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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08495

GARTMORE MUTUAL FUNDS

(Exact name of registrant as specified in charter)
1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN PENNSYLVANIA 19428
(Address of principal executive offices)                     (Zip code)
ERIC E. MILLER, Esq.
1200 River Road
SUITE 1000
Conshohocken, PA 19428
(Name and address of agent for service)

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

Date of fiscal year end: 10/31/2004

Date of reporting period: 07/31/2004

     Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

TABLE OF CONTENTS

	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
SIGNATURES
CERTIFICATIONS PURSUANT TO RULE 30a-2(a)

Item 1. Schedule of Investments.

     File the schedules as of the close of the reporting period as set forth in§§ 210.12-12 — 12-14 of Regulation S-X [17 CFR 210.12-12 — 12-14]. The schedules need not be audited.

Gartmore Bond Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Principal
	Amount		Value
Asset Backed Securities (4.1%)
Chase Funding Mortgage Loan, 6.24%, 01/25/13	$	1,500,000	$	1,573,440
Residential Asset Mortgage Products, Inc., 2002 RSI-AI5, 5.91%, 01/25/32		1,566,000		1,606,100
Salomon Smith Barney Recreational Vehicle Trust, 6.30%, 04/15/16		1,000,000		1,047,173
Structured Asset Securities Corp., Series 2004-6XS, Class A6, 4.63%, 03/25/34		1,000,000		972,053
Total Asset Backed Securities				5,198,766
Commercial Mortgage Backed Securities (7.0%)
Commercial Services (7.0%)
Commercial Mortgage, Series 2001-J1A, Class B, 6.61%, 02/16/34, (b)		1,000,000		1,095,215
Heller Financial Commercial Mortgage Asset, 6.85%, 05/15/31		2,000,000		2,203,125
JP Morgan Chase Commercial Mortgage Securities, 6.26%, 03/15/33		2,000,000		2,168,178
Merrill Lynch Mortgage Investors, Inc., 7.56%, 09/15/09		2,000,000		2,247,243
Nomura Asset Securities Corp., 6.69%, 03/17/28		1,000,000		1,114,017
Total Commercial Mortgage Backed Securities				8,827,778
Corporate Bonds (51.8%)
Air Freight/Couriers (0.9%)
Federal Express Corp., 7.63%, 01/01/15		1,000,000		1,083,600
Airlines (1.6%)
America West Airlines, Series A, 6.85%, 07/02/09		407,395		409,819
United Air Lines, Inc., 6.60%, 09/01/13		2,000,000		1,668,019
				2,077,838
Auto-Cars/Light Trucks (0.9%)
Daimlerchrysler, Inc., 7.30%, 01/15/12		1,000,000		1,102,151
Banks (0.8%)
Mercantile Safe Deposit & Trust, 5.70%, 11/15/11		1,000,000		1,045,569
Beverages - Non-Alcoholic (1.0%)
Coca-Cola Enterprises, 8.50%, 02/01/22		1,000,000		1,273,601
Chemicals (0.8%)
Witco Corp., 6.13%, 02/01/06		1,000,000		1,000,000
Construction & Building Materials (0.8%)
Masco Corp., 6.75%, 03/15/06		1,000,000		1,059,068
Containers (0.8%)
Bemis Co., Inc., 6.70%, 07/01/05		1,000,000		1,035,504
Electronics (0.8%)
Texas Instruments, Inc., 6.13%, 02/01/06		1,000,000		1,048,768
Financial / Miscellaneous (9.5%)
Block Financial Corp., 8.50%, 04/15/07		1,000,000		1,122,902

	Principal
	Amount		Value
Countrywide Financial, 3.50%, 12/19/05		1,000,000		1,009,115
Deere & Co., 5.88%, 04/06/06		1,000,000		1,047,711
Ford Motor Credit Co., 7.38%, 02/01/11		1,000,000		1,061,272
General Motors Acceptance Corp., 6.88%, 09/15/11		1,000,000		1,026,567
Heller Financial, Inc., 7.38%, 11/01/09		1,375,000		1,569,439
Household Finance Co., 6.75%, 05/15/11		1,000,000		1,101,615
International Lease Finance Corp., 5.75%, 10/15/06		1,000,000		1,054,435
Lehman Brothers Holdings, Inc., 11.63%, 05/15/05		1,000,000		1,067,939
Regions Financial Corp., 7.00%, 03/01/11		1,600,000		1,808,842
				11,869,837
Food & Related (2.2%)
McCormick & Co., Inc., 6.40%, 02/01/06		1,000,000		1,053,198
Whitman Corp., 7.29%, 09/15/26		1,500,000		1,700,127
				2,753,325
Healthcare (3.3%)
Cardinal Health, Inc., 6.00%, 01/15/06		1,000,000		1,031,889
Kaiser Foundation Hospitals, 9.55%, 07/15/05		2,000,000		2,124,392
McKesson HBOC, Inc., 6.30%, 03/01/05		1,000,000		1,018,285
				4,174,566
Home Furnishings (0.8%)
Leggett & Platt, Inc., 7.65%, 02/15/05		1,000,000		1,025,489
Hotels & Casinos (1.8%)
Harrah’s Operating Co., Inc., 7.88%, 12/15/05		1,200,000		1,267,500
MGM Mirage, Inc. , 6.95%, 02/01/05		1,000,000		1,020,000
				2,287,500
Hotels/Motels (0.9%)
Marriott International, Inc., 7.00%, 01/15/08		1,000,000		1,089,657
Insurance (1.0%)
AMBAC, Inc., 9.38%, 08/01/11		1,000,000		1,259,484
Machinery & Capital Goods (1.7%)
Clark Equipment Co., 8.00%, 05/01/23		1,000,000		1,156,842
Precision Castparts Corp., 8.75%, 03/15/05		1,000,000		1,036,260
				2,193,102
Medical Equipment & Supplies (3.5%)
Bard (C.R.) Inc., 6.70%, 12/01/26		1,000,000		1,079,559
Becton, Dickinson & Co., 8.70%, 01/15/25		2,000,000		2,128,333
Guidant Corp., 6.15%, 02/15/06		1,000,000		1,047,117
				4,255,009
Medical-Drugs (1.1%)
Wyeth, 6.45%, 02/01/24		1,500,000		1,442,189
Motor Vehicle Parts & Accessories (2.5%)
Eaton Corp., 8.88%, 06/15/19		1,500,000		2,033,499
Pennzoil-Quaker State, 10.00%, 11/01/08		1,000,000		1,133,393
				3,166,892
Natural Gas (3.4%)
Columbia Energy Group, 6.80%, 11/28/05		2,000,000		2,097,010
ONEOK, Inc., 7.75%, 08/15/06		1,000,000		1,086,189
PG&E Gas Transmission, 7.10%, 06/01/05		1,000,000		1,033,750
				4,216,949
Nuclear Energy (0.8%)
USEC, Inc., 6.63%, 01/20/06		1,000,000		1,000,000
Office Furniture (0.8%)
Herman Miller, Inc., 7.13%, 03/15/11		1,000,000		1,046,465
Oil & Gas (2.1%)

	Principal
	Amount		Value
Kinder Morgan, Inc., 6.50%, 09/01/12		1,500,000		1,595,663
Sempra Energy, 6.95%, 12/01/05		1,000,000		1,048,982
				2,644,645
Paper & Forest Products (2.6%)
Temple-Inland, Inc., 7.88%, 05/01/12		1,000,000		1,142,769
Willamette Industries, Inc., 7.35%, 07/01/26		2,000,000		2,206,560
				3,349,329
Telecommunications (1.1%)
US West Communications, Inc., 6.88%, 09/15/33		1,750,000		1,443,750
Textile Apparel Manufacturers (1.0%)
V.F. Corp., 8.50%, 10/01/10		1,000,000		1,204,959
Utilities (3.3%)
Baltimore Gas & Electric, 7.50%, 01/15/07		1,200,000		1,310,987
Interstate P&L Co., 7.25%, 10/01/06		1,000,000		1,079,513
Pacific Gas & Electric, 6.05%, 03/01/34		750,000		722,516
Southwestern Electric Power Co., 7.00%, 09/01/07		1,000,000		1,089,670
				4,202,686
Total Corporate Bonds				65,351,932
Taxable Municipal Bonds (1.3%)
Louisiana (0.5%)
Tobacco Settlement Financing Corp., 6.36%, 05/15/25		673,257		653,336
South Carolina (0.8%)
Piedmont Municipal Power Agency, 2.65%, 01/01/05		1,000,000		998,300
Total Taxable Municipal Bonds				1,651,636
Principal Only Bond (0.8%)
U.S. Treasury Strips (0.8%)
5.47%, 08/15/20		2,500,000		1,052,215
Total Principal Only Bond				1,052,215
U.S. Government Sponsored and Agency Obligations (23.9%)
Federal Home Loan Bank (1.8%)
6.63%, 06/30/14		2,000,000		2,234,738
Federal Home Loan Mortgage Corporation (3.4%)
3.50%, 07/01/18, Gold Pool E01443		4,669,699		4,350,213
Federal National Mortgage Association (9.2%)
7.13%, 09/01/07, Pool #323286		1,701,832		1,782,849
7.30%, 05/25/10, Series 00-T5		3,000,000		3,411,338
6.62%, 06/01/16, Pool #383661		1,932,395		2,150,143
5.00%, 04/01/19, Pool #386905		997,794		981,350
6.85%, 05/17/20, Series 97-M6		1,042,035		1,116,558
5.50%, 05/25/23, Series 03-33		2,000,000		1,979,091
7.00%, 09/25/24, Series 01-36		155,825		155,562
				11,576,891
Sovereign Agency (0.3%)
AID-Israel, 5.88%, 05/15/24		1,000,000		317,700
U.S. Treasury Bonds (9.2%)
8.13%, 08/15/19		2,500,000		3,311,915
5.50%, 08/15/28		8,250,000		8,472,363
				11,784,278
Total U.S. Government Sponsored and Agency Obligations				30,263,820

	Principal
	Amount		Value
Commercial Paper (11.0%)
Countrywide Home Loans, 1.35%, 08/02/04		5,241,000		5,240,803
Johnson Controls, Inc., 1.32%, 08/02/04		3,722,000		3,721,864
UBS Finance, 1.32%, 08/02/04		5,000,000		4,999,817
Total Commercial Paper				13,962,484
Short-Term Securities Held as Collateral for Securities Lending (8.5%)
Pool of various securities for Gartmore	$	10,756,773		10,756,773
Mutual Funds - Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				10,756,773
Total Investments (Cost $131,757,177) (a) - 108.4%				137,065,404
Other liabilities in excess of assets - (8.4)%				(10,648,551	)
NET ASSETS - 100.0%			$	126,416,853

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

Unrealized appreciation	$	6,020,229
Unrealized depreciation		(712,002	)
Net unrealized appreciation (depreciation)	$	5,308,227

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Rule 144A, Section 4(2) or other security, which is restricted as to resale to institutional investors. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.

Gartmore Bond Index Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Principal
	Amount		Value
U.S. Government and Agency Long-Term Obligations (71.4%)
Federal Home Loan Mortgage Corporation (40.4%)
7.18%, 06/27/06	$	55,000	$	59,437
5.50%, 07/15/06		22,690,000		23,817,465
4.88%, 03/15/07		18,900,000		19,672,366
6.63%, 09/15/09		100,000		111,367
5.13%, 07/15/12		9,600,000		9,827,317
4.88%, 11/15/13		17,050,000		16,960,248
6.75%, 09/15/29		945,000		1,075,193
6.25%, 07/15/32		2,110,000		2,265,015
Gold, Pool #G10399, 6.50%, 07/01/09		191,788		199,559
Gold, Pool #E00394, 7.50%, 09/01/10		243,950		259,447
Gold, Pool #M80898, 4.50%, 02/01/11		1,510,183		1,512,982
Gold, Pool #M80917, 4.50%, 05/01/11		198,499		198,867
Gold, Pool #M80926, 4.50%, 07/01/11		800,000		801,483
Gold, Pool #G10940, 6.50%, 11/01/11		86,921		92,054
Gold, Pool #E00507, 7.50%, 09/01/12		15,288		16,261
Gold, Pool #G10749, 6.00%, 10/01/12		385,383		403,667
Gold, Pool #E69050, 6.00%, 02/01/13		243,317		254,792
Gold, Pool #E72896, 7.00%, 10/01/13		96,547		102,324
Gold, Pool #E00802, 7.50%, 02/01/15		289,736		308,309
Gold, Pool #G11001, 6.50%, 03/01/15		186,817		197,803
Gold, Pool #G11003, 7.50%, 04/01/15		15,024		15,988
Gold, Pool #G11164, 7.00%, 05/01/15		48,032		50,909
Gold, Pool #E81396, 7.00%, 10/01/15		7,920		8,396
Gold, Pool #E81394, 7.50%, 10/01/15		67,916		72,279
Gold, Pool #E84097, 6.50%, 12/01/15		31,109		32,927
Gold, Pool #E82132, 7.00%, 01/01/16		20,582		21,819
Gold, Pool #E00938, 7.00%, 01/01/16		120,681		127,932
Gold, Pool #E82815, 6.00%, 03/01/16		84,233		88,127
Gold, Pool #E83231, 6.00%, 04/01/16		28,413		29,714
Gold, Pool #E83233, 6.00%, 04/01/16		79,386		83,022
Gold, Pool #E83046, 7.00%, 04/01/16		13,540		14,353
Gold, Pool #E83355, 6.00%, 05/01/16		94,323		98,643
Gold, Pool #E83636, 6.00%, 05/01/16		178,662		186,845
Gold, Pool #E00975, 6.00%, 05/01/16		337,342		352,792
Gold, Pool #E83933, 6.50%, 05/01/16		8,226		8,706
Gold, Pool #G11122, 6.50%, 05/01/16		68,215		72,203
Gold, Pool #E00985, 6.00%, 06/01/16		173,081		181,008
Gold, Pool #E00987, 6.50%, 06/01/16		150,856		159,670
Gold, Pool #E84236, 6.50%, 06/01/16		45,895		48,576
Gold, Pool #E00996, 6.50%, 07/01/16		19,132		20,250
Gold, Pool #E85137, 6.50%, 08/01/16		71,439		75,613
Gold, Pool #E84912, 6.50%, 08/01/16		60,212		63,729
Gold, Pool #E85387, 6.00%, 09/01/16		221,233		231,365
Gold, Pool #E85800, 6.50%, 10/01/16		51,794		54,820
Gold, Pool #E86183, 6.00%, 11/01/16		22,819		23,864
Gold, Pool #G11207, 7.00%, 11/01/16		106,891		113,313
Gold, Pool #E01083, 7.00%, 11/01/16		36,474		38,666
Gold, Pool #E86533, 6.00%, 12/01/16		60,592		63,368
Gold, Pool #E01095, 6.00%, 01/01/17		68,387		71,519
Gold, Pool #E87584, 6.00%, 01/01/17		64,700		67,663
Gold, Pool #E87446, 6.50%, 01/01/17		36,024		38,126
Gold, Pool #E87291, 6.50%, 01/01/17		147,486		156,102

	Principal
	Amount		Value
Gold, Pool #E86995, 6.50%, 01/01/17		137,707		145,752
Gold, Pool #E88076, 6.00%, 02/01/17		46,415		48,528
Gold, Pool #E01127, 6.50%, 02/01/17		110,038		116,467
Gold, Pool #E88106, 6.50%, 02/01/17		230,335		243,780
Gold, Pool #E88055, 6.50%, 02/01/17		310,131		328,233
Gold, Pool #E88134, 6.00%, 03/01/17		14,129		14,772
Gold, Pool #E88768, 6.00%, 03/01/17		186,296		194,829
Gold, Pool #E88474, 6.00%, 03/01/17		107,947		112,859
Gold, Pool #E01137, 6.00%, 03/01/17		97,160		101,581
Gold, Pool #E01138, 6.50%, 03/01/17		55,625		58,872
Gold, Pool #E89151, 6.00%, 04/01/17		121,192		126,707
Gold, Pool #E89217, 6.00%, 04/01/17		51,700		54,053
Gold, Pool #E89347, 6.00%, 04/01/17		20,097		21,011
Gold, Pool #E01139, 6.00%, 04/01/17		433,220		452,935
Gold, Pool #E89496, 6.00%, 04/01/17		101,553		106,174
Gold, Pool #E89149, 6.00%, 04/01/17		125,833		131,559
Gold, Pool #E89222, 6.00%, 04/01/17		344,786		360,476
Gold, Pool #E88729, 6.00%, 04/01/17		96,585		100,980
Gold, Pool #E89203, 6.50%, 04/01/17		52,784		55,865
Gold, Pool #E01140, 6.00%, 05/01/17		375,146		392,217
Gold, Pool #E89746, 6.00%, 05/01/17		857,429		896,448
Gold, Pool #E89530, 6.00%, 05/01/17		266,346		278,466
Gold, Pool #E89788, 6.00%, 05/01/17		55,637		58,169
Gold, Pool #E89909, 6.00%, 05/01/17		104,775		109,543
Gold, Pool #E01156, 6.50%, 05/01/17		160,891		170,282
Gold, Pool #E89924, 6.50%, 05/01/17		316,811		335,303
Gold, Pool #E90313, 6.00%, 06/01/17		41,399		43,283
Gold, Pool #E01157, 6.00%, 06/01/17		265,402		277,479
Gold, Pool #E90227, 6.00%, 06/01/17		60,501		63,254
Gold, Pool #E90194, 6.00%, 06/01/17		91,877		96,058
Gold, Pool #E90591, 5.50%, 07/01/17		358,312		368,574
Gold, Pool #E90645, 6.00%, 07/01/17		478,100		499,857
Gold, Pool #E90667, 6.00%, 07/01/17		60,587		63,344
Gold, Pool #E90594, 6.00%, 07/01/17		228,388		238,781
Gold, Pool #E01205, 6.50%, 08/01/17		115,606		122,354
Gold, Pool #G11458, 6.00%, 09/01/17		247,594		259,121
Gold, Pool #E93476, 5.00%, 01/01/18		618,836		623,992
Gold, Pool #G11434, 6.50%, 01/01/18		190,925		202,079
Gold, Pool #E01311, 5.50%, 02/01/18		7,653,673		7,872,874
Gold, Pool #E01344, 4.50%, 04/01/18		390,625		385,108
Gold, Pool #E98207, 5.00%, 04/01/18		162,567		163,917
Gold, Pool #E96459, 5.00%, 05/01/18		251,380		253,468
Gold, Pool #E99869, 5.00%, 06/01/18		310,637		313,224
Gold, Pool #E97366, 5.00%, 07/01/18		1,278,559		1,289,176
Gold, Pool #E98258, 5.00%, 07/01/18		753,288		759,543
Gold, Pool #E97702, 5.00%, 07/01/18		2,088,977		2,106,324
Gold, Pool #E97335, 5.00%, 07/01/18		5,728,679		5,776,249
Gold, Pool #E99498, 5.00%, 09/01/18		395,899		399,187
Gold, Pool #E99579, 5.00%, 09/01/18		416,665		420,125
Gold, Pool #E99675, 5.00%, 10/01/18		2,479,605		2,500,195
Gold, Pool #E01488, 5.00%, 10/01/18		438,620		442,262
Gold, Pool #E99673, 5.00%, 10/01/18		249,785		251,859
Gold, Pool #G11480, 5.00%, 11/01/18		2,326,424		2,345,742
Gold, Pool #B10650, 5.00%, 11/01/18		768,285		774,664
Gold, Pool #B11186, 4.50%, 12/01/18		15,842,256		15,618,486
Gold, Pool #E01538, 5.00%, 12/01/18		2,915,488		2,939,698
Gold, Pool #B11803, 4.50%, 01/01/19		2,497,187		2,461,915
Gold, Pool #B13147, 5.00%, 01/01/19		1,680,692		1,694,648
Gold, Pool #B13067, 4.50%, 03/01/19		853,826		840,371
Gold, Pool #B12737, 4.50%, 03/01/19		1,300,001		1,279,515
Gold, Pool #B12908, 5.50%, 03/01/19		551,429		566,790
Gold, Pool #B13135, 4.50%, 04/01/19		645,105		635,993

	Principal
	Amount		Value
Gold, Pool #B13671, 5.00%, 04/01/19		393,846		396,941
Gold, Pool #B13600, 5.50%, 04/01/19		397,133		408,196
Gold, Pool #B14149, 4.00%, 05/01/19		1,982,643		1,903,692
Gold, Pool #B14722, 4.00%, 05/01/19		1,031,114		990,054
Gold, Pool #B14736, 4.00%, 05/01/19		2,757,847		2,648,025
Gold, Pool #B13525, 4.50%, 05/01/19		1,231,866		1,212,453
Gold, Pool #B14020, 4.50%, 05/01/19		143,663		141,399
Gold, Pool #B15394, 4.50%, 06/01/19		2,988,381		2,941,287
Gold, Pool #B15067, 4.50%, 06/01/19		727,249		715,789
Gold, Pool #B15172, 4.50%, 06/01/19		896,572		882,443
Gold, Pool #B15013, 5.00%, 06/01/19		896,771		903,817
Gold, Pool #B15503, 5.00%, 07/01/19		600,001		604,715
Gold, Pool #G18002, 5.00%, 07/01/19		500,000		503,929
Gold, Pool #G18007, 6.00%, 07/01/19		330,001		345,057
Gold, Pool #C00351, 8.00%, 07/01/24		10,419		11,376
Gold, Pool #D60780, 8.00%, 06/01/25		17,703		19,345
Gold, Pool #D64617, 8.00%, 10/01/25		185,696		202,925
Gold, Pool #D82854, 7.00%, 10/01/27		45,418		48,182
Gold, Pool #C00566, 7.50%, 12/01/27		53,535		57,548
Gold, Pool #C16221, 7.00%, 10/01/28		1,380		1,463
Gold, Pool #C00676, 6.50%, 11/01/28		260,069		272,444
Gold, Pool #C18271, 7.00%, 11/01/28		46,281		49,071
Gold, Pool #C00678, 7.00%, 11/01/28		65,540		69,490
Gold, Pool #C24416, 8.50%, 02/01/29		17,158		18,679
Gold, Pool #C00836, 7.00%, 07/01/29		32,297		34,223
Gold, Pool #C30265, 6.50%, 08/01/29		77,486		81,119
Gold, Pool #A16201, 7.00%, 08/01/29		877,524		929,832
Gold, Pool #C31282, 7.00%, 09/01/29		11,841		12,547
Gold, Pool #C31285, 7.00%, 09/01/29		76,207		80,750
Gold, Pool #C32914, 8.00%, 11/01/29		43,368		47,113
Gold, Pool #C37436, 8.00%, 01/01/30		45,371		49,289
Gold, Pool #C36306, 7.00%, 02/01/30		30,289		32,077
Gold, Pool #C36429, 7.00%, 02/01/30		43,834		46,421
Gold, Pool #C00921, 7.50%, 02/01/30		41,976		45,070
Gold, Pool #G01108, 7.00%, 04/01/30		27,887		29,549
Gold, Pool #C37703, 7.50%, 04/01/30		33,164		35,608
Gold, Pool #G01133, 6.50%, 07/01/30		199,077		208,550
Gold, Pool #C41561, 8.00%, 08/01/30		18,982		20,605
Gold, Pool #C01051, 8.00%, 09/01/30		96,027		104,241
Gold, Pool #C43550, 7.00%, 10/01/30		56,042		59,349
Gold, Pool #C44017, 7.50%, 10/01/30		15,751		16,912
Gold, Pool #C43967, 8.00%, 10/01/30		118,654		128,803
Gold, Pool #C44978, 7.00%, 11/01/30		33,921		35,923
Gold, Pool #C44535, 7.50%, 11/01/30		38,242		41,061
Gold, Pool #C44957, 8.00%, 11/01/30		40,863		44,359
Gold, Pool #C55715, 7.00%, 12/01/30		7,841		8,304
Gold, Pool #C01106, 7.00%, 12/01/30		515,495		545,915
Gold, Pool #C01103, 7.50%, 12/01/30		37,397		40,153
Gold, Pool #C01116, 7.50%, 01/01/31		38,125		40,935
Gold, Pool #C46932, 7.50%, 01/01/31		74,163		79,629
Gold, Pool #C47143, 8.00%, 01/01/31		89,469		97,122
Gold, Pool #C47287, 7.50%, 02/01/31		41,342		44,389
Gold, Pool #G01217, 7.00%, 03/01/31		391,210		414,296
Gold, Pool #C48851, 7.00%, 03/01/31		96,259		101,913
Gold, Pool #C48206, 7.50%, 03/01/31		34,015		36,522
Gold, Pool #C48938, 7.50%, 03/01/31		150,930		162,053
Gold, Pool #C52685, 6.50%, 05/01/31		169,667		177,529
Gold, Pool #C01172, 6.50%, 05/01/31		208,385		218,040
Gold, Pool #C52136, 7.00%, 05/01/31		90,194		95,492
Gold, Pool #C53589, 6.50%, 06/01/31		374,541		391,895
Gold, Pool #C53324, 7.00%, 06/01/31		104,350		110,480
Gold, Pool #C01209, 8.00%, 06/01/31		27,233		29,562

	Principal
	Amount		Value
Gold, Pool #C54897, 6.50%, 07/01/31		385,232		403,081
Gold, Pool #C54792, 7.00%, 07/01/31		356,551		377,494
Gold, Pool #C55071, 7.50%, 07/01/31		42,172		45,266
Gold, Pool #G01309, 7.00%, 08/01/31		107,321		113,625
Gold, Pool #C56769, 8.00%, 08/01/31		19,775		21,459
Gold, Pool #C01220, 6.50%, 09/01/31		49,249		51,530
Gold, Pool #C58215, 6.50%, 09/01/31		14,494		15,166
Gold, Pool #C58362, 6.50%, 09/01/31		110,039		115,138
Gold, Pool #C01222, 7.00%, 09/01/31		72,936		77,220
Gold, Pool #G01315, 7.00%, 09/01/31		23,365		24,744
Gold, Pool #G01311, 7.00%, 09/01/31		627,419		664,444
Gold, Pool #C58961, 6.50%, 10/01/31		2,296,768		2,403,186
Gold, Pool #C01244, 6.50%, 10/01/31		287,056		300,356
Gold, Pool #C58694, 7.00%, 10/01/31		193,294		204,649
Gold, Pool #C58647, 7.00%, 10/01/31		10,621		11,245
Gold, Pool #C60991, 6.50%, 11/01/31		39,261		41,080
Gold, Pool #C60012, 7.00%, 11/01/31		67,335		71,291
Gold, Pool #C61298, 8.00%, 11/01/31		56,692		61,520
Gold, Pool #C01271, 6.50%, 12/01/31		78,438		82,073
Gold, Pool #C61105, 7.00%, 12/01/31		49,040		51,920
Gold, Pool #C01305, 7.50%, 12/01/31		47,413		50,892
Gold, Pool #C62218, 7.00%, 01/01/32		89,733		95,004
Gold, Pool #C63171, 7.00%, 01/01/32		141,952		150,290
Gold, Pool #C01355, 6.50%, 02/01/32		109,709		114,793
Gold, Pool #C64121, 7.50%, 02/01/32		155,743		167,170
Gold, Pool #C64668, 6.50%, 03/01/32		91,534		95,777
Gold, Pool #C01310, 6.50%, 03/01/32		425,300		445,017
Gold, Pool #C65466, 6.50%, 03/01/32		890,650		931,940
Gold, Pool #C66191, 6.50%, 04/01/32		148,514		155,399
Gold, Pool #C66088, 6.50%, 04/01/32		74,048		77,481
Gold, Pool #C01343, 6.50%, 04/01/32		366,687		383,686
Gold, Pool #C66192, 6.50%, 04/01/32		94,203		98,570
Gold, Pool #C66744, 7.00%, 04/01/32		47,413		50,185
Gold, Pool #G01391, 7.00%, 04/01/32		1,036,704		1,097,882
Gold, Pool #C01345, 7.00%, 04/01/32		278,477		294,760
Gold, Pool #C65717, 7.50%, 04/01/32		114,775		123,100
Gold, Pool #C01370, 8.00%, 04/01/32		99,221		107,574
Gold, Pool #C67313, 6.50%, 05/01/32		26,987		28,238
Gold, Pool #C66758, 6.50%, 05/01/32		1,925,014		2,014,257
Gold, Pool #C66919, 6.50%, 05/01/32		42,172		44,127
Gold, Pool #C67097, 6.50%, 05/01/32		64,855		67,862
Gold, Pool #C01351, 6.50%, 05/01/32		244,877		256,229
Gold, Pool #C67235, 7.00%, 05/01/32		562,509		595,398
Gold, Pool #C66916, 7.00%, 05/01/32		220,211		233,086
Gold, Pool #C67259, 7.00%, 05/01/32		29,872		31,618
Gold, Pool #C01381, 8.00%, 05/01/32		390,252		423,484
Gold, Pool #C67996, 6.50%, 06/01/32		63,734		66,689
Gold, Pool #C01364, 6.50%, 06/01/32		250,702		262,325
Gold, Pool #C72497, 6.50%, 06/01/32		106,000		110,912
Gold, Pool #C72361, 6.50%, 06/01/32		138,312		144,721
Gold, Pool #C68290, 7.00%, 06/01/32		76,538		81,013
Gold, Pool #C68300, 7.00%, 06/01/32		454,482		481,056
Gold, Pool #C68307, 8.00%, 06/01/32		71,549		77,573
Gold, Pool #C71403, 6.50%, 07/01/32		221,999		232,285
Gold, Pool #G01433, 6.50%, 07/01/32		143,915		150,587
Gold, Pool #G01449, 7.00%, 07/01/32		711,324		753,300
Gold, Pool #C68988, 7.50%, 07/01/32		127,296		136,530
Gold, Pool #C69951, 6.50%, 08/01/32		352,022		368,341
Gold, Pool #G01443, 6.50%, 08/01/32		966,324		1,011,122
Gold, Pool #C01385, 6.50%, 08/01/32		349,200		365,389
Gold, Pool #G01444, 6.50%, 08/01/32		965,844		1,010,595
Gold, Pool #C74006, 6.50%, 08/01/32		112,339		117,547

	Principal
	Amount		Value
Gold, Pool #C70211, 7.00%, 08/01/32		411,852		435,933
Gold, Pool #C69908, 7.00%, 08/01/32		338,210		357,985
Gold, Pool #C01396, 6.50%, 09/01/32		550,595		576,120
Gold, Pool #C71089, 7.50%, 09/01/32		112,079		120,209
Gold, Pool #C01404, 6.50%, 10/01/32		1,454,973		1,522,425
Gold, Pool #C72160, 7.50%, 10/01/32		243,740		261,421
Gold, Pool #A14012, 6.50%, 11/01/32		352,987		369,352
Gold, Pool #C73984, 6.50%, 12/01/32		151,836		158,875
Gold, Pool #C77531, 6.50%, 02/01/33		402,930		421,609
Gold, Pool #A10212, 6.50%, 06/01/33		193,179		202,005
Gold, Pool #A16419, 6.50%, 11/01/33		403,400		421,830
Gold, Pool #A17262, 6.50%, 12/01/33		1,467,273		1,534,306
Gold, Pool #A17177, 6.50%, 12/01/33		601,670		629,158
Gold, Pool #A21514, 5.00%, 04/01/34		2,693,104		2,625,897
Gold, Pool #C01811, 5.00%, 04/01/34		24,969,640		24,346,513
Gold, Pool #A20802, 5.00%, 04/01/34		4,809,693		4,689,666
Gold, Pool #A20962, 5.00%, 04/01/34		990,606		965,886
Gold, Pool #C01845, 4.50%, 05/01/34		998,003		943,158
Gold, Pool #A23096, 5.00%, 05/01/34		3,395,047		3,310,323
Gold, Pool #A23542, 4.50%, 06/01/34		3,152,260		2,979,026
Gold, Pool #A23188, 5.00%, 06/01/34		3,695,523		3,603,299
Gold, Pool #A23131, 5.00%, 06/01/34		8,100,005		7,897,866
Gold, Pool #C01846, 5.00%, 06/01/34		499,045		486,591
Gold, Pool #A23562, 5.00%, 06/01/34		1,398,428		1,363,530
TBA, 4.50%, 08/01/19 (c)		600,000		589,687
TBA, 5.00%, 08/01/19 (c)		2,100,000		2,113,125
TBA, 5.50%, 08/01/19 (c)		1,350,000		1,385,438
TBA, 4.50%, 09/01/19 (c)		6,200,000		6,076,000
TBA, 5.00%, 09/01/19 (c)		1,500,000		1,534,218
TBA, 5.50%, 08/01/34 (c)		72,847,000		73,030,179
TBA, 6.00%, 08/01/34 (c)		37,166,000		38,106,745
TBA, 4.50%, 10/01/34 (c)		700,000		656,688
				363,154,937
Federal National Mortgage Association (11.5%)
3.50%, 09/15/04		11,600,000		11,626,123
5.75%, 02/15/08		30,405,000		32,495,252
6.63%, 11/15/10		26,725,000		29,903,323
5.50%, 03/15/11		5,155,000		5,438,845
5.38%, 11/15/11		4,070,000		4,251,371
4.38%, 03/15/13		14,060,000		13,586,276
5.00%, 03/25/18		1,058,738		1,056,716
Pool #709921, 5.00%, 06/01/18		274,703		277,107
Pool #255315, 4.00%, 07/01/19		607,376		583,081
Pool #560868, 7.50%, 02/01/31		27,386		29,317
Pool #607212, 7.50%, 10/01/31		396,908		424,906
Pool #607559, 6.50%, 11/01/31		13,973		14,600
Pool #607632, 6.50%, 11/01/31		11,422		11,935
Pool #661664, 7.50%, 09/01/32		1,050,160		1,123,300
Pool #694846, 6.50%, 04/01/33		320,409		334,602
Pool #750229, 6.50%, 10/01/33		941,438		983,140
TBA, 4.50%, 08/01/34 (c)		730,000		689,165
TBA, 6.50%, 09/01/34 (c)		800,000		832,250
				103,661,309
Financing Corporation (0.0%)
9.80%, 11/30/17		30,000		42,843
Government National Mortgage Association (4.1%)
Pool #279461, 9.00%, 11/15/19		15,094		16,982
Pool #376510, 7.00%, 05/15/24		42,588		45,473
Pool #780678, 6.50%, 11/15/27		30,534		32,121
Pool #457801, 7.00%, 08/15/28		68,691		73,095
Pool #490258, 6.50%, 02/15/29		24,243		25,407

