741,139
PROPOSAL 2:
To approve a new investment advisory agreement between the Fund and Gartmore
Mutual Fund Capital Trust.
FOR AGAINST ABSTAIN
- ----------------------------------------------------------------------
All Pro Broad Equity Portfolio . . 12,052,861 617,959 1,932,500
All Pro Large Cap Growth Portfolio 3,842,705 214,782 345,663
All Pro Large Cap Value Portfolio. 4,049,193 233,191 310,379
All Pro Small Cap Growth Portfolio 3,700,405 170,779 431,717
All Pro Small Cap Value Portfolio. 3,944,934 181,993 654,753
Equity 500 Index Portfolio . . . . 31,792,418 2,048,720 4,041,823
International Portfolio. . . . . . 5,332,694 193,300 513,066
Mid Cap Growth Portfolio . . . . . 3,886,590 278,510 435,151
Balanced Portfolio . . . . . . . . 3,876,550 194,445 622,917
Bond Portfolio . . . . . . . . . . 4,981,359 215,605 701,829
Money Market Portfolio . . . . . . 116,570,373 7,271,911 15,533,899
- --------------------------------------------------------------------------------
194
GARTMORE VARIABLE INSURANCE TRUST
SUPPLEMENTAL INFORMATION (UNAUDITED)
(CONTINUED) JUNE 30, 2003
SHAREHOLDER MEETING
On June 13, 2003, a Special Meeting of the shareholders of the Montgomery
Variable Series: Emerging Markets Fund was held. The matters considered at the
meeting, together with the actual vote tabulations relating to such matters are
as follows:
PROPOSAL 1:
To approve an Agreement and Plan of Reorganization between the Montgomery
Emerging Markets Fund, the acquired fund, and the Gartmore GVIT Developing
Markets Fund, the acquiring fund.
FOR AGAINST ABSTAIN
- ----------------------------
10,042,727 211,769 883,136
PROPOSAL 2:
To approve a new investment advisory agreement between The Montgomery Funds III
and Gartmore Global Asset Management Trust:
FOR AGAINST ABSTAIN
- ----------------------------
9,951,983 298,734 886,913
PROPOSAL 3:
To approve a new subadvisory agreement between Gartmore Global Asset Management
Trust and Gartmore Global Partners:
FOR AGAINST ABSTAIN
- ----------------------------
9,938,455 201,830 997,346
- --------------------------------------------------------------------------------
195
GARTMORE VARIABLE INSURANCE TRUST
MANAGEMENT INFORMATION (UNAUDITED)
TRUSTEES WHO ARE NOT INTERESTED PERSONS
(AS DEFINED IN THE 1940 ACT) OF THE FUNDS
JUNE 30, 2003
- -----------------------------------------------------------------------------------------------------------------------
TERM OF
OFFICE NUMBER OF
WITH PORTFOLIOS IN
POSITION(S) TRUST- FUND OTHER
NAME, HELD LENGTH OF COMPLEX DIRECTORSHIPS
ADDRESS WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN BY HELD BY
AND AGE FUND SERVED1 DURING PAST 5 YEARS TRUSTEE TRUSTEE2
- -----------------------------------------------------------------------------------------------------------------------
CHARLES E. ALLEN Trustee Since Mr. Allen is Chairman, Chief 82 None
8162 E. Jefferson Ave. July Executive Officer and President of
#15B 2000 Graimark Realty Advisors, Inc.
Detroit, MI 48214 (real estate development, investment
Age 55 and asset management).
- -----------------------------------------------------------------------------------------------------------------------
PAULA H.J. Trustee Since Ms. Cholmondeley is Vice President 82 None
CHOLMONDELEY July and General Manager of Special
c/o Sappi Fine Paper 2000 Products at Sappi Fine Paper North
225 Franklin Street America. Prior to 1998, she held
Boston, MA 02110 various positions with Owens
Age 56 Corning, including Vice President
And General Manager of the Residential
Insulation Division (1997 to 1998).
- -----------------------------------------------------------------------------------------------------------------------
C. BRENT DEVORE
111 N. West Street
Westerville, OH 43081 Since Dr. DeVore is President of
Age 63 Trustee May 1998 Otterbein College. 82 None
- -----------------------------------------------------------------------------------------------------------------------
ROBERT M. DUNCAN Trustee Since Since 1999, Mr. Duncan has 82 None
1397 Haddon Road April worked as an arbitration and
Columbus, OH 43209 1997 mediation consultant. From 1996
Age 76 to 1999, he was Commissioner of
the Ohio Elections Commission.
- -----------------------------------------------------------------------------------------------------------------------
BARBARA L. HENNIGAR Trustee Since Retired; Ms. Hennigar is the former 82 None
6363 So. Sicily Way July Chairman of Oppenheimer Funds
Aurora, CO 80016 2000 Services and Shareholder Services Inc.
Age 67 Ms. Hennigar held this position from
October 1999 to June 2000. Prior to
that, she served as President and Chief
Executive Officer of Oppenheimer
Funds Services.
- -----------------------------------------------------------------------------------------------------------------------
THOMAS J. KERR, IV Trustee Since Dr. Kerr is President Emeritus of 82 None
4890 Smoketalk Lane June Kendall College.
Westerville, OH 43081 1981
Age 69
- -----------------------------------------------------------------------------------------------------------------------
DOUGLAS F. KRIDLER Trustee Since Mr. Kridler is the President and 82 None
2355 Brixton Road September Chief Executive Officer of the
Columbus, OH 43221 1997 Columbus Foundation. Prior to
Age 48 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.
- -----------------------------------------------------------------------------------------------------------------------
MARK L. LIPSON Trustee Since Since July 2000, Mr. Lipson is the 82 None
1620 26th Street March Chairman of LGVI, LLC (a
Suite 300 2003 private equity firm that develops
Santa Monica, CA technology based solutions for the
Age 54 investment advisory/asset management
industry). Prior to this, Mr. Lispon was
the former Chairman and Chief Executive
Officer of Northstar Holdings, Inc. from
November 1993 to December 1999, a
former Trustee of the Northstar Funds
from November 1993 to July
2000, and a Senior Vice President
of Reliastar Financial Corporation
from November 1993 to December 1999.
- -----------------------------------------------------------------------------------------------------------------------
DAVID C. WETMORE Trustee Since Mr. Wetmore is the Managing 82(3) None
26 Turnbridge Drive May Director of Updata Capital, Inc., a
Long Cove Plantation 1998 venture capital firm.
Hilton Head, SC 29928
Age 54
- -----------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
196
GARTMORE VARIABLE INSURANCE TRUST
MANAGEMENT INFORMATION - (CONTINUED) (UNAUDITED)
TRUSTEES AND OFFICERS WHO ARE INTERESTED PERSONS
(AS DEFINED IN THE 1940 ACT) OF THE FUNDS
JUNE 30, 2003
- -------------------------------------------------------------------------------------------------------------------------
TERM OF
OFFICE NUMBER OF
WITH PORTFOLIOS IN
POSITION(S) TRUST- FUND OTHER
NAME, HELD LENGTH OF COMPLEX DIRECTORSHIPS
ADDRESS WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN BY HELD BY
AND AGE FUND SERVED1 DURING PAST 5 YEARS TRUSTEE TRUSTEE2
- -------------------------------------------------------------------------------------------------------------------------
PAUL J. HONDROS Trustee Since Mr. Hondros is President and 82(3) None
Gartmore Global and July Chief Executive Officer of
Investments, Inc. Chairman 2000 Gartmore Distribution Services,
1200 River Road Inc.*, Gartmore Investors Services,
Conshohocken, PA Inc.*, Gartmore Morley Capital
19428 Management, Inc.*, Gartmore Morley
Age 54 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.* Prior to that, Mr. Hondros
served as President and Chief Operations
Officer of Pilgrim Baxter and Associates,
Ltd., an investment management firm,
and its affiliated investment management
arm, Pilgrim Baxter Value Investors, Inc.
and as Executive Vice President to the
PBHG Funds, PBHG Insurance Series
Funds and PBHG Adviser Funds.
- -------------------------------------------------------------------------------------------------------------------------
ARDEN L. SHISLER . . . Trustee Since Mr. Shisler is President and Chief 82 None
1356 North Wenger Road February Executive Officer of K&B
Dalton, OH 44618 2000 Transport, Inc., a trucking firm,
Age 61 Chairman of the Board for
Nationwide Mutual Insurance
Company* and a Director of
Nationwide Financial Services, Inc.*
- -------------------------------------------------------------------------------------------------------------------------
GERALD J. HOLLAND. . . Treasurer Since Mr. Holland is Senior Vice 82 None
Gartmore Global March President - Chief Administrative
Investments, Inc. 2001 Officer for GGI*, GMF*, GSA
1200 River Road and GDSI*. From July 2000 to
Conshohocken, PA March 2002 he was Senior Vice
19428 President - Operations for GGI,
Age 52 GMF and GSA. Prior to July
2000, he was Vice President for
First Data Investor Services,
an investment company service
provider.
- -------------------------------------------------------------------------------------------------------------------------
ERIC E. MILLER . . . . Secretary Since Mr. Miller is Senior Vice President, 82 None
Gartmore Global December Chief Counsel for GGI*, GMF*
Investment, Inc. 2002 and GSA*. From July 2000 to
1200 River Road August 2002, he was a Partner with
Conshohocken, PA Stradley Ronon Stevens & Young,
19428 LLP. Prior to July 2000, he was a
Age 49 Senior Vice President and Deputy
General Counsel of Delaware
Investments.
- -------------------------------------------------------------------------------------------------------------------------
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 serves as an independent member, and Mr. Hondros serves as a
member, of the Administrative Committee for various hedge funds managed by
GSA.
* This position is held with an affiliated person or principal
underwriter of the Funds.
- --------------------------------------------------------------------------------
197
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS MID CAP INDEX
SEMI ANNUAL REPORT
JUNE 30, 2003
GARTMORE VARIABLE INSURANCE TRUST
SEMI ANNUAL REPORT
JUNE 30, 2003
TABLE OF CONTENTS
Statement of Investments: . . . . . 2
Statement of Assets and Liabilities 7
Statement of Operations . . . . . . 8
Statement of Changes in Net Assets. 9
Financial Highlights. . . . . . . . 10
Notes to Financial Statements . . . 12
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (98.2%)
AEROSPACE/DEFENSE (0.2%)
Precision Castparts Corp.. . . . . . . . 20,600 $ 640,660
Sequa Corp. (b). . . . . . . . . . . . . 4,100 140,630
-----------
781,290
-----------
AGRICULTURAL PRODUCTS (0.1%)
Universal Corp.. . . . . . . . . . . . . 9,700 410,310
-----------
AIRLINES (0.1%)
Alaska Air Group, Inc. (b) . . . . . . . 10,400 223,080
-----------
AMUSEMENT & RECREATION (0.5%)
Callaway Golf Co.. . . . . . . . . . . . 29,600 391,312
International Speedway Corp. . . . . . . 20,700 817,857
Six Flags, Inc. (b). . . . . . . . . . . 36,100 244,758
-----------
1,453,927
-----------
AUTO PARTS & EQUIPMENT (1.7%)
Arvinmeritor, Inc. . . . . . . . . . . . 26,725 539,311
Bandag, Inc. . . . . . . . . . . . . . . 7,500 279,525
BorgWarner Automotive, Inc.. . . . . . . 10,400 669,760
Carmax, Inc. (b) . . . . . . . . . . . . 40,300 1,215,045
Gentex Corp. (b) . . . . . . . . . . . . 29,700 909,117
Lear Corp. (b) . . . . . . . . . . . . . 25,700 1,182,714
Modine Manufacturing Co. . . . . . . . . 13,200 255,684
Superior Industries International, Inc.. 10,400 433,680
-----------
5,484,836
-----------
BANKS (8.9%)
Associated Banc-Corp.. . . . . . . . . . 28,810 1,062,513
Astoria Financial Corp.. . . . . . . . . 32,100 896,553
Banknorth Group, Inc.. . . . . . . . . . 63,400 1,617,968
City National Corp.. . . . . . . . . . . 18,900 842,184
Colonial Bancgroup, Inc. . . . . . . . . 48,300 669,921
Compass Bancshares, Inc. . . . . . . . . 49,500 1,729,035
First Virginia Banks, Inc. . . . . . . . 26,800 1,155,616
FirstMerit Corp. . . . . . . . . . . . . 33,000 754,380
Greater Bay Bancorp. . . . . . . . . . . 20,300 416,962
GreenPoint Financial Corp. . . . . . . . 36,400 1,854,216
Hibernia Corp. . . . . . . . . . . . . . 61,200 1,111,392
Independence Community Bank Corp.. . . . 21,400 603,908
IndyMac Bancorp, Inc.. . . . . . . . . . 21,500 546,530
M&T Bank Corp. . . . . . . . . . . . . . 46,500 3,916,229
Mercantile Bankshare Corp. . . . . . . . 26,900 1,059,322
National Commerce Financial Co.. . . . . 79,790 1,770,540
New York Community Bancorp, Inc. . . . . 54,766 1,593,143
Provident Financial Group. . . . . . . . 19,000 486,970
Roslyn Bancorp, Inc. . . . . . . . . . . 30,100 646,849
Silicon Valley Bancshares (b). . . . . . 15,100 359,531
Sovereign Bancorp, Inc.. . . . . . . . . 101,900 1,594,735
TCF Financial Corp.. . . . . . . . . . . 28,300 1,127,472