	Principal
	Amount		Value
Pool #486936, 6.50%, 02/15/29		50,974		53,421
Pool #502969, 6.00%, 03/15/29		142,436		146,900
Pool #487053, 7.00%, 03/15/29		56,999		60,613
Pool #781014, 6.00%, 04/15/29		122,680		126,586
Pool #509099, 7.00%, 06/15/29		62,403		66,360
Pool #470643, 7.00%, 07/15/29		330,365		351,314
Pool #434505, 7.50%, 08/15/29		11,601		12,496
Pool #416538, 7.00%, 10/15/29		25,921		27,565
Pool #524269, 8.00%, 11/15/29		19,457		21,303
Pool #781265, 6.50%, 12/15/29		145,015		152,046
Pool #781124, 7.00%, 12/15/29		295,340		314,170
Pool #525561, 8.00%, 01/15/30		30,741		33,636
Pool #531352, 7.50%, 09/15/30		57,012		61,390
Pool #507396, 7.50%, 09/15/30		391,091		421,122
Pool #536334, 7.50%, 10/15/30		7,574		8,156
Pool #519020, 7.50%, 11/15/30		16,369		17,626
Pool #545233, 7.50%, 12/15/30		5,703		6,141
Pool #540659, 7.00%, 01/15/31		11,668		12,402
Pool #486019, 7.50%, 01/15/31		41,493		44,629
Pool #535388, 7.50%, 01/15/31		39,436		42,416
Pool #537406, 7.50%, 02/15/31		18,593		19,998
Pool #528589, 6.50%, 03/15/31		167,243		175,208
Pool #520073, 6.50%, 04/15/31		732,411		767,291
Pool #533723, 7.50%, 04/15/31		26,959		28,996
Pool #508473, 7.50%, 04/15/31		96,464		103,755
Pool #544470, 8.00%, 04/15/31		43,308		47,378
Pool #781287, 7.00%, 05/15/31		187,398		199,286
Pool #541499, 6.50%, 07/15/31		24,240		25,395
Pool #549742, 7.00%, 07/15/31		116,830		124,177
Pool #781319, 7.00%, 07/15/31		66,415		70,607
Pool #485879, 7.00%, 08/15/31		153,318		162,960
Pool #555125, 7.00%, 09/15/31		42,176		44,829
Pool #781328, 7.00%, 09/15/31		171,399		182,272
Pool #485857, 6.50%, 10/15/31		38,518		40,352
Pool #550991, 6.50%, 10/15/31		75,790		79,399
Pool #571267, 7.00%, 10/15/31		30,629		32,555
Pool #547948, 6.50%, 11/15/31		42,292		44,306
Pool #568201, 6.50%, 11/15/31		11,650		12,205
Pool #574837, 7.50%, 11/15/31		48,712		52,394
Pool #555171, 6.50%, 12/15/31		27,890		29,219
Pool #427546, 6.50%, 12/15/31		19,261		20,178
Pool #781380, 7.50%, 12/15/31		63,517		68,381
Pool #781481, 7.50%, 01/15/32		351,187		378,173
Pool #580972, 6.50%, 02/15/32		60,494		63,372
Pool #781401, 7.50%, 02/15/32		192,904		207,617
Pool #579669, 6.50%, 03/15/32		186,022		194,871
Pool #552474, 7.00%, 03/15/32		146,988		156,182
Pool #781478, 7.50%, 03/15/32		105,065		113,138
Pool #781429, 8.00%, 03/15/32		150,432		164,092
Pool #587673, 6.50%, 05/15/32		460,318		482,214
Pool #569426, 6.50%, 05/15/32		158,797		166,351
Pool #581925, 6.50%, 05/15/32		76,060		79,678
Pool #587661, 6.50%, 05/15/32		342,036		358,305
Pool #583942, 6.50%, 06/15/32		281,664		295,062
Pool #583645, 8.00%, 07/15/32		107,222		117,106
Pool #590424, 6.50%, 09/15/32		79,489		83,270
Pool #565506, 6.50%, 09/15/32		157,256		164,737
Pool #595077, 6.00%, 10/15/32		446,756		460,428
Pool #596657, 7.00%, 10/15/32		78,981		83,921
Pool #552952, 6.00%, 12/15/32		500,000		515,302
Pool #612953, 7.00%, 12/15/32		516,037		548,317
Pool #603863, 6.50%, 01/15/33		452,483		473,798

	Principal
	Amount		Value
Pool #588192, 6.00%, 02/15/33		256,463		264,136
Pool #602102, 6.00%, 02/15/33		566,253		583,194
Pool #604004, 6.50%, 02/15/33		800,521		838,232
Pool #602779, 6.50%, 02/15/33		191,368		200,383
Pool #608138, 5.50%, 03/15/33		660,719		666,115
Pool #603520, 6.00%, 03/15/33		498,091		512,993
Pool #604243, 6.00%, 04/15/33		977,180		1,006,415
Pool #611526, 6.00%, 05/15/33		251,812		259,346
Pool #611955, 6.50%, 05/15/33		700,001		732,976
Pool #781627, 5.50%, 06/15/33		1,683,610		1,697,502
Pool #615304, 5.00%, 07/15/33		1,217,657		1,196,257
Pool #594048, 5.00%, 07/15/33		643,996		632,678
Pool #619587, 5.00%, 07/15/33		722,753		710,051
Pool #572733, 6.00%, 07/15/33		333,217		343,186
Pool #616031, 6.50%, 07/15/33		600,000		628,265
Pool #500254, 4.50%, 08/15/33		693,665		659,414
Pool #620452, 5.50%, 08/15/33		901,090		908,449
Pool #615947, 5.00%, 09/15/33		457,878		449,831
Pool #566495, 5.00%, 09/15/33		345,549		339,476
Pool #603106, 5.00%, 09/15/33		748,563		735,407
Pool #621697, 4.50%, 10/15/33		1,415,762		1,345,858
Pool #608319, 5.50%, 10/15/33		3,369,780		3,397,303
Pool #622637, 5.50%, 11/15/33		1,461,424		1,473,360
Pool #573916, 6.00%, 11/15/33		700,001		720,944
Pool #781690, 6.00%, 12/15/33		750,866		773,782
Pool #622399, 6.50%, 12/15/33		500,001		523,555
Pool #781699, 7.00%, 12/15/33		460,509		489,510
Pool #621856, 6.00%, 01/15/34		1,036,344		1,067,156
Pool #632831, 5.50%, 07/15/34		2,299,770		2,316,402
TBA, 5.00%, 08/01/34 (c)		1,100,000		1,076,968
TBA, 5.00%, 09/01/34 (c)		600,000		585,187
				36,744,776
Tennessee Valley Authority (0.0%)
6.25%, 12/15/17		85,000		92,435
U.S. Treasury Bonds (5.5%)
8.75%, 05/15/17		6,000,000		8,220,234
8.50%, 02/15/20		4,570,000		6,256,435
8.75%, 08/15/20		150,000		210,176
6.25%, 08/15/23		17,865,000		20,038,116
6.38%, 08/15/27		7,850,000		8,978,744
5.38%, 02/15/31		6,015,000		6,160,677
				49,864,382
U.S. Treasury Notes (9.9%)
5.88%, 11/15/04		9,735,000		9,854,409
1.75%, 12/31/04		2,270,000		2,271,153
5.75%, 11/15/05		45,925,000		47,936,009
5.88%, 11/15/05		410,000		428,594
4.38%, 05/15/07		4,305,000		4,459,037
3.25%, 08/15/07		2,260,000		2,269,271
3.00%, 11/15/07		1,965,000		1,953,564
2.63%, 05/15/08		2,405,000		2,341,775
3.13%, 09/15/08		1,820,000		1,795,829
3.13%, 10/15/08		1,325,000		1,305,695
3.38%, 11/15/08		8,640,000		8,588,696
4.88%, 02/15/12		1,000,000		1,041,875
4.00%, 11/15/12		5,180,000		5,068,309
				89,314,216
Total U.S. Government and Agency Long-Term Obligations				642,874,898
Corporate Bonds (27.4%)

	Principal
	Amount		Value
Aerospace (0.4%)
General Dynamics Corp., 3.00%, 05/15/08		425,000		412,736
Lockheed Martin Corp., 8.50%, 12/01/29		600,000		763,155
Northrop Grumman Corp., 7.13%, 02/15/11		535,000		601,783
Raytheon Co., 6.30%, 03/15/05		190,000		194,489
Raytheon Co., 6.50%, 07/15/05		135,000		139,474
Raytheon Co., 8.20%, 03/01/06		600,000		646,447
Raytheon Co., 8.30%, 03/01/10		250,000		294,915
Raytheon Co., 5.50%, 11/15/12		150,000		153,486
Rockwell Collins Corp., 4.75%, 12/01/13		500,000		488,557
United Technologies Corp., 6.35%, 03/01/11		225,000		246,341
				3,941,383
Agricultural Products (0.0%)
Potash Corp. of Saskatchewan, Inc., 7.75%, 05/31/11		70,000		80,586
Potash Corp. of Saskatchewan, Inc., 4.88%, 03/01/13		250,000		242,308
				322,894
Airlines (0.1%)
Continental Airlines, Inc., 6.56%, 02/15/12		395,000		414,081
Continental Airlines, Inc., 7.88%, 07/02/18		249,877		236,476
Southwest Airlines Corp., 8.00%, 03/01/05		40,000		41,130
Southwest Airlines Corp., 7.88%, 09/01/07		24,000		26,639
				718,326
Auto Parts & Equipment (0.0%)
Delphi Auto Systems Corp., 6.55%, 06/15/06		120,000		125,860
Visteon Corp., 8.25%, 08/01/10		150,000		158,062
				283,922
Automobiles (0.3%)
DaimlerChrysler AG, 6.40%, 05/15/06		350,000		368,725
DaimlerChrysler AG, 7.30%, 01/15/12		660,000		727,420
DaimlerChrysler AG, 6.50%, 11/15/13		200,000		208,314
DaimlerChrysler AG, 8.50%, 01/18/31		150,000		176,111
Ford Motor Co., 7.45%, 07/16/31		700,000		665,769
General Motors, 7.13%, 07/15/13		750,000		769,630
General Motors, 8.38%, 07/15/33		150,000		156,817
				3,072,786
Banking (3.2%)
Anadarko Finance Co., 6.75%, 05/01/11		200,000		221,486
Andina de Fomento Corp., 6.88%, 03/15/12		400,000		438,338
Banco Nacional Co. Ext, 3.88%, 01/21/09 (b)		100,000		95,125
Bank of America Corp., 5.88%, 02/15/09		400,000		427,768
Bank of America Corp., 4.88%, 09/15/12		490,000		483,549
Bank of America Corp., 4.88%, 01/15/13		250,000		246,156

	Principal
	Amount		Value
Bank of America Corp., 5.25%, 12/01/15		500,000		488,832
Bank of New York Corp., 5.20%, 07/01/07		565,000		591,341
Bank One Corp., 6.88%, 08/01/06		115,000		123,135
Bank One Corp., 4.13%, 09/01/07		1,615,000		1,638,716
Bank One Corp., 7.88%, 08/01/10		100,000		116,402
Bank One Corp., 5.25%, 01/30/13		300,000		298,163
Bank One Corp., 8.00%, 04/29/27		122,000		146,363
BB&T Corp., 6.50%, 08/01/11		300,000		327,369
BHP Finance Corp., 6.42%, 03/01/26		135,000		141,718
BSCH Issuances Ltd., 7.63%, 09/14/10		100,000		115,361
Citicorp, Inc., 6.38%, 11/15/08		275,000		297,950
Citigroup, Inc., 6.50%, 02/07/06		400,000		421,034
Citigroup, Inc., 7.25%, 10/01/10		325,000		369,397
Citigroup, Inc., 5.63%, 08/27/12		500,000		519,866
Citigroup, Inc., 6.63%, 06/15/32		565,000		594,283
Comerica, Inc., 4.80%, 05/01/15		300,000		283,925
Deutsche Bank AG, 7.50%, 04/25/09		100,000		113,591
Fifth Third Bank, 3.38%, 08/15/08		280,000		273,861
First Union Corp., 7.55%, 08/18/05		540,000		567,172
First Union Corp., 7.00%, 03/15/06		500,000		534,724
Firstbank Puerto Rico Corp., 7.63%, 12/20/05		100,000		104,425
FleetBoston Financial Corp., 7.25%, 09/15/05		1,750,000		1,839,404
FleetBoston Financial Corp., 4.20%, 11/30/07		300,000		305,664
FleetBoston Financial Corp., 3.85%, 02/15/08		250,000		249,670
HBOS PLC, 5.38%, 11/29/49 (b) (d)		600,000		585,882
HSBC Holdings PLC, 7.50%, 07/15/09		955,000		1,084,263
Inter-American Development Bank, 5.75%, 02/26/08		250,000		268,078
Inter-American Development Bank, 6.80%, 10/15/25		470,000		537,523
International Bank for Reconstruction & Development, 3.50%, 10/22/04		150,000		150,542
International Bank for Reconstruction & Development, 7.63%, 01/19/23		750,000		939,197
JP Morgan Chase & Co., 5.63%, 08/15/06		1,000,000		1,048,128
JP Morgan Chase & Co., 6.25%, 01/15/09		100,000		107,891
JP Morgan Chase & Co., 3.50%, 03/15/09		200,000		193,555
JP Morgan Chase & Co., 4.50%, 11/15/10		500,000		490,305
JP Morgan Chase & Co., 6.63%, 03/15/12		690,000		752,425
KFW International Finance, Inc., 4.75%, 01/24/07		2,005,000		2,091,046
M & T Bank Corp., 3.85%, 04/01/13		300,000		295,551
Marshall & Ilsley, Inc., 4.13%, 09/04/07		125,000		127,808
MBNA America Bank Corp., 6.25%, 01/17/07		325,000		345,290
MBNA America Bank Corp., 7.13%, 11/15/12		190,000		210,827

	Principal
	Amount		Value
National City Bank Corp., 4.00%, 09/28/07		300,000		303,689
Nationsbank Corp., 6.60%, 05/15/10		200,000		218,966
PNC Funding Corp., 5.25%, 11/15/15		600,000		585,004
Popular N.A., 4.70%, 06/30/09		200,000		201,538
Regions Financial Corp., 6.38%, 05/15/12		150,000		162,112
Sovereign Bancorp., Inc., 5.13%, 03/15/13		200,000		192,166
St. George Bank Ltd., 5.30%, 10/15/15 (b)		400,000		393,671
SunTrust Banks, Inc., 5.45%, 12/01/17		310,000		309,088
U.S. Bancorp, 1.69%, 09/16/05		300,000		300,340
U.S. Bancorp, 5.10%, 07/15/07		500,000		522,764
Union Planters Corp., 4.38%, 12/01/10		150,000		146,641
Unionbancal Corp., 5.25%, 12/16/13		350,000		348,187
US Bank N.A., 2.85%, 11/15/06		1,500,000		1,487,343
Wachovia Corp., 3.63%, 02/17/09		525,000		512,218
Wells Fargo & Co., 7.25%, 08/24/05		400,000		419,117
Wells Fargo & Co., 6.45%, 02/01/11		1,090,000		1,195,192
Westpac Banking Corp., 4.63%, 06/01/18		250,000		224,732
				29,125,867
Beverages (0.1%)
Brown-Forman Corp., 3.00%, 03/15/08		250,000		243,362
Cadbury Schweppes PLC, 5.13%, 10/01/13 (b)		300,000		295,781
Cia Brasileira de Bebida Corp., 8.75%, 09/15/13 (b)		400,000		434,000
				973,143
Building & Construction (0.2%)
Centex Corp., 7.88%, 02/01/11		250,000		284,066
Centex Corp., 7.50%, 01/15/12		100,000		112,195
Hanson Australia Funding, 5.25%, 03/15/13		450,000		441,549
Korea Development Bank Corp., 4.25%, 11/13/07		250,000		251,034
Lennar Corp., 5.95%, 03/01/13		90,000		91,958
MDC Holdings, Inc., 5.50%, 05/15/13		250,000		245,040
Pulte Homes, Inc., 7.88%, 08/01/11		40,000		45,448
Pulte Homes, Inc., 6.25%, 02/15/13		105,000		108,674
Toll Brothers, Inc., 6.88%, 11/15/12		150,000		162,002
				1,741,966
Business Services (0.1%)
Fiserv, Inc., 4.00%, 04/15/08		200,000		199,816
Pitney Bowes, Inc., 4.75%, 05/15/18		150,000		139,081
Sungard Data Systems, Inc., 4.88%, 01/15/14 (b)		500,000		478,974
				817,871
Cable (0.4%)
British Sky Broadcasting Group PLC, 8.20%, 07/15/09		375,000		433,916
Comcast Corp., 6.20%, 11/15/08		100,000		106,982
Comcast Corp., 5.85%, 01/15/10		465,000		488,328
Comcast Corp., 8.38%, 03/15/13		400,000		474,217

	Principal
	Amount		Value
Comcast Corp., 7.05%, 03/15/33		250,000		263,528
Cox Communications, Inc., 7.13%, 10/01/12		500,000		551,403
Harris Corp., 6.35%, 02/01/28		250,000		263,832
USA Interactive, 7.00%, 01/15/13		690,000		750,411
				3,332,617
Casino Hotels (0.0%)
Harrahs Operating Co., Inc., 5.50%, 07/01/10 (b)		380,000		380,201
Chemicals (0.2%)
Chevron Phillips Chemical, 5.38%, 06/15/07		100,000		104,411
Dow Chemical Co., 5.75%, 11/15/09		570,000		600,806
ICI North America, 8.88%, 11/15/06		300,000		332,652
Praxair, Inc., 6.85%, 06/15/05		70,000		72,448
Praxair, Inc., 3.95%, 06/01/13		300,000		276,613
Rohm & Haas Co., 7.40%, 07/15/09		470,000		532,505
				1,919,435
Commercial Services (0.1%)
Aramark Services, Inc., 6.75%, 08/01/04		100,000		100,000
Aramark Services, Inc., 6.38%, 02/15/08		140,000		150,251
Cendant Corp., 6.88%, 08/15/06		580,000		620,340
				870,591
Computers (0.2%)
First Data Corp., 6.38%, 12/15/07		350,000		379,768
Hewlett Packard Co., 6.50%, 07/01/12		250,000		274,832
Hewlett-Packard Co., 3.63%, 03/15/08		250,000		248,341
IBM Corp., 6.45%, 08/01/07		115,000		124,927
IBM Corp., 5.50%, 01/15/09		200,000		211,330
IBM Corp., 4.75%, 11/29/12		100,000		98,643
IBM Corp., 5.88%, 11/29/32		415,000		409,044
Kern River Funding Corp., 4.89%, 04/30/18 (b)		94,975		92,879
				1,839,764
Conglomerates (0.1%)
Fortune Brands, Inc., 2.88%, 12/01/06		500,000		496,319
Containers (0.1%)
Newell Rubbermaid, Inc., 4.63%, 12/15/09		350,000		348,150
Newell Rubbermaid, Inc., 4.00%, 05/01/10		150,000		143,430
Packaging Corp. of America, 5.75%, 08/01/13 (b)		150,000		150,521
Sealed Air Corp., 5.38%, 04/15/08 (b)		200,000		208,057
Sealed Air Corp., 6.95%, 05/15/09 (b)		55,000		60,263
Cruise Lines (0.1%)				910,421
Carnival Corp., 3.75%, 11/15/07 (b)		500,000		496,601
Department Stores (0.4%)
Federated Department Stores, 6.63%, 04/01/11		370,000		405,113
Federated Department Stores, 6.90%, 04/01/29		250,000		263,767
Kimberly-Clark Corp., 7.10%, 08/01/07		106,000		117,509

	Principal
	Amount		Value
Kimberly-Clark Corp., 5.63%, 02/15/12		500,000		529,364
Kohl’s Corp., 6.30%, 03/01/11		50,000		54,281
Target Corp., 10.00%, 01/01/11		112,000		143,333
Target Corp., 6.35%, 01/15/11		210,000		229,534
Target Corp., 7.00%, 07/15/31		295,000		335,039
Wal-Mart Stores, Inc., 6.88%, 08/10/09		510,000		571,036
Wal-Mart Stores, Inc., 4.13%, 02/15/11		650,000		633,486
				3,282,462
Electric — Integrated (1.3%)
Amerenenergy Generating Co., 7.95%, 06/01/32		105,000		124,381
American Electric Power Co., 6.13%, 05/15/06		600,000		630,191
Cincinnati Gas & Electric Corp., 5.70%, 09/15/12		70,000		72,167
Commonwealth Edison Corp., 6.15%, 03/15/12		200,000		218,290
Conectiv, Inc., 5.30%, 06/01/05		45,000		45,809
Consolidated Edison, Inc., 7.15%, 12/01/09		60,000		67,779
Consolidated Edison, Inc., 4.88%, 02/01/13		260,000		256,430
Constellation Energy Group, Inc., 6.13%, 09/01/09		530,000		565,179
Consumers Energy — ITC, 4.25%, 04/15/08		205,000		204,704
Consumers Energy — ITC, 4.00%, 05/15/10		200,000		191,196
Dominion Resource, Inc., 6.30%, 03/15/33		300,000		292,033
Duke Energy Corp., 3.75%, 03/05/08		1,200,000		1,191,184
Duke Energy Corp., 6.25%, 01/15/12		325,000		344,275
Emerson Electric Co., 7.88%, 06/01/05		115,000		119,851
Entergy Gulf States, Inc., 5.25%, 08/01/15		300,000		286,902
Entergy Mississippi, Inc., 5.15%, 02/01/13		490,000		482,556
Florida Power & Light Co., 6.88%, 12/01/05		225,000		237,198
Florida Power & Light Co., 5.95%, 10/01/33		130,000		130,436
Florida Power Corp., 5.90%, 03/01/33		115,000		111,072
General Electric Co., 5.00%, 02/01/13		900,000		898,382
Georgia Power Corp., 5.13%, 11/15/12		180,000		181,788
Midamerican Energy Holdings Co., 5.88%, 10/01/12		675,000		692,919
New York State Electric & Gas Corp., 5.75%, 05/01/23		100,000		95,202
Ohio Power Co., 6.60%, 02/15/33 (b)		200,000		207,489
Oncor, Inc., 6.38%, 05/01/12		165,000		178,455
Pacific Gas & Electric Co., 4.20%, 03/01/11		1,200,000		1,158,525
Pepco Holdings, Inc., 4.00%, 05/15/10		200,000		189,659
Progress Energy, Inc., 5.85%, 10/30/08		105,000		110,320

	Principal
	Amount		Value
Progress Energy, Inc., 7.10%, 03/01/11		440,000		485,104
PSEG Power Corp., 6.95%, 06/01/12		125,000		136,753
Public Service Electric & Gas, 5.13%, 09/01/12		330,000		332,569
Public Service New Mexico Corp., 4.40%, 09/15/08		175,000		175,254
Scana Corp., 6.88%, 05/15/11		50,000		55,707
Southern California Edison Co., 8.00%, 02/15/07		856,000		946,941
Southern California Edison Co., 6.00%, 01/15/34		300,000		294,099
Southern Power Co., 6.25%, 07/15/12		225,000		238,320
Wisconsin Electric Power, 5.63%, 05/15/33		100,000		94,815
				12,043,934
Electric-Distribution (0.1%)			—
Hydro Quebec Corp., 8.88%, 03/01/26		265,000		365,169
Pepco Holdings, Inc., 6.45%, 08/15/12		180,000		189,237
TXU Corp., 6.15%, 11/15/13 (b)		320,000		338,360
				892,766
Electronics (0.1%)
Emerson Electric Co., 6.00%, 08/15/32		140,000		140,755
Exelon Corp., 6.75%, 05/01/11		425,000		464,640
				605,395
Farm Machinery & Equipment (0.0%)
Deere & Co., 7.85%, 05/15/10		220,000		257,630
Financial Services (8.5%)
Ace Ina Holdings, 8.30%, 08/15/06		250,000		273,907
American Express Co., 6.88%, 11/01/05		100,000		105,078
American Honda Financial, 1.87%, 10/03/05 (b)		245,000		245,776
Aristar, Inc., 7.38%, 09/01/04		150,000		150,642
Associates Corp. of North America, 6.95%, 11/01/18		575,000		642,568
Axa Financial, Inc., 7.75%, 08/01/10		450,000		519,162
Bear Stearns Co., Inc., 7.63%, 02/01/05		165,000		169,510
Bear Stearns Co., Inc., 5.70%, 11/15/14		425,000		431,076
Boeing Capital Corp., 5.75%, 2/15/07, 5.75%, 02/15/07		1,200,000		1,268,482
Boeing Capital Corp., 6.10%, 03/01/11		85,000		90,497
Capital One Bank, 6.88%, 02/01/06		120,000		126,556
Capital One Bank, 4.88%, 05/15/08		200,000		203,708
Caterpillar Financial Services Corp.,4.88%, 06/15/07		90,000		93,335
Caterpillar Financial Services Corp., 2.70%, 07/15/08		700,000		668,536
CIT Group, Inc., 3.88%, 11/03/08		500,000		492,830
CIT Group, Inc., 4.75%, 12/15/10		340,000		337,530
CitiFinancial Credit Co., 10.00%, 05/15/09		100,000		124,417
Countrywide Financial Corp., 5.63%, 07/15/09		500,000		524,819

	Principal
	Amount		Value
Credit Suisse First Boston USA, Inc., 5.88%, 08/01/06		1,525,000		1,602,999
Credit Suisse First Boston USA, Inc., 6.13%, 11/15/11		450,000		478,115
Credit Suisse First Boston USA, Inc., 6.50%, 01/15/12		250,000		271,305
Credit Suisse First Boston USA, Inc., 1.46%, 05/15/14		16,988,873		16,988,872
Ford Motor Credit Co., 6.88%, 02/01/06		2,194,000		2,301,837
Ford Motor Credit Co., 6.50%, 01/25/07		650,000		685,497
Ford Motor Credit Co., 7.25%, 10/25/11		1,140,000		1,198,916
Ford Motor Credit Co., 7.00%, 10/01/13		1,835,000		1,867,766
General Electric Capital Corp., 4.25%, 01/15/08		210,000		213,548
General Electric Capital Corp., 5.88%, 02/15/12		100,000		106,030
General Electric Capital Corp., 6.00%, 06/15/12		195,000		208,186
General Electric Capital Corp., 5.45%, 01/15/13		200,000		205,438
General Electric Capital Corp., 6.75%, 03/15/32		1,345,000		1,468,571
General Motors Acceptance Corp., 6.13%, 08/28/07		1,700,000		1,781,813
General Motors Acceptance Corp., 7.75%, 01/19/10		50,000		54,526
General Motors Acceptance Corp., 6.88%, 09/15/11		150,000		153,985
General Motors Acceptance Corp., 7.00%, 02/01/12		390,000		400,718
General Motors Acceptance Corp., 6.88%, 08/28/12		450,000		458,100
General Motors Acceptance Corp., 8.00%, 11/01/31		800,000		812,350
Golden West Financial Corp., 4.75%, 10/01/12		265,000		259,745
Goldman Sachs Group, Inc., 7.63%, 08/17/05		525,000		551,653
Goldman Sachs Group, Inc., 4.13%, 01/15/08		460,000		463,730
Goldman Sachs Group, Inc., 6.88%, 01/15/11		175,000		193,646
Goldman Sachs Group, Inc., 5.25%, 10/15/13		1,200,000		1,180,259
Goldman Sachs Group, Inc., 6.13%, 02/15/33		500,000		481,024
Harley Davidson Funding, 3.63%, 12/15/08 (b)		600,000		590,107
Household Finance Corp., 5.88%, 02/01/09		720,000		765,632
Household Finance Corp., 7.00%, 05/15/12		1,375,000		1,532,433
International Lease Finance Corp., 4.38%, 12/15/05		450,000		459,951

	Principal
	Amount		Value
International Lease Finance Corp., 4.00%, 01/17/06		250,000		254,511
J Paul Getty Trust Corp., 5.88%, 10/01/33		2,500,000		2,480,210
John Deere Capital Corp., 3.90%, 01/15/08		1,000,000		1,003,597
John Hancock Financial Services, Inc., 5.63%, 12/01/08		100,000		105,720
Lehman Brothers Holdings, Inc., 3.50%, 08/07/08		400,000		390,833
Lehman Brothers Holdings, Inc., 7.88%, 08/15/10		97,000		113,328
Lehman Brothers Holdings, Inc., 6.63%, 01/18/12		590,000		645,288
Lehman Brothers Holdings, Inc., 1.59%, 10/15/17		20,000,000		19,999,999
Mellon Financial Corp., 7.00%, 03/15/06		200,000		214,127
Mellon Financial Corp., 6.40%, 05/14/11		450,000		493,809
Mellon Financial Corp., 5.00%, 12/01/14		200,000		195,208
Morgan Stanley, 7.75%, 06/15/05		200,000		209,225
Morgan Stanley, 6.10%, 04/15/06		300,000		315,652
Morgan Stanley, 3.63%, 04/01/08		350,000		345,932
Morgan Stanley, 6.60%, 04/01/12		450,000		488,729
Morgan Stanley, 5.30%, 03/01/13		325,000		323,728
Morgan Stanley, 4.75%, 04/01/14		1,000,000		934,088
National Rural Utilities, 4.75%, 03/01/14		300,000		291,979
Nisource Finance Corp., 7.63%, 11/15/05		170,000		179,838
Prudential Financial, Inc., 3.75%, 05/01/08		205,000		203,859
Synovus Financial Corp., 4.88%, 02/15/13		150,000		146,966
Textron Financial Corp., 2.75%, 06/01/06		435,000		432,069
Wachovia Corp., 4.95%, 11/01/06		1,150,000		1,192,966
Washington Mutual, Inc., 4.38%, 01/15/08		550,000		558,111
Washington Mutual, Inc., 5.50%, 01/15/13		100,000		101,412
				75,826,365
Food & Related (1.0%)
Albertson’s, Inc., 7.50% 2/15/11, 7.50%, 02/15/11		800,000		906,003
Anheuser-Busch Co., Inc., 4.38%, 01/15/13		300,000		287,601
Anheuser-Busch Co., Inc., 6.00%, 11/01/41		250,000		247,765
Archer Daniels Midland Co., 5.94%, 10/01/32		785,000		774,879
Campbell Soup Co., 4.88%, 10/01/13		400,000		392,593
Coca-Cola Bottling Co., 5.00%, 11/15/12		150,000		147,200
Coca-Cola Enterprises, Inc., 6.13%, 08/15/11		160,000		173,231
Coca-Cola Enterprises, Inc., 6.75%, 09/15/28		395,000		431,937