Webster Financial Corp.. . . . . . . . . 17,800 672,840
West America Bancorp . . . . . . . . . . 12,900 555,732
Wilmington Trust Corp. . . . . . . . . . 25,600 751,360
-----------
27,795,901
-----------
BIOTECHNOLOGY (2.9%)
Gilead Sciences, Inc. (b). . . . . . . . 78,000 4,335,240
IDEC Pharmaceuticals Corp. (b) . . . . . 60,500 2,057,000
Millenium Pharmaceuticals, Inc. (b). . . 115,887 1,822,903
Protein Design Labs, Inc. (b). . . . . . 36,400 508,872
Vertex Pharmaceuticals, Inc. (b) . . . . 29,800 435,080
-----------
9,159,095
-----------
- --------------------------------------------------------------
SECURITY DESCRIPTION . . . . . . . . . . SHARES VALUE
- --------------------------------------------------------------
COMMON STOCKS (CONTINUED)
BROADCASTING (1.2%)
Emmis Communications Corp. (b) . . . . . 21,100 $ 484,245
Entercom Communications Corp. (b). . . . 20,000 980,200
Hispanic Broadcasting Corp. (b). . . . . 42,500 1,081,625
Westwood One, Inc. (b) . . . . . . . . . 40,000 1,357,200
-----------
3,903,270
-----------
BUSINESS SERVICES (3.1%)
Acxiom Corp. (b) . . . . . . . . . . . . 33,500 505,515
Catalina Marketing Corp. (b) . . . . . . 20,900 368,885
Ceridian Corp. (b) . . . . . . . . . . . 57,900 982,563
CheckFree Corp. (b). . . . . . . . . . . 30,900 860,256
CSG Systems International, Inc. (b). . . 20,400 288,252
DST Systems, Inc. (b). . . . . . . . . . 46,300 1,759,400
Fair Issac Corp. . . . . . . . . . . . . 18,400 946,680
Gartner Group, Inc. (b). . . . . . . . . 31,100 233,250
Harte-Hanks, Inc.. . . . . . . . . . . . 34,450 654,550
Kelly Services, Inc. . . . . . . . . . . 13,900 325,955
Korn/Ferry International (b) . . . . . . 14,600 118,260
Manpower, Inc. . . . . . . . . . . . . . 30,200 1,120,118
MPS Group, Inc. (b). . . . . . . . . . . 39,600 272,448
Overture Services, Inc. (b). . . . . . . 24,800 449,624
The BISYS Group, Inc. (b). . . . . . . . 46,700 857,879
-----------
9,743,635
-----------
CHEMICALS (2.2%)
Airgas, Inc. . . . . . . . . . . . . . . 28,100 470,675
Albemarle Corp.. . . . . . . . . . . . . 16,100 450,317
Cabot Corp.. . . . . . . . . . . . . . . 24,100 691,670
Crompton Corp. . . . . . . . . . . . . . 44,400 313,020
Cytec Industries, Inc. (b) . . . . . . . 15,000 507,000
Ferro Corp.. . . . . . . . . . . . . . . 15,900 358,227
FMC Corp. (b). . . . . . . . . . . . . . 13,700 310,031
IMC Global, Inc. . . . . . . . . . . . . 44,900 301,279
Lubrizol Corp. . . . . . . . . . . . . . 20,100 622,899
Lyondell Chemical Co.. . . . . . . . . . 62,900 851,037
Minerals Technologies, Inc.. . . . . . . 7,800 379,548
Olin Corp. . . . . . . . . . . . . . . . 22,600 386,460
RPM, Inc.. . . . . . . . . . . . . . . . 45,100 620,125
Valspar Corp.. . . . . . . . . . . . . . 19,700 831,734
-----------
7,094,022
-----------
COMMUNICATION EQUIPMENT (2.2%)
Adtran, Inc. (b) . . . . . . . . . . . . 14,800 759,092
Advanced Fibre Communications, Inc. (b). 33,200 540,164
Cincinnati Bell, Inc. (b). . . . . . . . 85,400 572,180
CommScope, Inc. (b). . . . . . . . . . . 23,200 220,400
Harris Corp. . . . . . . . . . . . . . . 25,900 778,295
L-3 Communications Holdings, Inc. (b). . 37,300 1,622,177
Plantronics, Inc. (b). . . . . . . . . . 17,000 368,390
Polycom, Inc. (b). . . . . . . . . . . . 38,600 534,996
Powerwave Technologies, Inc. (b) . . . . 25,700 161,139
Price Communications Corp. (b) . . . . . 21,300 274,983
Telephone & Data Systems, Inc. . . . . . 22,400 1,113,280
-----------
6,945,096
-----------
COMPUTER HARDWARE (0.8%)
Infocus Corp. (b). . . . . . . . . . . . 15,500 73,160
Keane, Inc. (b). . . . . . . . . . . . . 26,000 354,380
National Instruments Corp. (b) . . . . . 20,100 759,378
Quantum Corp. (b). . . . . . . . . . . . 67,500 273,375
Storage Technology Corp. (b) . . . . . . 42,400 1,091,376
-----------
2,551,669
-----------
- --------------------------------------------------------------------------------
2
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
COMPUTER SOFTWARE & SERVICES (5.1%)
3COM Corp. (b) . . . . . . . . . . . . . . . . 141,000 $ 659,880
Activision, Inc. (b) . . . . . . . . . . . . . 38,700 500,004
Advent Software, Inc. (b). . . . . . . . . . . 12,500 211,375
Affiliated Computer Services, Inc. (b) . . . . 51,800 2,368,814
Ascential Software Corp (b). . . . . . . . . . 22,625 371,955
Avocent Corp. (b). . . . . . . . . . . . . . . 17,900 535,747
Cadence Design Systems, Inc. (b) . . . . . . . 104,200 1,256,652
CDW Corp. (b). . . . . . . . . . . . . . . . . 32,700 1,497,660
Henry (Jack) & Associates, Inc.. . . . . . . . 34,200 608,418
Internet Security, Inc. (b). . . . . . . . . . 19,300 279,657
Investment Technology Group, Inc. (b). . . . . 18,400 342,240
Legato Systems, Inc. (b) . . . . . . . . . . . 45,300 380,067
Macromedia, Inc. (b) . . . . . . . . . . . . . 24,100 507,064
Macrovision Corp. (b). . . . . . . . . . . . . 18,900 376,488
McData Corp. (b) . . . . . . . . . . . . . . . 44,700 655,749
Mentor Graphics Corp. (b). . . . . . . . . . . 26,300 380,824
Network Associates, Inc. (b) . . . . . . . . . 61,100 774,748
Retek, Inc. (b). . . . . . . . . . . . . . . . 20,800 133,120
RSA Security, Inc. (b) . . . . . . . . . . . . 22,600 242,950
SanDisk Corp. (b). . . . . . . . . . . . . . . 27,100 1,093,485
Sybase, Inc. (b) . . . . . . . . . . . . . . . 36,900 513,279
Synopsys, Inc. (b) . . . . . . . . . . . . . . 29,200 1,806,020
The Titan Corp. (b). . . . . . . . . . . . . . 31,000 318,990
Transaction Systems Architects, Inc. (b) . . . 14,000 125,440
Wind River Systems, Inc. (b) . . . . . . . . . 31,100 118,491
-----------
16,059,117
-----------
CONSTRUCTION (2.3%)
Clayton Homes, Inc.. . . . . . . . . . . . . . 53,100 666,405
D.R. Horton, Inc.. . . . . . . . . . . . . . . 57,300 1,610,130
Dycom Industries, Inc. (b) . . . . . . . . . . 18,700 304,810
Granite Construction, Inc. . . . . . . . . . . 16,150 309,434
Jacobs Engineering Group, Inc. (b) . . . . . . 21,600 910,440
Lennar Corp. . . . . . . . . . . . . . . . . . 27,540 1,969,110
Martin Marietta Materials, Inc.. . . . . . . . 19,100 641,951
Toll Brothers, Inc. (b). . . . . . . . . . . . 27,300 772,863
-----------
7,185,143
-----------
CONSUMER & COMMERCIAL SERVICES (2.2%)
Career Education Corp. (b) . . . . . . . . . . 18,200 1,245,244
Corinthian Colleges, Inc. (b). . . . . . . . . 17,100 830,547
DeVry, Inc. (b). . . . . . . . . . . . . . . . 27,300 635,817
Dun & Bradstreet Corp. (b) . . . . . . . . . . 29,000 1,191,900
Education Management Corp. (b) . . . . . . . . 13,900 739,202
Quanta Services, Inc. (b). . . . . . . . . . . 45,400 322,340
Rollins, Inc.. . . . . . . . . . . . . . . . . 17,500 329,875
Sotheby's Holdings, Inc. (b) . . . . . . . . . 24,000 178,560
Sylvan Learning Systems, Inc. (b). . . . . . . 16,000 365,440
United Rentals, Inc. (b) . . . . . . . . . . . 30,100 418,089
Viad Corp. . . . . . . . . . . . . . . . . . . 34,400 770,216
-----------
7,027,230
-----------
CONSUMER PRODUCTS (2.3%)
Blyth Industries, Inc. . . . . . . . . . . . . 18,000 489,600
Choicepoint, Inc. (b). . . . . . . . . . . . . 33,833 1,167,915
Church & Dwight, Inc.. . . . . . . . . . . . . 15,600 510,588
Dial Corp. . . . . . . . . . . . . . . . . . . 37,100 721,595
Energizer Holdings, Inc. (b) . . . . . . . . . 32,700 1,026,780
Furniture Brands International, Inc. (b) . . . 21,700 566,370
Lancaster Colony Corp. . . . . . . . . . . . . 14,000 541,240
Mohawk Industries Co. (b). . . . . . . . . . . 25,700 1,427,121
Timberland Co., Class A (b). . . . . . . . . . 14,000 740,040
-----------
7,191,249
-----------
- -------------------------------------------------------------------------------
SECURITY DESCRIPTION . . . . . . . . . . . . . SHARES VALUE
- -------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CONTAINERS/PACKAGING (0.5%)
Packaging Corp. of America (b) . . . . . . . . 40,800 $ 751,944
Sonoco Products Co.. . . . . . . . . . . . . . 37,700 905,554
-----------
1,657,498
-----------
ELECTRONICS (4.5%)
Arrow Electronics, Inc. (b). . . . . . . . . . 39,300 598,932
Atmel Corp. (b). . . . . . . . . . . . . . . . 182,900 462,737
Avnet, Inc. (b). . . . . . . . . . . . . . . . 46,600 590,888
Cabot Microelectronics Corp. (b) . . . . . . . 9,482 478,557
Credence Systems Corp. (b) . . . . . . . . . . 24,600 208,362
Cree, Inc. (b) . . . . . . . . . . . . . . . . 28,600 465,608
Cypress Semiconductor Corp. (b). . . . . . . . 49,200 590,400
Hubbell, Inc.. . . . . . . . . . . . . . . . . 23,100 764,610
Integrated Device Technology, Inc. (b) . . . . 40,400 446,420
International Rectifier Corp. (b). . . . . . . 25,000 670,500
Intersil Corp. (b) . . . . . . . . . . . . . . 53,400 1,420,974
Kemet Corp. (b). . . . . . . . . . . . . . . . 33,600 339,360
Lam Research Corp. (b) . . . . . . . . . . . . 49,500 901,395
Lattice Semiconductor Corp. (b). . . . . . . . 43,800 360,474
LTX Corp. (b). . . . . . . . . . . . . . . . . 19,400 167,228
Micrel, Inc. (b) . . . . . . . . . . . . . . . 35,800 371,962
Microchip Technology, Inc. . . . . . . . . . . 79,500 1,958,084
Newport Corp. (b). . . . . . . . . . . . . . . 15,000 222,000
Plexus Corp. (b) . . . . . . . . . . . . . . . 16,500 190,245
RF Micro Devices, Inc. (b) . . . . . . . . . . 71,200 428,624
Semtech Corp. (b). . . . . . . . . . . . . . . 28,500 405,840
SPX Corp. (b). . . . . . . . . . . . . . . . . 30,500 1,343,830
TriQuint Semiconductor, Inc. (b) . . . . . . . 51,791 215,451
Vishay Intertechnology, Inc. (b) . . . . . . . 62,350 823,020
-----------
14,425,501
-----------
FINANCIAL SERVICES (4.1%)
Americredit Corp. (b). . . . . . . . . . . . . 61,000 521,550
Bank of Hawaii Corp. . . . . . . . . . . . . . 23,500 779,025
Certegy, Inc. (b). . . . . . . . . . . . . . . 25,700 713,175
Commerce Bancorp, Inc. . . . . . . . . . . . . 27,000 1,001,700
E*TRADE Group, Inc. (b). . . . . . . . . . . . 139,600 1,186,600
Eaton Vance Corp.. . . . . . . . . . . . . . . 27,000 853,200
Edwards (A.G.), Inc. . . . . . . . . . . . . . 31,300 1,070,460
Investors Financial Services Corp. . . . . . . 25,400 736,854
Labranche & Co., Inc.. . . . . . . . . . . . . 23,200 480,008
Legg Mason, Inc. . . . . . . . . . . . . . . . 25,300 1,643,235
Neuberger Berman, Inc. . . . . . . . . . . . . 27,450 1,095,530
PMI Group, Inc.. . . . . . . . . . . . . . . . 34,700 931,348
SEI Corp.. . . . . . . . . . . . . . . . . . . 40,900 1,308,800
Waddell & Reed Financial, Inc. . . . . . . . . 32,100 824,007
-----------
13,145,492
-----------
FOOD & BEVERAGE (3.9%)
Constellation Brands, Inc. (b) . . . . . . . . 36,800 1,155,520
Dean Foods Co. (b) . . . . . . . . . . . . . . 52,633 1,657,939
Dreyers Grand Ice Cream Holdings, Inc. . . . . 13,700 1,075,724
Hormel Foods Corp. . . . . . . . . . . . . . . 54,000 1,279,800
Interstate Bakeries Corp.. . . . . . . . . . . 17,500 222,250
Krispy Kreme Doughnuts, Inc. (b) . . . . . . . 22,600 930,668
PepsiAmericas, Inc.. . . . . . . . . . . . . . 56,200 705,872
Sensient Technologies Corp.. . . . . . . . . . 18,500 425,315
Smithfield Foods, Inc. (b) . . . . . . . . . . 42,700 978,684
Smucker (J.M.) Co. . . . . . . . . . . . . . . 19,367 772,550
Tootsie Roll Industries, Inc.. . . . . . . . . 20,287 618,551
Tyson Foods, Inc.. . . . . . . . . . . . . . . 136,881 1,453,676
Whole Foods Market, Inc. (b) . . . . . . . . . 23,200 1,102,696
-----------
12,379,245
-----------
- --------------------------------------------------------------------------------
3
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
GAMING (0.8%)
GTECH Holdings Corp. (b) . . . . . . . . . 22,100 $ 832,065
Mandalay Resort Group. . . . . . . . . . . 23,200 738,920
Park Place Entertainment, Inc. (b) . . . . 117,300 1,066,257
------------
2,637,242
------------
HEALTHCARE (10.6%)
AdvancePCS (b) . . . . . . . . . . . . . . 35,200 1,345,696
Apogent Technologies, Inc. (b) . . . . . . 38,700 774,000
Apria Healthcare Group, Inc. (b) . . . . . 21,500 534,920
Barr Laboratories, Inc. (b). . . . . . . . 25,850 1,693,175
Beckman Coulter, Inc.. . . . . . . . . . . 23,800 967,232
Charles River Laboratories International,
Inc. (b) . . . . . . . . . . . . . . . . . 17,700 569,586
Community Health Systems, Inc. (b) . . . . 38,300 738,807
Covance, Inc. (b). . . . . . . . . . . . . 24,000 434,400
Coventry Health Care, Inc. (b) . . . . . . 23,000 1,061,680
Cytyc Corp. (b). . . . . . . . . . . . . . 43,700 459,724
Dentsply International, Inc. . . . . . . . 30,700 1,255,630
Edwards Lifesciences Corp. (b) . . . . . . 23,800 764,932
Express Scripts, Inc. (b). . . . . . . . . 30,500 2,083,759
First Health Group Corp. (b) . . . . . . . 37,200 1,026,720
Health Net, Inc. (b) . . . . . . . . . . . 45,200 1,489,340
Henry Schein, Inc. (b) . . . . . . . . . . 17,200 900,248
ICN Pharmaceuticals, Inc.. . . . . . . . . 32,700 548,052
IVAX Corp. (b) . . . . . . . . . . . . . . 75,925 1,355,261