	Principal
	Amount		Value
Conagra Foods, Inc., 6.75%, 09/15/11		150,000		165,582
Conagra Foods, Inc., 7.00%, 10/01/28		300,000		327,429
Diageo Capital PLC, 3.50%, 11/19/07		860,000		853,228
General Mills, Inc., 6.00%, 02/15/12		158,000		166,494
Kellogg Co., 6.00%, 04/01/06		163,000		171,039
Kraft Foods, Inc., 4.63%, 11/01/06		60,000		61,522
Kraft Foods, Inc., 5.63%, 11/01/11		794,000		819,279
Kroger Co., 6.80%, 04/01/11		340,000		373,384
Kroger Co., 6.20%, 06/15/12		400,000		423,514
Kroger Co., 7.50%, 04/01/31		135,000		151,235
Miller Brewing Co., 5.50%, 08/15/13 (b)		250,000		253,368
PepsiCo, Inc., 4.50%, 09/15/04		80,000		80,208
Safeway, Inc., 6.15%, 03/01/06		150,000		157,000
Safeway, Inc., 6.50%, 03/01/11		400,000		427,356
Sara Lee Corp., 6.25%, 09/15/11		425,000		462,488
Supervalu, Inc., 7.50%, 05/15/12		125,000		141,173
Unilever Capital Corp., 7.13%, 11/01/10		550,000		625,320
				9,020,828
Healthcare Services (0.1%)
Eli Lilly & Co., 6.00%, 03/15/12		300,000		323,163
Eli Lilly & Co., 7.13%, 06/01/25		200,000		231,956
Health Care Property Investors, Inc., 6.45%, 06/25/12		95,000		102,682
Manor Care, Inc., 6.25%, 05/01/13		160,000		165,000
				822,801
Household Products (0.0%)
Dial Corp., 6.50%, 09/15/08		250,000		270,131
Industrials (0.0%)
News America Corp., 7.28%, 06/30/28		130,000		142,194
Insurance (0.4%)
Allstate Corp., 5.38%, 12/01/06		150,000		156,888
Allstate Corp., 6.13%, 02/15/12		430,000		461,711
American General Corp., 7.50%, 07/15/25		250,000		293,057
Berkley Corp., 5.13%, 09/30/10		175,000		176,069
Hartford Life, Inc., 7.38%, 03/01/31		100,000		115,348
Infinity Property & Casualty Corp., 5.50%, 02/18/14 (b)		200,000		194,776
Marsh & Mclennan Cos., Inc., 6.25%, 03/15/12		175,000		189,564
Metlife, Inc., 6.13%, 12/01/11		485,000		518,650
Monumental Global Funding II, 4.38%, 07/30/09 (b)		500,000		499,434
New York Life Insurance, 5.88%, 05/15/33 (b)		200,000		192,872
NLV Financial Corp., 7.50%, 08/15/33 (b)		125,000		127,694
Principal Life Global Funding, 6.25%, 02/15/12 (b)		150,000		161,945
Progressive Corp., 6.25%, 12/01/32		150,000		151,782
RLI Corp., 5.95%, 01/15/14		200,000		197,135
Travelers Property Casualty Corp., 6.38%, 03/15/33		200,000		197,520
Western & Southern Finance, 5.75%, 07/15/33 (b)		250,000		230,235
				3,864,680
Manufacturing (0.2%)

	Principal
	Amount		Value
Cooper Industries, Inc., 5.50%, 11/01/09		175,000		183,924
Honeywell International, Inc., 6.13%, 11/01/11		250,000		269,686
Norsk Hydro A/S, 6.36%, 01/15/09		460,000		497,761
Tyco International Group SA, 6.13%, 01/15/09		165,000		176,722
Tyco International Group SA, 6.00%, 11/15/13		500,000		520,143
				1,648,236
Medical Products (0.2%)
Baxter International, Inc., 4.63%, 03/15/15 (b)		130,000		120,051
Boston Scientific, 5.45%, 06/15/14		600,000		604,070
Wyeth, 5.50%, 02/01/14		900,000		869,047
				1,593,168
Metals & Minerals (0.3%)
Alcan, Inc., 6.45%, 03/15/11		75,000		81,695
Alcan, Inc., 4.50%, 05/15/13		230,000		218,127
Alcoa, Inc., 6.00%, 01/15/12		310,000		330,801
BHP Billiton Ltd., 4.80%, 04/15/13		400,000		393,203
Codelco, Inc., 6.38%, 11/30/12 (b)		120,000		129,030
Inco Ltd., 7.75%, 05/15/12		300,000		342,460
Noranda, Inc., 7.00%, 07/15/05		510,000		527,967
Placer Dome, Inc., 6.38%, 03/01/33		235,000		232,546
Timken Co., 6.75%, 08/21/06		200,000		208,781
				2,464,610
Multimedia (0.8%)
AOL Time Warner, Inc., 6.88%, 05/01/12		820,000		893,666
AOL Time Warner, Inc., 7.70%, 05/01/32		630,000		699,812
Belo Corp., 8.00%, 11/01/08		145,000		164,623
Clear Channel Communications, Inc., 4.40%, 05/15/11		200,000		190,216
Gannet Co., Inc., 5.50%, 04/01/07		185,000		195,167
Johnson Controls, Inc., 4.88%, 09/15/13		300,000		297,699
Liberty Media Corp., 7.88%, 07/15/09		265,000		296,897
Liberty Media Corp., 5.70%, 05/15/13		300,000		295,178
Liberty Media Corp., 8.25%, 02/01/30		200,000		224,995
News America Holdings, Inc., 9.25%, 02/01/13		200,000		252,897
News America Holdings, Inc., 8.00%, 10/17/16		200,000		239,228
Reed Elsevier Capital, 6.13%, 08/01/06		900,000		949,808
Time Warner, Inc., 6.88%, 06/15/18		298,000		316,326
Viacom, Inc., 7.75%, 06/01/05		1,365,000		1,425,423
Viacom, Inc., 5.63%, 08/15/12		250,000		256,403
Viacom, Inc., 7.88%, 07/30/30		135,000		159,480
Walt Disney Co., 6.38%, 03/01/12		236,000		254,713
				7,112,531
Non-Hazardous Waste Disposal (0.1%)
Waste Management, Inc., 7.38%, 08/01/10		250,000		283,026
Waste Management, Inc., 6.38%, 11/15/12		350,000		373,953
				656,979

	Principal
	Amount		Value
Oil & Gas (1.8%)
AGL Capital Corp., 4.45%, 04/15/13 (b)		300,000		279,812
Anadarko Petroleum Corp., 5.38%, 03/01/07		1,000,000		1,046,500
Anadarko Petroleum Corp., 7.50%, 05/01/31		205,000		236,879
Apache Corp., 6.25%, 04/15/12		390,000		427,254
Apache Corp., 7.63%, 07/01/19		100,000		120,508
Apache Finance Canada, 4.38%, 05/15/15		400,000		372,686
Atmos Energy Corp., 5.13%, 01/15/13		225,000		219,708
Australian Gas Light Co., 5.30%, 09/25/15 (b)		150,000		148,671
BP Amoco PLC, 5.90%, 04/15/09		200,000		215,580
Brascan Corp., 5.75%, 03/01/10		305,000		314,323
Burlington Resources, Inc., 6.50%, 12/01/11		350,000		385,933
ChevronTexaco Capital Corp., 3.50%, 09/17/07		90,000		90,112
ChevronTexaco Capital Corp., 3.38%, 02/15/08		500,000		495,702
ChevronTexaco Capital Corp., 8.63%, 06/30/10		120,000		145,940
Colonial Pipeline, 7.63%, 04/15/32 (b)		365,000		436,102
Conoco Funding Co., 6.35%, 10/15/11		600,000		656,292
Conoco Funding Co., 4.75%, 10/15/12		800,000		788,740
Conoco, Inc., 6.35%, 04/15/09		250,000		273,347
Conoco, Inc., 6.95%, 04/15/29		170,000		189,231
Consolidated Natural Gas, Inc., 5.38%, 11/01/06		60,000		62,506
Consolidated Natural Gas, Inc., 6.25%, 11/01/11		264,000		282,561
Halliburton Co., 2.41%, 01/26/07 (b)		450,000		449,546
Keyspan Corp., 7.63%, 11/15/10		210,000		243,223
Kinder Morgan Energy Partners LP, 6.65%, 03/01/05		120,000		122,918
Kinder Morgan Energy Partners LP, 7.50%, 11/01/10		351,000		396,687
Kinder Morgan Energy Partners LP, 6.75%, 03/15/11		155,000		168,248
Kinder Morgan Energy Partners LP, 6.50%, 09/01/12		300,000		319,133
Marathon Oil Corp., 5.38%, 06/01/07		700,000		732,628
Motiva Enterprises Corp., 5.20%, 09/15/12 (b)		125,000		125,207
Murphy Oil Corp., 6.38%, 05/01/12		100,000		107,985
Nabors, Inc., 5.38%, 08/15/12		70,000		71,070
Nexen, Inc., 5.05%, 11/20/13		500,000		484,604
Ocean Energy, Inc., 7.25%, 10/01/11		980,000		1,083,610
Pemex Project Funding Master, 9.13%, 10/13/10		885,000		1,026,599
Pemex Project Funding Master, 7.38%, 12/15/14		625,000		654,688
Petroleos Mexicanos, 8.85%, 09/15/07		475,000		532,000
Phillips Petroleum Co., 8.50%, 05/25/05		225,000		236,167
Praxair, Inc., 6.50%, 03/01/08		390,000		424,939
South Carolina Electric & Gas Co., 4.80%, 10/01/12		650,000		643,651

	Principal
	Amount		Value
Transocean Sedco Forex, Inc., 6.63%, 04/15/11		163,000		178,737
Valero Energy Corp., 6.88%, 04/15/12		500,000		549,364
Vectren Utility Holdings Corp., 5.25%, 08/01/13		250,000		249,269
				15,988,660
Paper & Forest Products (0.4%)
Celulosa Arauco y Constitucion SA, 5.13%, 07/09/13		300,000		287,114
Domtar, Inc., 7.88%, 10/15/11		90,000		101,800
International Paper Co., 4.00%, 04/01/10		300,000		288,061
International Paper Co., 5.85%, 10/30/12		300,000		308,051
Inversiones CMPC SA, 4.88%, 06/18/13 (b)		300,000		284,011
Meadwestvaco Corp., 6.80%, 11/15/32		120,000		119,789
Norske Skogindustrier, 6.13%, 10/15/15 (b)		150,000		148,775
Rock-Tenn Co., 5.63%, 03/15/13		455,000		453,282
Sappi Papier Holding AG, 6.75%, 06/15/12 (b)		80,000		85,907
Weyerhaeuser Co., 5.95%, 11/01/08		320,000		340,916
Weyerhaeuser Co., 6.75%, 03/15/12		725,000		792,662
				3,210,368
Pharmaceuticals (0.2%)
Abbott Laboratories, 5.63%, 07/01/06		104,000		109,136
Abbott Laboratories, 6.40%, 12/01/06		550,000		590,703
Astrazeneca PLC, 5.40%, 06/01/14		500,000		511,596
Glaxosmithkline PLC, 5.38%, 04/15/34		140,000		129,192
Pfizer, Inc., 5.63%, 02/01/06		400,000		418,340
Pharmacia Corp., 6.60%, 12/01/28		300,000		328,969
				2,087,936
Pipelines (0.1%)
Panhandle Eastern Pipeline, 2.75%, 03/15/07 (b)		400,000		385,627
Texas Gas Transmission, 4.60%, 06/01/15 (b)		300,000		278,636
TGT Pipelines, 5.20%, 06/01/18 (b)		150,000		136,454
				800,717
Publishing — Newspapers (0.0%)
Thomson Corp., 4.25%, 08/15/09		425,000		422,127
Real Estate (0.2%)
Avalonbay Communities, Inc., 6.63%, 09/15/11		150,000		162,390
BRE Properties, Inc., 5.95%, 03/15/07		140,000		147,713
Centerpoint Properties Corp., 4.75%, 08/01/10		350,000		349,066
Developers Diversified Realty Corp., 6.63%, 01/15/08		250,000		267,712
Duke Realty Corp., 5.25%, 01/15/10		300,000		310,866
EOP Operating LP, 6.75%, 02/15/12		434,000		470,459
Equity Residential, 6.88%, 11/01/04		200,000		202,318
Liberty Property Trust, 7.25%, 03/15/11		65,000		72,872

	Principal
	Amount		Value
New Plan Realty Corp., 5.88%, 06/15/07		90,000		95,275
Simon Property Group, Inc., 7.75%, 08/15/04 (b)		60,000		60,104
				2,138,775
Real Estate Investment Trusts (0.2%)
Camden Property Trust Corp., 7.00%, 11/15/06		600,000		637,519
Health Care REIT, Inc., 6.00%, 11/15/13		300,000		298,456
HRPT Properties Trust Corp., 5.75%, 02/15/14		300,000		296,034
JDN Realty Corp., 6.95%, 08/01/07		20,000		21,635
Washington REIT, 5.25%, 01/15/14		200,000		197,360
				1,451,004
Research & Development (0.0%)
Science Applications International Co., 5.50%, 07/01/33 (b)		300,000		269,749
Retail (0.1%)
Limited Brands, Inc., 6.13%, 12/01/12		250,000		264,061
Lowe’s Cos., Inc., 6.50%, 03/15/29		400,000		424,986
Staples, Inc., 7.13%, 08/15/07		500,000		545,873
				1,234,920
Special Purpose Entity (3.3%)
FPL Group Capital, Inc., 7.63%, 09/15/06		85,000		92,639
Morgan Stanley TRACERS, 5.88%, 03/01/07 (b)		12,296,000		12,890,143
Morgan Stanley TRACERS, 6.80%, 06/15/12 (b)		15,120,000		16,387,207
				29,369,989
Telecommunications (1.6%)
360 Communications Co., 7.50%, 03/01/06		180,000		192,560
Alltel Corp., 7.00%, 07/01/12		230,000		255,826
Ameritech Capital Funding, 6.45%, 01/15/18		150,000		157,907
AT&T Wireless Services, Inc., 8.13%, 05/01/12		75,000		87,752
AT&T Wireless Services, Inc., 8.75%, 03/01/31		545,000		678,368
BellSouth Corp., 6.00%, 10/15/11		1,421,000		1,505,358
British Telecom PLC, 8.38%, 12/15/10		920,000		1,084,308
Centurytel, Inc., 7.88%, 08/15/12		130,000		146,444
Clear Channel Communications, Inc., 7.65%, 09/15/10		200,000		226,193
Deutsche Telekom AG, 8.25%, 06/15/05		700,000		733,954
Deutsche Telekom AG, 8.50%, 06/15/10		550,000		648,701
Deutsche Telekom AG, 8.75%, 06/15/30		350,000		434,776
France Telecom, 8.75%, 03/01/11		650,000		758,399
France Telecom, 9.50%, 03/01/31		165,000		210,085
GTE Corp., 6.84%, 04/15/18		350,000		373,907
GTE Corp., 6.94%, 04/15/28		250,000		258,403
Koninklijke KPN NV, 8.00%, 10/01/10		525,000		610,689

	Principal
	Amount		Value
SBC Communications, Inc., 6.25%, 03/15/11		205,000		219,553
SBC Communications, Inc., 5.88%, 08/15/12		720,000		747,922
Sprint Capital Corp., 6.13%, 11/15/08		150,000		158,897
Sprint Capital Corp., 8.38%, 03/15/12 (b)		400,000		468,654
Sprint Capital Corp., 8.38%, 03/15/12		150,000		175,745
Sprint Capital Corp., 8.75%, 03/15/32		400,000		484,705
Tele-Communications, Inc., 9.80%, 02/01/12		520,000		657,859
Telecom Italia Capital Corp., 5.25%, 11/15/13 (b)		500,000		491,108
Time Warner, Inc., 7.75%, 06/15/05		130,000		135,070
Univison Communication, Inc., 7.85%, 07/15/11		250,000		290,715
Verizon Global Funding Corp., 6.75%, 12/01/05		270,000		284,118
Verizon Global Funding Corp., 6.88%, 06/15/12		80,000		88,303
Verizon Global Funding Corp., 7.38%, 09/01/12		350,000		398,520
Verizon Global Funding Corp., 7.75%, 12/01/30		250,000		286,850
Verizon New York, Inc., 6.88%, 04/01/12		535,000		580,561
Vodafone Group PLC, 7.75%, 02/15/10		150,000		172,981
Vodafone Group PLC, 7.88%, 02/15/30		350,000		420,292
				14,425,483
Tools & Accessories (0.0%)
Stanley Works, 4.90%, 11/01/12		225,000		222,581
Transportation & Shipping (0.4%)
Burlington Northern Santa Fe Corp., 6.75%, 07/15/11		365,000		404,539
Burlington Northern Santa Fe Corp., 7.95%, 08/15/30		350,000		421,874
Canadian National Railway Co., 6.90%, 07/15/28		210,000		228,067
CSX Corp., 7.45%, 05/01/07		180,000		197,231
CSX Corp., 6.75%, 03/15/11		225,000		245,676
CSX Corp., 5.50%, 08/01/13		240,000		239,326
Norfolk Southern Corp., 6.75%, 02/15/11		325,000		357,780
Norfolk Southern Corp., 7.25%, 02/15/31		300,000		333,771
Union Pacific Corp., 6.50%, 05/15/05		250,000		257,168
Union Pacific Corp., 5.75%, 10/15/07		545,000		576,988
Union Pacific Corp., 3.63%, 06/01/10		410,000		385,339
United Parcel Service, Inc., 8.38%, 04/01/20		200,000		255,386
				3,903,145
Total Corporate Bonds				247,274,271
Sovereign Bonds (1.3%)
Canada (0.2%)

	Principal
	Amount		Value
British Columbia, 4.63%, 10/03/06		100,000		102,906
Government of Canada, 5.25%, 11/05/08		630,000		667,529
Ontario Province, 5.50%, 10/01/08		350,000		371,686
Ontario Province, 4.38%, 02/15/13		225,000		219,043
Quebec Province, 7.50%, 09/15/29		630,000		773,079
				2,134,243
Finland (0.0%)
Republic of Finland, 5.88%, 02/27/06		300,000		314,946
Italy (0.4%)
Republic of Italy, 5.25%, 04/05/06		300,000		311,685
Republic of Italy, 4.38%, 10/25/06		2,400,000		2,463,014
Republic of Italy, 6.88%, 09/27/23		425,000		486,209
Republic of Italy, 5.38%, 06/15/33		450,000		426,030
				3,686,938
Mexico (0.7%)
United Mexican States, 9.88%, 02/01/10		2,750,000		3,348,125
United Mexican States, 6.38%, 01/16/13		1,875,000		1,913,438
				5,261,563
South Africa (0.0%)
Republic of South Africa, 6.50%, 06/02/14		350,000		358,750
Total Sovereign Bonds				11,756,440
Municipal Bonds (0.1%)
Illinois (0.1%)
Illinois State Taxable Pension General Obligation, 5.10%, 06/01/33		700,000		632,625
Texas (0.0%)
Harris County Texas Industrial		250,000		251,563
Development Corp. Solid Waste Disposal Revenue, 5.68%, 03/01/23
Total Municipal Bonds				884,188
Repurchase Agreements (15.4%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $133,843,202 (Fully collateralized by AA Rated Corporate Bonds and Government National Mortgage Association Securities)		133,829,484		133,829,484
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $5,333,078 (Fully Collateralized by AA Rated Corporate Bonds)		5,332,531		5,332,531
Total Repurchase Agreements				139,162,015
Short-Term Securities Held as Collateral for Securities Lending (5.4%)
Pool of various securities for Gartmore		48,893,887		48,893,887
Mutual Funds — Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				48,893,887
Total Investments (Cost $1,093,577,173) (a) - 121.0%				1,090,845,699

	Principal
	Amount	Value
Liabilities in excess of other assets - (21.0)%			(189,366,998	)
NET ASSETS - 100.0%		$	901,478,701

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

Unrealized appreciation	$	5,046,017
Unrealized depreciation		(7,777,491	)
Net unrealized appreciation (depreciation)	($	2,731,474	)

	Aggregate cost for income tax purposes is substantially the same.
(b)	Rule 144A, Section 4(2) or other security, which is restricted as to resale to institutional investors. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	Mortgage Dollar Rolls
(d)	Variable rate security. The rate reflected in the Statement of Investments is the rate reflected in effect on July 31, 2004.

TBA To Be Announced
TRACERS Tradable Custodial Receipts

Gartmore China Opportunities Fund
Schedule of Portfolio Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (96.8%)
CHINA (22.4%)
Building & Construction (5.7%)
Anhui Conch Cement Co. Ltd.		80,000	$	83,159
Baoye Group Co. Ltd.		196,000		96,117
Zhejiang Expressway Co. Ltd.		150,000		110,541
				289,817
Chemicals (2.5%)
Beijing Yanhua Petrochemical Co. Ltd.		350,000		127,559
Electric Utility (2.7%)
Datang International Power Generation Co. Ltd.		176,000		137,611
Electronics (2.3%)
TPV Technology Ltd.		178,000		118,496
Mining (2.0%)
Yanzhou Coal Mining Co. Ltd.		86,000		104,419
Oil & Gas (2.4%)
China Oilfield Servies Ltd.		414,000		123,302
Telecommunications (3.2)%
China Telecom Co. Ltd.		500,000		166,459
Transportation (1.6%)
Hainan Meilan International Airport Co. Ltd.(b)		100,000		81,321
				1,148,984
HONG KONG (72.6%)
Banks (2.9%)
Wing Hang Bank Ltd.		25,000		150,197
Building & Construction (1.5%)
Asia Aluminum Holdings Ltd.		710,000		78,385
Electric Utility (2.6%)
China Resources Power Holdings Co. Ltd. (b)		264,000		135,272
Electronics (3.9%)
Orient Power Holdings Ltd.		600,000		74,498
Solomon Systech International Ltd.(b)		550,000		125,515
				200,013
Engine Manufacturing (1.5%)
Weichai Power Co. Ltd. (b)		44,000		78,694
Food Products (3.4%)
Global Bio-chem Technology Group Co. Ltd.		62,000		48,105
Heng Tai Consumables Group Ltd.		1,250,000		124,653
				172,758
Health Care Products (2.9%)
Hengan International Group Co. Ltd.		244,000		149,310
Hotels, Restaurants & Leisure (4.3%)
Cafe De Coral Holdings Ltd.		90,000		97,461
HongKong and Shanghai Hotels Ltd. (The)		190,000		123,749
				221,210

	Shares
	or
	Principal
	Amount		Value
Information Services (1.3%)
HC International, Inc.(b)		300,000		68,463
Insurance (2.2%)
Ping AN Insurance (Group) Co. of China Ltd.(b)		90,000		114,810
Oil & Gas (1.8%)
Xinao Gas Holdings Ltd.(b)		200,000		94,352
Paper Products (2.1%)
Lee & Man Paper Manufacturing Ltd.(b)		130,000		109,228
Publishing (4.4%)
Culturecom Holdings Ltd. (b)		1,934,000		110,053
Oriental Press Group Ltd.		300,000		114,486
				224,539
Real Estate (17.7%)
Cheung Kong (Holdings) Ltd.		18,000		133,211
China Overseas Land and Investment Ltd.		400,000		78,770
Hang Lung Properties Ltd.		72,000		99,059
Henderson Land Development Co. Ltd.		20,000		87,894
Midland Realty Holdings Ltd.		556,000		142,450
New World Development Co. Ltd.		180,000		145,204
Sino Land Co. Ltd.		158,000		99,158
Sun Hung Kai Properties Ltd.		14,000		118,355
				904,101
Retail (8.3%)
Convenience Retail Asia Ltd.		300,000		92,309
Lianhua Supermarket Holdings Ltd.		130,000		133,071
Lifestyle International Holdings Ltd. (b)		65,000		87,918
Wumart Stores, Inc. (b)		65,000		106,252
				419,550
Software (1.7%)
Kingdee International Software Group Co. Ltd.		290,000		88,130
Telecommunications (0.8%)
China Mobile Ltd.		15,000		43,498
Textiles (5.9%)
Fountain Set Holdings Ltd.		100,000		69,202
Luen Thai Holdings Ltd. (b)		261,000		99,550
Texwinca Holdings Ltd.		146,000		128,158
				296,910
Transportation (3.4%)
Cosco Pacific Ltd.		124,000		176,122
				3,725,542
SINGAPORE (1.8%)
Oil & Gas (1.8%)
China Aviation Oil Singapore Co. Ltd.		108,000		93,585
Total Common Stocks				4,968,111
Repurchase Agreements (3.7%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $183,593 (Fully collateralized by AA Corporate Bonds, Treasury Notes, and U.S. Agency Securities)	$	183,575		183,575
UBS Warburg LLC, 1.23% dated 07/30/04, due 08/02/04, repurchase price $7,316 (Fully collateralized by AA Corporate Bonds)		7,315		7,315

	Shares
	or
	Principal
	Amount	Value
Total Repurchase Agreements			190,890
Total Investments (Cost $5,066,430) (a) - 100.5%			5,159,001
Liabilities in excess of other assets - (0.5)%			(26,886	)
NET ASSETS - 100.0%		$	5,132,115

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

Unrealized appreciation	$	223,822
Unrealized depreciation		(131,251	)
Net unrealized appreciation (depreciation)	$	92,571

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

Gartmore Convertible Fund
Schedule of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Convertible Bonds (57.4%)
Airlines (3.0%)
Jetblue Airways Corp., 3.50%, 07/15/33	$	900,000	$	869,625
Auto Parts & Equipment (2.5%)
Amer Axle & Manufacturing, Inc., 2.00%, 02/15/24 (b)		300,000		278,250
Titan International, Inc., 5.25%, 07/26/09 (b)		450,000		457,875
				736,125
Banks (2.6%)
Bankunited Capital Trust, 3.13%, 03/01/34 (b)		600,000		581,250
Bankunited Capital Trust, 3.13%, 03/01/34		200,000		193,750
				775,000
Broadcasting (2.1%)
Liberty Media Corp., 3.25%, 03/15/31		710,000		627,463
Commercial Services (2.6%)
Cendant Corp., 3.88%, 11/27/11		740,000		767,750
Computer Services (2.6%)
Electronic Data Systems, 3.88%, 07/15/23		800,000		762,000
Engineering (1.7%)
Fluor Corp., 1.50%, 02/15/24		500,000		512,500
Financial Services (2.9%)
Goldman Sachs Group, Inc., 1.50%, 07/23/09		400,000		399,324
IOS Capital LLC, 5.00%, 05/01/07 (b)		430,000		445,588
				844,912
Hospitals (4.4%)
Health Management Association, 1.50%, 08/01/23		425,000		433,500
Lifepoint Hospitals, 4.50%, 06/01/09		850,000		853,187
				1,286,687
Hotels & Motels (2.7%)
Hilton Hotels Corp., 3.38%, 04/15/23		750,000		803,438
Insurance (2.4%)
Leucadia National Corp., 3.75%, 04/15/14 (b)		700,000		721,000
Machinery (2.1%)
Regal Beloit Corp., 2.75%, 03/15/24 (b)		600,000		624,750
Manufacturing (1.8%)
Quanex Corp., 2.50%, 05/15/34 (b)		500,000		515,625
Medical (4.2%)
Chiron Corp., 1.63%, 08/01/33		100,000		98,500
Chiron Corp., 1.63%, 08/01/33 (b)		600,000		591,000
Genzyme Corp., 1.25%, 12/01/23		525,000		538,125
				1,227,625
Metals (1.2%)
Kaydon Corp., 4.00%, 05/23/23		300,000		349,500
Multimedia (2.5%)
Walt Disney Co., 2.13%, 04/15/23		700,000		722,750

	Shares
	or
	Principal
	Amount		Value
Oil & Gas (3.6%)
Cooper Cameron Corp., 1.50%, 05/15/24		350,000		353,318
Pride International, Inc., 3.25%, 05/01/33 (b)		450,000		461,812
Pride International, Inc., 3.25%, 05/01/33		250,000		256,563
				1,071,693
Paper & Related Products (2.5%)
Sealed Air Corp., 3.00%, 06/30/33 (b)		750,000		739,688
Pharmaceuticals (4.0%)
Teva Pharmaceutical, 0.25%, 02/01/24		800,000		794,000
Watson Pharmaceuticals, 1.75%, 03/15/23		400,000		374,500
				1,168,500
Retail (4.3%)
Mens Wearhouse, 3.13%, 10/15/23 (b)		300,000		290,625
Mens Wearhouse, 3.13%, 10/15/23		400,000		396,499
Reebok International Ltd., 2.00%, 05/01/24 (b)		600,000		585,000
				1,263,124
Telecommunications (1.7%)
Centurytel, Inc., 4.75%, 08/01/32		440,000		489,500
Total Convertible Bonds				16,879,255
Convertible Preferred Stocks (32.3%)
Aerospace & Defense (3.2%)
Northrop Grumman Corp.		3,300		425,700
Northrop Grumman Corp.		5,000		525,000
				950,700
Banks (5.1%)
Sovereign Cap Trust IV		18,900		902,474
Washington Mutual, Inc.		11,000		584,298
				1,486,772
Electric Services (1.9%)
FPL Group, Inc.		10,000		567,200
Energy (2.6%)
Centerpointe Energy, Inc.		24,400		773,651
Healthcare Services (2.5%)
McKesson Financing Trust		14,500		741,313
Insurance (5.0%)
PMI Group, Inc.		28,400		748,339
Reinsurance Group of America, Inc.		11,700		682,988
				1,431,327
Metals (2.5%)
Freeport Corp. (b)		780		727,350
Oil & Gas (2.4%)
Chesapeake Energy Corp.		6,300		718,200
Paper Products (1.5%)
International Paper Co.		8,950		443,025
Rental Auto/Equipment (1.6%)
United Rentals Trust I		10,900		482,325
Telecommunications (4.0%)
Centurytel, Inc.		18,600		463,140
Motorola, Inc. (b)		15,500		714,938
				1,178,078
Total Convertible Preferred Stocks				9,499,941

	Shares
	or
	Principal
	Amount		Value
Common Stock (0.3%)
Multimedia (0.3%)
Viacom, Inc., Class B		3,000		100,770
Total Common Stock				100,770
Repurchase Agreement (8.0%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $90,762 (Fully collateralized by AA Rated Corporate Bonds)	$	90,759		90,759
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $2,277,831 (Fully collateralized by U.S. Agency Securities)	$	2,277,753		2,277,753
Total Repurchase Agreement				2,368,512
Total Investments (Cost $29,356,303) (a) - 98.0%				28,848,478
Other assets in excess of liabilities - 2.0%				596,511
NET ASSETS - 100.0%			$	29,444,989

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

Unrealized appreciation	$	107,561
Unrealized depreciation		(615,386	)
Net unrealized appreciation (depreciation)	$	(507,825	)

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Rule 144A, Section 4(2), or other security, which is restricted as to resale to institutional investors. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.

Gartmore Emerging Markets Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (91.9%)
BRAZIL (8.0%)
Banking (0.9%)
Banco Itau Holding Financeira SA ADR		3,600	$	166,464
Beverages (0.5%)
Companhia de Bebidas das Americas ADR		4,400		90,464
Electric Utility (1.2%)
Companhia Energetica de Minas Gerais		12,290,500		225,424
Oil & Gas (2.3%)
Petroleo Brasileiro SA ADR		11,000		311,081
Petroleo Brasileiro SA ADR (c)		5,400		138,510
				449,591
Paper Products (1.4%)
Klabin SA		177,800		259,003
Steel (0.8%)
Gerdau SA ADR		10,900		154,998
Telecommunications (0.9%)
Tele Norte Leste Participacoes SA ADR		13,800		180,228
				1,526,172
CHILE (1.0%)
Food (1.0%)
Cencosud SA ADR (b)		9,800		186,598
CHINA (3.6%)
Mining (0.9%)
Yanzhou Coal Mining Co. Ltd.		140,000		169,984
Oil & Gas (1.2%)
CNOOC Ltd.		490,500		235,877
Telecommunications (1.5%)
China Telecom Corp. Ltd.		840,000		279,651
				685,512
HONG KONG (2.4%)
Agriculture (0.5%)
Global Bio-chem Technology Group Co. Ltd.		122,000		94,659
Electric Utility (1.1%)
China Resources Power Holdings Co. Ltd. (b)		416,000		213,157
Semiconductors (0.8%)
Solomon Systech International Ltd. (b)		632,000		144,228
				452,044
INDIA (0.6%)
Financial Services (0.6%)
ICICI Bank Ltd. ADR		8,250		107,415

	Shares
	or
	Principal
	Amount		Value
INDONESIA (2.3%)
Banking (1.1%)
PT Bank Mandiri		1,433,500		195,767
Mining (0.7%)
PT Bumi Resources Tbk		2,136,000		134,470
Telecommunications (0.5%)
PT Telekomunikasi Indonesia (b)		117,500		100,141
				430,378
ISRAEL (2.9%)
Banking (0.9%)
Bank Hapoalim Ltd.		63,100		172,381
Computer Software (0.7%)
Retalix Ltd. ADR (b)		7,400		142,228
Electronics (1.3%)
NICE Systems Ltd. ADR (b)		4,600		98,946
Orbotech Ltd. (b)		8,600		146,363
				245,309
				559,918
KOREA (18.3%)
Automobile (0.7%)
Ssangyong Motor Co. (b)		24,700		141,934
Banking (1.9%)
Hana Bank		9,040		171,552
Kookmin Bank ADR		6,800		187,544
				359,096
Communications Equipment (0.9%)
KH Vatec Co. Ltd.		5,700		172,307
Electronics (6.4%)
Samsung Electro Mechanics Co. Ltd. (b)		9,600		230,974
Samsung Electronics Co. Ltd.		300		107,009
Samsung Electronics GDR		7,200		885,600
				1,223,583
Financial Services (0.6%)
Daishin Securities Co. Ltd.		20,100		118,498
Household Durables (1.2%)
LG Electronics, Inc.		3,000		125,063
LG Electronics, Inc. (c)		4,100		99,025
				224,088
Retail (1.1%)
Shinsegae Co. Ltd.		900		209,646
Steel (1.1%)
Dongkuk Steel Mill Co. Ltd.		23,700		201,309
Telecommunications (2.1%)
Daum Communications Corp. (b)		3,000		83,845
SK Telecom Co. Ltd.		1,780		245,121
SK Telecom Co. Ltd. ADR		3,800		67,108
				396,074
Tobacco (1.3%)
KT&G Corp.		10,600		254,690
Transportation (1.0%)
Korean Air Lines Co. Ltd. (b)		15,500		188,513
				3,489,738
MALAYSIA (6.5%)
Banking (2.4%)
CIMB Berhad		161,400		229,077
Public Bank Berhad (b)		121,700		223,935
				453,012
Electronics (0.7%)
Mal Tenega Nasional		48,000		125,684

	Shares
	or
	Principal
	Amount		Value
Hotels, Restaurants & Leisure (0.4%)
Magnum Corp. Berhad		127,300		80,991
Telecommunications (2.3%)
Maxis Communications Berhad		74,600		172,613
Telekom Malaysia Berhad		99,800		270,431
				443,044
Transportation (0.7%)
Malaysia International Shipping Corp. Berhad		42,200		134,275
				1,237,006
MEXICO (8.4%)
Beverages (1.2%)
Coca - Cola Femsa SA de CV (Femsa) ADR		11,100		227,550
Construction (1.1%)
Urbi, Desarrolloas Urbanos, SA de CV (b)		60,700		209,530
Diversified (1.0%)
Alfa SA, Class A		57,500		190,877
Financial Services (1.8%)
Grupo Financiero Banorte SA de CV		89,900		330,727
Retail (1.6%)
Organizacion Soriana SA de CV		63,861		189,110
Wal-Mart de Mexico SA de CV		39,800		121,206
				310,316
Telecommunications (1.7%)
America Movil SA de CV ADR		9,100		325,143
				1,594,143
POLAND (1.6%)
Banking (1.3%)
Bank Pekao SA		7,900		246,182
Construction (0.3%)
Globe Trade Centre SA (b)		2,000		59,870
				306,052
RUSSIA (7.3%)
Oil & Gas (5.5%)
LUKOIL ADR		3,400		370,662
OAO Gazprom ADR		9,600		282,552
Surgutneftegaz ADR		11,821		395,767
				1,048,981
Telecommunications (1.8%)
AO VimpelCom ADR (b)		2,800		244,860
Golden Telecom, Inc.		4,000		100,960
				345,820
				1,394,801
SINGAPORE (0.5%)
Oil & Gas (0.5%)
China Aviation Oil Singapore Corp. Ltd.		113,765		98,580
SOUTH AFRICA (10.7%)
Banking (1.5%)
ABSA Group Ltd.		35,100		285,346
Financial Services (1.5%)
African Bank Investments Ltd.		70,400		130,059
Sanlam Ltd.		108,200		150,653
				280,712

	Shares
	or
	Principal
	Amount		Value
Mining (3.6%)
Anglo American PLC		24,900		528,799
Impala Platinum Holdings Ltd.		2,200		173,905
				702,704
Oil & Gas (1.1%)
Sasol Ltd.		12,200		202,364
Paper Products (1.3%)
Sappi Ltd.		16,800		240,144
Retail (1.0%)
Massmart Holdings Ltd.		37,900		195,320
Telecommunications (0.7%)
Telkom SA Limited		10,000		127,656
				2,034,246
TAIWAN (9.5%)
Banking (1.6%)
Bank of Kaohsiung		192,000		130,466
Taishin Financial Holdings Co. Ltd.		226,000		172,774
				303,240
Chemicals (0.4%)
Taiyen Biotech Co. Ltd.		81,700		85,437
Electronics (1.6%)
Ichia Technologies, Inc. (b)		86,000		152,994
Yageo Corp. (b)		364,000		150,446
				303,440
Insurance (0.9%)
Cathay Financial Holding Co. Ltd.		105,000		172,741
Networking Products (1.0%)
Accton Technology Corp. (b)		421,000		186,350
Paper Products (0.8%)
Cheng Loong Corp.		461,440		147,079
Semiconductors (2.5%)
Taiwan Semiconductor Manufacturing Co. Ltd.		273,397		346,774
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		19,167		136,466
				483,240
Textiles (0.7%)
Far Eastern Textile Ltd.		258,780		137,450
				1,818,977
THAILAND (6.0%)
Electric Utility (0.7%)
Ratchaburi Electricity Generating		138,600		134,240
Holding Public Co. Ltd.
Financial Services (2.4%)
Kiatnakin Finance Public Co. Ltd.		80,600		62,836
Kiatnakin Finance Public Co. Ltd.		100,000		77,960
Siam Commercial Bank Public Co. Ltd.		136,400		150,278
TISCO Finance Public Co. Ltd. (b)		299,700		185,068
				476,142
Mining (0.7%)
Banpu Public Co. Ltd. (b)		38,100		128,928
Telecommunications (1.0%)
Shin Corporation Public Co. Ltd. (b)		206,300		186,101
Transportation (1.2%)
Thai Airways International Public Co. Ltd. (d)		172,900		219,137
				1,144,548

	Shares
	or
	Principal
	Amount		Value
TURKEY (2.3%)
Automotive (1.0%)
Ford Otomotiv Sanayi AS		26,029,500		196,911
Banking (1.3%)
Turkiye Garanti Bankasi AS (b)		75,122,099		233,036
				429,947
Total Common Stocks				17,496,075
Participation Notes (4.9%)
INDIA (4.9%)
Banking (0.8%)
CW07 ICICI Bank Ltd., expiring 03/30/07 (d)		3,700		21,349
Union Bank of India Ltd., 09/25/06 (d)		105,300		138,996
				160,345
Chemicals (0.7%)
Indian Petrochemicals Corp. Ltd., 05/20/05 (d)		34,700		131,513
Diversified Operations (0.4%)
Larsen & Toubro Ltd. (b) (d)		4,740		79,205
Oil & Gas (1.4%)
Oil and Natural Gas Corp. Ltd., 10/31/05 (b) (d)		17,200		265,912
Software & Computer Services (0.9%)
Satyam Computer Services Ltd., 03/07/23 (d)		22,400		163,744
Tobacco (0.7%)
ITC Ltd., 04/07/30 (b) (d)		6,300		140,994
Total Participation Notes				941,713
Repurchase Agreements (0.9%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $174,095 (Fully collateralized by AA Corporate Bonds, Treasury Notes, and U.S. Agency Securities)	$	174,077		174,077
UBS Warburg LLC, 1.23% dated 07/30/04, due 08/02/04, repurchase price $6,937 (Fully collateralized by AA Corporate Bonds)		6,936		6,936
Total Repurchase Agreements				181,013
Warrants (0.3%)
THAILAND (0.3%)
Financial Services (0.3%)
Kiatnakin Finance Public Co. Ltd., expiring 01/18/11		129,900		49,761
Total Warrants				49,761
Total Investments (Cost $18,903,424) (a) - 98.0%				18,668,562
Other assets in excess of liabilities - 2.0%				387,582
NET ASSETS - 100.0%			$	19,056,144

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

Unrealized appreciation	$	1,263,176
Unrealized depreciation		(1,498,038	)
Net unrealized appreciation (depreciation)	$	(234,862	)

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

(b)	Denotes a non-income producing security.
(c)	Preferred stock.
(d)	Fair Valued Security.

ADR American Depositary Receipt

GDR Global Depositary Receipt

At July 31, 2004, the Fund’s open forward foreign currency contracts were as follows:

							Unrealized
	Delivery		Contract		Market		Appreciation
Currency	Date		Value		Value		(Depreciation)
Short Contracts:
Hungarian Forint		08/02/04	$	55,289	$	55,323	$	34
Hungarian Forint		08/03/04		54,225		54,123		(102	)
Total Short Contracts:			$	109,514	$	109,446	$	(68	)
Long Contract:
South African Rand		08/05/04	$	46,540	$	46,256	$	(284	)

Gartmore Global Financial Services Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (96.4%)
AUSTRALIA (0.9%)
Banking (0.9%)
Australia & New Zealand Banking Group Ltd.		4,403	$	55,729
BELGIUM (1.7%)
Financial Services (1.7%)
Fortis NV		4,690		102,110
FRANCE (2.6%)
Banking (2.6%)
BNP Paribas SA		2,620		152,694
GERMANY (2.7%)
Financial Services (2.7%)
Hypo Real Estate Holding AG (b)		5,140		160,155
HONG KONG (2.8%)
Financial Services (2.8%)
Hang Lung Group Ltd.		116,540		166,651
IRELAND (2.6%)
Banking (2.6%)
Bank of Ireland		11,610		152,123
ITALY (1.3%)
Banking (1.3%)
UniCredito Italiano SpA		16,340		78,251
JAPAN (7.7%)
Banking (1.0%)
Mitsubishi Tokyo Financial Group, Inc.		1,530		13,862
Suruga Bank Ltd. (The)		3,000		20,752
UFJ Holdings, Inc.		6		24,041
				58,655
Financial Services (5.9%)
Daito Trust Construction Co. Ltd.		1,100		40,953
Mitsubishi Tokyo Financial Group, Inc.		8		71,941
Mizuho Financial Group, Inc.		13		49,128
Nomura Holdings, Inc.		4,000		54,761
Orix Corp.		700		75,132
Sumitomo Mitsui Financial Group, Inc.		10		60,157
				352,072
Insurance (0.8%)
Millea Holdings, Inc.		3		44,275
				455,002
SPAIN (1.9%)
Banking (1.9%)
Banco Popular Espanol SA		990		53,281
Banco Santander Central Hispano SA		6,190		58,741
				112,022
SWEDEN (0.9%)
Banking (0.9%)
Skandinaviska Enskilda Banken AB		3,770		50,853

	Shares
	or
	Principal
	Amount		Value
SWITZERLAND (3.4%)
Financial Services (2.4%)
UBS AG		2,190		146,554
Insurance (1.0%)
Zurich Financial Services AG		400		56,474
				203,028
UNITED KINGDOM (12.7%)
Banking (11.7%)
Barclays PLC		12,691		105,969
HBOS PLC		13,385		173,297
HSBC Holdings PLC		9,498		139,444
Lloyds TSB Group PLC		7,637		57,140
Royal Bank of Scotland Group PLC		7,678		215,667
				691,517
Insurance (1.0%)
Royal & Sun Alliance Insurance Group PLC		40,480		56,873
				748,390
UNITED STATES (55.2%)
Banking (18.6%)
Bank Of America Corp.		3,349		284,697
Colonial BancGroup, Inc. (The)		2,530		48,804
Marshall & Ilsley Corp.		780		29,960
Northern Trust Corp.		420		16,855
Provident Bankshares Corp.		1,050		31,385
Silicon Valley Bancshares (b)		450		16,475
South Financial Group, Inc. (The)		1,741		47,164
TCF Financial Corp.		290		17,516
U.S. Bancorp		6,750		191,025
Wachovia Corp.		3,830		169,707
Wells Fargo & Co.		2,410		138,358
Zions Bancorp		1,740		105,270
				1,097,216
Financial Services (24.7%)
American Capital Strategies Ltd.		1,834		53,608
American Express Co.		1,780		89,445
Capital One Financial Corp.		935		64,814
CapitalSource, Inc. (b)		2,080		44,970
CIT Group, Inc.		3,500		121,660
Citigroup, Inc.		5,130		226,181
Countrywide Financial Corp.		1,883		135,764
E*TRADE Financial Corp. (b)		3,210		35,535
Fannie Mae		2,376		168,601
Freddie Mac		1,054		67,783
Goldman Sachs Group, Inc.		1,384		122,055
Investors Financial Services Corp.		1,030		47,050
J.P. Morgan Chase & Co.		3,649		136,217
Lehman Brothers Holding, Inc.		989		69,329
MBNA Corp.		1,707		42,146
Merrill Lynch & Co., Inc.		550		27,346
				1,452,504
Insurance (11.9%)
AFLAC, Inc.		1,060		42,018
Allstate Corp.		2,990		140,769
American International Group, Inc.		3,880		274,121
Fidelity National Financial, Inc.		800		29,000
Hartford Financial Services Group		1,446		94,135
Metlife, Inc.		1,277		45,551
PartnerRe Ltd.		570		29,817
RenaissanceRE Holdings Ltd.		850		45,050

	Shares
	or
	Principal
	Amount		Value
				700,461
				3,250,181
Total Common Stocks				5,687,189
Repurchase Agreements (5.9%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $332,851 (Fully collateralized by AA Corporate Bonds, Treasury Notes, and U.S. Agency Securities)	$	332,817		332,817
UBS Warburg LLC, 1.23% dated 07/30/04, due 08/02/04, repurchase price $13,263 (Fully collateralized by AA Corporate Bonds		13,262		13,262
Total Repurchase Agreements				346,079
Total Investments (Cost $5,941,931) (a) - 102.3%				6,033,268
Liabilities in excess of other assets - (2.3)%				(137,525	)
NET ASSETS - 100.0%			$	5,895,743

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

Unrealized appreciation	$	208,563
Unrealized depreciation		(117,226	)
Net unrealized appreciation (depreciation)	$	91,337

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

Gartmore Global Health Sciences Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (78.6%)
Diagnostic Equipment (0.7%)
Cytyc Corp. (b)		4,200	$	101,514
Drugs (39.6%)
Abbott Laboratories		14,990		589,857
Amgen, Inc. (b)		13,580		772,429
Barr Laboratories, Inc. (b)		4,240		145,644
Eli Lilly & Co.		10,560		672,883
GlaxoSmithKline PLC ADR - GB		6,910		282,965
Merck & Co., Inc.		15,540		704,739
Novartis AG ADR - CH		7,530		336,290
Pfizer, Inc.		32,144		1,027,321
Schering-Plough Corp.		24,260		472,100
Wyeth		14,655		518,787
				5,523,015
Hospitals (0.8%)
Triad Hospitals, Inc. (b)		3,380		115,123
Medical - Biomedical/Genetic (7.1%)
Biogen Idec, Inc. (b)		4,840		290,400
Genentech, Inc. (b)		6,990		340,273
Genzyme Corp. (b)		4,170		213,838
Protein Design Labs, Inc. (b)		9,120		147,744
				992,255
Medical - HMO (7.6%)
Aetna, Inc.		1,690		145,002
Anthem, Inc. (b)		1,580		130,303
UnitedHealth Group, Inc.		9,600		603,840
WellPoint Health Networks, Inc. (b)		1,800		181,980
				1,061,125
Medical Information Systems (0.5%)
Dendrite International, Inc. (b)		4,450		66,350
Medical Instruments (5.3%)
Fisher Scientific International, Inc. (b)		2,590		150,738
Kyphon, Inc. (b)		800		21,624
Medtronic, Inc.		11,330		562,761
				735,123
Medical Products (10.0%)
Alcon, Inc.		2,860		219,076
Baxter International, Inc.		11,690		351,518
Johnson & Johnson		14,890		822,970
				1,393,564
Medical Products & Services (5.0%)
Caremark Rx, Inc. (b)		8,350		254,675
Kinetic Concepts, Inc. (b)		2,680		120,386
Magellan Health Services, Inc. (b)		4,730		160,962
Medco Health Solutions, Inc. (b)		5,240		158,772
				694,795
Therapeutics (2.0%)
Gilead Sciences, Inc. (b)		2,810		181,638

	Shares
	or
	Principal
	Amount		Value
Mannkind Corp. (b)		5,050		71,458
Trimeris, Inc. (b)		2,260		25,922
				279,018
Total Common Stocks				10,961,882
Repurchase Agreement (19.0%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $2,549,720 (Fully collaterized by Government National Mortgage Association Securities and AA Rated Corporate Bonds)		2,549,459		2,549,459
UBS Warburg, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $101,595 (Fully collateralized by AA Rated Corporate Bonds)		101,585		101,585
Total Repurchase Agreement				2,651,044
Total Investments (Cost $13,924,902) (a) - 97.6%				13,612,926
Other assets in excess of liabilities - 2.4%				327,931
NET ASSETS - 100.0%			$	13,940,857

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

Unrealized appreciation	$	150,589
Unrealized depreciation		(462,565	)
Net unrealized appreciation (depreciation)	$	(311,976	)

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

(b) Denotes a non-income producing security.

ADR	American Depositary Receipt
CH	Switzerland
GB	United Kingdom

Gartmore Global Technology and Communications Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (95.9%)
CANADA (1.9%)
Computer Services
Research in Motion Ltd. (b)		2,800	$	172,676
GERMANY (1.5%)
Computer Software (1.5%)
SAP AG ADR		3,300		132,033
INDIA
Computer Software (0.8%)
Infosys Technologies Ltd. ADR		1,400		70,350
JAPAN (0.7%)
Telecom Services (0.7%)
Nippon Telegraph and Telephone Corp. ADR		2,600		64,012
SWEDEN (2.3%)
Telecommunication Equipment (2.3%)
Telefonaktiebolaget LM Ericsson ADR (b)		7,700		205,667
UNITED STATES (88.7%)
Aerospace/Defense (3.1%)
General Dynamics Corp.		1,000		98,820
Rockwell Collins, Inc.		5,100		174,522
				273,342
Computer Hardware (12.2%)
Apple Computer, Inc. (b)		7,000		226,380
Dell, Inc. (b)		11,300		400,811
International Business Machines Corp.		4,500		391,815
Lexmark International, Inc. (b)		700		61,950
				1,080,956
Computer Services (12.0%)
Affiliated Computer Services, Inc., Class A (b)		1,600		83,040
Cognizant Technology Solutions Corp. (b)		2,500		68,875
eBay, Inc. (b)		5,700		446,481
First Data Corp.		2,300		102,603
Insight Enterprises, Inc. (b)		5,100		81,804
Yahoo, Inc. (b)		9,000		277,200
				1,060,003
Computer Software (15.9%)
Akamai Technologies, Inc. (b)		2,500		37,325
Hyperion Solutions Corp. (b)		4,100		168,182
Microsoft Corp.		29,200		831,032
PalmOne, Inc. (b)		4,600		185,012
S1 Corp. (b)		4,600		38,042
Sun Microsystems, Inc. (b)		11,300		44,635
Symantec Corp. (b)		2,400		112,224
				1,416,452
Consulting Services (2.4%)
Accenture Ltd. (b)		2,600		64,038
BearingPoint, Inc. (b)		12,700		104,902
Keynote Systems, Inc. (b)		3,400		44,778
				213,718

	Shares
	or
	Principal
	Amount		Value
Data Processing & Reproduction (2.8%)
Automatic Data Processing, Inc.		2,700		113,346
Input/Output, Inc. (b)		5,200		50,076
Veritas DGC, Inc. (b)		3,600		88,668
				252,090
E - Commerce (1.2%)
Websense, Inc. (b)		2,800		106,932
Electronic Components-Semiconductors (15.5%)
Agilent Technologies, Inc. (b)		3,600		85,716
Analog Devices, Inc.		3,300		131,010
Cadence Design Systems, Inc. (b)		14,500		195,315
Intel Corp.		15,900		387,642
Microchip Technology, Inc.		4,900		141,953
Micron Technology, Inc. (b)		4,900		66,297
Plexus Corp. (b)		20,600		230,926
Sanmina Corp. (b)		13,200		96,888
Staktek Holdings, Inc. (b)		9,100		45,318
				1,381,065
Entertainment Software (1.2%)
Activision, Inc. (b)		4,300		62,995
THQ, Inc. (b)		2,400		45,720
				108,715
Investment Companies (0.6%)
Harris & Harris Group, Inc. (b)		4,800		49,008
Lasers - Systems/Components (1.1%)
Electro Scientific Industries, Inc. (b)		3,700		95,275
Motion Pictures & Services (1.0%)
Macrovision Corp. (b)		4,000		86,560
Networking (6.7%)
Cisco Systems, Inc. (b)		28,300		590,338
Semiconductors (0.8%)
Applied Micro Circuits Corp. (b)		18,900		68,040
Telecom Services (4.0%)
Alamosa Holdings, Inc. (b)		16,500		126,720
NII Holdings, Inc., Class B (b)		2,200		83,644
Ptek Holdings, Inc. (b)		7,400		85,026
Verizon Communications, Inc.		1,500		57,810
				353,200
Telecommunication Equipment (2.6%)
Comverse Technology, Inc. (b)		5,300		90,418
Lucent Technologies, Inc. (b)		45,900		139,995
				230,413
Wireless Equipment (5.6%)
American Tower Corp., Class A (b)		3,900		56,394
Crown Castle International Corp. (b)		4,100		57,892
Novatel Wireless, Inc. (b)		2,000		45,940
QUALCOMM, Inc.		4,900		338,492
				498,718
				7,864,825
Total Common Stocks				8,509,563
Total Investments (Cost $8,799,541) (a) - 95.9%				8,509,563
Other assets in excess of liabilities - 4.1%				359,778
NET ASSETS - 100.0%			$	8,869,341

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

Unrealized appreciation	$	91,652
Unrealized depreciation		(381,630	)
Net unrealized appreciation (depreciation)	$	(289,978	)

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

(b) Denotes a non-income producing security.

ADR     American Depositary Receipt

Gartmore Global Utilities Fund
Schedule of Portfolio Investments
July 31, 2003
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
COMMON STOCKS (99.3%)
AUSTRIA (3.7%)
Oil & Gas Utility (2.2%)
OMV AG		470	$	102,868
Telephone Communications (1.5%)
Telekom Austria AG		4,618		71,874
				174,742
FINLAND (3.3%)
Oil & Gas Utility (3.3%)
Fortum Oyj		11,308		155,731
FRANCE (1.2%)
Oil & Gas Utility (1.2%)
Total SA		300		58,373
GERMANY (6.6%)
Gas & Electric Utility (6.6%)
E. ON AG		2,856		203,655
Rwe AG		2,271		111,317
				314,972
HONG KONG (0.4%)
Electric Utility (0.4%)
CLP Holdings Ltd.		3,000		16,852
ITALY (1.7%)
Electric Utility (1.1%)
Enel SpA		6,909		54,597
Telecommunications (0.6%)
Telecom Italia RISP SpA		4,306		9,245
Telecom Italia SpA		5,692		16,878
				26,123
				80,720
JAPAN (8.4%)
Electric Utility (5.7%)
Chubu Electric Power Co., Inc.		3,700		77,528
Kansai Electric Power Co., Inc.		1,900		34,619
Kyushu Electric Power Co., Inc.		3,000		56,153
Tohoku Electric Power, Inc.		1,500		24,628
Tokyo Electric Power Co., Inc.		3,600		81,523
				274,451
Gas Utility (0.5%)
Tokyo Gas Co. Ltd.		6,000		21,421
Oil & Gas Utility (0.5%)
Osaka Gas Co. Ltd.		9,000		23,975
Telecommunications (1.7%)
Nippon Telegraph & Telephone Corp.		16		79,000
				398,847
PORTUGAL (1.8%)
Electric Utility (0.3%)
Electricidade de Portugal SA		4,998		13,370
Telecommunications (1.5%)

	Shares
	or
	Principal
	Amount		Value
Portugal Telecom SA		6,844		70,231
				83,601
SINGAPORE (0.5%)
Telecommunications (0.5%)
Singapore Telecommunications Ltd.		19,000		25,278
SPAIN (4.2%)
Electric Utility (0.2%)
Iberdrola SA		450		9,201
Telecommunications (4.0%)
Telefonica SA		12,749		185,879
Television (0.0%)
Antena 3 Television SA (b)		37		1,956
				197,036
UNITED KINGDOM (20.9%)
Electric Utility (3.3%)
Scottish & Southern Energy PLC		2,481		32,409
Scottish Power PLC		17,009		121,875
				154,284
Gas & Electric Utility (2.2%)
International Power PLC (b)		39,295		104,972
Gas Utility (1.1%)
Centrica PLC		12,230		52,566
Telecommunications (9.0%)
Vodafone Group PLC		197,561		427,464
Water Utility (5.3%)
AWG PLC (b)		7,866		88,018
AWG PLC Redeemable Shares (b)		602,248		1,040
Northumbrian Water Group PLC		34,828		83,730
Severn Trent PLC		1,407		20,387
United Utilities PLC, Class A		6,108		57,211
				250,386
				989,672
UNITED STATES (46.6%)
Electric Utility (4.9%)
American Electric Power Co., Inc.		4,557		141,768
Dominion Resources, Inc.		918		58,256
Edison International		783		20,984
Southern Co. (The)		319		9,340
				230,348
Gas & Electric Utility (9.6%)
Exelon Corp.		5,100		177,990
PPL Corp.		2,631		121,947
Questar Corp.		1,148		47,045
Sempra Energy		2,136		76,362
TXU Corp.		803		31,847
				455,191
Gas Utility (1.3%)
Western Gas Resources, Inc.		1,815		61,147
Oil & Gas Utility (9.5%)
ConocoPhillips		1,696		133,594
EOG Resources Inc		1,135		72,129
FirstEnergy Corp.		353		13,802
Sunoco, Inc.		1,992		135,795
Valero Energy Corp.		1,273		95,373
				450,693
Telecommunications (20.1%)
AT&T Corp.		2,500		37,750
BellSouth Corp.		9,775		264,805

	Shares
	or
	Principal
	Amount		Value
Nextel Communications, Inc., Class A (b)		337		7,670
SBC Communications, Inc.		5,802		147,023
Verizon Communications, Inc.		13,040		502,563
				959,811
Transportation Services (1.2%)
Arkansas Best Corp.		1,640		57,351
				2,214,541
Total Common Stocks				4,710,365
Repurchase Agreement (1.6%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $2,953 (Fully collateralized by AA Rated Corporate Bonds)	$	2,953		2,953
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $74,109 (Fully collateralized by U.S. Agency Securities)		74,106		74,106
Total Repurchase Agreement				77,059
Total Investments (Cost $4,632,183) (a) - 100.9%				4,787,424
Liabilities in excess of other assets - (0.9)%				(44,294	)
NET ASSETS - 100.0%			$	4,743,130

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

Unrealized appreciation	$	205,921
Unrealized depreciation		(50,680	)
Net unrealized appreciation (depreciation)	$	155,241

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

									Unrealized
	Delivery		Contract			Market			Appreciation/
Currency	Date		Value			Value			(Depreciation)
Short Contracts:
Euro		8/2/04		(16,196	)		(16,211	)		(15	)
Euro		8/2/04		(12,988	)		(12,965	)		23
Euro		8/3/04		(91,900	)		(91,830	)		70
Euro		8/4/04		(59,020	)		(58,819	)		200
Total Short Contracts			$	(180,104	)	$	(179,825	)	$	278
Long Contracts:
Euro		8/3/04		78,559			78,684			125
Euro		8/3/04		23,809			23,746			(63	)
Total Long Contracts			$	102,368		$	102,430		$	62

Gartmore Government Bond Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Principal
	Amount		Value
U.S. Government Sponsored and Agency Obligations (95.5%)
Federal Farm Credit Bank (4.3%)
6.90%, 09/08/15	$	3,000,000	$	3,456,549
7.13%, 11/16/15		4,000,000		4,482,124
				7,938,673
Federal Home Loan Bank (1.5%)
6.02%, 01/09/08, Series AA08		1,000,000		1,076,642
5.99%, 04/15/13, Series BD13		1,500,000		1,613,681
				2,690,323
Federal Home Loan Mortgage Corporation (26.2%)
2.50%, 11/25/05, Series MTN1		10,000,000		9,944,870
2.60%, 05/10/06, Series MTN		10,000,000		9,967,270
2.76%, 05/19/06, Series MTN		10,000,000		9,988,480
2.15%, 06/02/06, Series MTN		1,000,000		985,563
5.50%, 04/01/07, Gold Pool #M90718		677,727		695,249
7.25%, 06/15/07, REMIC, Series 1313-G		77,874		77,835
5.50%, 11/15/20, REMIC, Series 2541-VL		1,500,000		1,489,666
6.00%, 02/15/21, Series 2503-VD		4,000,000		4,201,860
3.50%, 12/15/21, REMIC, Series 1629-HA		256,542		256,993
6.50%, 03/15/24, REMIC, Series 1684-I		2,000,000		2,125,467
6.00%, 01/15/28, Series 2114-PR		1,393,500		1,446,322
6.50%, 07/15/30, REMIC, Series 2388-BE		540,144		544,985
6.50%, 03/15/31, REMIC, Series 2296-H		905,288		947,795
6.00%, 09/15/31, REMIC, Series 2419-UA		5,000,000		5,181,715
				47,854,070
Federal National Mortgage Association (50.3%)
6.31%, 01/01/06, Pool #73341		836,878		864,991
2.80%, 11/17/06		10,000,000		9,945,590
3.55%, 01/12/07		7,000,000		7,060,935
3.00%, 02/23/07		10,000,000		9,954,620
5.15%, 05/03/07		10,000,000		10,227,499
6.10%, 07/01/08, Pool #380488		920,005		981,435
6.00%, 08/25/08, REMIC, Series 94-34-C		95,284		95,195
6.00%, 11/25/08, REMIC, Series 94-48-E		1,122,577		1,150,787
4.50%, 04/01/10, Pool #M80812		2,049,040		2,053,298
7.42%, 11/01/11, Pool #73731		6,211,437		6,717,898
6.50%, 04/25/13, REMIC, Series 99-19-TD		1,847,685		1,873,078
6.30%, 05/01/13, Pool #380311		1,846,616		1,980,260
6.00%, 03/25/14, Series 1999-8-QD		3,742,554		3,904,194
6.30%, 04/01/14, Pool #381570		1,034,449		1,119,983
7.90%, 08/01/15, Pool #381190		1,607,172		1,891,791
7.11%, 10/01/15, Pool #383142		2,845,218		3,152,415
10.35%, 12/10/15		5,000,000		7,217,280
5.50%, 04/25/16, REMIC, Series 2002-55-QD		3,000,000		3,119,707
6.68%, 05/01/16, Pool #383452		2,015,342		2,197,640
9.25%, 10/25/18, REMIC, Series 88-25-B		29,795		32,897
8.10%, 08/12/19		1,000,000		1,314,269
8.50%, 01/25/20, REMIC, Series 90-7-B		99,133		108,381
6.85%, 05/17/20, Series 1997-M6-C		1,609,944		1,725,082
7.50%, 02/25/23, REMIC, Series 93-16-Z		384,348		408,434
6.00%, 12/25/23, REMIC, Series 1993-226-PK		1,000,000		1,042,699

	Principal
	Amount		Value
5.03%, 06/01/29, Pool #386937		4,927,802		4,695,707
6.27%, 02/25/35, REMIC, Series 98-M4-D		2,500,000		2,683,587
6.30%, 10/17/38, REMIC, Series 98-73-MZ		4,260,737		4,438,978
				91,958,630
Sovereign Agency (7.2%)
AID — Israel, 6.80%, 02/15/12, Series 3-D		1,000,000		1,110,228
AID — Israel, 5.50%, 04/26/24		10,000,000		9,933,650
AID — Panama, 7.15%, 04/01/27		2,000,000		2,116,240
				13,160,118
U.S. Treasury Bonds (6.0%)
6.00%, 02/15/26		10,000,000		10,917,580
Total U.S. Government Sponsored and Agency Obligations				174,519,394
Repurchase Agreements (4.0%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $7,063,652 (Fully collateralized by AA Rated Corporate Bonds and Government National Mortgage Association Securities)	$	7,062,928		7,062,928
UBS Warburg, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $281,456 (Fully collateralized by AA Rated Corporate Bonds)		281,427		281,427
Total Repurchase Agreements				7,344,355
Short-Term Securities Held as Collateral for Securities Lending (0.1%)
Pool of various securities for Gartmore	$	102,151		102,151
Mutual Funds — Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				102,151
Total Investments (Cost $179,562,015) (a) - 99.6%				181,965,900
Other assets in excess of liabilities - 0.4%				769,873
NET ASSETS - 100.0%			$	182,735,773

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

Unrealized appreciation	$	3,239,485
Unrealized depreciation		(835,600	)
Net unrealized appreciation (depreciation)	$	2,403,885

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

REMIC    Real Estate Mortgage Investment Conduit

Gartmore Growth Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares		Value
Common Stocks (99.6%)
Aerospace/Defense (0.6%)
General Dynamics Corp.		16,171	$	1,598,018
Business Services (0.3%)
DST Systems, Inc. (b)		17,150		781,354
Chemicals (1.0%)
Praxair, Inc.		64,930		2,561,489
Computer Equipment (7.6%)
Cisco Systems, Inc. (b)		403,532		8,417,677
Dell, Inc. (b)		147,661		5,237,536
EMC Corp. (b)		196,410		2,154,618
Lexmark International, Inc., Class A (b)		37,610		3,328,485
				19,138,316
Computer Software & Services (12.8%)
Adobe Systems, Inc.		31,310		1,320,656
Check Point Software Technologies Ltd. ADR — IL (b)		138,950		2,763,716
Electronic Arts, Inc. (b)		44,600		2,235,798
Hyperion Solutions Corp. (b)		79,860		3,275,857
Intel Corp.		190,521		4,644,902
Microsoft Corp.		398,118		11,330,439
Oracle Corp. (b)		163,939		1,722,999
Symantec Corp. (b)		46,990		2,197,252
Yahoo!, Inc. (b)		84,564		2,604,571
				32,096,190
Consumer Products (3.4%)
Colgate-Palmolive Co.		23,150		1,231,580
Estee Lauder Co., Inc., Class A		19,420		852,538
Fortune Brands, Inc.		28,860		2,083,115
Gillette Co. (The)		77,355		3,015,297
Sherwin-Williams Co.		32,520		1,313,158
				8,495,688
Drugs (7.5%)
Eli Lilly & Co.		44,639		2,844,397
Merck & Co., Inc.		71,340		3,235,269
Pfizer, Inc.		407,230		13,015,071
				19,094,737
Electronics (1.0%)
Rockwell Collins, Inc.		75,200		2,573,344
Financial Services (7.5%)
American Express Co.		63,560		3,193,890
Capital One Financial Corp.		38,836		2,692,112
Countrywide Financial Corp.		26,230		1,891,183
Fannie Mae		26,000		1,844,960
Global Payments, Inc.		41,860		1,910,909
Goldman Sachs Group, Inc.		36,290		3,200,415
Northern Trust Corp.		68,000		2,728,840
U.S. Bancorp		58,300		1,649,890
				19,112,199
Food & Beverage (4.6%)
Anheuser-Busch Cos., Inc.		50,260		2,608,494
Coca-Cola Co.		85,330		3,742,574
PepsiCo, Inc.		61,331		3,066,550