LifePoint Hospitals, Inc. (b). . . . . . . 15,400 322,476
Lincare Holdings, Inc. (b) . . . . . . . . 40,900 1,288,759
Mylan Laboratories, Inc. . . . . . . . . . 71,750 2,494,747
Omnicare, Inc. . . . . . . . . . . . . . . 39,100 1,321,189
Oxford Health Plans, Inc. (b). . . . . . . 32,500 1,365,975
PacifiCare Health Systems, Inc. (b). . . . 14,500 715,285
Patterson Dental Co. (b) . . . . . . . . . 26,500 1,202,570
Perrigo Co.. . . . . . . . . . . . . . . . 27,100 423,844
Pharmaceutical Resources, Inc. (b) . . . . 13,000 632,580
Sepracor, Inc. (b) . . . . . . . . . . . . 32,800 591,384
SICOR, Inc. (b). . . . . . . . . . . . . . 45,900 933,606
Steris Corp. (b) . . . . . . . . . . . . . 27,100 625,739
Triad Hospitals, Inc. (b). . . . . . . . . 29,308 727,425
Universal Health Services, Inc. (b). . . . 22,800 903,336
Varian Medical Systems, Inc. (b) . . . . . 26,600 1,531,362
Visx, Inc. (b) . . . . . . . . . . . . . . 20,100 348,735
------------
33,432,174
------------
HOTELS & LODGING (0.2%)
Extended Stay America, Inc. (b). . . . . . 36,700 495,083
------------
INSURANCE (5.1%)
Allmerica Financial Corp. (b). . . . . . . 20,600 370,594
American Financial Group, Inc. . . . . . . 27,100 617,880
AmerUs Group Co. . . . . . . . . . . . . . 15,200 428,488
Arthur J. Gallagher & Co.. . . . . . . . . 35,100 954,720
Brown & Brown, Inc.. . . . . . . . . . . . 26,600 864,500
Everest Re Group Ltd.. . . . . . . . . . . 21,600 1,652,400
Fidelity National Financial, Inc.. . . . . 52,612 1,618,345
First American Financial Corp. . . . . . . 29,700 782,595
HCC Insurance Holdings, Inc. . . . . . . . 24,500 724,465
Horace Mann Educators Corp.. . . . . . . . 16,700 269,371
Leucadia National Corp.. . . . . . . . . . 23,300 864,896
Mony Group, Inc. . . . . . . . . . . . . . 18,300 493,185
Ohio Casualty Corp. (b). . . . . . . . . . 23,700 312,366
Old Republic International Corp. . . . . . 47,100 1,614,117
- ----------------------------------------------------------------
SECURITY DESCRIPTION . . . . . . . . . . . SHARES VALUE
- ----------------------------------------------------------------
COMMON STOCKS (CONTINUED)
INSURANCE (CONTINUED)
Protective Life Corp.. . . . . . . . . . . 26,900 $ 719,575
Radian Group, Inc. . . . . . . . . . . . . 36,400 1,334,060
Stancorp Financial Group, Inc. . . . . . . 11,300 590,086
Unitrin, Inc.. . . . . . . . . . . . . . . 26,300 713,256
W.R. Berkley Corp. . . . . . . . . . . . . 21,600 1,138,320
------------
16,063,219
------------
MACHINERY (0.2%)
AGCO Corp. (b) . . . . . . . . . . . . . . 29,300 500,444
Tecumseh Products Co.. . . . . . . . . . . 7,200 275,832
------------
776,276
------------
MANUFACTURING (2.6%)
Ametek, Inc. . . . . . . . . . . . . . . . 12,800 469,120
Carlisle Cos., Inc.. . . . . . . . . . . . 12,000 505,920
Diebold, Inc.. . . . . . . . . . . . . . . 28,200 1,219,650
Donaldson Co., Inc.. . . . . . . . . . . . 17,000 755,650
Federal Signal Corp. . . . . . . . . . . . 18,600 326,802
Flowserve Corp. (b). . . . . . . . . . . . 21,500 422,905
Harsco Corp. . . . . . . . . . . . . . . . 15,800 569,590
Hillenbrand Industry, Inc. . . . . . . . . 24,100 1,215,845
Nordson Corp.. . . . . . . . . . . . . . . 13,200 314,820
Pentair, Inc.. . . . . . . . . . . . . . . 19,300 753,858
Teleflex, Inc. . . . . . . . . . . . . . . 15,400 655,270
Trinity Industries, Inc. . . . . . . . . . 17,900 331,329
Varian, Inc. (b) . . . . . . . . . . . . . 13,200 457,644
York International Corp. . . . . . . . . . 15,500 362,700
------------
8,361,103
------------
METALS (0.2%)
AK Steel Holding Corp. (b) . . . . . . . . 42,200 152,764
Carpenter Technology Corp. . . . . . . . . 8,700 135,720
Kennametal, Inc. . . . . . . . . . . . . . 13,800 466,992
------------
755,476
------------
MINING (0.4%)
Arch Coal, Inc.. . . . . . . . . . . . . . 20,500 471,090
Peabody Energy Corp. . . . . . . . . . . . 20,500 688,595
------------
1,159,685
------------
OFFICE EQUIPMENT & SUPPLIES (0.6%)
HON Industries, Inc. . . . . . . . . . . . 22,700 692,350
Miller (Herman), Inc.. . . . . . . . . . . 28,400 573,964
Reynolds & Reynolds Co.. . . . . . . . . . 26,100 745,416
------------
2,011,730
------------
OIL & GAS (6.5%)
Cooper Cameron Corp. (b) . . . . . . . . . 21,300 1,073,094
ENSCO International, Inc.. . . . . . . . . 58,300 1,568,270
FMC Technologies, Inc. (b) . . . . . . . . 25,721 541,427
Forest Oil Corp. (b) . . . . . . . . . . . 18,800 472,256
Grant Prideco, Inc. (b). . . . . . . . . . 47,400 556,950
Hanover Compressor Co. (b) . . . . . . . . 26,000 293,800
Helmerich & Payne, Inc.. . . . . . . . . . 19,500 569,400
Murphy Oil Corp. . . . . . . . . . . . . . 35,800 1,883,080
National-Oilwell, Inc. (b) . . . . . . . . 32,900 723,800
Noble Energy, Inc. . . . . . . . . . . . . 22,400 846,720
Patterson-UTI Energy, Inc. (b) . . . . . . 31,300 1,014,120
Pioneer Natural Resources Co. (b). . . . . 45,900 1,197,990
Pogo Producing Co. . . . . . . . . . . . . 24,100 1,030,275
Pride International, Inc. (b). . . . . . . 52,500 988,050
- --------------------------------------------------------------------------------
4
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- ------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (CONTINUED)
OIL & GAS (CONTINUED)
Smith International, Inc. (b) . . . . . 39,800 $ 1,462,252
Tidewater, Inc. . . . . . . . . . . . . 23,600 693,132
Valero Energy Corp. . . . . . . . . . . 44,600 1,620,318
Varco International, Inc. (b) . . . . . 37,808 741,037
Weatherford International Ltd. (b). . . 47,100 1,973,490
XTO Energy, Inc.. . . . . . . . . . . . 71,599 1,439,856
------------
20,689,317
------------
PAPER & FOREST PRODUCTS (0.7%)
Bowater, Inc. . . . . . . . . . . . . . 21,600 808,920
Longview Fibre Co.. . . . . . . . . . . 20,100 164,820
P.H. Glatfelter & Co. . . . . . . . . . 17,000 250,750
Potlatch Corp.. . . . . . . . . . . . . 11,200 288,400
Rayonier, Inc.. . . . . . . . . . . . . 16,300 537,900
Wausau-Mosinee Paper Corp.. . . . . . . 20,100 225,120
------------
2,275,910
------------
PHOTOGRAPHY/IMAGING (0.2%)
Imation Corp. . . . . . . . . . . . . . 13,900 525,698
------------
PUBLISHING & PRINTING (2.1%)
A.H. Belo Corp. . . . . . . . . . . . . 44,100 986,076
Banta Corp. . . . . . . . . . . . . . . 9,900 320,463
Lee Enterprises, Inc. . . . . . . . . . 17,300 649,269
Media General, Inc. . . . . . . . . . . 9,100 520,520
Readers Digest Association. . . . . . . 38,200 514,936
Scholastic Corp. (b). . . . . . . . . . 15,300 455,634
Valassis Communications, Inc. (b) . . . 20,300 522,116
Washington Post Co. . . . . . . . . . . 3,700 2,711,730
------------
6,680,744
------------
REAL ESTATE INVESTMENT TRUSTS (1.6%)
AMB Property Corp.. . . . . . . . . . . 31,600 890,172
Hospitality Properties Trust. . . . . . 24,400 762,500
Liberty Property Trust. . . . . . . . . 30,600 1,058,760
Mack-Cali Realty Corp.. . . . . . . . . 22,500 818,550
New Plan Excel Realty Trust . . . . . . 37,800 807,030
United Dominion Realty Trust, Inc.. . . 43,800 754,236
------------
5,091,248
------------
RESTAURANTS (1.8%)
Applebee's International, Inc.. . . . . 21,600 678,888
Bob Evans Farms, Inc. . . . . . . . . . 13,700 378,531
Brinker International, Inc. (b) . . . . 37,900 1,365,158
CBRL Group, Inc.. . . . . . . . . . . . 19,300 749,998
Outback Steakhouse, Inc.. . . . . . . . 29,500 1,150,500
Ruby Tuesday, Inc.. . . . . . . . . . . 25,000 618,250
The Cheesecake Factory, Inc. (b). . . . 20,000 717,800
------------
5,659,125
------------
RETAIL (5.6%)
99 Cents Only Stores (b). . . . . . . . 27,500 943,800
Abercrombie & Fitch Co. (b) . . . . . . 38,100 1,082,421
American Eagle Outfitters Ltd. (b). . . 27,750 502,830
Barnes & Noble, Inc. (b). . . . . . . . 25,300 583,165
BJ's Wholesale Club, Inc. (b) . . . . . 27,100 408,126
Borders Group, Inc. (b) . . . . . . . . 30,200 531,822
Chico's FAS, Inc. (b) . . . . . . . . . 33,500 705,175
Claire's Stores, Inc. . . . . . . . . . 19,100 484,376
Coach, Inc. (b) . . . . . . . . . . . . 35,400 1,760,796
Copart, Inc. (b). . . . . . . . . . . . 35,700 337,365
Dollar Tree Stores, Inc. (b). . . . . . 44,650 1,416,745
- ------------------------------------------------------------
SECURITY DESCRIPTION. . . . . . . . . . SHARES VALUE
- ------------------------------------------------------------
RETAIL (CONTINUED)
Fastenal Co.. . . . . . . . . . . . . . 29,600 $ 1,004,624
Longs Drug Stores Corp. . . . . . . . . 14,600 242,360
Michael's Stores, Inc. (b). . . . . . . 26,000 989,560
Nieman Marcus Group, Inc. (b) . . . . . 18,500 677,100
Payless Shoesource, Inc. (b). . . . . . 26,500 331,250
PETsMART, Inc. (b). . . . . . . . . . . 54,900 915,183
Pier 1 Imports, Inc.. . . . . . . . . . 35,000 714,000
Ross Stores, Inc. . . . . . . . . . . . 30,100 1,286,474
Ruddick Corp. . . . . . . . . . . . . . 18,200 286,104
Saks, Inc. (b). . . . . . . . . . . . . 55,600 539,320
Tech Data Corp. (b) . . . . . . . . . . 22,100 590,291
Williams Sonoma, Inc. (b) . . . . . . . 44,900 1,311,080
------------
17,643,967
------------
SECURITY SERVICES (0.1%)
The Brinks Co.. . . . . . . . . . . . . 21,200 308,884
------------
SEMICONDUCTORS (0.3%)
Fairchild Semiconductor International,
Inc. (b). . . . . . . . . . . . . . . . 45,600 583,224
Silicon Laboratories, Inc. (b). . . . . 19,100 508,824
------------
1,092,048
------------
SHIPPING/TRANSPORTATION (2.0%)
Airborne, Inc.. . . . . . . . . . . . . 18,900 395,010
Alexander & Baldwin, Inc. . . . . . . . 16,100 427,133
CNF Transportation, Inc.. . . . . . . . 19,300 489,834
EGL, Inc. (b) . . . . . . . . . . . . . 18,400 279,680
Expeditors International of
Washington, Inc.. . . . . . . . . . . . 40,800 1,413,312
GATX Corp.. . . . . . . . . . . . . . . 19,100 312,285
J.B. Hunt Transport Services, Inc. (b). 15,400 581,350
Overseas Shipholding Group, Inc.. . . . 13,400 294,934
Robinson (C.H.) Worldwide, Inc. . . . . 32,900 1,169,924
Swift Transportation Co., Inc. (b). . . 32,400 603,288
Werner Enterprises, Inc.. . . . . . . . 24,900 527,880
------------
6,494,630
------------
TEXTILES (0.0%)
Unifi, Inc. (b) . . . . . . . . . . . . 21,000 130,200
------------
UTILITIES (7.2%)
AGL Resources, Inc. . . . . . . . . . . 24,700 628,368
Allete, Inc.. . . . . . . . . . . . . . 33,600 892,080
Alliant Energy Corp.. . . . . . . . . . 36,200 688,886
Aquila, Inc.. . . . . . . . . . . . . . 75,800 195,564
Black Hills Corp. . . . . . . . . . . . 12,500 383,750
DPL, Inc. . . . . . . . . . . . . . . . 49,400 787,436
DQE, Inc. . . . . . . . . . . . . . . . 29,200 440,044
Energy East Corp. . . . . . . . . . . . 56,800 1,179,168
Equitable Resources, Inc. . . . . . . . 24,400 994,056
Great Plains Energy, Inc. . . . . . . . 27,000 779,760
Hawaiian Electric Industries, Inc.. . . 14,500 664,825
Idacorp, Inc. . . . . . . . . . . . . . 14,900 391,125
MDU Resources Group, Inc. . . . . . . . 29,000 971,210
National Fuel Gas Co. . . . . . . . . . 31,500 820,575
Northeast Utilities . . . . . . . . . . 51,900 868,806
Nstar . . . . . . . . . . . . . . . . . 20,700 942,885
Oklahoma Gas & Electric Co. . . . . . . 30,900 660,333
Oneok, Inc. . . . . . . . . . . . . . . 29,200 573,196
Pepco Holdings, Inc.. . . . . . . . . . 66,538 1,274,868
Philadelphia Suburban Corp. . . . . . . 26,600 648,508
- --------------------------------------------------------------------------------
5
GARTMORE VARIABLE INSURANCE TRUST
DREYFUS GVIT MID CAP INDEX FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE
COMMON STOCKS (CONTINUED)
UTILITIES (CONTINUED)
PNM, Inc. . . . . . . . . . . . 15,300 $ 409,275
Puget Energy, Inc.. . . . . . . 36,600 873,642
Questar Corp. . . . . . . . . . 32,200 1,077,734
Scana Corp. . . . . . . . . . . 43,200 1,480,896
Sierra Pacific Resources (b). . 45,700 271,458
Vectren, Inc. . . . . . . . . . 26,600 666,330
Westar Energy, Inc. . . . . . . 28,100 456,063
Western Gas Resources, Inc. . . 12,900 510,840
WGL Holdings, Inc.. . . . . . . 19,000 507,300
Wisconsin Energy Corp.. . . . . 45,400 1,316,600
WPS Resources Corp. . . . . . . 12,600 506,520
-------------
22,862,101
-------------
WASTE DISPOSAL (0.6%)
Republic Services, Inc. (b) . . 62,500 1,416,875
Stericycle, Inc. (b). . . . . . 15,900 611,832
-------------
2,028,707
-------------
TOTAL COMMON STOCKS 311,791,173
- -----------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- -----------------------------------------------------------------
U.S. TREASURY BILL (0.1%)
0.82%, 09/25/03 (c) $ 420,000 $ 419,139
-------------
TOTAL U.S. TREASURY BILL 419,139
-------------
TOTAL INVESTMENTS
(COST $330,643,767) (A) - 98.3% 312,210,312
OTHER ASSETS IN
EXCESS OF LIABILITIES - 1.7% 5,450,705
-------------
NET ASSETS - 100.0% $317,661,017
=============
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
(c) Pledged as collateral for futures.