	Shares		Value
Smithfield Foods, Inc. (b)		36,850		1,044,329
Wendy’s International, Inc.		36,430		1,303,101
				11,765,048
Healthcare (9.4%)
Abbott Laboratories		80,680		3,174,758
Aetna, Inc.		16,740		1,436,292
Amgen, Inc. (b)		82,948		4,718,082
Anthem, Inc. (b)		19,980		1,647,751
Biogen Idec, Inc. (b)		32,510		1,950,600
Caremark Rx, Inc. (b)		42,188		1,286,734
Community Health Care, Inc. (b)		32,910		809,915
Johnson & Johnson		94,000		5,195,380
Medtronic, Inc.		66,090		3,282,690
				23,502,202
Hotels & Casinos (2.3%)
Marriott International, Inc., Class A		92,190		4,498,872
Station Casinos, Inc.		33,500		1,447,200
				5,946,072
Instruments (1.2%)
Fisher Scientific International, Inc. (b)		54,160		3,152,112
Insurance (3.4%)
AFLAC, Inc.		33,810		1,340,228
American International Group, Inc.		76,703		5,419,067
Hartford Financial Services Group, Inc. (The)		29,900		1,946,490
				8,705,785
Internet Services / Software (0.4%)
VeriSign, Inc. (b)		62,720		1,098,227
Manufacturing (8.0%)
3M Co.		42,246		3,479,381
American Standard Cos., Inc. (b)		67,100		2,542,419
Caterpillar, Inc.		15,000		1,102,350
Danaher Corp.		69,432		3,516,731
General Electric Co.		103,852		3,453,079
Ingersoll-Rand Co., Class A		21,880		1,502,937
International Steel Group (b)		43,480		1,423,100
Tyco International Ltd.		98,769		3,061,839
				20,081,836
Medical Products (3.5%)
Boston Scientific Corp. (b)		118,514		4,534,346
Covance, Inc. (b)		42,160		1,546,850
Genzyme Corp. (b)		33,840		1,735,315
Millipore Corp. (b)		22,200		1,169,718
				8,986,229
Multimedia (2.5%)
Time Warner, Inc. (b)		155,280		2,585,412
Univision Communications, Inc. (b)		44,020		1,275,259
Walt Disney Co. (The)		106,750		2,464,858
				6,325,529
Oil & Gas (2.4%)
Burlington Resources, Inc.		35,260		1,345,874
EOG Resources, Inc.		44,460		2,825,433
Schlumberger Ltd.		31,300		2,013,216
				6,184,523
Retail (9.7%)
CVS Corp.		65,410		2,738,717
Dollar General Corp.		93,900		1,812,270
eBay, Inc. (b)		17,520		1,372,342
Home Depot, Inc.		56,905		1,918,837

	Shares		Value
Kohl’s Corp. (b)		28,990		1,326,582
Lowe’s Cos., Inc.		77,298		3,765,959
Pacific Sunwear of California, Inc. (b)		45,160		921,264
Staples, Inc.		45,730		1,320,682
Target Corp.		114,775		5,004,190
Wal-Mart Stores, Inc.		76,738		4,067,881
				24,248,724
Semiconductors (2.7%)
Broadcom Corp., Class A (b)		65,294		2,308,796
Maxim Integrated Products, Inc.		54,400		2,616,640
Texas Instruments, Inc.		91,140		1,944,016
				6,869,452
Telecommunications (6.7%)
ADTRAN, Inc.		48,680		1,300,243
Ericsson ADR — SE (b)		95,620		2,554,010
Juniper Networks, Inc. (b)		130,035		2,985,604
Motorola, Inc.		122,980		1,959,071
Nextel Communications, Inc. (b)		67,186		1,529,153
QUALCOMM, Inc.		51,138		3,532,613
Scientific-Atlanta, Inc.		51,990		1,598,693
Sprint Corp.		85,340		1,594,151
				17,053,538
Transportation Services (1.1%)
C.H. Robinson Worldwide, Inc.		18,740		819,500
Ryder System, Inc.		44,730		1,918,917
				2,738,417
Total Common Stocks				252,109,029
Short-Term Securities Held as Collateral for Securities Lending (8.8%)
Pool of various securities for Gartmore	$	8,271,923		8,271,923
Mutual Funds – Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				8,271,923
Total Investments (Cost $261,258,088) (a) - 102.8%				260,380,952
Other assets in excess of liabilities — (2.8)%				(7,179,423	)
NET ASSETS - 100.0%			$	253,201,529

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

Unrealized appreciation	$	7,064,393
Unrealized depreciation		(7,941,529	)
Net unrealized appreciation (depreciation)	$	(877,136	)

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

(b) Denotes a non-income producing security.

ADR	American Depositary Receipt
IL	Israel
SE	Sweden

Gartmore High Yield Bond Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Corporate Bonds (93.6%)
Aerospace/Defense Equipment (1.2%)
BE Aerospace, Inc., 8.00%, 03/01/08	$	85,000	$	82,025
Sequa Corp., 9.00%, 08/01/09		125,000		135,625
Vought Aircraft Industries, Inc., 8.00%, 07/15/11 (c)		60,000		58,800
				276,450
Airlines (0.3%)
AMR Corp., 9.00%, 08/01/12		40,000		28,200
Northwest Airlines, Inc., 10.00%, 02/01/09		40,000		27,600
				55,800
Auto Manufacturing (0.6%)
Foamex LP / Capital Corp., 10.75%, 04/01/09		85,000		83,300
Goodyear Tire & Rubber, 7.86%, 08/15/11		60,000		55,800
				139,100
Auto Parts & Equipment (4.7%)
Accuride Corp., Series B, 9.25%, 02/01/08		85,000		86,488
Collins & Aikman Products Corp., 10.75%, 12/31/11		80,000		81,600
Delco Remy International, Inc., 9.38%, 04/15/12 (c)		40,000		38,800
Dura Operating Corp., 9.00%, 05/01/09		40,000		38,200
Eagle-Picher, Inc., 9.75%, 09/01/13		125,000		132,499
Metaldyne Corp., 10.00%, 11/01/13 (c)		75,000		75,000
Rexnord Corp., 10.13%, 12/15/12		150,000		165,749
Tenneco Automotive, Inc., 11.63%, 10/15/09		85,000		91,163
TRW Automotive, Inc., 9.38%, 02/15/13		92,000		104,880
TRW Automotive, Inc., 11.00%, 02/15/13		35,000		42,000
United Rentals NA, Inc., 7.00%, 02/15/14		85,000		77,563
Williams Scotsman, Inc., 9.88%, 06/01/07		105,000		103,950
				1,037,892
Building & Construction (2.3%)
Building Materials Corp., 7.75%, 08/01/14 (c)		25,000		24,938
D.R. Horton, Inc., 8.50%, 04/15/12		110,000		123,475
K. Hovnanian Enterprises, 7.75%, 05/15/13		55,000		56,375

	Shares
	or
	Principal
	Amount		Value
Texas Industries, Inc., 10.25%, 06/15/11		100,000		114,000
WCI Communities, Inc., 9.13%, 05/01/12		170,000		183,600
				502,388
Building Products (0.6%)
Euramax International PLC, 8.50%, 08/15/11		85,000		87,975
U.S. Concrete, Inc., 8.38%, 04/01/14 (c)		50,000		50,500
				138,475
Cable (0.7%)
Atlantic Broadband Finance LLC, 9.38%, 01/15/14 (c)		175,000		160,125
Cable & Satellite (5.6%)
Adelphia Communications, 10.88%, 10/01/10 (b)		185,000		161,875
Cablevision System Corp., 8.00%, 04/15/12		175,000		171,938
Charter Communications Holdings, LLC, 8.63%, 04/01/09		505,000		381,274
Charter Communications Holdings, LLC, 8.38%, 04/30/14 (c)		85,000		82,025
Echostar DBS Corp., 9.13%, 01/15/09		164,000		179,990
Mediacom, LLC, 9.50%, 01/15/13		145,000		134,125
Young Broadcasting, Inc., 10.00%, 03/01/11		125,000		126,250
				1,237,477
Chemicals (4.8%)
BCP Caylux Holding SCA, 9.63%, 06/15/14 (c)		125,000		130,312
Equistar Chemical Funding, 10.13%, 09/01/08		105,000		115,106
Huntsman LLC, 11.63%, 10/15/10		105,000		116,813
IMC Global, Inc., 11.25%, 06/01/11		70,000		81,200
Lyondell Chemical Co., 9.50%, 12/15/08		190,000		198,787
Millennium America, Inc., 9.25%, 06/15/08		85,000		91,800
Nalco Co., 7.75%, 11/15/11 (c)		80,000		83,200
Polyone Corp., 10.63%, 05/15/10		55,000		58,850
Resolution Performance Products, 8.00%, 12/15/09		55,000		56,650
Rhodia SA, 8.88%, 06/01/11 (c)		85,000		73,100
United Agriculture Products, 8.25%, 12/15/11 (c)		50,000		55,250
				1,061,068
Coal (0.1%)
Foundation PA Coal Co., 7.25%, 08/01/14 (c)		25,000		25,188
Communication / Mobile (3.9%)
American Tower Corp., 9.38%, 02/01/09		255,000		272,212
American Tower Corp., 7.50%, 05/01/12 (c)		170,000		167,025

	Shares
	or
	Principal
	Amount		Value
Triton PCS, Inc., 8.50%, 06/01/13		175,000		162,750
Ubiquitel Operating Co., 9.88%, 03/01/11 (c)		85,000		84,363
Western Wireless Corp, 9.25%, 07/15/13		170,000		173,825
				860,175
Consumer Products / Services (1.5%)
Doane Pet Care Co., 10.75%, 03/01/10		85,000		91,800
Iron Mountain, Inc., 7.75%, 01/15/15		85,000		86,913
Reddy Ice Group, Inc., 8.88%, 08/01/11		60,000		63,150
Sealy Mattress Co., 8.25%, 06/15/14 (c)		85,000		85,000
				326,863
Containers (3.8%)
AEP Industries, Inc., 9.88%, 11/15/07		105,000		107,625
Constar International, 11.00%, 12/01/12		85,000		82,556
Owens-Illinois, Inc., 7.50%, 05/15/10		105,000		106,575
Pliant Corp., 11.13%, 06/15/09		30,000		26,550
Pliant Corp., 11.13%, 09/01/09		50,000		54,000
Pliant Corp., 13.00%, 06/01/10		200,000		182,500
Silgan Holdings, Inc., 6.75%, 11/15/13		50,000		49,000
Solo Cup Co., 8.50%, 02/15/14		165,000		151,800
Tekni-Plex, Inc., 8.75%, 11/15/13 (c)		80,000		77,500
				838,106
Cosmetics/Toiletries (1.0%)
Armkel, LLC, 9.50%, 08/15/09		110,000		119,625
Elizabeth Arden, Inc., 7.75%, 01/15/14		110,000		112,338
				231,963
Distribution/Wholesale (0.8%)
Aviall, Inc., 7.63%, 07/01/11		80,000		84,000
Buhrmann US, Inc., 8.25%, 07/01/14 (c)		90,000		89,775
				173,775
Diversified Manufacturing Operations (0.7%)
Invensys PLC, 9.88%, 03/15/11 (c)		25,000		25,188
Koppers Industry Inc., 9.88%, 10/15/13		125,000		138,125
				163,313
E-Commerce (0.3%)
FTD, Inc., 7.75%, 02/15/14		75,000		71,625
Electronics (0.2%)
Itron, Inc., 7.75%, 05/15/12		50,000		50,125
Finance (1.9%)
E*TRADE Financial Corp., 8.00%, 06/15/11 (c)		75,000		75,375
Global Cash Accounting & Finance, 8.75%, 03/15/12 (c)		85,000		89,038
Labranche & Co., 9.50%, 05/15/09 (c)		60,000		59,400
Metris Companies, Inc., 10.13%, 07/15/06		90,000		88,200
Refco Finance Holdings, 9.00%, 08/01/12 (c)		110,000		110,000

	Shares
	or
	Principal
	Amount		Value
				422,013
Food & Beverage (2.2%)
B&G Foods, Inc., 9.63%, 08/01/07		160,000		162,566
Great Atlantic & Pacific Tea Co., 7.75%, 04/15/07		100,000		95,000
Great Atlantic & Pacific Tea Co., 9.13%, 12/15/11		25,000		21,750
Pilgrims Pride Corp., 9.25%, 11/15/13		50,000		53,750
Pinnacle Foods Holdings, 8.25%, 12/01/13 (c)		50,000		48,000
Stater Bros Holdings, 8.13%, 06/15/12		75,000		76,688
WH Holdings, 9.50%, 04/01/11		25,000		26,125
				483,879
Gaming (5.0%)
American Casino & Entertainment, 7.85%, 02/01/12 (c)		55,000		56,100
Boyd Gaming Corp., 6.75%, 04/15/14 (c)		105,000		100,931
Circus & Eldorado, 10.13%, 03/01/12		55,000		55,481
Hard Rock Hotel, Inc., 8.88%, 06/01/13		110,000		114,400
Herbst Gaming Inc., 8.13%, 06/01/12		110,000		108,350
MGM Mirage, Inc., 9.75%, 06/01/07		55,000		60,431
Park Place Entertainment Corp., 8.13%, 05/15/11		210,000		231,787
Premier Entertainment Biloxi, 10.75%, 02/01/12 (c)		80,000		84,400
Station Casinos, 6.00%, 04/01/12		130,000		126,750
Trump Holdings & Funding, 11.63%, 03/15/10		170,000		173,825
				1,112,455
Healthcare (5.8%)
Ardent Health Services, 10.00%, 08/15/13		125,000		135,625
Beverly Enterprises, Inc., 7.88%, 06/15/14 (c)		55,000		55,275
Curative Health Services, 10.75%, 05/01/11 (c)		50,000		45,250
Healthsouth Corp., 10.75%, 10/01/08		85,000		87,763
Healthsouth Corp., 7.63%, 06/01/12		125,000		117,344
Iasis Healthcare Corp., 8.75%, 06/15/14		50,000		52,000
Omnicare, Inc., 8.13%, 03/15/11		170,000		180,624
Pacificare Health Systems, 10.75%, 06/01/09		109,000		123,715
Res-Care, Inc., 10.63%, 11/15/08		105,000		111,300
Team Health, Inc., 9.00%, 04/01/12 (c)		50,000		48,500
Tenet Healthcare Corp., 9.88%, 07/01/14 (c)		210,000		218,137
VWR International, Inc., 6.88%, 04/15/12 (c)		105,000		106,050
				1,281,583
Insurance (0.3%)
Crum & Forster Holding Corp., 10.38%, 06/15/13		70,000		75,950

	Shares
	or
	Principal
	Amount		Value
Leisure (3.0%)
Bombardier Recreational, 8.38%, 12/15/13 (c)		50,000		50,750
Carmike Cinemas, 7.50%, 02/15/14 (c)		40,000		37,900
Cinemark, Inc., 9.75%, 03/15/14 (c)		85,000		56,100
Gaylord Entertainment Co., 8.00%, 11/15/13		50,000		51,438
Host Marriott LP, 7.13%, 11/01/13		100,000		99,500
Intrawest Corp., 10.50%, 02/01/10		170,000		183,600
Regal Cinemas, Inc., 9.38%, 02/01/12		75,000		88,500
Vail Resorts, Inc., 6.75%, 02/15/14 (c)		105,000		103,950
				671,738
Machinery / Equipment (1.3%)
Case New Holland, Inc., 9.25%, 08/01/11 (c)		85,000		92,013
NMHG Holdings Co., 10.00%, 05/15/09		170,000		187,000
				279,013
Media (1.4%)
LBI Media, Inc., 10.13%, 07/15/12		170,000		187,850
LBI Media, Inc., 9.32%, 10/15/13		170,000		120,913
				308,763
Metals & Mining (0.6%)
AK Steel Corp., 7.88%, 02/15/09		85,000		80,963
Ispat Inland ULC, 9.75%, 04/01/14 (c)		40,000		41,300
				122,263
Oil & Gas (7.8%)
ANR Pipeline Co., 8.88%, 03/15/10		150,000		165,375
Belden & Blake Corp., 8.75%, 07/15/12 (c)		30,000		30,563
Citgo Petroleum Corp., 11.38%, 02/01/11		125,000		145,000
EL Paso Corp., 7.88%, 06/15/12		255,000		234,599
EL Paso Production Holdings, 7.75%, 06/01/13		95,000		90,488
Forest Oil Corp., 8.00%, 06/15/08		40,000		43,300
Giant Industries, 11.00%, 05/15/12		80,000		90,800
Gulfterra Energy Partner, 10.63%, 12/01/12 (c)		115,000		138,000
Petrobras International Finance, 9.13%, 07/02/13		85,000		88,825
Petroleum Geo-Services, 10.00%, 11/05/10		185,000		196,099
Premcor Refining Group, 6.13%, 05/01/11		40,000		40,200
Southern Natural Gas, 8.88%, 03/15/10		125,000		137,813
Williams Cos, Inc., 8.63%, 06/01/10		110,000		123,475
Williams Cos, Inc., 7.13%, 09/01/11		85,000		88,400
Williams Cos, Inc. Series A, 7.50%, 01/15/31		125,000		117,500
				1,730,437
Paper & Forest Products (2.0%)
Appleton Papers, Inc., 9.75%, 06/15/14 (c)		50,000		50,750
Georgia Pacific Corp., 8.88%, 02/01/10		255,000		292,612

	Shares
	or
	Principal
	Amount		Value
Georgia Pacific Corp., 8.00%, 01/15/24		75,000		78,188
Stone Container Corp., 7.38%, 07/15/14 (c)		25,000		25,188
				446,738
Publishing (2.2%)
Dex Media, Inc., 8.00%, 11/15/13 (c)		255,000		256,275
Hollinger International, 9.00%, 12/15/10		170,000		197,200
Liberty Group Publishing, 9.38%, 02/01/08		40,000		40,100
				493,575
Recreational Centers (0.4%)
Bally Total Fitness, 10.50%, 07/15/11		100,000		96,500
Retail (2.9%)
Cole National Group, Inc., 8.88%, 05/15/12		160,000		174,399
Duane Reade, Inc., 9.75%, 08/01/11 (c)		55,000		54,863
Finlay Fine Jewerly Corp., 8.38%, 06/01/12 (c)		50,000		52,500
Jean Coutu Group PJC, Inc., 8.50%, 08/01/14 (c)		110,000		109,038
Mothers Work, Inc., 11.25%, 08/01/10 (c)		170,000		170,850
Remington Arms Co., 10.50%, 02/01/11		75,000		73,500
				635,150
Services (0.4%)
Great Lakes Dredge & Dock, 7.75%, 12/15/13		105,000		85,575
Technology (3.7%)
AMI Semiconductors, Inc., 10.75%, 02/01/13		75,000		87,375
Amkor Technology, Inc., 9.25%, 02/15/08		110,000		107,250
Lucent Technologies, 6.45%, 03/15/29		85,000		64,813
Nortel Networks, Ltd., 6.13%, 02/15/06		125,000		124,844
Sanmina Corp., 10.38%, 01/15/10		170,000		192,524
UGS Corp., 10.00%, 06/01/12 (c)		110,000		116,600
Xerox Corp., 7.63%, 06/15/13		125,000		128,125
				821,531
Telecommunication Services (8.9%)
Alamosa Delaware, Inc., 12.00%, 07/31/09		85,000		83,088
Centennial Communications Corp., 8.13%, 02/01/14 (c)		125,000		115,938
Insight Midwest 10.5% 11/01/2010, 10.50%, 11/01/10		125,000		133,438
IPCS Escrow Co., 11.50%, 05/01/12 (c)		135,000		139,050
Level 3 Financing, Inc., 10.75%, 10/15/11 (c)		105,000		89,775
MCI, Inc., 5.91%, 05/01/07		9,000		8,719

	Shares
	or
	Principal
	Amount		Value
MCI, Inc., 6.69%, 05/01/09		9,000		8,291
MCI, Inc., 7.74%, 05/01/14		11,000		9,914
Nextel Communications, 9.50%, 02/01/11		295,000		331,137
Nextel Communications, 8.13%, 07/01/11		40,000		41,200
Nextel Communications, 5.95%, 03/15/14		170,000		161,075
Nextel Partners, Inc., 12.50%, 11/15/09		113,000		131,080
Qwest Communications International, 7.25%, 02/15/11 (c)		85,000		82,025
Qwest Corp., 9.13%, 03/15/12 (c)		255,000		280,499
Rural Cellular Corp., Series B, 9.63%, 05/15/08		170,000		161,499
SBA Telecommunications, 9.75%, 12/15/11		170,000		128,775
US Unwired, Inc., 10.00%, 06/15/12 (c)		100,000		101,750
				2,007,253
Transportation Services (2.1%)
CHC Helicopter Corp., 7.38%, 05/01/14 (c)		105,000		104,738
Gulfmark Offshore, Inc., 7.75%, 07/15/14 (c)		100,000		96,750
Horizon Lines LLC, 9.00%, 11/01/12		80,000		83,000
Quality Distribution, 9.00%, 11/15/10 (c)		105,000		101,981
Sea Containers Ltd., 10.50%, 05/15/12		80,000		79,800
				466,269
Utilities (8.1%)
AES Corp., 8.75%, 05/15/13 (c)		235,000		256,737
Allegheny Energy Supply, 8.25%, 04/15/12 (c)		85,000		85,425
Aquila, Inc., 7.63%, 11/15/09		105,000		99,225
Calpine Corp., 7.88%, 04/01/08		170,000		105,400
Calpine Corp., 8.50%, 07/15/10 (c)		85,000		68,425
CMS Energy Corp., 9.88%, 10/15/07		170,000		186,999
Cogentrix Energy, Inc., 8.75%, 10/15/08		75,000		87,007
Dynegy Holdings, Inc., 8.75%, 02/15/12		170,000		167,875
Dynegy Holdings, Inc., 9.88%, 07/15/10 (c)		105,000		114,713
Edison Mission Energy, 7.73%, 06/15/09		70,000		72,275
Edison Mission Energy, 9.88%, 04/15/11		255,000		285,599
Mission Energy Holding, 13.50%, 07/15/08		85,000		105,400
NRG Energy, Inc., 8.00%, 12/15/13 (c)		105,000		107,363
Reliant Resources, Inc., 9.25%, 07/15/10		50,000		53,250
TNP Enterprises, Inc., 10.25%, 04/01/10		15,000		16,200
				1,811,893
Waste Management (0.5%)
Allied Waste North America, 7.38%, 04/15/14		105,000		100,538

	Shares
	or
	Principal
	Amount		Value
Total Corporate Bonds				20,803,024
Repurchase Agreements (1.6%)
UBS Warburg LLC, 1.23% dated 7/30/04, due 08/02/04, repurchase price $13,909 (Fully collateralized by AA Corporate Bonds)	$	13,908		13,908
Nomura Securities, 1.23% dated 7/30/04, due 08/02/04, repurchase price $349,082 (Fully collateralized by AA Corporate Bonds and Government National Mortgage Association Securities)		349,046		349,046
Total Repurchase Agreements				362,954
Preferred Stocks (1.4%)
Broadcasting (0.4%)
Spanish Broadcasting Systems, Inc., 10.75%, 10/15/13		91		93,757
Communication/ISP (0.0%)
Rhythms Netconnections, Inc., 6.75% 03/03/12 (c) (d) (e) (f)		1,691		0
Media (0.8%)
Paxson Communications, 13.25%, 11/15/06		18		156,781
Real Estate Investment Trusts (0.2%)
Istar Financial, Inc., 7.80%, 09/29/08		2,215		55,375
Total Preferred Stocks				305,913
Yankee Bond (1.0%)
Forestry (0.3%)
Tembec Industries, Inc., 8.63%, 06/30/09		65,000		67,113
Paper & Forest Products (0.7%)
Abitibi Consolidated, Inc., 7.75%, 06/15/11		75,000		75,750
Abitibi Consolidated, Inc., 6.00%, 06/20/13		85,000		77,137
				152,887
Total Yankee Bond				220,000
Yankee Dollar (0.9%)
Containers (0.9%)
Crown Euro Holdings SA, 10.88%, 03/01/13		170,000		195,075
Total Yankee Dollar				195,075

	Shares
	or
	Principal
	Amount		Value
Common Stock (0.1%)
Telecommunication Services (0.1%)
MCI, Inc.		1,303		19,910
Total Common Stock				19,910
Warrants (0.0%)
Communication / Fixed (0.0%)
Maxcom Telecommunications SA (b) (c) (d) (e) (f)		46		0
Communication/ISP (0.0%)
Metricom, Inc. (b) (d) (e) (f)		676		0
Total Warrants				0
Total Investments (Cost $21,330,280) (a) - 98.6%				21,906,876
Other assets in excess of liabilities - 1.4%				302,888
NET ASSETS - 100.0%			$	22,209,764

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

Unrealized appreciation	$	1,119,337
Unrealized depreciation		(542,741	)
Net unrealized appreciation (depreciation)	$	576,596

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Security in default.
(c)	Represents a restricted security acquired and eligible for resale under Rule 144A or Section 4(2), which limits the resale to certain qualified buyers. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
(d)	Fair Valued Security.
(e)	Denotes a non-income producing security.
(f)	Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees.

Gartmore Investor Destinations Aggressive Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Mutual Funds (100.0%)
Equity Funds (94.8%)
Gartmore International Index Fund, Institutional Class (b)		12,482,979	$	89,627,791
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		3,589,316		44,758,769
Gartmore S&P 500 Index Fund, Institutional Class (b)		12,643,024		120,361,587
Gartmore Small Cap Index Fund, Institutional Class (b)		2,747,110		29,146,839
				283,894,986
Fixed Income Funds (5.2%)
Gartmore Bond Index Fund, Institutional Class (b)		1,438,243		15,691,233
Total Mutual Funds				299,586,219
Total Investments (Cost $274,551,670) (a) - 100.0%				299,586,219
Other assets in excess of liabilities - 0.0%				64,414
NET ASSETS - 100.0%			$	299,650,633

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

Unrealized appreciation	$	25,193,383
Unrealized depreciation		(158,834	)
Net unrealized appreciation (depreciation)	$	25,034,549

(b) Investment in affiliate.

Gartmore Investor Destinations Conservative Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Mutual Funds (77.3%)
Equity Funds (19.3%)
Gartmore International Index Fund, Institutional Class (b)		723,825	$	5,197,063
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		416,190		5,189,887
Gartmore S&P 500 Index Fund, Institutional Class (b)		1,099,583		10,468,032
				20,854,982
Fixed Income Funds (58.0%)
Gartmore Bond Index Fund, Institutional Class (b)		3,505,477		38,244,754
Gartmore Morley Enhanced Income Fund, Institutional Class (b)		2,652,068		24,319,461
				62,564,215
Total Mutual Funds				83,419,197
Fixed Contract (22.6%)
Nationwide Fixed Contract, 3.55% (b) (c)		24,328,226		24,328,226
Total Fixed Contract				24,328,226
Total Investments (Cost $106,510,157) (a) - 99.9%				107,747,423
Other assets in excess of liabilities - 0.1%				128,347
NET ASSETS - 100.0%			$	107,875,770

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

Unrealized appreciation	$	2,086,307
Unrealized depreciation		(849,041	)
Net unrealized appreciation (depreciation)	$	1,237,266

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

Gartmore Investor Destinations Moderately Aggressive Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Mutual Funds (97.3%)
Equity Funds (79.2%)
Gartmore International Index Fund, Institutional Class (b)		17,772,167	$	127,604,160
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		6,132,063		76,466,823
Gartmore S&P 500 Index Fund, Institutional Class (b)		18,899,787		179,925,970
Gartmore Small Cap Index Fund, Institutional Class (b)		2,346,326		24,894,520
				408,891,473
Fixed Income Funds (18.1%)
Gartmore Bond Index Fund, Institutional Class (b)		7,372,517		80,434,158
Gartmore Morley Enhanced Income Fund, Institutional Class (b)		1,446,331		13,262,859
				93,697,017
Total Mutual Funds				502,588,490
Fixed Contract (2.6%)
Nationwide Fixed Contract, 3.55% (b) (c)		13,268,357		13,268,357
Total Fixed Contract				13,268,357
Total Investments (Cost $487,842,750) (a) - 99.9%				515,856,847
Other assets in excess of liabilities - 0.1%				632,497
NET ASSETS - 100.0%			$	516,489,344

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

Unrealized appreciation	$	28,759,756
Unrealized depreciation		(745,659	)
Net unrealized appreciation (depreciation)	$	28,014,097

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

Gartmore Investor Destinations Moderately Conservative Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Mutual Funds (87.3%)
Equity Funds (38.9%)
Gartmore International Index Fund, Institutional Class (b)		2,181,654	$	15,664,279
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		1,254,458		15,643,093
Gartmore S&P 500 Index Fund, Institutional Class (b)		3,314,369		31,552,791
				62,860,163
Fixed Income Funds (48.4%)
Gartmore Bond Index Fund, Institutional Class (b)		5,282,636		57,633,554
Gartmore Morley Enhanced Income Fund, Institutional Class (b)		2,220,367		20,360,763
				77,994,317
Total Mutual Funds				140,854,480
Fixed Contract (12.6%)
Nationwide Fixed Contract, 3.55% (b) (c)		20,367,990		20,367,990
Total Fixed Contract				20,367,990
Total Investments (Cost $155,545,433) (a) - 99.9%				161,222,470
Other assets in excess of liabilities - 0.1%				197,582
NET ASSETS - 100.0%			$	161,420,052

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

Unrealized appreciation	$	6,461,506
Unrealized depreciation		(784,469	)
Net unrealized appreciation (depreciation)	$	5,677,037

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

Gartmore Investors Destinations Moderate Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Mutual Funds (92.3%)
Equity Funds (58.9%)
Gartmore International Index Fund, Institutional Class (b)		11,415,508	$	81,963,349
Gartmore Mid Cap Market Index Fund, Institutional Class (b)		4,376,672		54,577,101
Gartmore S&P 500 Index Fund, Institutional Class (b)		17,343,339		165,108,586
Gartmore Small Cap Index Fund, Institutional Class (b)		2,511,426		26,646,230
				328,295,266
Fixed Income Funds (33.4%)
Gartmore Bond Index Fund, Institutional Class (b)		13,160,138		143,577,106
Gartmore Morley Enhanced Income Fund, Institutional Class (b)		4,646,456		42,608,004
				186,185,110
Total Mutual Funds				514,480,376
Fixed Contract (7.6%)
Nationwide Fixed Contract, 3.55% (b) (c)		42,623,547		42,623,547
Total Fixed Contract				42,623,547
Total Investments (Cost $533,565,037) (a) - 99.9%				557,103,923
Other assets in excess of liabilities - 0.1%				672,494
NET ASSETS - 100.0%			$	557,776,417

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

Unrealized appreciation	$	25,137,588
Unrealized depreciation		(1,598,702	)
Net unrealized appreciation (depreciation)	$	23,538,886

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

Gartmore International Growth Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (96.7%)
AUSTRALIA (1.2%)
Minerals (1.2%)
BHP Billiton Ltd.		10,709	$	98,537
AUSTRIA (0.5%)
Oil & Gas (0.5%)
OMV AG		194		42,460
BELGIUM (0.6%)
Banking (0.6%)
Fortis		2,280		49,039
CANADA (1.6%)
Oil & Gas (1.6%)
Encana Corp.		1,688		74,811
Petro-Canada		1,109		51,778
				126,589
FINLAND (0.6%)
Oil & Gas (0.6%)
Fortum Oyj		3,809		52,457
FRANCE (7.8%)
Automotive (0.5%)
Renault SA		500		39,490
Banking (3.0%)
BNP Paribas SA		1,300		75,764
Credit Agricole SA		2,400		56,686
Societe Generale		1,400		115,036
				247,486
Beverages (1.4%)
Pernod — Richard SA		956		114,562
Oil & Gas (1.8%)
Total Fina Elf SA		750		145,934
Pharmaceuticals (1.1%)
Aventis SA		1,100		85,420
				632,892
GERMANY (6.2%)
Automotive (0.4%)
Bayerische Motoren Werke AG		698		31,076
Electric (1.8%)
E. ON AG		2,076		148,035
Gas & Electric Utility (1.0%)