AT JUNE 30, 2003, THE FUND'S OPEN FUTURES CONTRACTS WERE AS FOLLOWS:
MARKET
VALUE
NUMBER COVERED UNREALIZED
OF LONG BY APPRECIATION
CONTRACTS CONTRACTS EXPIRATION CONTRACTS (DEPRECIATION)
- -----------------------------------------------------------------
25 S&P Midcap 400 9/18/03 $6,002,500 $(77,075)
See notes to financial statements.
- --------------------------------------------------------------------------------
6
GARTMORE VARIABLE INSURANCE TRUST
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
- -------------------------------------------------------------------------
DREYFUS
GVIT
MID CAP
INDEX FUND
-------------
ASSETS:
Investments, at value (cost $330,643,767) . . . . . . $312,210,312
Cash. . . . . . . . . . . . . . . . . . . . . . . . . 5,472,512
Interest and dividends receivable . . . . . . . . . . 184,970
Receivable for variation margin on futures contracts. 9,431
Prepaid expenses and other assets . . . . . . . . . . 5,384
-------------
Total Assets. . . . . . . . . . . . . . . . . . . . . 317,882,609
-------------
LIABILITIES:
Payable for variation margin on futures contracts . . 20,000
Accrued expenses and other payables:
Investment advisory fees. . . . . . . . . . . . . . . 130,309
Fund administration fees. . . . . . . . . . . . . . . 17,132
Distribution fees . . . . . . . . . . . . . . . . . . 578
Administrative servicing fees . . . . . . . . . . . . 39,156
Other . . . . . . . . . . . . . . . . . . . . . . . . 14,417
-------------
Total Liabilities . . . . . . . . . . . . . . . . . . 221,592
-------------
NET ASSETS. . . . . . . . . . . . . . . . . . . . . . $317,661,017
=============
REPRESENTED BY:
Capital . . . . . . . . . . . . . . . . . . . . . . . $352,599,943
Accumulated net investment income (loss). . . . . . . 19,820
Accumulated net realized gains (losses) from
investment, futures and foreign
currency transactions . . . . . . . . . . . . . . . . (16,448,216)
Net unrealized appreciation (depreciation) on
investments, futures and translation of assets
and liabilities denominated in foreign currencies . . (18,510,530)
-------------
NET ASSETS. . . . . . . . . . . . . . . . . . . . . . $317,661,017
=============
NET ASSETS
Class I Shares. . . . . . . . . . . . . . . . . . . . $314,757,278
Class II Shares . . . . . . . . . . . . . . . . . . . 2,903,739
-------------
Total . . . . . . . . . . . . . . . . . . . . . . . . $317,661,017
=============
SHARES OUTSTANDING (unlimited
number of shares authorized):
Class I Shares. . . . . . . . . . . . . . . . . . . . 25,562,684
Class II Shares . . . . . . . . . . . . . . . . . . . 236,230
-------------
Total . . . . . . . . . . . . . . . . . . . . . . . . 25,798,914
=============
NET ASSET VALUE AND OFFERING PRICE PER SHARE:*
Class I Shares. . . . . . . . . . . . . . . . . . . . $ 12.31
Class II Shares . . . . . . . . . . . . . . . . . . . $ 12.29
* Not subject to a front-end sales charge.
See notes to financial statements.
- --------------------------------------------------------------------------------
7
GARTMORE VARIABLE INSURANCE TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
- -------------------------------------------------------------------------------
DREYFUS GVIT
MID CAP
INDEX FUND
--------------
INVESTMENT INCOME:
Interest income . . . . . . . . . . . . . . . . . . . . $ 35,304
Dividend income . . . . . . . . . . . . . . . . . . . . 1,707,740
--------------
Total Income. . . . . . . . . . . . . . . . . . . . . . 1,743,044
--------------
EXPENSES:
Investment advisory fees. . . . . . . . . . . . . . . . 712,152
Fund administration fees. . . . . . . . . . . . . . . . 97,039
Distribution fees Class II Shares . . . . . . . . . . . 2,339
Administrative servicing fees Class I Shares. . . . . . 212,808
Administrative servicing fees Class II Shares . . . . . 1,403
Other . . . . . . . . . . . . . . . . . . . . . . . . . 40,569
--------------
Total Expenses. . . . . . . . . . . . . . . . . . . . . 1,066,310
--------------
NET INVESTMENT INCOME (LOSS). . . . . . . . . . . . . . 676,734
--------------
REALIZED /UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Net realized gains (losses) on investment transactions. (3,577,878)
Net realized gains (losses) on futures. . . . . . . . . (303,914)
--------------
Net realized gains (losses) on investment
and futures transactions. . . . . . . . . . . . . . . . (3,881,792)
Net change in unrealized appreciation/depreciation
on investments and futures. . . . . . . . . . . . . . . 36,105,539
--------------
Net realized/unrealized gains (losses) on investments
and futures . . . . . . . . . . . . . . . . . . . . . . 32,223,747
--------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . $32,900,481
==============
See notes to financial statements.
- --------------------------------------------------------------------------------
8
GARTMORE VARIABLE INSURANCE TRUST
STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------
DREYFUS GVIT
MID CAP INDEX FUND
------------------------------
SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31,
2003 2002
---------------- --------------
(UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . $ 676,734 $ 1,110,204
Net realized gains (losses) on investment and futures transactions. . . . . . . (3,881,792) (6,179,491)
Net change in unrealized appreciation /depreciation on investments and futures. 36,105,539 (52,601,723)
---------------- --------------
Change in net assets resulting from operations. . . . . . . . . . . . . . . . . 32,900,481 (57,671,010)
---------------- --------------
DISTRIBUTIONS TO CLASS I SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (657,249) (1,105,007)
Net realized gains on investments . . . . . . . . . . . . . . . . . . . . . . . - (2,522,109)
DISTRIBUTIONS TO CLASS II SHAREHOLDERS FROM:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,051) (1,811)(a)
Net realized gains on investments . . . . . . . . . . . . . . . . . . . . . . . - (6,271)(a)
---------------- --------------
Change in net assets from shareholder distributions . . . . . . . . . . . . . . (660,300) (3,635,198)
---------------- --------------
CLASS I CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . 67,241,516 237,253,602
Dividends reinvested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657,249 3,627,118
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . (71,064,999) (151,261,627)
---------------- --------------
(3,166,234) 89,619,093
---------------- --------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . 2,061,941 1,875,383 (a)
Dividends reinvested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,051 8,082 (a)
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . (679,777) (617,601)(a)
---------------- --------------
1,385,215 1,265,864
---------------- --------------
Change in net assets from capital transactions. . . . . . . . . . . . . . . . . (1,781,019) 90,884,957
---------------- --------------
Change in net assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,459,162 29,578,749
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,201,855 257,623,106
---------------- --------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 317,661,017 $ 287,201,855
================ ==============
CLASS I SHARE TRANSACTIONS:
Issued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,050,358 18,397,887
Reinvested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,974 312,071
Redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,501,091) (12,319,387)
---------------- --------------
(392,759) 6,390,571
---------------- --------------
CLASS II SHARE TRANSACTIONS:
Issued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,887 166,313 (a)
Reinvested. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 734 (a)
Redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (57,842) (55,128)(a)
---------------- --------------
124,311 111,919
---------------- --------------
(a) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
See notes to financial statements.
- --------------------------------------------------------------------------------
9
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
- --------------------------------------------------------------------------------------------------------------------------------
DREYFUS GVIT MID CAP INDEX FUND
---------------------------------------------------------------------------------------------
CLASS I SHARES
---------------------------------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 2002 2001 (A) 2000 1999 1998
----------- ------------- -------------- -------------- -------------- --------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD. . . . . . . . $ 11.02 $ 13.17 $ 13.55 $ 12.32 $ 10.92 $ 9.94
----------- ------------- -------------- -------------- -------------- --------------
INVESTMENT ACTIVITIES:
Net investment income (loss) . . . 0.03 0.04 0.07 0.07 0.05 0.09
Net realized and unrealized gains
(losses) on investments. . . . . . 1.29 (2.05) (0.25) 1.79 2.21 0.98
----------- ------------- -------------- -------------- -------------- --------------
Total investment activities. . . . 1.32 (2.01) (0.18) 1.86 2.26 1.07
----------- ------------- -------------- -------------- -------------- --------------
DISTRIBUTIONS:
Net investment income. . . . . . . (0.03) (0.04) (0.07) (0.09) (0.03) (0.08)
Net realized gains . . . . . . . . - (0.10) (0.13) (0.54) (0.83) -
Tax return of capital. . . . . . . - - - - - (0.01)
----------- ------------- -------------- -------------- -------------- --------------
Total distributions. . . . . . . . (0.03) (0.14) (0.20) (0.63) (0.86) (0.09)
----------- ------------- -------------- -------------- -------------- --------------
NET ASSET VALUE -
END OF PERIOD. . . . . . . . . . . $ 12.31 $ 11.02 $ 13.17 $ 13.55 $ 12.32 $ 10.92
=========== ============= ============== ============== ============== ==============
Total Return . . . . . . . . . . . 11.96% (c) (15.30%) (1.30%) 15.21% 20.92% 10.81%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000) $ 314,757 $ 285,970 $ 257,623 $ 145,350 $ 20,259 $ 10,849
Ratio of expenses to
average net assets . . . . . . . . 0.74% (d) 0.74% 0.65% 0.65% 1.03% 1.20%
Ratio of net investment income
(loss) to average net assets . . . 0.48% (d) 0.37% 0.53% 0.68% 0.56% 0.79%
Ratio of expenses (prior to
reimbursements)
to average net assets*. . . . . . (e) 0.75% 0.78% 0.90% 1.74% 1.54%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* . . . . . . (e) 0.36% 0.40% 0.43% (0.15%) 0.45%
Portfolio turnover (f) . . . . . . 7.09% 27.32% 28.43% 83.45% 275.04% 119.37%
- --------------------------------------------------------------------------------------------------------------------------------
See footnotes on page 11.
(continued)
- --------------------------------------------------------------------------------
10
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------------------
DREYFUS GVIT MID CAP INDEX FUND
CLASS II SHARES
---------------------------------
SIX MONTHS ENDED PERIOD ENDED
JUNE 30, DECEMBER 31,
2003 2002 (B)
----------------- -------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11.00 $ 13.64
----------------- -------------
INVESTMENT ACTIVITIES:
Net investment income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.02 0.02
Net realized and unrealized gains (losses) on investments . . . . . . . . . . . . . . . 1.29 (2.53)
----------------- -------------
Total investment activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.31 (2.51)
----------------- -------------
DISTRIBUTIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.02) (0.03)
Net realized gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - (0.10)
----------------- -------------
Total distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.02) (0.13)
----------------- -------------
NET ASSET VALUE - END OF PERIOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12.29 $ 11.00
================= =============
Total Return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.88% (c) (18.44%)(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, at end of period (000). . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,904 $ 1,232
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . . . 0.99% (d) 0.96% (d)
Ratio of net investment income (loss) to average net assets . . . . . . . . . . . . . . 0.22% (d) 0.25% (d)
Ratio of expenses (prior to reimbursements) to average net assets*. . . . . . . . . . . (e) (e)
Ratio of net investment income (loss) (prior to reimbursements) to average net assets*. (e) (e)
Portfolio turnover (f). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09% 27.32%
- --------------------------------------------------------------------------------------------------------------------------------
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) The existing shares of the Fund were designated Class I shares as of May 1,
2001.
(b) For the period from May 6, 2002 (commencement of operations) through
December 31, 2002.
(c) Not annualized.
(d) Annualized.
(e) There were no fee reductions during the period.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing among the classes of shares.
See notes to financial statements.
- --------------------------------------------------------------------------------
11
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (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, 2003, the Trust had authorized an
unlimited number of shares of beneficial interest, without par value ("shares").
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"), except with
respect to the Gartmore GVIT Developing Markets Fund, have purchased shares of
the Trust's series. The Trust operates thirty-three (33) separate series, or
mutual funds, each with its own investment objectives and strategies. This
report contains the financial statements and financial highlights of the Dreyfus
GVIT Mid Cap Index Fund (the "Fund").
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements. The policies are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP"). The preparation of financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets,
liabilities and 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.
Debt and other fixed income securities (other than short-term obligations) are
valued at the last quoted bid price and/or by using a combination of daily
quotes and matrix evaluations provided by an independent pricing service, the
use of which has been approved by the Funds' Board of Trustees. Short-term debt
securities such as commercial paper and U.S. Treasury Bills having a remaining
maturity of 60 days or less at the time of purchase are considered to be
"short-term" and are valued at amortized cost which approximates market value.
Securities for which market quotations are not readily available, or for which
an independent pricing service does not provide a value or provides a value that
does not represent fair value in the judgement of the Fund's investment adviser
or designee, are valued at fair value under procedures approved by the Fund's
Board of Trustees.
(B) REPURCHASE AGREEMENTS
The Fund may enter into repurchase agreements with an entity which is a member
of the Federal Reserve System or which is a "primary dealer" (as designated by
the Federal Reserve Bank of New York) in U.S. Government obligations. The
repurchase price generally equals the price paid by 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 Fund's custodian or another qualified sub-custodian or
in the Federal Reserve/Treasury book-entry system.
(C) FUTURES CONTRACTS
The Fund may invest in financial futures contracts ("futures contracts") for the
purpose of hedging its existing portfolio securities or securities it intends to
purchase against fluctuations in value caused by changes in prevailing market
interest rates or prices. Futures contracts may also be entered into for
non-hedging purposes. Upon entering into a futures contract, the Fund is
required to pledge to the broker an amount of cash and/or other assets equal to
a certain percentage of the contract amount (initial margin deposit).
Subsequent payments, known as "variation margin," are made each day, depending
on the daily fluctuations in the fair value of the underlying security. A gain
or loss equal to the daily variation margin is recognized on a daily basis.
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
- --------------------------------------------------------------------------------
12
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED
) JUNE 30, 2003 (UNAUDITED)
currency at a fixed price at a specified time in the future.
Should market conditions change unexpectedly, the Fund may not achieve the
anticipated benefits of the futures contracts and may realize a loss. The use
of futures transactions for hedging purposes involves the risk of imperfect
correlation in movements in the price of futures contracts, interest rates and
the value of the underlying hedged assets.
(D) WRITTEN OPTIONS CONTRACTS
The Fund may write options contracts. A written option obligates the Fund to
deliver (written call) or to receive (written put) a specified quantity of an
underlying asset at the contract amount upon exercise by the holder of the
option. The value of the option contract is recorded as a liability and
unrealized gain or loss is measured by the difference between the current value
and the premium received.
(E) SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are accounted for on the date the security is purchased or
sold ("trade date"). Securities gains and losses are calculated on the
identified cost basis. Interest income is recognized on the accrual basis and
includes, where applicable, the amortization or accretion of premium or
discount. Dividend income is recorded on the ex-dividend date.
(F) FEDERAL INCOME TAXES
It is the policy of the Fund to qualify or continue to qualify as a regulated
investment company by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal Revenue
Code, and to make distributions of net investment income and net realized
capital gains sufficient to relieve it from all, or substantially all, federal
income taxes.
As of June 30, 2003, the tax cost of securities and the breakdown of unrealized
appreciation (depreciation) for the Fund was as follows:
NET UNREALIZED
TAX COST OF UNREALIZED UNREALIZED APPRECIATION
FUND SECURITIES APPRECIATION DEPRECIATION (DEPRECIATION)
- ----------------------------------------------------------------------------
Mid Cap Index $330,643,767 $ 38,053,120 $ (56,486,575) $ (18,433,455)
(G) DISTRIBUTIONS TO SHAREHOLDERS
For the Fund, dividends from net investment income, if any, are declared and
paid quarterly and 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 Fund. To the extent
distributions exceed current and accumulated earnings and profits for federal
income tax purposes, they are reported as distributions of paid-in-capital.
(H) EXPENSES
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 in relation to the net assets of each fund or on
another reasonable basis. Once expenses are charged to a fund, they are
allocated to the classes based on relative net assets of each class. Expenses
specific to a class (such as 12b-1 and administrative services fees) are charged
to that class.
- --------------------------------------------------------------------------------
13
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS -
JUNE 30, 2003 (UNAUDITED)
3. TRANSACTIONS WITH AFFILIATES
Under the terms of the Investment Advisory Agreement, Gartmore Mutual Fund
Capital Trust ("GMF") manages the investment of the assets and supervises the
daily business affairs of the Fund. GMF is a majority-owned subsidiary of
Gartmore Global Investments, Inc. ("GGI"), a holding company. GGI is a
majority-owned subsidiary of Gartmore Global Asset Management Trust ("GGAMT").
GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common
stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company
(95.3%) and Nationwide Mutual Fire Insurance Company (4.7%), each of which is a
mutual company owned by its policyholders. GMF also provide investment
management evaluation services in initially selecting and monitoring, on an
ongoing basis, the performance of the subadviser for the Fund. The Dreyfus
Corporation manages all or a portion of the Fund's investments and has the
responsibility for making all investment decisions for the Fund.
Under the terms of the Investment Advisory Agreement, the Fund pays its adviser
an investment advisory fee based on that Fund's average daily net assets. From
such fees, pursuant to the sub-advisory agreements, GMF pays fees to the
subadviser. Additional information regarding investment advisory fees for GMF
and the subadvisory fees is as follows for the six months ended June 30, 2003:
FEE TOTAL FEES PAID TO
FUND SCHEDULE FEES RETAINED SUB-ADVISER
Mid Cap Index Up to $250 million 0.50% 0.40% 0.10%
Next $250 million 0.49% 0.40% 0.09%
Next $250 million 0.48% 0.40% 0.08%
Next $250 million 0.47% 0.40% 0.07%
$ 1 billion or more 0.45% 0.40% 0.05%
For the Fund, GMF previously waived advisory fees and, if necessary, reimbursed
expenses of the Fund in order to limit annual Fund operating expenses at or
below stated expense caps. The following table illustrates the voluntary expense
caps for the Fund for the period ended January 14, 2002, at which time the
waivers and reimbursements were discontinued after prior notice to shareholders:
FUND EXPENSE CAPS
Mid Cap Index Class I Shares 0.65%
Under the terms of a Fund Administration Agreement, Gartmore SA Capital Trust
("GSA") provides the Fund with various administrative and accounting services.
Gartmore Investors Services, Inc. ("GISI"), an indirect subsidiary of GSA,
serves as Transfer and Dividend Disbursing Agent for the Fund. The fees for the
services provided under both agreements 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 GISI's
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.
- --------------------------------------------------------------------------------
14
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act,
Gartmore Distribution Services, Inc. ("GDSI"), the Fund's' Distributor, is
compensated by the Fund for expenses associated with the distribution of Class
II shares of the Funds. Prior to October 1, 2002, Nationwide Securities, Inc.
("NSI"), served as the Funds' Distributor. 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 Fund 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 Fund; and other such services.
These fees are based on an annual rate of up to 0.25% of the average daily net
assets of each class of shares of the Fund.
4. BANK LOANS
Prior to April 7, 2003, the Trust had an unsecured bank line of credit of
$50,000,000. Borrowing under this arrangement bore interest at the Federal
Funds rate plus 0.50%. These interest costs are included in the custodian fees
in the Statements of Operations. No compensating balances were required under
the terms of the line of credit. For the period from April 7, 2003 to June 30,
2003, the Trust did not maintain an unsecured bank line of credit. There were
no unsecured bank loans outstanding as of June 30, 2003.
5. INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the six
months ended June 30, 2003 are summarized as follows:
FUND PURCHASES SALES
Mid Cap Index $20,179,189 $22,449,144
- --------------------------------------------------------------------------------
15
GARTMORE VARIABLE INSURANCE TRUST
MANAGEMENT INFORMATION (UNAUDITED)
TRUSTEES WHO ARE NOT INTERESTED PERSONS (AS DEFINED IN THE 1940 ACT) OF THE FUNDS
JUNE 30, 2003
- --------------------------------------------------------------------------------------------------------------------------------
NAME, ADDRESS POSITION(S) TERM OF PRINCIPAL OCCUPATION(S) NUMBER OF OTHER
AND AGE HELD WITH OFFICE DURING PAST 5 YEARS PORTFOLIOS IN DIRECTORSHIPS
FUND WITH FUND HELD BY
TRUST- COMPLEX TRUSTEE2
LENGTH OF OVERSEEN BY
TIME TRUSTEE
SERVED1
- --------------------------------------------------------------------------------------------------------------------------------
CHARLES E. ALLEN. . . . Trustee Since Mr. Allen is Chairman, Chief Executive 82 None
8162 E. Jefferson Ave. July 2000 Officer and President of Graimark Realty
#15B Advisors, Inc. (real estate development,
Detroit, MI 48214 investment and asset management).
Age 55
- --------------------------------------------------------------------------------------------------------------------------------
PAULA H.J. CHOLMONDELEY Trustee Since Ms. Cholmondeley is Vice President and 82 None
c/o Sappi Fine Paper July 2000 General Manager of Special Products at
225 Franklin Street Sappi Fine Paper North America. Prior
Boston, MA 02110 to 1998, she held various positions with
Owens Corning, including Vice President
Age 56 and General Manager of the Residential
Insulation Division (1997 to 1998).
- --------------------------------------------------------------------------------------------------------------------------------
C. BRENT DEVORE . . . . Trustee Since Dr. DeVore is President of Otterbein 82 None
111 N. West Street May 1998 College.
Westerville, OH 43081
Age 63
- --------------------------------------------------------------------------------------------------------------------------------
ROBERT M. DUNCAN. . . . Trustee Since Since 1999, Mr. Duncan has worked as 82 None
1397 Haddon Road April 1997 an arbitration and mediation consultant.
Columbus, OH 43209 From 1996 to 1999, he was
Commissioner of the Ohio Elections
Age 76 Commission.
- --------------------------------------------------------------------------------------------------------------------------------
BARBARA L. HENNIGAR . . Trustee Since Retired; Ms. Hennigar is the former 82 None
6363 So. Sicily Way July 2000 Chairman of Oppenheimer Funds
Aurora, CO 80016 Services and Shareholder Services
Inc. Ms. Hennigar held this position
Age 67 from October 1999 to June 2000. Prior
to that, she served as President and
Chief Executive Officer of
OppenheimerFunds Services.
- --------------------------------------------------------------------------------------------------------------------------------
THOMAS J. KERR, IV. . . Trustee Since Dr. Kerr is President Emeritus of 82 None
4890 Smoketalk Lane June 1981 Kendall College.
Westerville, OH 43081
Age 69
- --------------------------------------------------------------------------------------------------------------------------------
DOUGLAS F. KRIDLER. . . Trustee Mr. Kridler is the President and 82 None
2355 Brixton Road Since Chief Executive Officer of the
Columbus, OH 43221 September 1997 Columbus Foundation. Prior to
January 31, 2002, Mr. Kridler was
Age 48 the President of the Columbus Association
for the Performing Arts and Chairman
of the Greater Columbus Convention
and Visitors Bureau.
- --------------------------------------------------------------------------------------------------------------------------------
MARK L. LIPSON. . . . . Trustee Since Since July 2000, Mr. Lipson is the 82 None
1620 26th Street March 2003 Chairman of LGVI, LLC (a private
Suite 300 equity firm that develops technology
Santa Monica, CA based solutions for the investment
advisory/asset management industry).
Age 54 Prior to this, Mr. Lispon was the
former Chairman and Chief Executive
Officer of Northstar Holdings, Inc.
from November 1993 to December 1999,
a former Trustee of the Northstar Funds
from November 1993 to July 2000, and
a Senior Vice President of Reliastar
Financial Corporation from
November 1993 to December 1999.
- --------------------------------------------------------------------------------------------------------------------------------
DAVID C. WETMORE. . . . Trustee Since Mr. Wetmore is the Managing Director 82(3) None
26 Turnbridge Drive May 1998 of Updata Capital, Inc., a venture
Long Cove Plantation capital firm.
Hilton Head, SC 29928
Age 54
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
16
GARTMORE VARIABLE INSURANCE TRUST
MANAGEMENT INFORMATION (UNAUDITED)
TRUSTEES WHO ARE INTERESTED PERSONS (AS DEFINED IN THE 1940 ACT) OF THE FUNDS
JUNE 30, 2003
- --------------------------------------------------------------------------------------------------------------------------------
NAME, ADDRESS POSITION(S) TERM OF PRINCIPAL OCCUPATION(S) NUMBER OF OTHER
AND AGE HELD WITH OFFICE DURING PAST 5 YEARS PORTFOLIOS IN DIRECTORSHIPS
FUND WITH FUND HELD BY
TRUST- COMPLEX TRUSTEE2
LENGTH OF OVERSEEN BY
TIME TRUSTEE
SERVED1
- --------------------------------------------------------------------------------------------------------------------------------
PAUL J. HONDROS. . . . Trustee Since Mr. Hondros is President and Chief 82[3] None
Gartmore Global. . . . And July 2000 Executive Officer of Gartmore Distribution
Investments, Inc.. . . Chairman Services, Inc.*, Gartmore Investors Services,
1200 River Road Inc.*, Gartmore Morley Capital Management,
Conshohocken, PA 19428 Inc.*, Gartmore Morley Financial Services,
Inc.*, NorthPointe Capital, LLC*, GGAMT*,
Age 54 GGI*, GMF* and GSA* and a Director of
Nationwide Securities, Inc.* as well as several
entities within Nationwide Financial Services,
Inc.* Prior to that, Mr. Hondros served as
President and Chief Operations Officer of
Pilgrim Baxter and Associates, Ltd., an
investment management firm, and its affiliated
investment management arm, Pilgrim Baxter
Value Investors, Inc. and as Executive Vice
President to the PBHG Funds, PBHG
Insurance Series Funds and PBHG Adviser Funds.
- --------------------------------------------------------------------------------------------------------------------------------
ARDEN L. SHISLER Mr. Shisler is President and Chief Executive
1356 North Wenger Road Officer of K&B Transport, Inc., a trucking
Dalton, OH 44618 firm, Chairman of the Board for Nationwide
Since Mutual Insurance Company* and a Director
Age 61 . . . . . . . . Trustee February 2000 of Nationwide Financial Services, Inc.* 82 None
- --------------------------------------------------------------------------------------------------------------------------------
GERALD J. HOLLAND. . . Treasurer Since Mr. Holland is Senior Vice President - 82 None
Gartmore Global March 2001 Chief Administrative Officer for GGI*,
Investments, Inc. GMF*, GSA and GDSI*. From July 2000
1200 River Road to March 2002 he was Senior Vice President -
Conshohocken, PA Operations for GGI, GMF and GSA. Prior to
19428 July 2000, he was Vice President for First
Data Investor Services, an investment
Age 52 company service provider.
- --------------------------------------------------------------------------------------------------------------------------------
ERIC E. MILLER . . . . Secretary Mr. Miller is Senior Vice President, Chief 82 None
Gartmore Global Since Counsel for GGI*, GMF* and GSA*.
Investment, Inc. December 2002 From July 2000 to August 2002, he was
1200 River Road a Partner with Stradley Ronon Stevens &
Conshohocken, PA Young, LLP. Prior to July 2000, he was a
19428 Senior Vice President and Deputy General
Age 49 Counsel of Delaware Investments.
- --------------------------------------------------------------------------------------------------------------------------------
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 serves as an independent member, and Mr. Hondros serves as a
member, of the Administrative Committee for various hedge funds managed by
GSA.
* This position is held with an affiliated person or principal underwriter of
the Funds.