	Shares
	or
	Principal
	Amount		Value
RWE AG		1,630		79,897
Manufacturing (2.5%)
Siemens AG		2,900		204,115
Telecommunications (0.5%)
Deutsche Telekom AG (b)		2,364		39,676
				502,799
HONG KONG (4.0%)
Building & Construction (0.6%)
New World Development Co. Ltd.		61,000		49,208
Mining (1.5%)
Yanzhou Coal Mining Co. Ltd.		98,000		118,989
Real Estate (1.9%)
Sun Hung Kai Properties Ltd.		18,000		152,171
				320,368
IRELAND (1.7%)
Building & Construction (1.7%)
CRH PLC		6,300		141,009
ITALY (3.0%)
Oil & Gas (2.0%)
ENI SpA		7,900		162,334
Public Thoroughfares (1.0%)
Autostrade SpA		4,076		79,597
				241,931
JAPAN (18.7%)
Automotive (2.3%)
Honda Motor Co. Ltd.		1,000		48,377
Toyota Motor Corp.		3,300		131,590
				179,967
Building & Construction (0.5%)
Daiwa House Industry Co. Ltd.		4,000		41,539
Chemicals (0.9%)
Asahi Kasei Corp.		9,000		39,372
Shin-Etsu Chemical Co. Ltd.		1,100		37,214
				76,586
Electronics (1.2%)
Canon, Inc.		800		38,991
Seiko Epson Corp.		1,500		58,689
				97,680
Financial Services (7.8%)
Credit Saison Co. Ltd.		6,000		180,856
Mitsubishi Tokyo Financial Group, Inc.		23		206,828
Promise Co. Ltd.		2,600		168,250
Sumitomo Mitsui Financial Group, Inc.		11		66,173
				622,107
Import/Export (0.6%)
Mitsubishi Corp.		5,000		48,023
Insurance (0.7%)
Millea Holdings, Inc.		4		59,033

	Shares
	or
	Principal
	Amount		Value
Machinery-Electrical (0.5%)
Fuji Electric Holdings Co. Ltd.		18,000		43,902
Mining (0.9%)
Sumitomo Metal & Mining Co. Ltd.		12,000		71,656
Pharmaceuticals (1.7%)
Takeda Chemical Industries Ltd.		3,000		140,186
Real Estate (1.6%)
Mitsui Fudosan Co. Ltd.		12,000		133,024
				1,513,703
NETHERLANDS (4.3%)
Food (1.6%)
Koninlijke Numico NV (b)		4,100		127,677
Insurance (0.7%)
ING Groep NV		2,520		58,402
Oil & Gas (2.0%)
Royal Dutch Petroleum Co.		3,146		158,156
				344,235
NORWAY (1.6%)
Chemicals (1.6%)
Yara International ASA (b)		15,000		132,828
PORTUGAL (1.5%)
Telecommunications (1.5%)
Portugal Telecom SGPS SA		11,554		118,564
SINGAPORE (1.7%)
Transportation-Marine (1.7%)
Neptune Orient Lines Ltd.		95,000		134,234
SPAIN (1.0%)
Telecommunications (1.0%)
Telefonica SA		5,431		79,184
Television (0.0%)
Antena 3 Television SA (b)		18		951
				80,135
SWEDEN (0.6%)
Retail (0.6%)
Oriflame Cosmetics SA SDR (b)		1,360		45,192
SWITZERLAND (9.3%)
Banking (1.2%)
UBS AG		1,500		100,380
Engineering (1.6%)
ABB Ltd. (b)		23,724		128,707
Food-Diversified (1.4%)
Nestle SA		450		114,583
Health & Personal Care (1.0%)

	Shares
	or
	Principal
	Amount		Value
Roche Holding AG		800		78,896
Pharmaceuticals (3.8%)
Alcon, Inc.		1,800		137,880
Novartis AG		3,790		169,431
				307,311
Telecommunications (0.3%)
LM Ericsson, Class B (b)		8,599		22,966
				752,843
UNITED KINGDOM (30.8%)
Banking (3.8%)
HSBC Holdings PLC		11,646		170,979
Lloyds TSB Group PLC		8,140		60,904
Royal Bank of Scotland Group PLC		2,800		78,649
				310,532
Beverages (1.4%)
Diageo PLC		3,000		37,198
SABMiller PLC		6,237		79,484
				116,682
Building & Construction (2.9%)
CRH PLC (b)		5,821		131,404
Westbury PLC		14,549		105,105
				236,509
Gas & Electric Utility (3.3%)
Centrica PLC		27,298		117,330
International Power PLC (b)		18,520		49,474
Scottish Power PLC		13,410		96,087
				262,891
Hotels & Motels (1.8%)
Hilton Group PLC		31,000		146,854
Household Products (0.7%)
Reckitt Benckiser PLC		2,060		56,316
Mining (5.6%)
Anglo American PLC		4,200		89,002
BHP Billiton PLC		18,889		172,041
Rio Tinto PLC		6,969		181,046
				442,089
Oil & Gas (4.6%)
BP PLC		30,574		285,630
Shell Transport & Trading Co. PLC		11,054		79,757
				365,387
Pharmaceuticals (2.8%)
AstraZeneca PLC		2,600		115,964
GlaxoSmithKline PLC		5,341		108,352
				224,316
Retail (1.9%)
GUS PLC		10,000		156,556
Telecommunications (1.0%)
Vodafone Group PLC		36,881		79,800
Tobacco (1.0%)
British Amercian Tobacco PLC		5,241		79,428
				2,477,360
Total Common Stocks				7,807,175

	Shares
	or
	Principal
	Amount		Value
Repurchase Agreements (3.5%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $275,293 (Fully collateralized by AA Rated Corporate Bonds and Government National Mortgage Association Securities)	$	275,265		275,265
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $10,969 (Fully collateralized by AA Rated Corporate Bonds)		10,968		10,968
				286,233
Total Repurchase Agreements				286,233
Total Investments (Cost $7,901,244) (a) - 100.2%				8,093,408
Liabilities in excess of other assets - (0.2)%				(19,556	)
NET ASSETS - 100.0%			$	8,073,852

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

Unrealized appreciation	$	396,681
Unrealized depreciation		(204,517	)
Net unrealized appreciation (depreciation)	$	192,164

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

SDRS        Special Drawing Rights

At July 31, 2004, the Fund’s open forward foreign currency contracts were as follows:

							Unrealized
	Delivery		Contract		Market		Appreciation/
Currency	Date		Value		Value		(Depreciation)
Long Contract:
Euro		08/02/04	$	38,418	$	38,454	$	36
Japanese Yen		08/02/04		58,202		58,151		(51	)
Total Long Contracts			$	96,620	$	96,605	$	(15	)

Gartmore International Index Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (93.0%)
AUSTRALIA (4.4%)
Banks (1.3%)
Australia & New Zealand Banking Group Ltd.		152,958	$	1,935,996
Commonwealth Bank of Australia		109,203		2,386,472
Macquarie Bank Ltd.		25,188		581,503
National Australia Bank Ltd.		145,984		2,738,116
Suncorp-Metway Ltd.		33,649		327,032
Westpac Banking Corp. Ltd.		169,527		2,005,541
				9,974,660
Beverages (0.0%)
Southcorp Ltd. (b)		9,759		21,369
Brewery (0.1%)
Foster’s Group Ltd.		222,533		720,919
Building & Construction (0.2%)
Boral Ltd.		74,775		377,709
CSR Ltd.		87,698		140,061
James Hardie Industries NV		20,044		79,820
Leighton Holdings Ltd.		35,992		235,058
Rinker Group Ltd.		86,250		495,606
				1,328,254
Casino & Gambling (0.1%)
Aristocrat Leisure Ltd.		55,697		200,359
TAB Ltd.		82,288		275,656
				476,015
Commercial Services (0.1%)
Brambles Industries Ltd.		113,704		473,396
Mayne Nickless Ltd.		42,993		107,167
				580,563
Computer Software/Services (0.0%)
Computershare Ltd.		130		270
Diversified (0.1%)
Orica Ltd.		13,358		145,265
Patrick Corp. Ltd.		24,942		95,855
Wesfarmers Ltd.		28,277		582,131
				823,251
Energy (0.2%)
Australian Gas and Light Co. Ltd.		27,181		239,237
Origin Energy Ltd.		30,424		129,061
Santos Ltd.		25,921		131,050
Woodside Petroleum Ltd.		51,178		642,768
				1,142,116
Entertainment (0.0%)
TABCORP Holdings Ltd.		23,178		226,580
Food Products (0.2%)
Coles Myer Ltd.		82,299		512,345
Woolworths Ltd.		77,253		633,435
				1,145,780
Food/Beverage (0.0%)
Coca-Cola Amatil Ltd.		49,411		242,729

	Shares
	or
	Principal
	Amount		Value
Healthcare (0.0%)
Cochlear Ltd.		12,000		186,256
Industrial (0.1%)
BHP Steel Ltd.		52,545		270,702
OneSteel Ltd.		116,163		215,486
				486,188
Insurance (0.2%)
AMP Ltd.		189,308		831,229
Insurance Australia Group Ltd.		100,013		348,176
QBE Insurance Group Ltd.		54,476		475,911
				1,655,316
Investment Company (0.1%)
Macquarie Infrastructure Group		212,975		515,271
Manufacturing (0.0%)
Ansell Ltd.		20,438		112,404
Metals & Mining (0.3%)
Newcrest Mining Ltd.		35,611		352,568
Rio Tinto Ltd.		33,528		885,257
WMC Ltd.		67,248		243,937
WMC Resources Ltd.		132,500		483,860
				1,965,622
Minerals (0.5%)
BHP Billiton Ltd.		355,859		3,274,368
Iluka Resources Ltd.		25,244		79,240
				3,353,608
Multi-Media (0.2%)
News Corp. Ltd.		110,886		941,422
Publishing & Broadcasting Ltd.		25,011		236,031
				1,177,453
Paper Products (0.1%)
Amcor Ltd.		103,168		494,199
Paperlinx Ltd.		35,326		123,980
				618,179
Pharmaceuticals (0.0%)
CSL Ltd.		17,446		310,601
Printing & Publishing (0.0%)
John Fairfax Holdings Ltd.		114,563		302,079
Property Trust (0.4%)
Centro Properties Group		56,590		176,239
Commonwealth Property Office Fund		41,696		35,004
Gandel Retail Trust		159,565		165,195
General Property Trust		235,303		575,433
Investa Property Group		192,571		265,624
Macquarie Goodman Industrial Trust		33,854		41,653
Mirvac Group		65,969		210,020
Stockland Trust Group		94,374		364,368
Westfield Group (b)		127,090		1,348,368
				3,181,904
Public Thoroughfares (0.0%)
Transurban Group		62,384		221,635
Real Estate (0.1%)
Lend Lease Corp. Ltd.		52,364		380,840
Retail (0.0%)
Harvey Norman Holdings Ltd.		31,561		67,124
Telecommunications (0.1%)
Telstra Corp. Ltd.		192,007		661,927
Transportation (0.0%)
Toll Holdings Ltd.		38,566		283,128

	Shares
	or
	Principal
	Amount		Value
				32,162,041
AUSTRIA (0.3%)
Airports (0.0%)
Flughafen Wien AG		4		229
Banks (0.2%)
Bank Austria Creditanstalt		2,794		164,787
Ersete Bank Der Oesterreichischen		12,948		502,054
Sparkassen AG
				666,841
Building & Construction (0.0%)
Wienerberger AG		8,564		306,568
Energy (0.0%)
OMV AG		756		165,463
Industrial (0.0%)
VA Technologie AG (b)		3,158		176,346
Manufacturing (0.0%)
RHI AG (b)		5,844		128,571
Paper Products (0.0%)
Mayr-Melnhof Karton AG		7		913
Real Estate (0.0%)
Immofinanz Immobilien Anlagen AG (b)		6,627		53,225
Steel (0.0%)
Boehler-Uddeholm AG		1,451		116,172
Voest-Alpine AG		1,108		52,415
				168,587
Telecommunications (0.1%)
Telekom Austria AG		21,801		339,309
Utilities (0.0%)
Oesterrichische Elektrizktaetswirtschafts AG		5		909
				2,006,961
BELGIUM (1.1%)
Banks (0.6%)
Dexia		51,911		863,375
Fortis		115,378		2,481,586
KBC Bankverzekeringsholding		8,977		505,475
				3,850,436
Brewery (0.1%)
Interbrew		12,371		371,891
Chemicals (0.0%)
Solvay SA		4,254		354,328
Diversified (0.0%)
Groupe Bruxelles Lambert SA		4,363		269,447
Electronics (0.0%)
Barco NV		2,408		205,737
Food Products (0.0%)
Colruyt NV		1,039		134,118
Metals (0.0%)
Umicore		4,554		282,840
Umicore-Strip VVPR		106		17
				282,857
Pharmaceuticals (0.1%)
Omega Pharma SA		2,767		136,473
UCB SA		8,516		391,091
				527,564
Photographic Products (0.0%)
AGFA Gevaert NV		12,886		307,107
Real Estate (0.0%)

	Shares
	or
	Principal
	Amount		Value
Cofinimmo		646		86,101
Retail (0.1%)
Delhaize Le Lion SA		8,773		419,962
Telecommunications (0.1%)
Belgacom SA (b)		16,623		510,539
Mobistar SA (b)		1,253		82,708
				593,247
Transportation (0.0%)
CMB Compagnie Maritime Belge		1,067		143,228
Utilities (0.1%)
Electrabel SA		2,199		692,846
				8,238,869
DENMARK (0.8%)
Banks (0.1%)
Danske Bank AS		43,146		993,993
Brewery (0.0%)
Carlsberg AG		5,426		273,249
Commercial Services (0.0%)
ISS International Service System AS		4,697		231,058
Electronics (0.1%)
Bang & Olufsen AS		2,517		139,786
Vestas Wind Systems AS (b)		23,775		303,785
				443,571
Food Products (0.1%)
Danisco AS		7,475		379,901
Healthcare (0.0%)
Coloplast AS		1,495		143,949
Insurance (0.0%)
Topdanmark AS (b)		2,500		149,143
Pharmaceuticals (0.3%)
H. Lunbeck AS		1,799		35,950
Novo Nordisk AS, Class B		25,411		1,295,440
Novozymes AS, Class B		2,574		116,616
				1,448,006
Security Services (0.0%)
Falck A/S (b)		10,487		70,643
Group 4 Securicor PLC (b)		85,993		179,629
				250,272
Telecommunications (0.1%)
GN Store Nord AS (GN Great Nordic)		15,115		125,979
TDC AS		15,313		501,245
				627,224
Transportation (0.1%)
Dampskibsselskabet Svendborg AS		85		591,146
DSV, De Sammensluttede Vognmaend		2,459		120,115
				711,261
				5,651,627
FINLAND (1.2%)
Computer Software/Services (0.0%)
TietoEnator Oyj		6,512		180,929
Financial Services (0.0%)
Sampo Insurance Co. Oyj		38,372		361,703
Food Products (0.0%)
Kesko Oyj		6,038		116,149
Industrial (0.0%)
Metso Oyj		6,121		79,237
Insurance (0.0%)

	Shares
	or
	Principal
	Amount		Value
Pohjola Group PLC, Class D		3,603		36,124
Machinery & Equipment (0.1%)
KCI Konecranes Oyj		3,818		134,903
Kone Corporation, Class B		5,325		312,640
				447,543
Manufacturing (0.0%)
Amer Group Ltd.		2,057		106,657
Metal Fabricate/Hardware (0.0%)
Rautaruukki Oyj		18,670		156,142
Metals (0.0%)
Outokumpu Oyj		2,868		44,824
Oil & Gas (0.1%)
Fortum Oyj		34,970		481,599
Paper Products (0.2%)
Stora Enso Oyj		52,431		730,090
UPM-Kymmene Oyj		52,805		1,023,669
				1,753,759
Pharmaceuticals (0.0%)
Orion Oyj		2,500		64,718
Telecommunications (0.8%)
Elisa Oyj (b)		5,100		65,695
Nokia Oyj		439,311		5,083,940
				5,149,635
Tire & Rubber (0.0%)
Nokian Renkaat Oyj		1,998		189,411
				9,168,430
FRANCE (8.5%)
Advertising (0.0%)
Publicis Groupe SA		8,884		241,274
Aerospace/Defense (0.1%)
European Aeronautic Defence and Space Co.		20,814		574,595
Thales SA		8,311		289,616
Zodiac SA		4,032		138,410
				1,002,621
Airlines (0.0%)
Air France (b)		3,819		59,657
Apparel (0.0%)
Hermes International		192		37,073
Automotive (0.4%)
PSA Peugeot Citroen		18,576		1,073,439
Renault SA		16,115		1,272,773
Valeo SA		7,637		310,449
				2,656,661
Banks (1.2%)
Banque Nationale de Paris		70,695		4,120,129
Credit Agricole SA		56,087		1,324,739
Societe BIC SA		107		4,590
Societe Generale		30,440		2,501,193
				7,950,651
Building & Construction (0.4%)
Compagnie Francaise d’Etudes et de		2,567		358,151
Construction Technip SA
Imerys SA		688		41,874
Lafarge SA		16,980		1,456,034
Vinci SA		7,946		809,827
				2,665,886
Chemicals (0.2%)
L’Air Liquide SA		9,867		1,599,061

	Shares
	or
	Principal
	Amount		Value
Computer Software/Services (0.1%)
Atos Origin SA (b)		2,927		172,958
Business Objects SA (b)		9,809		210,173
Cap Gemini SA (b)		13,873		462,363
Dassault Systems SA		3,845		173,478
				1,018,972
Cosmetics/Personal Care (0.2%)
L’Oreal SA		25,592		1,836,137
Electronics & Electrical Equipment (0.2%)
Alstom (b)		192,798		104,059
Schneider Electric SA		18,025		1,147,495
Thomson Multimedia		25,349		473,130
				1,724,684
Energy (1.5%)
TotalFinaElf SA		51,579		10,036,103
Entertainment (0.3%)
Vivendi Universal SA (b)		86,941		2,173,695
Financial Services (0.1%)
Pernod Ricard SA		6,010		720,207
Food Products (0.6%)
Carrefour SA		54,083		2,582,218
Casino Guichard Perrachon SA		2,082		169,454
Groupe Danone		23,035		1,901,042
				4,652,714
Healthcare (0.4%)
Essilor International SA		10,988		675,486
Sanofi-Synthelabo SA		33,867		2,239,356
				2,914,842
Hotels & Lodging (0.1%)
Accor SA		18,951		805,374
Insurance (0.3%)
AXA		121,235		2,491,916
CNP Assurances		611		34,421
				2,526,337
Manufacturing (0.3%)
Compagnie de Saint-Gobain		27,382		1,340,317
Compagnie Generale des Etablissements Michelin		15,841		881,901
				2,222,218
Pharmaceuticals (0.6%)
Aventis SA		56,477		4,385,710
Printing & Publishing (0.1%)
Lagardere S.C.A.		12,950		788,496
Public Thoroughfares (0.0%)
Autoroutes du Sud de la France		3,410		135,161
Real Estate (0.1%)
Gecina SA		1,308		102,878
Klepierre		1,997		133,031
Unibail SA		5,025		527,108
				763,017
Restaurants (0.0%)
Sodexho Alliance SA		12,338		336,605
Retail (0.1%)
Pinault-Printemps-Redoute SA		5,512		538,880
Telecommunications (0.8%)
Alcatel SA (b)		115,751		1,500,770
Bouygues SA		21,358		718,889
France Telecom SA		96,406		2,385,884
LVMH Moet Louis Vuitton Hennessy SA		20,080		1,371,788

	Shares
	or
	Principal
	Amount		Value
Sagem SA		763		74,799
				6,052,130
Television (0.1%)
Societe Television Francaise 1		14,021		400,080
Utilities (0.3%)
Suez SA		77,363		1,530,992
Veolia Environnement		27,254		728,584
				2,259,576
				62,503,822
GERMANY (6.2%)
Airlines (0.1%)
Lufthansa AG (b)		31,242		369,957
Apparel (0.1%)
Adidas AG		5,282		628,065
Puma AG		1,916		452,633
				1,080,698
Automotive (0.8%)
DaimlerChrysler AG		74,674		3,349,175
Deutsche Post AG		42,998		867,182
Porsche AG		948		616,274
Volkswagen AG		23,279		946,177
				5,778,808
Banks (0.8%)
Bayerische Vereins AG (b)		57,047		922,623
Commerzbank AG (b)		56,023		960,865
Deutsche Bank AG		48,717		3,383,893
Hypo Real Estate Holding AG (b)		10,577		329,564
				5,596,945
Chemicals (0.6%)
BASF AG		50,039		2,665,849
Bayer AG		60,623		1,622,334
Henkel KGaA		3,959		291,654
				4,579,837
Computer Software/Services (0.4%)
Sap AG		18,816		3,023,857
Construction Materials & Supplies (0.0%)
HeidelbergCement AG		2,912		132,348
Electronics & Electrical Equipment (0.0%)
Epcos AG (b)		2,353		40,467
Financial Services (0.1%)
Deutsche Boerse AG		12,748		623,028
MLP AG		2,663		36,803
				659,831
Healthcare (0.0%)
Fresenius Medical Care AG		2,026		147,721
Fresenius Medical Care AG		377		19,578
				167,299
Hotels & Lodging (0.0%)
Preussag AG		18,700		320,798
Industrial (0.8%)
Linde AG		5,271		285,186
MAN AG		10,823		402,059
Siemens AG		70,607		4,969,635
				5,656,880
Insurance (0.6%)
Allianz AG		26,533		2,560,817
Muenchener		16,390		1,582,367
Rueckversicherungs-Gesellschaft AG

	Shares
	or
	Principal
	Amount		Value
				4,143,184
Manufacturing (0.1%)
Continental AG		15,035		710,664
Metals & Mining (0.1%)
Thyssen Krupp AG		22,995		410,250
Personal Care (0.0%)
Beiersdorf AG		561		65,371
Pharmaceuticals (0.3%)
Altana AG		8,633		470,501
Gehe AG		1,201		76,753
Merck KGaA		6,308		354,610
Schering AG		18,659		1,052,359
				1,954,223
Retail (0.1%)
Douglas Holding AG		2,243		64,952
Karstadt AG		2,845		58,042
Metro AG		14,492		663,068
				786,062
Semiconductors (0.1%)
Infineon Technologies AG (b)		62,457		686,209
Telecommunications (0.5%)
Deutsche Telecom AG (b)		221,356		3,715,140
Utilities (0.7%)
E.On AG		55,457		3,954,511
RWE AG		37,868		1,856,161
				5,810,672
				45,689,500
GREECE (0.4%)
Banks (0.3%)
Alpha Bank A.E.		22,116		524,352
Commercial Bank of Greece SA		2,765		63,053
Eurobank		16,797		362,733
National Bank of Greece SA		28,048		598,877
Piraeus Bank SA		2,963		32,289
				1,581,304
Beverages (0.0%)
Hellenic Bottling Co. SA		5,270		124,141
Building & Construction (0.0%)
Hellenic Technodomiki Tev SA		11,987		47,573
Technical Olympic SA		12,569		51,599
				99,172
Casino & Gambling (0.0%)
Greek Organization of Football		16,815		322,957
Prognostics
Electric Utility (0.0%)
Public Power Corp.		9,959		226,243
Retail (0.0%)
Folli-Follie SA		1,393		45,846
Germanos SA		3,652		96,332
Hellenic Duty Free Shops SA		5,509		101,762
				243,940
Telecommunications (0.1%)
Cosmote Mobile Telecommunications SA		16,139		260,187
Hellenic Telecommunication		25,730		313,412
Organization SA
Intracom SA		2,323		9,670
				583,269
Tobacco (0.0%)

	Shares
	or
	Principal
	Amount		Value
Papastratos Cigarette Co. (b)		5,006		105,291
				3,286,317
HONG KONG (1.4%)
Airlines (0.0%)
Cathay Pacific Airways Ltd.		89,000		158,266
Banks (0.2%)
Bank of East Asia Ltd.		67,200		190,195
BOC Hong Kong Holdings Ltd.		382,600		654,144
Hang Seng Bank Ltd.		56,100		716,760
				1,561,099
Broadcasting & Television (0.0%)
Television Broadcasts Ltd.		14,000		57,509
Distribution (0.1%)
Esprit Asia Holdings Ltd.		52,000		231,204
Li & Fung Ltd.		208,000		287,504
				518,708
Diversified Operations (0.1%)
Swire Pacific Ltd.		106,000		706,121
The Wharf (Holdings) Ltd.		61,000		187,680
				893,801
Electronics & Electrical Equipment (0.1%)
Hongkong Electric Holdings Ltd.		154,000		657,271
Johnson Electric Holdings Ltd.		130,000		131,519
				788,790
Financial Services (0.0%)
Hong Kong Exchanges & Clearing Ltd.		138,000		284,933
Industrial (0.2%)
Hutchison Whampoa Ltd.		189,000		1,275,166
Manufacturing (0.0%)
Techtronic Industries Co. Ltd.		36,500		54,206
Yue Yuen Industrial Holdings Ltd.		33,000		81,690
				135,896
Printing & Publishing (0.0%)
South China Morning Post Ltd.		4,000		1,576
Real Estate (0.5%)
Cheung Kong Holdings Ltd.		153,000		1,132,290
Henderson Land Development Co. Ltd.		38,000		166,998
Hopewell Holdings Ltd.		71,581		141,716
New World Developments Co.		280,531		226,301
Sino Land Co. Ltd.		296,000		185,764
Sun Hung Kai Properties Ltd.		132,000		1,115,921
				2,968,990
Retail (0.0%)
Giordano International Ltd.		110,000		66,595
Telecommunications (0.0%)
PCCW Ltd. (b)		368,400		251,856
Transportation (0.0%)
MTR Corp. Ltd.		15,214		22,789
Utilities (0.2%)
CLP Holdings Ltd.		185,000		1,039,179
Hong Kong & China Gas Co. Ltd.		250,100		435,676
				1,474,855
				10,460,829
IRELAND (0.8%)
Airlines (0.0%)
Ryanair Holdings PLC (b)		3,804		20,532
Banks (0.5%)

	Shares
	or
	Principal
	Amount		Value
Allied Irish Banks PLC		81,490		1,254,603
Bank of Ireland		102,321		1,340,686
Depfa Bank PLC		29,868		409,105
				3,004,394
Building & Construction (0.2%)
CRH PLC		56,272		1,259,499
Kingspan Group PLC		23,341		135,377
				1,394,876
Consumer Products (0.0%)
Waterford Wedgewood PLC (b)		215		39
Diversified (0.0%)
DCC PLC		2,464		42,913
Financial Services (0.0%)
Irish Life & Permanent PLC		16,580		250,883
Food Products (0.0%)
Greencore Group PLC		40,796		139,985
Kerry Group PLC		5,885		121,781
				261,766
Pharmaceuticals (0.1%)
Elan Corp. PLC (b)		33,594		689,898
Retail (0.0%)
Grafton Group PLC (b)		37,794		304,864
				5,970,165
ITALY (3.5%)
Aerospace/Defense (0.1%)
Finmeccanica SpA		580,350		408,340
Apparel (0.0%)
Benetton Group SpA		876		9,455
Automotive (0.1%)
Fiat SpA (b)		64,488		507,846
Banks (0.9%)
Banc Monte Dei Paschi Di Seina SpA		58,331		174,424
Banca Antonveneta SpA (b)		20,767		419,389
Banca di Roma SpA		164,005		496,648
Banca Nazionale del Lavoro (BNC) (b)		166,468		389,506
Banche Popolari Unite Scrl		22,652		369,398
Banco Popolare di Verona e Novara Scrl		26,110		435,500
FinecoGroup SpA (b)		1,818		10,521
IntesaBci SpA		302,725		1,121,541
IntesaBci SpA — RNC		48,080		136,411
Mediobanca SpA		31,467		368,109
San Paolo IMI SpA		94,656		1,081,885
UniCredito Italiano SpA		414,309		1,984,104
				6,987,436
Broadcasting & Television (0.1%)
Mediaset SpA		66,789		711,913
Energy (0.7%)
Eni SpA		237,142		4,872,936
Financial Services (0.1%)
Banca Fideuram SpA		36,968		189,500
Mediolanum SpA		38,558		235,990
				425,490
Gas-Transportation (0.1%)
Snam Rete Gas SpA		112,974		485,439
Insurance (0.4%)
Alleanza Assicurazioni SpA		31,974		342,376
Assicurazioni Generali SpA		86,392		2,284,111

	Shares
	or
	Principal
	Amount		Value
Riunione Adriatica di Sicurta SpA		33,786		609,024
				3,235,511
Medical Products (0.0%)
Luxottica Group SA		3,692		62,839
Multi-Media (0.0%)
Seat Pagine Gialle SpA		165,904		65,315
Telecom Italia Media SpA (b)		308,068		117,264
				182,579
Pharmaceuticals (0.0%)
Banca Popolare de Milano		44,753		275,213
Printing & Publishing (0.0%)
Gruppo Editorale L’Espresso SA		5,450		29,518
Public Thoroughfares (0.1%)
Autostrade SpA		21,237		414,721
Restaurants (0.0%)
Autogrill SpA (b)		50		743
Retail (0.0%)
Bulgari SpA		8,716		85,422
Telecommunications (0.7%)
Telecom Italia Mobile SpA		356,648		1,896,980
Telecom Italia SpA		714,776		2,119,477
Telecom Italia SpA RNC		478,387		1,027,062
Tiscali SpA (b)		37,544		134,140
				5,177,659
Tire & Rubber (0.0%)
Pirelli & C. SpA		191,381		188,452
Utilities (0.2%)
Edison SpA (b)		8,912		14,957
Enel SpA		228,955		1,809,288
				1,824,245
				25,885,757
JAPAN (21.7%)
Advertising (0.0%)
Dentsu, Inc.		93		236,877
Agriculture (0.1%)
Ajinomoto Co., Inc.		64,000		743,666
Airline Services (0.1%)
All Nippon Airways Co. Ltd.		48,000		146,407
Japan Airlines System Corp. (b)		22,000		63,623
Yamato Transport Co. Ltd.		44,000		699,896
				909,926
Apparel (0.0%)
Fast Retailing Co. Ltd.		3,400		238,625
Gunze Ltd.		25,000		116,508
World Co. Ltd.		100		2,808
				357,941
Audio/Video Products (0.0%)
Yamaha Corp.		17,000		257,031
Automotive (2.6%)
Aisin Seiki Co. Ltd.		17,400		380,518
Denso Corp.		41,400		1,012,123
Hino Motors Ltd.		8,000		57,332
Honda Motor Co. Ltd.		73,600		3,560,526
NGK Spark Plug Co.		3,000		29,314
Nissan Motor Co.		219,400		2,349,658
Nok Corp.		7,000		210,431
Sanden Corp.		34,000		219,182
Toyoda Gosei Co. Ltd.		2,000		43,917

	Shares
	or
	Principal
	Amount		Value
Toyota Industries Corp.		12,000		281,451
Toyota Motor Co. Ltd.		264,600		10,551,153
USS Co. Ltd.		800		64,579
Yamaha Motor Co. Ltd.		22,000		335,770
				19,095,954
Banks (1.8%)
77th Bank Ltd. (The)		12,000		75,620
Bank of Fukuoka Ltd. (The)		74,000		382,754
Bank of Yokohama Ltd. (The)		103,000		557,440
Chiba Bank		90,000		479,999
Daiwa Bank Holdings, Inc. (b)		456,000		702,466
Gunma Bank Ltd.		8,000		39,127
Hokugin Financial Group Inc.		119,000		280,864
Joyo Bank		34,000		138,153
Mitsubishi Tokyo Financial Group, Inc.		406		3,650,985
Mitsui Trust Holdings, Inc.		36,000		251,537
Mizuho Financial Group, Inc.		679		2,565,978
Shinsei Bank Ltd.		33,000		180,019
Shizuoka Bank Ltd. (The)		41,000		333,056
Sumitomo Mitsui Financial Group, Inc.		390		2,346,117
Suruga Bank Ltd. (The)		6,000		41,503
UFJ Holdings, Inc.		375		1,502,551
				13,528,169
Beverages (0.0%)
Ito En Ltd.		1,100		51,367
Takara Shuzo Co. Ltd.		3,000		21,853
Yakult Honsha Co. Ltd.		7,000		104,912
				178,132
Brewery (0.2%)
Asahi Breweries Ltd.		45,000		478,350
Kirin Brewery Co. Ltd.		49,000		478,535
Sapporo Holdings Ltd.		47,000		175,885
				1,132,770
Broadcasting & Television (0.0%)
Fuji Television Network, Inc.		80		173,823
Building & Construction (0.8%)
Asahi Glass Co. Ltd.		78,000		701,567
Central Glass Co. Ltd.		5,000		37,708
Daikin Industries Ltd.		13,000		319,895
Daiwa House Industry Co. Ltd.		49,000		508,847
Hitachi Construction Machinery Co. Ltd.		19,000		210,357
Kajima Corp.		110,000		371,396
Keio Teito Electric Railway Co. Ltd.		43,000		228,372
Komatsu Ltd.		113,000		666,122
Matsushita Electric Works Ltd.		37,284		318,224
Nippon Sheet Glass Co. Ltd.		42,000		157,027
Nippon Yusen Kabushiki Kaisha		87,000		398,576
Nishimatsu Construction Co. Ltd.		25,000		76,721
Obayashi Corp.		35,000		166,286
Sanwa Shutter Corp.		36,000		173,271
Sekisui House Ltd.		52,000		522,070
Shimizu Corp.		18,000		74,751
Sumitomo Osaka Cement Co. Ltd.		16,000		40,180
Taiheiyo Cement Corp.		111,000		266,416
Taisei Construction Corp.		96,000		304,520
Toda Corp.		44,000		174,546
Tostem Inax Holding Corp.		17,000		345,772
				6,062,624
Chemicals (0.8%)
Asahi Kasei Corp.		89,000		389,342