- --------------------------------------------------------------------------------
17
GARTMORE VARIABLE INSURANCE TRUST
DEVELOPING MARKETS
SEMI-ANNUAL REPORT
JUNE 30, 2003
GARTMORE VARIABLE INSURANCE TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2003
TABLE OF CONTENTS
Statement of Investments . . . . . . 2
Statements of Assets and Liabilities 6
Statements of Operations . . . . . . 7
Statements of Changes in Net Assets. 8
Financial Highlights . . . . . . . . 9
Notes to Financial Statements. . . . 10
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED)
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------
COMMON STOCKS (103.7%)
ARGENTINA (0.7%)
OIL & GAS (0.7%)
Tenaris SA ADR . . . . . . . . . . . . 25,157 $ 641,504
-----------
BRAZIL (12.3%)
AEROSPACE & DEFENSE (0.7%)
Empresa Brasiliera de Aeronautica
SA ADR . . . . . . . . . . . . . . . . 32,900 628,390
-----------
BANKING (2.1%)
Banco Bradesco SA ADR. . . . . . . . . 19,000 354,920
Uniao de Bancos Brasileiros SA GDR . . 83,400 1,431,144
-----------
1,786,064
-----------
BEVERAGES (0.8%)
Companhia de Bebidas
das Americas ADR . . . . . . . . . . . 32,100 653,235
-----------
ELECTRIC UTILITY (1.0%)
Centrais Eletricas Brasileiras SA. . . 63,880,200 492,071
Companhia Energetica de Minas
Gerais . . . . . . . . . . . . . . . . 37,000,000 340,467
Companhia Energetica de Minas
Gerais ADR . . . . . . . . . . . . . . 3,300 30,459
-----------
862,997
-----------
MINING (0.9%)
Companhia Vale do Rio Doce Class A . . 28,600 782,537
-----------
OIL & GAS (1.9%)
Petroleo Brasileiro SA . . . . . . . . 86,400 1,677,407
-----------
PAPER PRODUCTS (0.7%)
Votorantim Celulose ADR. . . . . . . . 33,400 645,956
-----------
STEEL (1.0%)
Gerdau SA ADR. . . . . . . . . . . . . 75,790 890,533
-----------
TELECOMMUNICATIONS (3.2%)
Tele Norte Leste Participacoes SA ADR. 68,500 800,080
Telemar Norte Leste SA . . . . . . . . 54,300,000 744,567
Telesp Celular Participacoes SA ADR. . 298,610 1,164,579
-----------
2,709,226
-----------
10,636,345
-----------
CHINA (3.8%)
METALS (0.8%)
Aluminum Corp. Of China Ltd. . . . . . 2,990,000 667,158
-----------
OIL & GAS (1.9%)
CNOOC Ltd. . . . . . . . . . . . . . . 940,500 1,386,964
Sinopec Shanghai Petrochemical
Co. Ltd. . . . . . . . . . . . . . . . 1,204,000 234,681
-----------
1,621,645
-----------
STEEL (0.4%)
Angang New Steel Co. Ltd.. . . . . . . 1,704,000 378,028
-----------
TRANSPORTATION (0.7%)
China Shipping Development Co. Ltd.. . 1,688,000 600,681
-----------
3,267,512
-----------
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
CZECHOSLOVAKIA (0.7%)
TELECOMMUNICATIONS (0.7%)
Cesky Telecom SA. . . . . . . . . . . . . . . 57,800 $ 593,662
----------
HONG KONG (4.6%)
AUTOMOBILE (1.1%)
Denway Motors Ltd.. . . . . . . . . . . . . . 2,096,000 947,456
----------
BEVERAGES (0.7%)
Harbin Brewery Group Ltd. (b) . . . . . . . . 1,778,000 592,807
----------
ELECTRIC UTILITY (0.7%)
Huaneng Power International, Inc. . . . . . . 514,000 586,626
----------
OIL & GAS (0.9%)
China Petroleum and Chemical Corp.. . . . . . 3,398,000 814,842
----------
TELECOMMUNICATIONS (1.0%)
China Mobile Ltd. . . . . . . . . . . . . . . 360,000 849,433
----------
TRANSPORTATION (0.2%)
China Merchants Holdings
International Co. Ltd.. . . . . . . . . . . . 204,000 181,812
----------
3,972,976
----------
HUNGARY (1.4%)
PHARMACEUTICALS (1.4%)
Gedeon Richter GDR (b). . . . . . . . . . . . 17,000 1,207,000
----------
INDIA (2.7%)
FINANCIAL SERVICES (1.0%)
ICICI Bank Ltd. ADR (b) . . . . . . . . . . . 123,447 897,460
----------
PHARMACEUTICALS (1.5%)
Ranbaxy Laboratories Ltd. GDR . . . . . . . . 65,200 1,260,316
----------
SOFTWARE & COMPUTER SERVICES (0.2%)
Infosys Technologies Ltd. ADR . . . . . . . . 3,300 177,045
----------
2,334,821
----------
INDONESIA (2.8%)
AUTOMOBILE (0.2%)
PT Astra International, Inc. (b). . . . . . . 304,000 131,733
----------
BANKING (1.4%)
PT Bank Mandiri (b) . . . . . . . . . . . . . 1,775,000 145,227
PT Bank Pan Indonesia (b) . . . . . . . . . . 29,327,500 1,102,004
----------
1,247,231
----------
TELECOMMUNICATIONS (1.2%)
PT Telekomunikasi Indonesia . . . . . . . . . 1,774,000 994,515
----------
2,373,479
----------
ISRAEL (3.6%)
COMPUTER HARDWARE (0.9%)
M-Systems Flash Disk Pioneer Ltd. (b) 70,200 781,326
----------
INTERNET SECURITY (1.4%)
Check Point Software Technologies
Ltd. (b). . . . . . . . . . . . . . . . . . . 60,250 1,177,887
----------
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
SECURITY DESCRIPTION SHARES VALUE
- ------------------------------------------------------------
COMMON STOCKS (CONTINUED)
ISRAEL (CONTINUED)
PHARMACEUTICALS (1.3%)
Agis Industries Ltd.. . . . . . . . . 8,600 $ 179,598
Teva Pharmaceutical Industries
Ltd. ADR. . . . . . . . . . . . . . . 16,500 939,345
-----------
1,118,943
-----------
3,078,156
-----------
KOREA (20.7%)
AUTOMOBILE (1.3%)
Hyundai Motor Co. Ltd.. . . . . . . . 32,600 862,419
Ssangyong Motor Co. (b) . . . . . . . 53,760 292,541
-----------
1,154,960
-----------
BANKING (2.9%)
Hana Bank . . . . . . . . . . . . . . 51,500 489,347
Shinhan Financial Group Co. Ltd.. . . 111,810 1,165,370
Shinhan Financial Group Co. Ltd. GDR. 34,600 720,718
-----------
2,375,435
-----------
CHEMICALS (1.7%)
Honam Petrochemical Corp. . . . . . . 17,300 508,355
Hyosung Corp. . . . . . . . . . . . . 37,600 406,061
LG Petrochemical Co. Ltd. . . . . . . 31,600 559,515
-----------
1,473,931
-----------
COMPUTER HARDWARE (0.4%)
Kortek Corp.. . . . . . . . . . . . . 70,500 380,682
-----------
CONSTRUCTION (0.5%)
Daelim Industrial Co. Ltd.. . . . . . 23,500 409,209
-----------
ELECTRONICS (8.1%)
LG Electronics, Inc.. . . . . . . . . 25,150 1,048,530
Samsung Electronics . . . . . . . . . 19,806 5,886,253
-----------
6,934,783
-----------
SHIPBUILDING (0.6%)
Daewoo Shipbuilding & Marine
Engineering Co. Ltd. (b). . . . . . . 41,900 354,282
Samsung Heavy Industries Co. Ltd. . . 33,700 135,139
-----------
489,421
-----------
STEEL (1.9%)
Dongkuk Steel Mill Co. Ltd. . . . . . 109,800 480,748
Pohang Iron & Steel Co. . . . . . . . 11,490 1,192,767
-----------
1,673,515
-----------
TELECOMMUNICATIONS (1.7%)
KT Corp.. . . . . . . . . . . . . . . 14,300 559,071
SK Telecom Co. Ltd. . . . . . . . . . 5,400 922,227
-----------
1,481,298
-----------
TRANSPORTATION (1.6%)
Hanjin Shipping Co. Ltd.. . . . . . . 106,600 876,360
Korean Air Co. Ltd. . . . . . . . . . 45,400 520,703
-----------
1,397,063
-----------
17,770,297
-----------
MALAYSIA (2.4%)
BANKING (1.0%)
Malayan Banking Berhad. . . . . . . . 382,200 864,979
-----------
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------------
COMMON STOCKS (CONTINUED)
MALAYSIA (CONTINUED)
OIL & GAS (0.9%)
Petronas Dagangan Berhad. . . . . . . 478,000 $ 773,605
-----------
TELECOMMUNICATIONS (0.5%)
Maxis Communications Berhad . . . . . 282,400 423,600
-----------
2,062,184
-----------
MEXICO (10.7%)
BUILDING PRODUCTS (0.8%)
Cemex SA de CV ADR. . . . . . . . . . 31,340 698,564
-----------
CABLE TELEVISION/PROGRAMMING (1.8%)
TV Azteca SA de CV ADR. . . . . . . . 243,300 1,581,450
-----------
CONSTRUCTION (1.0%)
Consorcio ARA SA de CV (b). . . . . . 418,200 832,468
-----------
DIVERSIFIED (1.1%)
Alfa SA Class A . . . . . . . . . . . 276,500 555,706
Grupo IMSA SA de CV ADR . . . . . . . 30,200 389,580
-----------
945,286
-----------
FINANCIAL SERVICES (2.1%)
Grupo Financiero Banorte SA de CV . . 629,500 1,781,490
-----------
MINING (0.9%)
Grupo Mexico SA Class B (b) . . . . . 502,500 771,297
-----------
RETAIL (1.4%)
Grupo Elektra SA de CV ADR. . . . . . 36,300 446,127
Organizacion Soriana SA de Cv (b) . . 366,100 765,635
-----------
1,211,762
-----------
TELECOMMUNICATIONS (1.6%)
America Movil SA de CV ADR. . . . . . 29,000 543,750
Telefonos de Mexico ADR . . . . . . . 27,700 870,334
-----------
1,414,084
-----------
9,236,401
-----------
POLAND (0.6%)
PETROLEUM (0.6%)
Polski Koncern Naftowy Orlen SA GDR . 49,800 485,052
-----------
RUSSIA (8.7%)
ELECTRIC UTILITY (0.6%)
RAO Unified Energy System GDR . . . . 21,200 559,468
-----------
MINING (0.6%)
JSC MMC Norilsk Nickel ADR. . . . . . 15,300 530,145
-----------
OIL & GAS (7.3%)
OAO Gazprom ADR . . . . . . . . . . . 112,500 2,107,125
Surgutneftegaz ADR. . . . . . . . . . 138,000 2,867,640
YUKOS ADR . . . . . . . . . . . . . . 23,525 1,310,343
-----------
6,285,108
-----------
TELECOMMUNICATIONS (0.2%)
Rostelekom Sponsored ADR. . . . . . . 14,100 145,935
-----------
7,520,656
-----------
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
SOUTH AFRICA (9.1%)
BANKING (1.2%)
ABSA Group Ltd. . . . . . . . . . . . 152,000 $ 711,222
Nedcor Ltd. . . . . . . . . . . . . . 28,600 340,839
------------
1,052,061
------------
COMPUTER SERVICES (0.5%)
Dimension Date Holdings PLC (b) . . . 1,253,200 442,208
------------
DIVERSIFIED (0.4%)
Nampak Ltd. . . . . . . . . . . . . . 188,700 305,287
------------
INSURANCE (0.6%)
Old Mutual PLC. . . . . . . . . . . . 356,000 523,808
------------
MINING (5.8%)
Anglo American PLC. . . . . . . . . . 104,489 1,612,414
AngloGold Ltd.. . . . . . . . . . . . 25,900 817,350
Gold Fields Ltd.. . . . . . . . . . . 73,900 881,388
Impala Platinum Holdings Ltd. . . . . 23,220 1,378,977
Kumba Resources Ltd.. . . . . . . . . 84,000 336,671
------------
5,026,800
------------
OIL & GAS (0.6%)
Sasol Ltd.. . . . . . . . . . . . . . 45,600 507,308
------------
7,857,472
------------
TAIWAN (12.4%)
AUDIO/VIDEO PRODUCTS (0.2%)
Action Electronics Co. Ltd. . . . . . 167,000 167,434
------------
BANKING (0.5%)
Mega Financial Holding Co. Ltd. (b) . 993,000 467,665
------------
CHEMICALS (0.9%)
Formosa Plastic Corp. . . . . . . . . 464,000 646,195
Nan Ya Plastic Corp.. . . . . . . . . 144,000 156,024
------------
802,219
------------
COMPUTER HARDWARE (1.4%)
Advantech Co. Ltd.. . . . . . . . . . 178,000 257,151
Asustek Computer, Inc.. . . . . . . . 360,000 910,142
------------
1,167,293
------------
ELECTRICAL & ELECTRONIC (2.0%)
Compal Electronics, Inc.. . . . . . . 1,308,400 1,754,110
------------
ELECTRONICS (1.7%)
AU Optronics Corp. (b). . . . . . . . 859,000 595,666
AU Optronics Corp. ADR (b). . . . . . 61,000 422,120
United Microelectronics Corp. ADR (b) 121,000 453,750
------------
1,471,536
------------
SEMICONDUCTORS (3.1%)
Advanced Semiconductor Engineering,Inc. (b). . . . 566,000 336,885
Taiwan Semiconductor Manufacturing Co. Ltd. (b). 933,158 1,536,840
Taiwan Semiconductor Manufacturing
Co. Ltd. ADR (b). . . . . . . . . . . 80,000 806,400
------------
2,680,125
------------
SECURITY DESCRIPTION SHARES VALUE
- ---------------------------------------------------------------------------------
COMMON STOCKS (CONTINUED)
TAIWAN (CONTINUED)
TELECOMMUNICATIONS (0.4%)
Chunghwa Telecom Co. Ltd. . . . . . . 228,000 $ 335,972
------------
TEXTILES (0.8%)
Far Eastern Textile Ltd.. . . . . . . 1,739,000 670,779
------------
TRANSPORTATION (1.4%)
Yang Ming Marine Transport (b). . . . 1,768,000 1,174,921
------------
10,692,054
------------
THAILAND (4.2%)
BUILDING PRODUCTS (1.0%)
The Siam Cement Public Co. Ltd. (c) 214,100 855,585
------------
ELECTRIC UTILITY (0.2%)
Ratchaburi Electricity Generating
Holding Public Co. Ltd. (c) . . . . . 249,000 162,881
------------
FINANCIAL SERVICES (3.0%)
Siam Commercial Bank
Public Co. Ltd. (c) (b) . . . . . . . 3,029,800 2,594,500
------------
3,612,966
------------
TURKEY (2.3%)
APPLIANCES & HOUSEHOLD
PRODUCTS (0.4%)
Arcelik AS. . . . . . . . . . . . . . 104,871,250 366,152
------------
AUTOMOTIVE (0.3%)
Ford Otomotiv Sanayii AS (b). . . . . 21,700,000 269,385
------------
BANKING (0.6%)
Turkiye Garanti Bankasi AS (b). . . . 400,000,000 541,703
------------
BANKING/INSURANCE (0.4%)
Akbank TAS. . . . . . . . . . . . . . 112,161,614 332,272
------------
OIL & GAS (0.6%)
Tupras Turkiye Petrol Rafinerileri
AS (b). . . . . . . . . . . . . . . . 76,380,000 503,723
------------
2,013,235
------------
TOTAL COMMON STOCKS 89,355,772
------------
- ---------------------------------------------------------------------------------
SECURITY DESCRIPTION PRINCIPAL VALUE
- ---------------------------------------------------------------------------------
FOREIGN BOND (0.0%)
BRAZIL (0.0%)
OIL & GAS (0.0%)
Companhia Vale Do Rio Doce $20,000 0
------------
TOTAL FOREIGN BOND 0
------------
TOTAL INVESTMENTS
(COST $77,938,372) (A) - 103.7% 89,355,772
LIABILITIES IN EXCESS
OF OTHER ASSETS - (3.7)% (3,171,049)
------------
NET ASSETS - 100.0% $86,184,723
============
GARTMORE VARIABLE INSURANCE TRUST
GARTMORE GVIT DEVELOPING MARKETS FUND
STATEMENT OF INVESTMENTS - JUNE 30, 2003 (UNAUDITED) (CONTINUED)
(a) See notes to financial statements for unrealized appreciation
(depreciation) of securities.