	Shares
	or
	Principal
	Amount		Value
Hitachi Chemical Co. Ltd.		2,000		28,650
Ishihara Sangyo Kaisha Ltd.		72,000		138,047
Kaneka Corp.		40,000		349,975
Kansai Paint Co. Ltd.		16,000		94,527
Kuraray Co.		36,000		271,921
Mitsubishi Chemical Corp.		103,000		243,623
Mitsubishi Gas Chemical Co. Ltd.		5,000		19,258
Mitsui Chemicals, Inc.		46,000		204,164
Nippon Kayaku Co. Ltd.		20,000		108,129
Nippon Shokubai Co. Ltd.		16,000		121,345
Nissan Chemical Industries Ltd.		26,000		192,812
Nitto Denko Corp.		16,610		692,381
Sekisui Chemical Co. Ltd.		23,000		165,258
Shin-Etsu Chemical Co. Ltd.		36,100		1,221,285
Showa Denko K.K.		129,000		287,680
Sumitomo Bakelite Co. Ltd.		22,000		132,305
Sumitomo Chemical Co. Ltd.		98,000		401,819
Toray Industries, Inc.		134,000		634,415
Tosoh Corp.		69,000		222,141
Ube Industries Ltd. (b)		109,000		146,457
				6,065,534
Commercial Services (0.2%)
Bellsystem 24, Inc.		660		123,364
Goodwill Group, Inc.		59		108,775
NTT Data Corp.		82		233,394
Secom Co.		19,000		765,740
TIS, Inc.		4,700		179,880
				1,411,153
Computer Hardware (0.4%)
Fujitsu Ltd.		156,000		963,959
NEC Corp.		153,000		955,092
NEC Electronics Corp.		5,000		257,850
Toshiba Corp.		265,000		968,705
				3,145,606
Computer Software/Services (0.4%)
Capcom Co. Ltd.		12,400		117,097
CSK Corp.		8,000		334,303
Fuji Soft ABC, Inc.		5,200		169,613
Hitachi Software Engineering Co. Ltd.		500		9,886
Konami Co. Ltd.		7,300		157,357
Meitec Corp.		3,100		108,625
Net One Systems Co. Ltd.		68		219,785
Nomura Research Institute Ltd.		2,300		214,662
OBIC Co., Ltd.		100		19,274
Oracle Corp.		900		44,619
Rakuten, Inc.		50		299,567
Softbank Corp.		23,300		818,344
Trend Micro, Inc.		6,000		245,106
Yahoo Japan Corp. (b)		69		546,203
				3,304,441
Consumer Products (0.0%)
Bandai Co. Ltd.		2,300		56,127
Onward Kashiyama Co. Ltd.		5,000		68,029
				124,156
Containers (0.0%)
Toyo Seikan Kaisha Ltd.		12,000		189,486
Cosmetics & Toiletries (0.1%)
Kanebo Ltd. (b)		129,000		110,795
Uni-Charm Corp.		6,100		319,737
				430,532
Electric Utilities (0.0%)

	Shares
	or
	Principal
	Amount		Value
Alps Electric Co. Ltd.		19,000		254,892
Electronics & Electrical Equipment (3.2%)
Anritsu Corp.		21,000		122,237
Canon, Inc.		75,000		3,655,408
Casio Computer Co. Ltd.		25,000		337,938
Dainippon Screen Mfg. Co. Ltd.		43,000		215,537
Fujikura Ltd.		45,000		217,480
Furukawa Electric Co. Ltd. (b)		59,000		240,119
Hirose Electric Co. Ltd.		1,800		174,533
Hitachi Ltd.		278,000		1,697,543
Hoya Corp.		11,600		1,189,150
Keyence Corp.		2,380		503,346
Kyocera Corp.		14,000		1,078,805
Mabuchi Motor Co. Ltd.		1,000		70,624
Matsushita Electric Industrial Co. Ltd.		195,902		2,615,705
Mitsumi Electric Co. Ltd.		17,000		183,791
Murata Manufacturing Co.		19,000		941,401
NGK Insulators Ltd.		20,000		157,383
Nidec Corp.		3,400		315,739
Nintendo Co.		10,100		1,122,457
Omron Corp.		15,000		321,117
Pioneer Electronic Corp.		19,200		412,828
Ricoh Co. Ltd.		57,000		1,106,562
Sanyo Electric Co.		154,000		586,073
Sharp Corp.		95,000		1,370,181
Sony Corp.		83,700		2,910,994
Stanley Electric Co. Ltd.		21,000		320,555
Sumitomo Electric Industries Ltd.		48,000		455,496
Taiyo Yuden Co. Ltd.		17,000		203,691
TDK Corp.		12,100		835,655
Uniden Corp.		11,000		225,752
Ushio, Inc.		3,000		49,918
Yokogawa Electric Co. Ltd.		20,000		233,090
				23,871,108
Energy (0.2%)
Nippon Oil Co. Ltd.		140,000		860,001
Teikoko Oil Co. Ltd.		45,000		233,379
TonenGeneral Sekiyu K.K.		9,000		72,165
				1,165,545
Engineering (0.0%)
COMSYS Holdings Corp.		23,000		164,498
Mitsui Engineering & Shipbuilding Co. Ltd.		77,000		114,570
				279,068
Entertainment (0.1%)
Namco Ltd.		100		2,519
Sammy Corp.		5,600		275,852
Sankyo Co. Ltd.		2,000		75,406
Toho Co. Ltd.		2,400		34,810
				388,587
Financial Services (1.0%)
Acom Co. Ltd.		6,800		435,312
Aeon Credit Service Co. Ltd.		2,100		128,653
Aiful Corp.		2,900		272,250
Credit Saison Co.		16,200		488,314
Daiwa Securities Ltd.		133,000		869,539
Itochu Techno-Science Corp.		400		14,699
JAFCO Co. Ltd.		1,000		60,753
Nikko Securities Co. Ltd.		152,000		686,222
Nomura Securities Co.		165,000		2,258,909
Orix Corp.		8,200		880,131
Promise Co. Ltd.		6,500		420,625

	Shares
	or
	Principal
	Amount		Value
Sumitomo Trust & Banking Co. Ltd.		113,000		658,973
Takefuji Corp.		6,080		435,049
				7,609,429
Food Products (0.3%)
Ariake Japan Co. Ltd.		6,500		177,902
Japan Tobacco, Inc.		109		832,751
Kikkoman Corp.		21,000		180,667
Meiji Seika Kaisha Ltd.		6,000		25,839
Nippon Meat Packers, Inc.		7,000		85,458
Nisshin Seifun Group, Inc.		16,000		158,476
Nissin Food Products Co. Ltd.		10,600		268,198
Q.P. Corp.		7,000		59,321
Snow Brand Milk Products Co. Ltd. (b)		41,000		127,349
				1,915,961
Healthcare (0.1%)
Terumo Corp.		16,300		394,099
Holding Companies — Diversified (0.1%)
JFE Holdings, Inc.		45,000		1,074,239
Household Products (0.3%)
Kao Corp.		56,000		1,386,688
Shiseido Co. Ltd.		41,000		509,178
Toto Ltd.		36,000		349,685
				2,245,551
Import/Export (0.4%)
Itochu Corp.		103,000		396,511
Marubenii Corp.		147,000		332,342
Mitsubishi Corp.		111,000		1,066,102
Mitsui & Co. Ltd.		109,000		816,048
Sojitz Holdings Corp. (b)		30,967		106,148
Sumitomo Corp.		51,000		355,110
				3,072,261
Industrial (0.6%)
Ebara Corp.		26,000		111,890
Fanuc Co. Ltd.		10,600		608,173
JGC Corp.		29,000		269,623
Kawasaki Heavy Industries Ltd.		156,000		227,855
Kubota Corp.		70,000		316,742
Minebea Co. Ltd.		52,000		221,824
Mitsubishi Heavy Industries Ltd.		285,000		743,518
Nippon Steel Corp.		622,000		1,258,903
SMC Corp.		4,800		470,110
THK Co. Ltd.		12,600		202,229
				4,430,867
Insurance (0.6%)
Millea Holdings, Inc.		132		1,948,100
Mitsui Sumito Insurance Co.		100,000		923,506
T&D Holdings, Inc (b)		16,050		744,502
Yasuda Fire & Marine Insurance Co. Ltd.		78,000		768,264
				4,384,372
Manufacturing (0.3%)
Amada Co. Ltd.		34,000		192,609
Amano Corp.		13,000		109,380
Ishikawajima-Harima Heavy Industries Co. Ltd. (b)		138,000		203,952
JSR Corp.		25,000		412,990
Kobe Steel Ltd.		150,000		207,143
Komori Corp.		10,000		153,005
Koyo Seiko Co. Ltd.		13,000		149,580
Nisshin Steel Co. Ltd.		111,000		212,842
NTN Corp.		21,000		108,771
Shimano Inc.		2,000		48,493

	Shares
	or
	Principal
	Amount		Value
Sumitomo Heavy Industries Ltd. (b)		68,000		186,368
				1,985,133
Metals & Mining (0.2%)
Dowa Mining Co. Ltd.		12,000		72,433
Mitsubishi Material Corp.		128,000		263,184
Mitsui Mining & Smelting Co. Ltd.		69,000		280,636
Nippon Minings Holdings, Inc.		27,500		115,427
NSK Ltd.		27,000		120,134
Sumitomo Metal & Mining Corp.		59,000		352,308
Sumitomo Metal Industries Ltd.		336,000		361,283
				1,565,405
Multi-Media (0.0%)
Tokyo Broadcasting System, Inc.		3,000		51,033
Office Equipment & Supplies (0.1%)
Seiko Epson Corp.		11,800		461,687
Paper Products (0.1%)
Nippon Unipac Holding		59		289,353
Oji Paper Ltd.		93,000		595,410
				884,763
Pharmaceuticals (1.3%)
Alfresa Holdings Corp.		3,900		211,965
Chugai Pharmaceutical Ltd.		16,400		257,392
Daiichi Pharmaceuticals Co.		19,700		360,960
Eisai Co.		28,000		821,319
Fujisawa Pharmaceutical Co.		26,000		629,230
Kaken Pharmaceutical Co. Ltd.		29,000		168,775
Kyowa Hakko Kogyo Co. Ltd.		18,000		125,096
Sankyo Co.		41,700		900,183
Shionogi & Co.		25,000		444,943
Suzuken Co. Ltd.		1,100		32,076
Taisho Pharmacuetical Co. Ltd.		9,000		188,544
Takeda Chemical Industries Ltd.		86,000		4,018,652
Yamanouchi Pharmaceutical Co. Ltd.		32,000		1,095,598
				9,254,733
Photographic Products (0.4%)
Fuji Photo Film Ltd.		47,000		1,411,803
Konica Corp.		40,000		520,887
Nikon Corp.		28,000		268,676
Olympus Optical Co. Ltd.		28,000		539,883
				2,741,249
Printing & Publishing (0.2%)
Dai Nippon Printing Co. Ltd.		50,000		706,467
Toppan Printing Co. Ltd.		65,000		647,087
				1,353,554
Railroads (0.6%)
Central Japan Railway Co.		73		585,651
East Japan Railway Co.		340		1,852,490
Keihin Electric Express Railway Co. Ltd.		10,000		58,886
Kinki Nippon Railway Co. Ltd.		104,000		357,184
Odakyu Electric Railway Co. Ltd.		86,000		449,397
Tobu Railway Co. Ltd.		41,000		161,599
West Japan Railway Co.		190		761,133
				4,226,340
Real Estate (0.5%)
Daito Trust Construction Co. Ltd.		5,100		189,872
Japan Real Estate Investment Corp.		19		135,014
Japan Retail Fund Investment Corp.		37		257,279
MDI Corp.		2,575		51,039
Mitsubishi Estate Co.		102,000		1,155,966
Mitsui Fudosan Co. Ltd.		76,000		842,487

	Shares
	or
	Principal
	Amount		Value
Nippon Building Fund, Inc.		20		140,681
Sumitomo Realty & Development Co. Ltd.		41,000		466,279
Tokyu Land Corp.		57,000		153,468
				3,392,085
Resorts/Theme Parks (0.0%)
Oriental Land Co. Ltd.		2,800		174,778
Restaurants (0.0%)
Saizeriya Co. Ltd.		6,400		91,450
Skylark Co. Ltd.		1,000		18,589
				110,039
Retail (0.8%)
Aeon Co. Ltd.		20,000		684,109
Aoyama Trading Co., Inc.		1,400		31,530
Citizen Watch Co. Ltd.		33,000		327,915
Daimaru, Inc. (The)		6,000		46,193
FamilyMart Co. Ltd.		2,100		61,246
Isetan Co. Ltd.		25,000		285,608
Ito Yokado Co.		34,000		1,316,316
Lawson, Inc.		3,700		143,564
Marui Co.		38,000		458,055
Matsumotokiyoshi Co. Ltd.		5,900		151,705
Mitsukoshi Ltd.		21,000		96,028
Ryohin Keikaku Co. Ltd.		4,300		193,920
Seven — Eleven Japan Co. Ltd.		32,000		979,020
Shimachu Co. Ltd.		4,000		96,541
Shimamura Co. Ltd.		600		43,597
Takashimaya Co.		36,000		333,918
Tokyo Style Co.		5,000		56,428
Uny Co. Ltd.		5,000		57,250
Yamada Denki Co. Ltd.		9,200		317,527
				5,680,470
Schools (0.0%)
Benesse Corp.		2,300		68,187
Semiconductors (0.3%)
Advantest Corp.		8,200		479,697
Rohm Co.		8,900		950,946
Tokyo Electron Ltd.		17,300		844,038
				2,274,681
Telecommunications (0.8%)
Nippon Telegraph & Telephone Corp.		462		2,281,125
NTT Docomo, Inc.		1,760		3,051,590
Oki Electric Industry Co. Ltd. (b)		70,000		250,432
				5,583,147
Textile Products (0.1%)
Mitsubishi Rayon Co. Ltd.		9,000		31,300
Nisshinbo Industries, Inc.		15,000		106,941
Teijin Ltd.		97,000		336,656
Toyobo Co. Ltd.		98,000		246,811
				721,708
Tire & Rubber (0.2%)
Bridgestone Corp.		63,000		1,133,044
Toys (0.0%)
Sega Corp. (b)		19,900		258,758
Transportation (0.3%)
Kamigumi Co. Ltd.		12,000		82,374
Kawasaki Kisen Kaisha Ltd.		60,000		300,049
Mitsui O.S.K. Lines Ltd.		92,000		477,176
Nippon Express Co. Ltd.		75,000		395,527
Seino Transportation Co. Ltd.		25,000		239,452
Tokyo Corp.		83,000		380,080

	Shares
	or
	Principal
	Amount		Value
				1,874,658
Utilities (1.1%)
Chubu Electric Power Co., Inc.		55,500		1,162,914
Hokkaido Electric Power Co., Inc.		18,200		326,234
Kansai Electric Power, Inc.		60,000		1,093,243
Kyushu Electric Power Co., Inc.		29,100		544,680
Mitsubishi Electric Co.		130,000		591,195
Osaka Gas Co. Ltd.		175,000		466,185
Tohoku Electric Power Co. Ltd.		30,600		502,401
Tokyo Electric Power Co. Ltd.		110,400		2,500,036
Tokyo Gas Ltd.		274,000		978,244
				8,165,132
				160,394,384
LUXEMBOURG (0.1%)
Steel (0.1%)
Arcelor		54,082		898,691
NETHERLANDS (4.6%)
Banks (0.4%)
ABN Amro Holding NV		143,368		3,001,789
Biotechnology (0.0%)
Qiagen NV (b)		4,818		47,122
Business Services (0.0%)
Vedior NV		8,580		125,728
Chemicals (0.2%)
Akzo Nobel NV		21,672		716,334
DSM NV		9,581		480,351
				1,196,685
Commercial Services (0.0%)
Randstad Holding NV		1,201		32,807
Computer Service (0.0%)
Getronics NV (b)		12,479		28,191
Diversified (0.0%)
Hagemeyer NV (b)		83,404		185,579
IHC Caland NV		3,691		156,671
				342,250
Electronics & Electrical Equipment (0.6%)
Koninklijke Ahold NV (b)		153,940		1,150,443
Philips Electronics NV		123,304		2,992,037
				4,142,480
Energy (1.3%)
Royal Dutch Petroleum Co.		187,074		9,404,579
Financial Services (0.5%)
Euronext NV		12,456		332,142
ING Groep NV		156,072		3,617,054
				3,949,196
Food Products (0.6%)
Heineken NV		18,789		588,093
Koninklijke Numico NV (b)		11,521		358,773
Unilever NV CVA		53,302		3,278,127
				4,224,993
Insurance (0.2%)
Aegon NV		122,532		1,392,920
Printing & Publishing (0.3%)
Elsevier NV		75,764		967,832
Oce NV		22		332
VNU NV		23,270		613,304
Wolters Kluwer CVA		24,135		405,215

	Shares
	or
	Principal
	Amount		Value
				1,986,683
Real Estate (0.0%)
Corio NV		1,854		79,017
Rodamco Europe NV		1,647		101,616
Wereldhave NV		1,655		135,724
				316,357
Semiconductors (0.2%)
ASML Holding NV (b)		50,136		713,254
STMicroelectronics NV		50,826		946,506
				1,659,760
Telecommunications (0.2%)
KPN NV		173,326		1,283,872
Transportation (0.1%)
TPG NV		35,664		785,444
				33,920,856
NEW ZEALAND (0.2%)
Airports (0.0%)
Auckland International Airport Ltd.		8,490		38,005
Building & Construction (0.0%)
Fletcher Building Ltd.		35,553		111,847
Entertainment (0.0%)
Sky City Entertainment Group Ltd.		49,604		151,927
Financial Services (0.0%)
Tower Ltd. (b)		43,365		52,589
Healthcare (0.0%)
Fisher & Paykel Industries Ltd.		23,366		199,507
Household Products (0.0%)
Fisher & Paykel Appliances Holdings Ltd.		35,484		107,663
Paper Products (0.0%)
Carter Holt Harvey Ltd.		466		650
Telecommunications (0.2%)
Telecom Corp. of New Zealand Ltd.		168,435		653,646
Waste Disposal (0.0%)
Waste Management NZ Ltd.		60,182		184,406
				1,500,240
NORWAY (0.5%)
Banks (0.1%)
DnB Holding ASA		64,332		440,495
Building & Construction (0.0%)
Aker Kvaerner ASA (b)		770		11,963
Chemicals (0.0%)
Yara International ASA (b)		32,401		286,917
Food Products (0.0%)
Orkla ASA		13,951		335,619
Industrial (0.2%)
Norsk Hydro ASA		15,510		981,584
Tomra Systems ASA		8,330		30,638
				1,012,222
Insurance (0.0%)
Storebrand ASA		17,400		113,183
Oil & Gas (0.1%)
Statoil ASA		51,019		638,381
Paper Products (0.0%)
Norske Skogsindustrier ASA		6,834		121,798
Shipping (0.0%)
Frontline Ltd.		6,446		245,970

	Shares
	or
	Principal
	Amount		Value
Telecommunications (0.1%)
Tandberg ASA		19,305		173,744
Telenor ASA		93,934		641,114
				814,858
				4,021,406
PORTUGAL (0.3%)
Automotive (0.0%)
Brisa- Auto Estradas SA		20,131		142,593
Banks (0.0%)
Banco Commercial Portuguese SA		130,722		270,497
Banco Espirito Santo SA		385		6,277
				276,774
Building Products (0.0%)
CIMPOR-Cimentos de Portugal SGPS SA		26,903		135,018
Financial Services (0.0%)
BPI SGPS SA		35,288		129,856
Food Products (0.0%)
Jeronimo Martins SGPS SA (b)		22		238
Industrial (0.0%)
Sonae SGPS SA		179,588		185,899
Telecommunications (0.2%)
Portugal Telecom SA		91,986		943,935
PT Multimedia-Servicos de		2,703		58,160
Telecomunicacoes e Multimedia
				1,002,095
Utilities (0.1%)
Electricidade de Portugal SA		169,758		454,119
				2,326,592
SINGAPORE (0.8%)
Aerospace/Defense (0.0%)
Singapore Tech Engineering Ltd.		39,000		47,850
Airlines (0.0%)
Singapore Airlines Ltd. (b)		31,000		199,866
Banks (0.4%)
Development Bank of Singapore Ltd.		90,000		811,180
Oversea-Chinese Banking Corp. Ltd.		85,000		632,247
United Overseas Bank Ltd.		126,000		1,002,947
				2,446,374
Beverages (0.0%)
Fraser & Neave Ltd.		5,400		44,622
Diversified (0.0%)
Haw Par Corp. Ltd.		36,226		100,679
Keppel Corp.		23,000		97,575
				198,254
Finance (0.0%)
Singapore Exchange Ltd.		53,000		53,590
Financial Services (0.0%)
Creative Technology Ltd.		4,500		45,806
Healthcare (0.0%)
Parkway Holdings Ltd.		233,000		150,339
Manufacturing (0.0%)
Venture Manufacturing Ltd.		30,000		282,176
Printing & Publishing (0.1%)
Singapore Press Holdings Ltd.		202,500		506,613
Real Estate (0.1%)
Capitaland Ltd.		1,000		912
City Developments Ltd.		68,000		241,375

	Shares
	or
	Principal
	Amount		Value
United Overseas Land Ltd.		150,000		195,339
				437,626
Semiconductors (0.0%)
Chartered Semiconductor Manufacturing Ltd. (b)		149,000		88,651
ST Assembly Test Services Ltd. (b)		119,000		79,232
				167,883
Shipping (0.1%)
Neptune Orient Lines Ltd.		159,000		224,665
Singapore Post Ltd.		315,411		148,527
				373,192
Telecommunications (0.1%)
Datacraft Asia Ltd. (b)		107,000		89,475
Singapore Telecommunications Ltd.		484,000		643,933
				733,408
Transportation (0.0%)
ComfortDelgro Corp. Ltd.		170,520		123,815
				5,811,414
SPAIN (3.3%)
Advertising (0.0%)
Telefonica Publicidad e Informacion SA		28,982		186,396
Airline Services (0.0%)
Iberia Lineas Aereas de Espana SA		42,882		109,418
Banks (1.2%)
Banco Bilbao Vizcaya Argentaria SA		285,437		3,788,576
Banco Popular Espanol SA		17,385		935,642
Banco Santander Central		369,759		3,508,879
Hispanoamericano SA
				8,233,097
Broadcasting & Television (0.0%)
Antena 3 Television SA (b)		2,597		137,260
Sogecable SA (b)		1,831		67,681
				204,941
Building & Construction (0.1%)
Acciona SA		2,784		166,400
ACS, Actividades de Construccion y Servicios SA		32,311		539,241
Fomento De Construcciones Y Contrates SA		3,386		119,967
Grupo Ferrovial SA		3,703		161,429
				987,037
Computer Software/Services (0.0%)
Indra Sistemas SA		22,335		284,782
Energy (0.3%)
Gamesa Corporacion Tecnologica SA		15,455		217,054
Repsol SA		87,702		1,866,403
				2,083,457
Food Products (0.1%)
Altadis SA		30,333		946,605
Hotels & Lodging (0.0%)
NH Hoteles SA		5,728		62,025
Insurance (0.0%)
Corporacion Mapfre SA		14,664		167,988
Metals & Mining (0.1%)
Acerinox SA		27,048		374,726
Pharmaceuticals (0.0%)
Zeltia SA		2,221		14,395
Public Thoroughfares (0.0%)
Abertis Infraestructuras SA (b)		14,982		12,807
Railroads (0.0%)

	Shares
	or
	Principal
	Amount		Value
Autopistas, Concesionaria Espanola SA		14,982		254,063
Real Estate (0.0%)
Metrovacesa SA		822		32,449
Vallehermoso SA		7,621		103,176
				135,625
Retail (0.1%)
Industria de Diseno Textil SA		19,158		438,981
Telecommunications (0.9%)
Telefonica SA		414,432		6,042,392
Travel (0.0%)
Amadeus Global Travel Distribution SA		37,459		237,536
Utilities (0.5%)
Endesa SA		92,338		1,684,806
Gas Natural SA		10,860		250,645
Iberdrola SA		74,834		1,530,085
Union Electrica Fenosa SA		20,568		435,327
				3,900,863
				24,677,134
SWEDEN (2.2%)
Airlines (0.0%)
SAS AB (b)		16,675		112,489
Automotive (0.2%)
Scania AB — B Shares		9,873		328,572
Volvo AB, Class A		5,027		173,781
Volvo AB, Class B		24,167		866,366
				1,368,719
Banks (0.4%)
Nordea AB		193,441		1,316,776
Skandiaviska Enskilda Banken AB		50,477		680,873
Svenska Handelsbanken AB		52,591		979,745
				2,977,394
Building & Construction (0.1%)
Assa Abloy AB		37,245		441,916
Skanska AB		27,985		240,523
				682,439
Commercial Services (0.1%)
Securitas AB		36,286		408,784
Computer Software/Services (0.0%)
WM-data AB, Class B		29,093		54,170
Financial Services (0.0%)
D. Carnegie & Co. AB		3,286		26,862
Household Products (0.1%)
Electrolux AB, Series B		31,219		545,446
Industrial (0.2%)
Atlas Copco AB, Class A		13,586		486,484
Atlas Copco AB, Class B		2,894		95,335
Sandvik AB		22,466		771,237
Trelleborg AB, Class B		2,922		44,911
				1,397,967
Insurance (0.1%)
Skandia Forsakrings AB		117,222		456,918
Medical Instruments (0.0%)
Getinge AB, B Shares		26,004		299,804
Medical Products (0.0%)
Gambro AB		6,354		66,470
Metals (0.1%)
S.K.F. AB		11,862		450,589

	Shares
	or
	Principal
	Amount		Value
Paper Products (0.1%)
Billerud		12,628		192,594
Svenska Cellusoa		16,635		615,296
				807,890
Printing & Publishing (0.0%)
Eniro AB		8,699		67,135
Eniro AB (b)		511		5,660
				72,795
Real Estate (0.0%)
Castellum AB		3,900		94,327
Retail (0.2%)
Hennes & Mauritz AB		46,432		1,194,248
Telecommunications (0.5%)
Ericsson SA (b)		1,369,411		3,657,370
Tele2 AB		6,419		255,409
Telia AB		132,770		591,666
				4,504,445
Television (0.0%)
Modern Times Group AB, Class B (b)		719		12,133
Tobacco (0.1%)
Swedish Match AB		42,932		420,193
				15,954,082
SWITZERLAND (5.9%)
Aerospace/Defense (0.0%)
Unaxis Holdings AG		969		99,905
Banks (0.5%)
Credit Suisse Group (b)		109,906		3,530,300
Building & Construction (0.2%)
Geberit AG		225		150,566
Holcim Ltd.		19,570		1,022,956
				1,173,522
Chemicals (0.3%)
Ciba Specialty Chemicals AG		7,598		524,737
Clariant AG		26,399		355,054
Lonza Group AG		5,253		231,317
Syngenta AG (b)		11,721		971,361
				2,082,469
Commercial Services (0.1%)
Adecco SA		13,721		637,867
SGS Societe Generale de Surveillance Holdings SA		210		112,863
				750,730
Computers (0.0%)
Logitech International SA (b)		3,884		165,345
Electronics & Electrical Equipment (0.1%)
ABB Ltd. (b)		156,438		848,703
Food Products (1.3%)
Nestle SA		38,764		9,870,440
Insurance (0.5%)
Swiss Re		32,666		1,903,149
Zurich Financial Services AG		12,819		1,809,845
				3,712,994
Manufacturing (0.0%)
Sulzer AG		87		22,570
Medical Products (0.1%)
Nobel Biocare Holding AG		1,370		186,568
Phonak Holding AG		7,021		200,803
Straumann Holding AG		206		35,398

	Shares
	or
	Principal
	Amount		Value
Synthes, Inc. (b)		3,149		309,203
				731,972
Pharmaceuticals (2.4%)
Givaudan		482		275,238
Novartis AG		228,899		10,232,880
Roche Holding AG-Genusscheine		67,940		6,700,269
Serono SA		728		449,181
				17,657,568
Retail (0.2%)
Compagnie Finacnce Richemont AG		45,767		1,180,569
Swatch Group AG		372		9,623
Swatch Group AG, Class B		3,332		422,830
				1,613,022
Semiconductors (0.0%)
Micronas Semiconductor Holding AG (b)		4,858		201,386
Telecommunications (0.2%)
Kudelski SA (b)		5,849		164,994
Swisscom AG		2,924		952,543
				1,117,537
				43,578,463
UNITED KINGDOM (24.8%)
Advertising (0.2%)
Aegis Group PLC		82,273		125,287
WPP Group PLC		107,386		996,286
				1,121,573
Aerospace/Defense (0.3%)
British Aerospace PLC		301,943		1,173,210
Cobham PLC		5,322		132,983
Rolls-Royce Group PLC		159,557		699,867
				2,006,060
Airlines (0.2%)
BAA PLC		108,369		1,101,705
British Airways PLC (b)		60,246		252,498
				1,354,203
Automotive (0.1%)
GKN PLC		95,134		398,016
Banks (5.3%)
Barclays PLC		613,028		5,118,757
HBOS PLC		342,915		4,439,764
HSBC Holdings PLC		984,897		14,459,654
HSBC Holdings PLC ADR		2,986		220,486
MAN Group PLC		30,054		714,580
Royal Bank of Scotland Group PLC		267,204		7,505,471
UBS AG		108,496		7,260,528
				39,719,240
Brewery (0.2%)
SABMiller PLC		80,935		1,031,426
Scottish & Newcastle PLC		71,438		518,292
				1,549,718
Building & Construction (0.3%)
Berkeley Group PLC		4,684		99,270
BICC Group PLC		11,057		53,277
BPB PLC		55,745		397,995
George Wimpey PLC		35,976		242,298
Hanson PLC		81,507		566,165
Persimmon PLC		32,237		342,628
Pilkington PLC		17,134		29,887
RMC Group PLC		35,798		389,546
Taylor Woodrow PLC		65,632		297,336

	Shares
	or
	Principal
	Amount		Value
				2,418,402
Chemicals (0.2%)
BOC Group PLC		52,203		895,154
Imperial Chemical Industries PLC		92,301		381,312
				1,276,466
Commercial Services (0.2%)
Brambles Industries PLC		82,376		318,443
Capita Group PLC		73,163		407,183
Rentokil Initial PLC		205,855		531,259
				1,256,885
Computer Software/Services (0.2%)
Hays PLC		198,797		440,704
Logica PLC		76,557		228,803
Mysis PLC		52,839		176,255
Sage Group PLC (The)		132,628		416,372
				1,262,134
Consumer Products (0.2%)
Reckitt Benckiser PLC		51,755		1,414,875
Diversified (0.0%)
Serco Group PLC		6,016		21,978
Tompkins PLC		70,209		322,276
				344,254
Electronics & Electrical Equipment (0.3%)
Electrocomponents PLC		19,130		114,026
National Grid Group PLC		298,799		2,371,785
				2,485,811
Energy (3.6%)
BG PLC		332,664		2,072,139
BP Amoco PLC		2,006,977		18,749,718
BP PLC ADR		100		5,636
Shell Transportation & Trading Co. PLC		868,730		6,268,079
				27,095,572
Engineering (0.1%)
AMEC PLC		10,663		52,826
Barratt Developments PLC		31,007		317,720
				370,546
Entertainment (0.6%)
British Sky Broadcasting Group PLC		118,560		1,304,123
Carnival PLC		12,064		590,266
EMI Group PLC		93,955		383,845
Enterprise Inns PLC		16,668		161,684
Hilton Group PLC		172,507		817,204
Rank Group PLC		80,885		435,765
William Hill PLC		48,044		450,107
				4,142,994
Financial Services (0.7%)
3I Group PLC		67,224		698,538
Amvescap PLC		79,752		411,348
Cattles PLC		4,275		23,303
Close Brothers Group PLC		3,033		36,801
ICAP PLC		11,326		43,811
Lloyds TSB Group PLC		530,492		3,969,143
London Stock Exchange PLC		4,580		29,591
Provident Financial PLC		15,445		158,710
				5,371,245
Food Products (1.5%)
Cadbury Schweppes PLC		204,610		1,672,452
Diageo PLC		287,202		3,561,074
Tate & Lyle PLC		49,899		297,767