(b) Denotes a non-income producing security.
ADR American Depositary Receipt
GDR Global Depositary Receipt
AT JUNE 30, 2003, THE FUND'S OPEN FORWARD FOREIGN CURRENCY CONTRACTS WERE AS
FOLLOWS:
UNREALIZED
DELIVERY CONTRACT MARKET APPRECIATION
CURRENCY DATE VALUE VALUE (DEPRECIATION)
- ------------------------------------------------------------------------------------
SHORT CONTRACTS:
South African Rand . . . . . . . . 7/2/03 $ 254,126 $257,442 $ (3,316)
Thai Baht. . . . . . . . . . . . . 7/2/03 112,789 111,904 885
-------------------------------------
TOTAL SHORT CONTRACTS. . . . . . . $ 366,915 $ 369,346 $ (2,431)
-------------------------------------
See notes to financial statements.
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2003 (UNAUDITED)
GARTMORE
GVIT
DEVELOPING
MARKETS FUND
- --------------------------------------------------------------------------------------------
ASSETS:
Investments, at value (cost $77,938,372) . . . . . . . . . . . . . . . . . . $ 89,355,772
Foreign currency, at value (cost $1,298,951) . . . . . . . . . . . . . . . . 1,300,679
Interest and dividends receivable. . . . . . . . . . . . . . . . . . . . . . 386,965
Receivable for investments sold. . . . . . . . . . . . . . . . . . . . . . . 976,971
Unrealized appreciation on forward foreign currency contracts. . . . . . . . 885
Receivable from adviser. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,696
Reclaims receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,545
Prepaid expenses and other assets. . . . . . . . . . . . . . . . . . . . . . 4,052
--------------
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,034,565
--------------
LIABILITIES:
Payable to custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,565,199
Payable for investments purchased. . . . . . . . . . . . . . . . . . . . . . 704,041
Unrealized depreciation on forward foreign currency contracts. . . . . . . . 3,316
Accrued expenses and other payables:
Investment advisory fees . . . . . . . . . . . . . . . . . . . . . . . . . . 472,564
Fund administration fees . . . . . . . . . . . . . . . . . . . . . . . . . . 11,737
Distribution fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,875
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,110
--------------
Total Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,849,842
--------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 86,184,723
==============
REPRESENTED BY:
Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 132,796,088
Accumulated net investment income (loss) . . . . . . . . . . . . . . . . . . 773,863
Accumulated net realized gains (losses) from investment and foreign
currency transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . (58,807,543)
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities denominated in foreign currencies. 11,422,315
--------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 86,184,723
==============
NET ASSETS:
Class II Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 86,184,723
--------------
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 86,184,723
==============
SHARES OUTSTANDING (unlimited number of shares authorized):
Class II Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,631,286
--------------
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,631,286
==============
NET ASSET VALUE AND OFFERING PRICE PER SHARE:*
Class II Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7.41
* Not subject to a front-end sales charge.
See notes to financial statements.
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
GARTMORE GVIT
DEVELOPING
MARKETS FUND
- ----------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,382
Dividend income (net of foreign withholding tax of $113,432). . . . . . . . . 1,383,957
Income from securities lending. . . . . . . . . . . . . . . . . . . . . . . . 4,668
---------------
Total Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,007
---------------
EXPENSES:
Investment advisory fees. . . . . . . . . . . . . . . . . . . . . . . . . . . 473,192
Fund administration fees. . . . . . . . . . . . . . . . . . . . . . . . . . . 43,672
Distribution fees Class II Shares . . . . . . . . . . . . . . . . . . . . . . 4,875
Custodian fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,676
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,635
---------------
Total expenses before waived or
reimbursed expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 674,050
Expenses waived or reimbursed . . . . . . . . . . . . . . . . . . . . . . . . (6,953)
---------------
Total Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 667,097
---------------
NET INVESTMENT INCOME (LOSS). . . . . . . . . . . . . . . . . . . . . . . . . 732,910
---------------
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions. . . . . . . . . . . . (3,254,402)
Net realized gains (losses) on foreign currency transactions. . . . . . . . . (373,873)
---------------
Net realized gains (losses) on investment and foreign currency transactions . (3,628,275)
Net change in unrealized appreciation/depreciation on investments
and translation of assets and liabilities denominated in foreign currencies . 13,821,145
---------------
Net realized/unrealized gains (losses) on investments and foreign currencies. 10,192,870
---------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS. . . . . . . . . . . . . . . . $ 10,925,780
===============
See notes to financial statements.
GARTMORE VARIABLE INSURANCE TRUST
STATEMENTS OF CHANGES IN NET ASSETS
GARTMORE GVIT
DEVELOPING MARKETS FUND
---------------------------------
SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31,
2003 (A) 2002
----------------------------------
(UNAUDITED)
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) $ 732,910 $ 448,752
Net realized gains (losses) on investment and
foreign currency transactions (3,628,275) (6,968,619)
Net change in unrealized appreciation/depreciation
on investments and
translation of assets and liabilities denominated in
foreign currencies 13,821,145 (1,847,272)
--------------- --------------
Change in net assets resulting from operations 10,925,780 (8,367,139)
--------------- --------------
DISTRIBUTIONS TO CLASS II SHAREHOLDERS FROM:
Net investment income - (127,920)
--------------- --------------
CLASS II CAPITAL TRANSACTIONS:
Proceeds from shares issued 135,556,289 270,615,852
Dividends reinvested - 127,920
Cost of shares redeemed (135,618,324) (287,826,678)
--------------- --------------
(62,035) (17,082,906)
--------------- --------------
Change in net assets 10,863,745 (25,577,965)
NET ASSETS:
Beginning of period 75,320,978 100,898,943
--------------- --------------
End of period $ 86,184,723 $ 75,320,978
=============== ==============
CLASS II SHARE TRANSACTIONS:
Issued 20,331,443 36,932,987
Reinvested - 19,470
Redeemed (20,272,787) (39,361,948)
--------------- --------------
58,656 (2,409,491)
--------------- --------------
(a) Upon reorganization on June 23, 2003, the existing shares of the Fund were
designated Class II shares.
See notes to financial statements.
GARTMORE VARIABLE INSURANCE TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
GARTMORE GVIT DEVELOPING MARKETS FUND
-------------------------------------------------------------------------------------------
CLASS II SHARES
-------------------------------------------------------------------------------------------
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2003 (A) 2002 2001 2000 1999 1998
---------- ------------- ------------ ------------- ------------- --------------
(UNAUDITED)
NET ASSET VALUE -
BEGINNING
OF PERIOD $ 6.51 $ 7.22 $ 7.76 $ 10.86 $ 6.59 $ 10.57
INVESTMENT
ACTIVITIES:
Net investment
income (loss) 0.07 0.03 0.08 (0.03) 0.02 0.01
Net realized and
unrealized gains
(losses) on
investments 0.83 (0.73) (0.62) (3.07) 4.25 (3.98)
---------- ------------- ------------ ------------- ------------- --------------
Total investment
activities 0.90 (0.70) (0.54) (3.10) 4.27 (3.97)
---------- ------------- ------------ ------------- ------------- --------------
DISTRIBUTIONS:
Net investment
income - (0.01) - - - (0.01)
---------- ------------- ------------ ------------- ------------- --------------
Total distributions - (0.01) - - - (0.01)
---------- ------------- ------------ ------------- ------------- --------------
NET ASSET VALUE -
END OF PERIOD $ 7.41 $ 6.51 $ 7.22 $ 7.76 $ 10.86 $ 6.59
========== ============= ============= ============= ============= ==============
Total Return 13.82% (b) (9.68%) (6.96%) (28.55%) 64.81% (37.53%)
RATIOS/SUPPLEMENTAL
DATA:
Net Assets,
at end of
period (000) $ 86,185 $ 75,321 $ 100,899 $ 100,730 $ 131,197 $ 72,323
Ratio of expenses to
average net assets 1.76% (c) 1.60% 1.59% 1.56% 1.62% 1.75%
Ratio of net investment
Income (loss)
to average net assets 1.93% (c) 0.44% 1.19% (0.34%) 0.20% 0.67%
Ratio of expenses (prior to
reimbursements) to
average net assets* 1.78% (c) 1.68% 1.67% 1.81% 1.65% 1.80%
Ratio of net investment income
(loss) (prior to reimbursements)
to average net assets* 1.91% (c) 0.36% 1.11% (0.59%) 0.17% 0.62%
Portfolio turnover 103.93% 97.00% 118.00% 103.00% 124.00% 112.00%
* During the period certain fees were waived and/or reimbursed. If such
waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(a) Upon reorganization on June 23, 2003, the existing shares of the Fund were
designated Class II shares.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2003 (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, 2003, the Trust had authorized an
unlimited number of shares of beneficial interest, without par value ("shares").
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"), except with
respect to the Gartmore GVIT Developing Markets Fund, have purchased shares of
the Trust's series. The Trust operates thirty-three (33) separate series, or
mutual funds, each with its own investment objectives and strategies. This
report contains the financial statements and financial highlights of the
Gartmore GVIT Developing Markets Fund (the "Fund").
2. MONTGOMERY FUNDS III REORGANIZATION
The Trust entered into an agreement and plan of reorganization (the "Montgomery
Funds III Reorganization") with the Montgomery Funds III pursuant to which all
of the assets and all of the stated liabilities of Montgomery Variable Series:
Emerging Markets Fund were transferred to Gartmore GVIT Developing Markets Fund
in exchange for Class II shares of that GVIT series. The Montgomery Funds III
Reorganization, which qualified as a tax-free exchange for Federal income tax
purposes, was completed on June 23, 2003 following approval by shareholders of
the Montgomery Funds III at a special shareholder meeting on June 13, 2003. The
GVIT Developing Markets Fund retained the financial history of the Montgomery
Variable Series: Emerging Markets Fund. The following is a summary of shares
outstanding, net assets, net asset value per share issued and unrealized
appreciation (depreciation) immediately before and after the Montgomery Funds
III Reorganization:
BEFORE REORGANIZATION AFTER REORGANIZATION
------------------------------- -----------------------
MONTGOMERY DEVELOPING DEVELOPING
EMERGING MARKETS MARKETS
MARKETS FUND FUND FUND
------------- -------------- ------------------------
Shares . . . . . . . . . . . . . . . . 12,059,201 - 12,059,201
Net assets . . . . . . . . . . . . . . $ 90,059,735 $ - $ 90,059,735
Net asset value:
Class II . . . . . . . . . . . . . . . 7.47 - 7.47
Unrealized appreciation (depreciation) 12,960,528 - 12,960,528
Accumulated net realized loss. . . . . (59,038,592) - (59,038,592)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements. The policies are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP"). The preparation of financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets,
liabilities and 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.
Debt and other fixed income securities (other than short-term obligations) are
valued at the last quoted bid price and/or by using a combination of daily
quotes and matrix evaluations provided by an independent pricing service, the
use of which has been approved by the Funds' Board of Trustees. Short-term debt
securities such as commercial paper and U.S. Treasury Bills having a remaining
maturity of 60 days or less at the time of purchase are considered to be
"short-term" and are valued at amortized cost which approximates market value.
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
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 judgement of the Fund's investment adviser
or designee, are valued at fair value under procedures approved by the Fund's
Board of Trustees.
(B) REPURCHASE AGREEMENTS
The Fund may enter into repurchase agreements with an entity which is a member
of the Federal Reserve System or which is a "primary dealer" (as designated by
the Federal Reserve Bank of New York) in U.S. Government obligations. The
repurchase price generally equals the price paid by 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.
(C) FOREIGN CURRENCY TRANSACTIONS
The accounting records of the Fund is 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
Fund does not isolate that portion of the results of operations resulting from
changes in foreign exchange rates on investments from fluctuations arising from
changes in market prices of securities held. Such 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. Such 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
The Fund may enter into forward foreign currency contracts in connection with
planned purchases or sales of securities or to hedge the U.S. dollar value of
portfolio securities denominated in a particular currency. The Fund could be
exposed to risks if the 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. The forward foreign currency
exchange 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) SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are accounted for on the date the security is purchased or
sold ("trade date"). Securities gains and losses are calculated on the
identified cost basis. Interest income is recognized on the accrual basis and
includes, where applicable, the amortization or accretion of premium or
discount. Dividend income is recorded on the ex-dividend date.
(G) FEDERAL INCOME TAXES
It is the policy of the Fund to 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 it from all, or substantially all, federal income taxes.
GARTMORE VARIABLE INSURANCE TRUST NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
As of June 30, 2003, the tax cost of securities and the breakdown of unrealized
appreciation (depreciation) for the Fund was as follows:
NET UNREALIZED
TAX COST OF UNREALIZED UNREALIZED APPRECIATION
FUND SECURITIES APPRECIATION DEPRECIATION (DEPRECIATION)
------------ ------------- -------------- -----------------
Developing Markets $ 77,938,372 $ 12,718,067 $ (1,300,667) $ 11,417,400
(H) DISTRIBUTIONS TO SHAREHOLDERS
For the Fund, dividends from net investment income, if any, are declared and
paid quarterly and 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 Fund. To the extent
distributions exceed current and accumulated earnings and profits for federal
income tax purposes, they are reported as distributions of paid-in-capital.
(I) EXPENSES
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 in relation to the net assets of each fund or on
another reasonable basis. Once expenses are charged to a fund, they are
allocated to the classes based on relative net assets of each class. Expenses
specific to a class (such as 12b-1 and administrative services fees) are charged
to that class.
4. TRANSACTIONS WITH AFFILIATES
Under the terms of the Investment Advisory Agreement, Gartmore Global Asset
Management Trust ("GGAMT") manages the investment of the assets and supervises
the daily business affairs of the Fund. GGAMT is a wholly-owned subsidiary of
Nationwide Corporation. All of the common stock of Nationwide Corporation is
held by Nationwide Mutual Insurance Company (95.3%) and Nationwide Mutual Fire
Insurance Company (4.7%), each of which is a mutual company owned by its
policyholders. GGAMT also provide investment management evaluation services in
initially selecting and monitoring, on an ongoing basis, the performance of
Gartmore Global Partners (the "sub-adviser"), an affiliate of GGAMT. The
subadviser manages all or a portion of the Fund's investments and has the
responsibility for making all investment decisions for the Fund.
Under the terms of the Investment Advisory Agreement, the Fund pays its adviser
an investment advisory fee based on the Fund's average daily net assets. From
such fees, pursuant to the sub-advisory agreements, GGAMT pays fees to the
subadviser. Additional information regarding investment advisory fee for GGAMT
and the subadvisory fee is as follows for the six months ended June 30, 2003:
FEE TOTAL FEES PAID TO
FUND SCHEDULE FEES RETAINED SUB-ADVISER
- ----------------------------------------------------------------
Developing Markets All assets 1.15% 0.575% 0.575%
- ----------------------------------------------------------------
Effective April 28, 2003, GGAMT and the Fund have entered into a written
contract ("Expense Limitation Agreement") limiting operating expenses from
exceeding the amount listed in the table below until at least April 30, 2004.
FUND EXPENSE CAPS
- ---- ------------
Developing Markets Class II Shares 1.35%1
- ------------
1 The expense cap described above excludes taxes, interest, brokerage fees,
extraordinary expenses, Rule 12b-1 fees and administrative service fees.
GARTMORE VARIABLE INSURANCE TRUST
NOTES TO FINANCIAL STATEMENTS - (CONTINUED)
JUNE 30, 2003 (UNAUDITED)
Under the terms of a Fund Administration Agreement, Gartmore SA Capital Trust
("GSA") provides the Fund with various administrative and accounting services.
Gartmore Investors Services, Inc. ("GISI"), an indirect subsidiary of GSA,
serves as Transfer and Dividend Disbursing Agent for the Fund. The fees for the
services provided under both agreements 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 GISI's
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 Fund's Distributor, is
compensated by the Fund for expenses associated with the distribution of Class
II shares of the Funds. Prior to October 1, 2002, Nationwide Securities, Inc.
("NSI"), served as the Fund's Distributor. 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.
5. BANK LOANS
Prior to April 7, 2003, the Trust had an unsecured bank line of credit of
$50,000,000. Borrowing under this arrangement bore interest at the Federal
Funds rate plus 0.50%. These interest costs are included in the custodian fees
in the Statements of Operations. No compensating balances were required under
the terms of the line of credit. For the period from April 7, 2003 to June 30,
2003, the Trust did not maintain an unsecured bank line of credit. There were
no unsecured bank loans outstanding as of June 30, 2003.
6. INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the six
months ended June 30, 2003 are summarized as follows:
FUND PURCHASES SALES
- ---- ----------- -----------
Developing Markets $81,602,170 $78,031,220
7. 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 Fund's investments in securities rated below
investment grade typically involve risks not associated with higher rated
securities including, among others, (a) greater risk of not receiving timely
and/or ultimate payment of interest and principal; (b) greater market price
volatility; and (c) less liquid secondary market trading. The consequences of
political, social, economic or diplomatic changes may have disruptive effects
on the market prices of emerging markets investments held by the Fund.
GARTMORE VARIABLE INSURANCE TRUST
SUPPLEMENTAL INFORMATION (UNAUDITED)
JUNE 30, 2003
SHAREHOLDER MEETING
On June 13, 2003, a Special Meeting of the shareholders of the Montgomery
Variable Series: Emerging Markets Fund was held. The matters considered at the
meeting, together with the actual vote tabulations relating to such matters are
as follows:
PROPOSAL 1:
To approve an Agreement and Plan of Reorganization between the Montgomery
Emerging Markets Fund, the acquired fund, and the Gartmore GVIT Developing
Markets Fund, the acquiring fund.
FOR AGAINST ABSTAIN
-------------------------------
10,042,727 211,769 883,136
PROPOSAL 2:
To approve a new investment advisory agreement between The Montgomery Funds III
and Gartmore Global Asset Management Trust:
FOR AGAINST ABSTAIN
-------------------------------
9,951,983 298,734 886,913
PROPOSAL 3:
To approve a new subadvisory agreement between Gartmore Global Asset Management
Trust and Gartmore Global Partners:
FOR AGAINST ABSTAIN
-------------------------------
9,938,455 201,830 997,346
GARTMORE VARIABLE INSURANCE TRUST
MANAGEMENT INFORMATION (UNAUDITED)
TRUSTEES WHO ARE NOT INTERESTED PERSONS
(AS DEFINED IN THE 1940 ACT) OF THE FUNDS
JUNE 30, 2003
NAME, ADDRESS POSITION(S) TERM OF
AND AGE HELD WITH OFFICE NUMBER OF
FUND WITH PORTFOLIOS IN
TRUST- FUND OTHER
LENGTH OF COMPLEX DIRECTORSHIPS
TIME OVERSEEN BY HELD BY
SERVED1 PRINCIPAL OCCUPATION(S) TRUSTEE TRUSTEE2
DURING PAST 5 YEARS
- -------------------------------------------------------------------------------------------------------------------------------
CHARLES E. ALLEN . . . Trustee Since Mr. Allen is Chairman, Chief Executive 82 None
8162 E. Jefferson Ave. July 2000 Officer and President of
#15B Graimark Realty Advisors, Inc.
Detroit, MI 48214 (real estate development, investment
and asset management).
Age 55
- -------------------------------------------------------------------------------------------------------------------------------
PAULA H.J. . . . . . . Trustee Since Ms. Cholmondeley is Vice President 82 None
CHOLMONDELEY July 2000 and General Manager of Special Products
c/o Sappi Fine Paper at Sappi Fine Paper North America. Prior to
225 Franklin Street 1998, she held various positions with Owens
Boston, MA 02110 Corning, including Vice President and
General Manager of the Residential
Age 56 Insulation Division (1997 to 1998).
- -------------------------------------------------------------------------------------------------------------------------------
C. BRENT DEVORE. . . . Trustee Since Dr. DeVore is President of 82 None
111 N. West Street May 1998 Otterbein College.
Westerville, OH 43081
Age 63
- -------------------------------------------------------------------------------------------------------------------------------
ROBERT M. DUNCAN . . . Trustee Since Since 1999, Mr. Duncan has worked as an a 82 None
1397 Haddon Road April 1997 rbitration and mediation
Columbus, OH 43209 consultant. From 1996 to 1999, he was
Commissioner of the Ohio
Age 76 Elections Commission.
- -------------------------------------------------------------------------------------------------------------------------------
BARBARA L. HENNIGAR. . Trustee Since Retired; Ms. Hennigar is the former 82 None
6363 So. Sicily Way July 2000 Chairman of Oppenheimer Funds
Aurora, CO 80016 Services and Shareholder Services Inc.
Ms. Hennigar held this position from
Age 67 October 1999 to June 2000. Prior to that,
she served as President and Chief
Executive Officer of
OppenheimerFunds Services.
- -------------------------------------------------------------------------------------------------------------------------------
THOMAS J. KERR, IV . . Trustee Since Dr. Kerr is President Emeritus of 82 None
4890 Smoketalk Lane June 1981 Kendall College.
Westerville, OH 43081
Age 69
- -------------------------------------------------------------------------------------------------------------------------------
DOUGLAS F. KRIDLER Mr. Kridler is the President and 82 None
2355 Brixton Road Chief Executive Officer of the
Columbus, OH 43221 . . Trustee Since Columbus Foundation. Prior to
September January 31, 2002, Mr. Kridler was the
Age 48 1997 President of the Columbus Association for
the Performing Arts and Chairman of the
Greater Columbus Convention and
Visitors Bureau.
- -------------------------------------------------------------------------------------------------------------------------------
MARK L. LIPSON . . . . Trustee Since Since July 2000, Mr. Lipson is the Chairman of 82 None
1620 26th Street March LGVI, LLC (a private equity firm that develops
Suite 300 2003 technology based solutions for the investment
Santa Monica, CA advisory/asset management industry).
Prior to this, Mr. Lispon was the former
Age 54 Chairman and Chief Executive Officer of
Northstar Holdings, Inc.
from November 1993 to December 1999, a
former Trustee of the Northstar Funds from
November 1993 to July 2000, and a Senior
Vice President of Reliastar
Financial Corporation
from November 1993 to December 1999.
- -------------------------------------------------------------------------------------------------------------------------------
DAVID C. WETMORE . . . Trustee Since Mr. Wetmore is the Managing 82(3) None
26 Turnbridge Drive May 1998 Director of Updata Capital, Inc., a
Long Cove Plantation venture capital firm.
Hilton Head, SC 29928
Age 54
- -------------------------------------------------------------------------------------------------------------------------------
GARTMORE VARIABLE INSURANCE TRUST
MANAGEMENT INFORMATION - (CONTINUED) (UNAUDITED)
TRUSTEES AND OFFICERS WHO ARE INTERESTED PERSONS (
AS DEFINED IN THE 1940 ACT) OF THE FUNDS
JUNE 30, 2003
NAME, ADDRESS POSITION(S) TERM OF NUMBER OTHER
AND AGE HELD WITH OFFICE PRINCIPAL OCCUPATION(S) OF DIRECTORSHIPS
FUND WITH DURING PAST 5 YEARS PORTFOLIOS IN HELD BY
TRUST- FUND TRUSTEE2
LENGTH COMPLEX
OF OVERSEEN BY
TIME TRUSTEE
SERVED1
- ---------------------------------------------------------------------------------------------------------------------------
PAUL J. HONDROS . Trustee Since
Gartmore Global . and July 2000 Mr. Hondros is President and
Investments, Inc. Chairman Chief Executive Officer of 82(3) None
1200 River Road Gartmore Distribution Services,
Conshohocken, PA Inc.*, Gartmore Investors Services, Inc.*,
19428 Gartmore Morley Capital Management, Inc.*,
Gartmore Morley Financial Services, Inc.*,
Age 54 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.* Prior to that, Mr. Hondros served
as President and Chief Operations Officer
of Pilgrim Baxter and Associates, Ltd., an invest-
ment management firm, and its affiliated
investment management arm, Pilgrim Baxter
Value Investors, Inc. and as Executive Vice
President to the PBHG Funds, PBHG Insurance
Series Funds and PBHG Adviser Funds.
- ---------------------------------------------------------------------------------------------------------------------------
ARDEN L. SHISLER. Trustee Since Mr. Shisler is President and
1356 North February Chief Executive Officer of K&B 82 None
Wenger Road 2000 Transport, Inc., a trucking firm,
Dalton, OH 44618 Chairman of the Board for Nationwide
Mutual Insurance Company* and a
Age 61 Director of Nationwide Financial Services, Inc.*
- ---------------------------------------------------------------------------------------------------------------------------
GERALD J. HOLLAND Treasurer Since Mr. Holland is Senior Vice President - Chief 82 None
Gartmore Global March Administrative Officer for GGI*, GMF*, GSA
Investments, Inc. 2001 and GDSI*. From July 2000 to March 2002
1200 River Road he was Senior Vice President - Operations for
Conshohocken, PA GGI, GMF and GSA. Prior to July 2000, he
19428 was Vice President for First Data Investor
Services, an investment company
Age 52 service provider.
- ---------------------------------------------------------------------------------------------------------------------------
ERIC E. MILLER. . Secretary Since Mr. Miller is Senior Vice President, 82 None
Gartmore Global December Chief Counsel for GGI*, GMF* and GSA*.
Investment, Inc. 2002 From July 2000 to August 2002, he was
1200 River Road a Partner with Stradley Ronon Stevens &
Conshohocken, PA Young, LLP. Prior to July 2000, he was a
19428 Senior Vice President Deputy
General Counsel.
Age 49
- ---------------------------------------------------------------------------------------------------------------------------
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 serves as an independent member, and Mr. Hondros serves as a
member, of the Administrative Committee for hedge funds managed by GSA.
* This position is held with an affiliated person or principal underwriter of
the Funds.
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. ONLY EFFECTIVE FOR ANNUAL REPORTS WITH PERIODS ENDING ON OR AFTER JULY
15, 2003.
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.
ONLY EFFECTIVE FOR ANNUAL REPORTS WITH PERIODS ENDING ON OR AFTER JULY 15, 2003.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial
statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those
fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed
in each of the last two fiscal years for assurance and related services by
the principal accountant that are reasonably related to the performance of
the audit of the registrant's financial statements and are not reported
under paragraph (a) of this Item. Registrants shall describe the nature of
the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning.
Registrants shall describe the nature of the services comprising the fees
disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a)
through (c) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of paragraphs
(b) through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on
the principal accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to work
performed by persons other than the principal accountant's full-time,
permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the
registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant's audit committee of the board of directors
has considered whether the provision of nonaudit services that were
rendered to the registrant's investment adviser (not including any
subadviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal accountant's
independence.
ONLY EFFECTIVE FOR ANNUAL REPORTS WITH PERIODS ENDING ON OR AFTER DECEMBER 15,
2003.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report
on this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities. NOT APPLICABLE.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures
as of a date within 90 days of the filing date of the report that includes
the disclosure required by this paragraph.
IN THE OPINION OF THE PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL
OFFICER, BASED ON THEIR EVALUATION, THE REGISTRANT'S DISCLOSURE CONTROLS
AND PROCEDURES ARE ADEQUATELY DESIGNED AND ARE OPERATING EFFECTIVELY TO
ENSURE (I) THAT MATERIAL INFORMATION RELATING TO THE REGISTRANT, INCLUDING
ITS CONSOLIDATED SUBSIDIARIES, IS MADE KNOWN TO THEM BY OTHERS WITHIN THOSE
ENTITIES, PARTICULARLY DURING THE PERIOD IN WHICH THIS REPORT IS BEING
PREPARED; AND (II) THAT INFORMATION REQUIRED TO BE DISCLOSED BY THE
REGISTRANT ON FORM N-CSR IS RECORDED, PROCESSED, SUMMARIZED AND REPORTED
WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND EXCHANGE
COMMISSION'S RULES AND FORMS.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))
that occurred during the registrant's last fiscal half-year (the
registrant's second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
THERE WAS NO CHANGE IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL
HALF-YEAR (THE REGISTRANT'S SECOND FISCAL HALF-YEAR IN THE CASE OF AN
ANNUAL REPORT) THAT HAS MATERIALLY AFFECTED OR IS REASONABLY LIKELY TO
MATERIALLY AFFECT, THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING.
ITEM 10. 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 - ONLY EFFECTIVE FOR ANNUAL REPORTS WITH
PERIODS ENDING ON OR AFTER JULY 15, 2003.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule
30a-2 under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 ARE ATTACHED HERETO.
(b) A separate or combined certification for each principal executive
officer and principal officer of the registrant as required by Rule
30a-2(b) under the Act of 1940. CERTIFICATIONS PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002 ARE ATTACHED HERETO.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Registrant: GARTMORE VARIABLE INSURANCE TRUST
By /s/ GERALD J. HOLLAND
Name: Gerald J. Holland
Title: Treasurer
Date: 9/8/03
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 /s/ PAUL J. HONDROS
Name: Paul J. Hondros
Title: President & Chairman of the Board
By /s/ GERALD J. HOLLAND
Name: Gerald J. Holland
Title: Treasurer
Date: 9/8/03