	Shares
	or
	Principal
	Amount		Value
Tesco PLC		676,608		3,129,595
Unilever PLC		239,569		2,119,681
				10,780,569
Healthcare (1.1%)
AstraZeneca Group PLC		151,303		6,748,354
Kidde PLC		68,417		148,051
Smith & Nephew PLC		89,120		902,005
				7,798,410
Hotels & Motels (0.1%)
InterContinental Hotels Group PLC		73,126		777,461
Import/Export (0.1%)
Wolseley PLC		43,274		673,466
Industrial (0.2%)
BBA Group PLC		16,819		80,116
FKI PLC		23,601		51,853
IMI PLC		16,482		108,449
Invensys PLC (b)		740,443		215,184
Smiths Industries PLC		59,573		790,978
				1,246,580
Insurance (0.7%)
CGNU PLC		212,277		2,162,368
Friends Provident PLC		124,433		296,889
Legal & General Group PLC		596,106		1,051,448
Prudential PLC		200,064		1,653,585
Royal & Sun Alliance Insurance Group PLC		211,428		297,049
				5,461,339
Investment Company (0.0%)
Schroders PLC		82		848
Medical Products (0.1%)
Alliance Unichem PLC		31,882		382,680
SSL International PLC		5,503		29,718
				412,398
Metals & Mining (0.7%)
BHP Billiton PLC		211,790		1,928,997
Corus Group PLC (b)		356,100		294,107
Johnson Matthey PLC		27,911		459,733
Rio Tinto PLC		102,401		2,660,267
				5,343,104
Paper Products (0.1%)
Bunzl PLC		55,943		448,144
Rexam PLC		51,411		399,235
				847,379
Pharmaceuticals (1.5%)
Glaxosmithkline PLC		537,776		10,909,785
Printing & Publishing (0.6%)
Daily Mail & General Trust		16,959		206,679
EMAP PLC		31,668		418,320
Pearson PLC		84,250		945,554
Reed International PLC		130,846		1,158,678
Reuters Group PLC		134,941		796,676
Trinity Mirror PLC		16,340		184,687
United Business Media PLC		42,533		382,173
Yell Group PLC		76,199		464,635
				4,557,402
Railroads (0.0%)
FirstGroup PLC		26,904		139,369
Real Estate (0.3%)
British Land Co. PLC		54,923		701,998
Great Portland Estates PLC		9,115		46,743

	Shares
	or
	Principal
	Amount		Value
Hammerson PLC		15,396		193,587
Land Securities Group PLC		48,910		1,008,203
Liberty International PLC		11,725		169,703
Slough Estates PLC		22,263		181,017
				2,301,251
Restaurants (0.3%)
Compass Group PLC		212,208		1,232,946
Mitchells & Butlers PLC		65,817		322,528
Whitbread PLC		22,517		335,384
				1,890,858
Retail (1.1%)
Boots Group PLC		82,704		1,027,328
Dixons Group PLC		215,702		628,847
Great Universal Stores PLC		101,415		1,587,710
Inchcape PLC		2,752		81,196
J. Sainsbury PLC		141,475		692,855
Kesa Electricals PLC		44,762		228,888
Kingfisher PLC		232,787		1,202,195
Marks & Spencer PLC		225,071		1,419,001
MFI Furniture Group PLC		85,920		206,020
Next PLC		28,997		788,972
Punch Taverns PLC		16,920		146,554
Signet Group PLC		180,350		356,763
				8,366,329
Security Services (0.0%)
Group 4 Securicor PLC (b)		75,144		159,875
Semiconductors (0.0%)
Arm Holdings PLC		120,542		231,090
Telecommunications (2.3%)
BT Group PLC		825,880		2,833,232
Cable & Wireless PLC		245,333		484,211
Marconi Corporation PLC (b)		7,875		89,483
Vodafone Group PLC		6,148,147		13,302,782
				16,709,708
Television (0.1%)
ITV PLC		327,392		622,136
Tobacco (0.4%)
British American Tobacco PLC		132,563		2,009,004
Imperial Tobacco Group PLC		60,195		1,310,630
				3,319,634
Transportation (0.1%)
Associated British Ports Holdings PLC		11,139		81,747
Exel PLC		36,753		483,471
National Express Group PLC		2,859		35,595
Peninsular & Oriental Steam Navigation Co.		39,657		160,791
Stagecoach Group PLC		85,328		136,473
				898,077
Utilities (0.8%)
Centrica PLC		428,399		1,841,310
International Power PLC (b)		140,794		376,114
Scottish & Southern Energy PLC		82,266		1,074,640
Scottish Power PLC		173,155		1,240,709
Severn Trent PLC		39,870		577,712
United Utilities PLC		65,376		612,349
United Utilities PLC, A Shares		18,660		111,506
				5,834,340
Water/Sewer (0.0%)
Kelda Group PLC		32,956		309,110
				183,178,512

	Shares
	or
	Principal
	Amount		Value
Total Common Stocks				687,286,092
Preferred Stocks (0.3%)
AUSTRALIA (0.2%)
Multi-Media (0.2%)
News Corp. Ltd.		230,504		1,835,374
GERMANY (0.1%)
Automotive (0.0%)
Volkswagen AG		5,387		150,038
Television (0.1%)
ProSiebenSat.1 Media AG		12,836		222,280
Utilities (0.0%)
RWE AG		23		958
				373,276
Total Preferred Stocks				2,208,650
Repurchase Agreements (4.6%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $15,911,598 (Fully collateralized by AA Rated Corporate Bonds & Government National Mortgage Association Securities)	$	32,611,502		32,611,502
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $1,299,561 (Fully collateralized by AA Rated Corporate Bonds)		1,299,428		1,299,428
Total Repurchase Agreements				33,910,930
Rights (0.0%)
UNITED KINGDOM (0.0%)
Utilities (0.0%)
United Utilities PLC, Expires 06/30/05 (b) (d)		33,588		0
Total Rights				0
Short-Term Securities Held as Collateral for Securities Lending (10.3%)
Pool of various securities for Gartmore	$	76,158,411		76,158,411
Mutual Funds — Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				76,158,411
Treasury Bills (0.2%)
US Treasuries (0.2%)
U.S. Treasury Bills, 1.43%, 10/28/04 (c)		1,500,000		1,494,780
Total Treasury Bills				1,494,780
Warrants (0.0%)
HONG KONG (0.0%)
Real Estate (0.0%)
Hopewell Holdings Ltd., Expires 08/05/06		7,158		863

	Shares
	or
	Principal
	Amount		Value
SINGAPORE (0.0%)
Real Estate (0.0%)
City Developments Ltd., Expires 05/10/06		6,800		14,068
Total Warrants				14,931
Total Investments (Cost $733,337,389) (a) - 108.4%				801,073,794
Other assets in excess of liabilities - (8.4)%				(62,218,259	)
NET ASSETS - 100.0%			$	738,855,535

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

Unrealized appreciation	$	79,838,309
Unrealized depreciation		(12,101,904	)
Net unrealized appreciation (depreciation)	$	67,736,405

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.
(c)	Pledged as collateral for futures.
(d)	Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees.

ADR    American Depositary Receipt

At July 31, 2004, the Fund’s open forward foreign currency contracts were as follows:

							Unrealized
	Delivery		Contract		Market		Appreciation/
Currency	Date		Value		Value		(Depreciation)
Short Contracts:
Euro		08/31/04	$	168,409	$	168,459	$	(50	)
Long Contracts:
Australia Dollar		08/31/04	$	2,008,668	$	2,012,525	$	3,857
British Pound		08/31/04		298,789		299,144		355
British Pound		08/31/04		9,093,975		9,064,978		(28,997	)
Euro		08/31/04		12,993,896		12,965,282		(28,614	)
Japenese Yen		08/31/04		8,960,203		8,984,717		24,514
Swedish Krone		08/31/04		895,817		892,435		(3,382	)
Swiss Franc		08/31/04		46,902		46,962		60
Swiss Franc		08/31/04		3,003,133		2,993,807		(9,326	)
Total Long Contracts			$	37,301,383	$	37,259,850	$	(41,533	)

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

	Number					Market Value		Unrealized
	of		Long			Covered By		Appreciation
	Contracts		Contracts	Expiration		Contract		(Depreciation)
Australia		54	S&P200 Index		09/17/04	$	3,335,390	$	(5,217	)
Europe		496	DJ Euro Stoxx 50		09/17/04		16,218,849		(276,638	)
Europe		3	Milan MIB 30 Ind		09/20/04		501,813		(2,718	)
Hong Kong		25	Hang Seng Index		08/31/04		1,958,211		(15,164	)
Japan		114	Topix Index		09/13/04		11,655,197		(175,232	)

	Number					Market Value		Unrealized
	of		Long			Covered By		Appreciation
	Contracts		Contracts	Expiration		Contract		(Depreciation)
Sweden		168	OMX Index		08/27/04		1,504,007		20,673
United Kingdom		147	FTSE 100 Index		09/17/04		11,788,463		11,177
						$	46,961,930	$	(443,119	)

Gartmore Large Cap Value Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares		Value
Common Stocks (100.3%)
Aerospace & Defense (2.6%)
Northrop Grumman Corp.		6,000	$	315,600
United Technologies Corp.		3,900		364,650
				680,250
Air Freight & Logistics (1.0%)
FedEx Corp.		3,200		262,016
Automobiles (1.2%)
General Motors Corp.		7,300		314,922
Banks (10.8%)
Bank of America Corp.		14,909		1,267,414
Suntrust Banks, Inc.		3,400		224,230
U.S. Bancorp.		16,000		452,800
Wachovia Corp.		10,800		478,548
Wells Fargo Co.		7,900		453,539
				2,876,531
Chemicals (1.8%)
E.I. du Pont de Nemours & Co.		4,000		171,480
Monsanto Co.		8,300		300,958
				472,438
Commercial Services & Supplies (0.9%)
H&R Block, Inc.		4,900		240,737
Communications Equipment (0.7%)
Lucent Technologies, Inc. (b)		57,700		175,985
Computers & Peripherals (3.1%)
DST Systems, Inc. (b)		3,900		177,684
Hewlett-Packard Co.		13,200		265,980
International Business Machines		2,700		235,089
SanDisk Corp. (b)		5,800		141,056
				819,809
Construction Materials (0.9%)
Caterpillar, Inc.		3,400		249,866
Consumer Finance (0.6%)
MBNA Corp.		6,000		148,140
Diversified Financials (11.3%)
Citigroup, Inc.		30,960		1,365,027
J.P. Morgan Chase & Co.		25,928		967,892
Merrill Lynch & Co., Inc.		7,300		362,956
Morgan Stanley Dean Witter & Co.		6,400		315,712
				3,011,587
Diversified Materials & Processing (0.9%)
Engelhard Corp.		8,200		241,080
Diversified Telecommunication Services (5.8%)
Bellsouth Corp.		10,900		295,281
Nextel Communications, Inc. (b)		5,100		116,076
SBC Communications, Inc.		20,900		529,606
Verizon Communications, Inc.		16,300		628,202
				1,569,165
Electric Utilities (5.4%)

	Shares		Value
AES Corp. (b)		28,900		278,885
American Electric Power Co., Inc.		7,100		220,881
Edison International		10,000		268,000
Entergy Corp.		3,800		218,500
Exelon Corp.		12,600		439,740
				1,426,006
Electrical Equipment (0.5%)
Emerson Electric Co.		2,100		127,470
Electronic Equipment (0.6%)
Agilent Technologies, Inc. (b)		6,200		147,622
Financial — Investment Banker/Broker (1.4%)
Goldman Sachs Group, Inc.		1,600		141,104
Lehman Brothers Holdings, Inc.		3,300		231,330
				372,434
Food and Beverages (2.5%)
Archer-Daniels-Midland Co.		14,600		225,278
Coca-Cola Enterprises, Inc.		7,400		150,960
Sara Lee Corp.		12,800		281,088
				657,326
Gas Utilities (0.7%)
Sempra Energy		5,500		196,625
Health Care Providers & Services (1.5%)
Aetna, Inc.		3,200		274,560
PacifiCare Health Systems, Inc. (b)		3,600		110,052
				384,612
Hotels Restaurants & Leisure (1.2%)
McDonald’s Corp.		11,500		316,250
Household Durables (0.9%)
Pulte Homes, Inc.		4,200		229,446
Household Products (0.9%)
Kimberly-Clark Corp.		2,100		134,547
Procter & Gamble Co.		2,000		104,300
				238,847
Insurance (5.3%)
ACE Ltd.		5,300		215,127
Allstate Corp. (The)		9,500		447,259
American International Group, Inc.		3,650		257,873
Hartford Financial Services Group, Inc.		3,000		195,300
St. Paul Travelers Companies, Inc. (The)		8,010		296,931
				1,412,490
Machinery (0.9%)
Paccar, Inc.		3,850		230,846
Media (5.1%)
Comcast Corp. (b)		11,043		302,578
McGraw-Hill Cos., Inc. (The)		3,000		225,180
Time Warner, Inc. (b)		32,800		546,120
Walt Disney Co. (The)		11,700		270,153
				1,344,031
Metals & Mining (1.3%)
United States Steel Corp.		8,900		339,446
Mortgage Finance (2.2%)
Countrywide Credit Industries, Inc.		4,449		320,773
Freddie Mac		4,200		270,102
				590,875

	Shares		Value
Multi-Sector Companies (4.6%)
General Electric Co.		32,000		1,064,000
Textron, Inc.		2,500		153,250
				1,217,250
Multiline Retail (1.1%)
Federated Department Stores, Inc.		3,400		162,928
Sears, Roebuck & Co.		3,400		124,712
				287,640
Oil & Gas (12.1%)
Amerada Hess Corp.		4,100		341,735
ChevronTexaco Corp.		4,300		411,295
ConocoPhillips		6,000		472,620
Exxon Mobil Corp.		30,500		1,412,150
Marathon Oil Corp.		9,400		354,098
Valero Energy Corp.		3,200		239,744
				3,231,642
Paper & Forest Products (1.1%)
Georgia Pacific Corp.		8,400		282,240
Personal Products (0.5%)
Avon Products, Inc.		3,000		129,030
Pharmaceuticals (2.2%)
Bristol-Myers Squibb Co.		13,200		302,280
Merck & Co., Inc.		6,100		276,635
				578,915
Real Estate (1.2%)
General Growth Properties, Inc.		10,900		327,872
Rental Auto/Equipment (0.7%)
Rent-A-Center, Inc. (b)		6,300		184,842
Retail (1.5%)
Costco Wholesale Corp.		6,000		243,960
V.F. Corp.		2,900		145,029
				388,989
Road & Rail (0.6%)
Union Pacific Corp.		2,700		152,118
Semiconductors (0.3%)
Cypress Semiconductor Corp. (b)		6,300		71,442
Software (1.1%)
Microsoft Corp.		10,000		284,600
Tobacco (1.3%)
Altria Group, Inc.		7,000		333,200
Total Common Stocks				26,546,632
Total Investments (Cost $23,142,280) (a) - 100.3%				26,546,632
Liabilities in excess of other assets — (0.3)%				(88,153	)
NET ASSETS - 100.0%			$	26,458,479

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

Unrealized appreciation	$	3,863,763
Unrealized depreciation		(459,411	)
Net unrealized appreciation (depreciation)	$	3,404,352

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

(b)         Denotes a non-income producing security.

Gartmore Micro Cap Equity Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (98.4%)
Apparel (5.5%)
Jos. A. Bank Clothiers, Inc. (b)		55,000	$	1,690,150
Lakeland Industries, Inc. (b)		65,100		1,460,844
Perry Ellis International, Inc. (b)		60,000		1,413,600
Weyco Group, Inc.		17,000		525,470
				5,090,064
Auto Parts & Equipment (1.0%)
Monro Muffler, Inc. (b)		42,200		933,042
Bank Holdings Companies (2.6%)
Pacific Premier Bancorp, Inc. (b)		135,100		1,486,100
Royal Bancshares of Pennsylvania, Inc., Class A		39,734		923,816
				2,409,916
Batteries (0.4%)
Ultralife Batteries, Inc. (b)		20,800		340,912
Chemicals (1.5%)
American Vanguard Corp.		45,000		1,414,800
Computer Software & Services (12.3%)
Captiva Software Corp. (b)		160,000		1,353,600
ClickSoftware Co. (b)		700,000		1,176,000
DigitalNet Holdings, Inc. (b)		68,100		1,737,912
Mobius Management Systems, Inc. (b)		157,300		953,238
QAD, Inc.		170,000		1,730,600
SBS Technologies, Inc. (b)		100,000		1,285,000
SS&C Technologies, Inc.		70,000		1,410,500
Stratasys, Inc. (b)		41,000		1,075,840
Tumbleweed Communications Corp. (b)		396,320		828,309
				11,550,999
Consulting Services (1.5%)
Perficient, Inc. (b)		400,000		1,368,000
Cosmetics (0.8%)
CCA Industries, Inc.		77,600		702,280
Data Processing (1.3%)
Innodata Isogen, Inc. (b)		375,000		1,203,750
Electronics (4.1%)
Cyberoptics Corp. (b)		85,000		1,586,100
Lowrance Electronics, Inc.		52,556		1,423,742
Mobility Electronics, Inc. (b)		120,000		856,800
				3,866,642
Financial (2.2%)
World Acceptance Corp. (b)		95,000		2,032,050
Food & Related (2.6%)
Nutraceutical International Corp. (b)		70,000		986,300
SunOpta, Inc. (b)		200,000		1,460,000
				2,446,300
Healthcare (5.8%)
America Service Group, Inc. (b)		25,000		885,750
American Medical Security Group, Inc. (b)		70,000		1,778,700

	Shares
	or
	Principal
	Amount		Value
National Medical Health Card Systems, Inc. (b)		32,800		904,296
Option Care, Inc.		110,000		1,875,500
				5,444,246
Insurance (0.5%)
Meadowbrook Insurance Group, Inc. (b)		100,000		480,000
Internet (1.1%)
AXS-One, Inc. (b)		550,000		1,017,500
Lasers (3.5%)
Metrologic Instruments, Inc. (b)		99,942		1,590,077
Rofin-Sinar Technologies, Inc. (b)		80,000		1,696,800
				3,286,877
Leisure & Recreation Products (0.1%)
GameTech International, Inc.		25,500		137,700
Manufacturing (1.4%)
Raven Industries, Inc.		35,000		1,334,200
Medical Equipment & Supplies (10.0%)
Angiodynamics, Inc. (b)		116,100		1,578,844
Encore Medical Corp. (b)		200,000		1,106,000
Hologic, Inc. (b)		60,000		1,195,200
I-Flow Corp. (b)		99,300		1,269,054
Lifeline Systems, Inc. (b)		40,000		883,200
Microtek Medical Holdings, Inc. (b)		250,000		1,000,000
Quinton Cardiology Systems, Inc. (b)		116,900		886,102
ThermoGenesis Corp. (b)		350,000		1,452,500
				9,370,900
Medical Laboratories (1.7%)
Bio-Reference Laboratories, Inc. (b)		125,000		1,548,750
Oil & Gas (2.9%)
Lufkin Industries, Inc.		40,000		1,314,000
Mission Resources Corp. (b)		250,000		1,377,500
				2,691,500
Pharmaceuticals (4.2%)
Bone Care International, Inc. (b)		50,000		1,254,500
Geopharma, Inc. (b)		250,000		1,210,000
Mannatech, Inc.		150,000		1,429,500
				3,894,000
Physical Therapy (1.5%)
PainCare Holdings, Inc. (b)		423,900		1,356,480
Pollution Control (1.3%)
Duratek, Inc. (b)		85,000		1,211,250
Power Conversion & Supply Equipment (0.7%)
TII Network Technologies, Inc. (b)		474,000		606,720
Restaurants (1.4%)
Buffalo Wild Wings, Inc. (b)		45,000		1,329,300
Retail (1.9%)
Sportsman’s Guide, Inc. (The) (b)		80,000		1,734,400
Semiconductors (5.5%)
Catalyst Semiconductor, Inc. (b)		194,600		1,136,464
Diodes, Inc. (b)		107,000		2,452,440
FSI International, Inc. (b)		300,000		1,575,000
				5,163,904
Services (2.5%)
Labor Ready, Inc. (b)		100,000		1,402,000
Providence Service Corp. (b)		49,948		943,018
				2,345,018

	Shares
	or
	Principal
	Amount		Value
Steel (1.5%)
Olympic Steel, Inc. (b)		60,000		1,409,400
Technology (3.1%)
Digi International, Inc. (b)		140,000		1,589,000
Excel Technology, Inc. (b)		50,000		1,340,000
				2,929,000
Telecommunications (5.9%)
Applied Signal Technology, Inc.		50,000		1,728,500
Comtech Telecommunications Corp. (b)		80,000		1,593,600
Knology, Inc. (b)		44,300		193,148
Micronetics, Inc. (b)		62,000		424,700
Radyne ComStream, Inc. (b)		210,000		1,543,500
				5,483,448
Transportation (5.3%)
Celadon Group, Inc. (b)		100,000		1,752,000
Dynamex, Inc. (b)		120,000		1,866,000
HUB Group, Inc., Class A (b)		40,000		1,305,600
				4,923,600
Veterinary Diagnostics (0.8%)
Neogen Corp. (b)		40,000		754,840
Total Common Stocks				91,811,788
Short-Term Securities Held as Collateral for Securities Lending (14.1%)
Pool of various securities for Gartmore	$	13,192,078		13,192,078
Mutual Funds — Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				13,192,078
Total Investments (Cost $103,423,785) (a) - 112.5%				105,003,866
Other liabilities in excess of assets — (12.5)%				(11,694,510	)
NET ASSETS - 100.0%			$	93,309,356

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

Unrealized appreciation	$	9,585,838
Unrealized depreciation		(8,005,757	)
Net unrealized appreciation	$	1,580,081

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

(b) Denotes a non-incoming producing security.

Gartmore Mid Cap Growth Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (94.9%)
Automotive (1.2%)
O’Reilly Automotive, Inc. (b)		920	$	37,251
Banks (3.1%)
City National Corp.		650		41,925
Zions Bancorp.		920		55,660
				97,585
Business Services (5.8%)
ChoicePoint, Inc. (b)		1,140		47,881
Corporate Executive Board Co.		600		34,020
InfoSpace, Inc. (b)		850		31,841
Manpower, Inc.		1,630		70,987
				184,729
Chemicals (1.3%)
Sigma-Aldrich Corp.		700		40,208
Commercial Services (1.4%)
Alliance Data Systems Corp. (b)		1,140		45,269
Communication Equipment (3.2%)
L-3 Communications Holdings, Inc.		1,680		102,732
Computer Software & Services (6.3%)
Fiserv, Inc. (b)		2,490		85,308
Network Appliance, Inc. (b)		1,680		32,441
Research in Motion Ltd. ADR — CA (b)		760		46,869
VERITAS Software Corp. (b)		1,840		35,070
				199,688
Construction (2.4%)
D.R. Horton, Inc.		1,435		39,649
Terex Corp. (b)		920		35,797
				75,446
Consumer Products (1.9%)
Church & Dwight, Inc.		1,080		47,714
Mohawk Industries Co. (b)		160		11,766
				59,480
Containers (2.1%)
Ball Corp.		920		66,406
Electronics (5.1%)
Amphenol Corp., Class A (b)		2,020		63,488
Cabot Microelectronics Corp. (b)		870		30,876
Jabil Circuit, Inc. (b)		1,840		40,020
Semtech Corp. (b)		1,410		27,989
				162,373
Financial Services (5.1%)
Ameritrade Holdings Corp. (b)		4,340		48,131
Investors Financial Services Corp.		2,490		113,743
				161,874
Gaming & Leisure (3.4%)
International Game Technology		920		29,753
Penn National Gaming, Inc. (b)		2,170		78,120
				107,873

	Shares
	or
	Principal
	Amount		Value
Healthcare (2.0%)
Omnicare, Inc.		1,460		41,274
Par Pharmaceutical Cos, Inc. (b)		600		22,584
				63,858
Insurance (3.3%)
ACE Ltd.		1,680		68,191
Everest Re Group Ltd.		500		36,740
				104,931
Machinery (0.9%)
Cognex Corp.		980		29,478
Medical — Drugs (4.0%)
Axcan Pharma, Inc. (b)		2,490		47,907
Impax Laboratories, Inc. (b)		1,900		26,885
Ligand Pharmaceuticals, Inc. (b)		1,680		23,201
Martek Biosciences Corp. (b)		600		28,392
				126,385
Medical Products (6.0%)
Invitrogen Corp. (b)		880		46,182
Kinetic Concept, Inc. (b)		721		32,387
ResMed, Inc. (b)		1,410		69,091
Techne Corp. (b)		1,080		42,984
				190,644
Oil & Gas (7.8%)
B.J. Services Co. (b)		760		37,742
EOG Resources, Inc.		920		58,465
Kinder Morgan, Inc.		920		55,208
Patterson-UTI Energy, Inc.		2,160		39,377
XTO Energy, Inc.		1,835		54,867
				245,659
Optical Supplies (2.5%)
Advanced Medical Optics, Inc. (b)		2,110		80,286
Restaurants (1.4%)
Applebee’s International, Inc.		1,630		43,423
Retail (7.7%)
Coach, Inc. (b)		1,140		48,781
Dollar Tree Stores, Inc. (b)		1,080		29,063
Regis Corp.		1,080		44,453
Staples, Inc.		1,840		53,139
Williams Sonoma, Inc. (b)		2,110		68,554
				243,990
Schools (0.9%)
Education Management Corp. (b)		980		27,205
Scientific & Technical Instruments (1.0%)
Waters Corp. (b)		730		32,032
Security & Commodity Exchanges (1.3%)
Chicago Mercantile Exchange		330		41,415
Semiconductors (6.9%)
KLA-Tencor Corp. (b)		540		22,253
Marvel Technology Group Ltd. (b)		2,710		62,926
Pixelworks, Inc. (b)		2,760		27,020
QLogic Corp. (b)		1,630		39,854
Tessera Technologies, Inc. (b)		1,910		33,234
Vitesse Semiconductor Corp. (b)		12,050		33,740
				219,027
Telecommunications (5.5%)
ADC Telecommunications, Inc. (b)		11,760		28,224

	Shares
	or
	Principal
	Amount		Value
Amdocs Ltd. (b)		2,550		55,335
Comverse Technology, Inc. (b)		2,760		47,086
NII Holdings, Inc. (b)		1,160		44,103
				174,748
Waste Disposal (1.4%)
Stericycle, Inc. (b)		920		45,080
Total Common Stocks				3,009,075
Repurchase Agreements (4.2%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $129,343 (Fully collateralized by AA Corporate Bonds, Treasury Notes, & U.S. Agency Securities)	$	129,330		129,330
UBS Warburg LLC, 1.23% dated 07/30/04, due 08/02/04, repurchase price $5,155 (Fully collateralized by AA Corporate Bonds)		5,154		5,154
Total Repurchase Agreements				134,484
Total Investments (Cost $3,039,259) (a) - 99.1%				3,143,559
Other assets in excess of liabilities - 0.9%				29,881
NET ASSETS - 100.0%			$	3,173,440

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

Unrealized appreciation	$	320,678
Unrealized depreciation		(216,378	)
Net unrealized appreciation (depreciation)	$	104,300

(b)	Denotes a non-income producing security.
ADR	American Depositary Receipt
CA	Canada

Gartmore Mid Cap Market Index Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (85.9%)
Aerospace / Defense (0.6%)
Alliant Techsystems, Inc. (b)		17,000	$	1,070,320
Precision Castparts Corp.		28,600		1,611,038
Sequa Corp. (b)		4,160		217,152
				2,898,510
Agricultural Products (0.1%)
Universal Corp.		12,440		599,981
Airlines (0.4%)
Airtran Holdings, Inc. (b)		45,000		501,750
Alaska Air Group, Inc. (b)		12,300		256,209
Jetblue Airways Corp. (b)		47,550		1,132,166
				1,890,125
Amusement & Recreation (0.4%)
Callaway Golf Co.		36,300		399,300
International Speedway Corp.		23,400		1,217,736
Six Flags, Inc. (b)		40,200		189,744
				1,806,780
Auto Parts & Equipment (1.2%)
Arvinmeritor, Inc.		30,060		597,292
Bandag, Inc.		8,700		388,455
BorgWarner Automotive, Inc.		25,820		1,218,446
Gentex Corp.		35,840		1,283,072
Lear Corp.		31,320		1,726,672
Modine Manufacturing Co.		15,600		462,696
Superior Industries International, Inc.		13,000		424,970
				6,101,603
Automotive (0.4%)
Carmax, Inc. (b)		48,200		1,002,560
O’Reilly Automotive, Inc. (b)		24,873		1,007,108
				2,009,668
Banks (6.5%)
Associated Banc Corp.		51,321		1,545,275
Astoria Financial Corp.		36,080		1,232,493
Banknorth Group, Inc.		78,907		2,517,922
City National Corp.		22,300		1,438,350
Colonial Bancgroup, Inc.		55,140		1,063,651
Compass Bancshares, Inc.		56,040		2,470,804
Cullen/Frost Bankers, Inc.		23,480		1,010,110
FirstMerit Corp.		38,880		1,008,547
Greater Bay Bancorp		24,880		655,588
GreenPoint Financial Corp.		60,230		2,447,145
Hibernia Corp.		71,100		1,798,830
Independence Community Bank Corp.		38,036		1,420,264
IndyMac Bancorp, Inc.		28,100		933,482
Mercantile Bankshare Corp.		36,950		1,677,900
National Commerce Financial Co.		92,650		3,011,124
New York Community Bancorp, Inc.		121,114		2,330,233
Silicon Valley Bancshares (b)		16,720		612,119
TCF Financial Corp.		32,500		1,963,000

	Shares
	or
	Principal
	Amount		Value
Washington Federal, Inc.		35,810		897,041
Webster Financial Corp.		23,100		1,083,852
West America Bancorp		13,720		696,016
Wilmington Trust Corp.		30,400		1,060,960
				32,874,706
Biotechnology (0.6%)
Millenium Pharmaceuticals, Inc. (b)		139,363		1,549,717
Protein Design Labs, Inc. (b)		43,120		698,544
Valeant Pharmaceuticals Internationa		l39,000		682,890
Vertex Pharmaceuticals, Inc. (b)		37,180		343,171
				3,274,322
Broadcasting (0.5%)
Emmis Communications Corp. (b)		25,400		500,888
Entercom Communications Corp. (b)		23,480		902,806
Westwood One, Inc. (b)		45,580		1,084,804
				2,488,498
Business Services (2.3%)
Acxiom Corp.		40,040		880,880
Catalina Marketing Corp. (b)		23,700		473,289
Ceridian Corp. (b)		66,740		1,201,320
CheckFree Corp. (b)		37,500		1,126,500
CSG Systems International, Inc. (b)		24,880		408,032
DST Systems, Inc. (b)		39,340		1,792,331
Fair Issac Corp.		32,850		938,853
Gartner Group, Inc. (b)		21,660		271,833
Gartner Group, Inc., Class B (b)		38,200		476,736
Harte-Hanks, Inc.		37,640		909,382
Kelly Services, Inc.		15,875		430,689
Korn/Ferry International (b)		17,200		306,676
Manpower, Inc.		40,060		1,744,613
MPS Group, Inc. (b)		45,340		407,153
				11,368,287
Chemicals (2.1%)
Airgas, Inc.		32,100		698,175
Albemarle Corp.		18,900		582,120
Cabot Corp.		28,400		1,081,472
Crompton Corp.		51,400		306,858
Cytec Industries, Inc.		17,700		824,820
Ferro Corp.		19,000		378,290
FMC Corp. (b)		16,460		723,417
IMC Global, Inc.		52,600		717,990
Lubrizol Corp.		24,780		858,131
Lyondell Chemical Co.		80,800		1,468,944
Minerals Technologies, Inc.		9,840		549,761
Olin Corp.		31,560		545,357
RPM, Inc.		52,900		796,145
Valspar Corp.		23,400		1,146,600
				10,678,080
Communication Equipment (2.9%)
Adtran, Inc.		36,200		966,902
Advanced Fibre Communications, Inc. (b)		41,300		692,188
Cincinnati Bell, Inc. (b)		105,600		426,624
CommScope, Inc. (b)		25,720		529,832
Harman International Industries, Inc.		30,300		2,597,619
Harris Corp.		29,440		1,397,811
L-3 Communications Holdings, Inc.		49,320		3,015,918
Plantronics, Inc. (b)		21,600		835,488
Polycom, Inc. (b)		44,500		857,960
Powerwave Technologies, Inc. (b)		47,420		262,707
Telephone & Data Systems, Inc.		26,000		1,973,400

	Shares
	or
	Principal
	Amount		Value
Utstarcom, Inc. (b)		52,500		958,650
				14,515,099
Computer Hardware (0.6%)
Keane, Inc. (b)		28,800		425,376
National Instruments Corp.		34,730		1,008,907
Quantum Corp. (b)		73,860		180,218
Storage Technology Corp. (b)		52,300		1,304,885
				2,919,386
Computer Software & Services (3.7%)
3COM Corp. (b)		174,620		860,877
Activision, Inc. (b)		62,825		920,386
Advent Software, Inc. (b)		15,069		238,994
Ascential Software Corp. (b)		27,938		343,079
Avocent Corp. (b)		22,800		682,632
Cadence Design Systems, Inc. (b)		122,980		1,656,541
CDW Corp.		38,940		2,503,841
Cognizant Technology Solutions Corp. (b)		58,940		1,623,797
Henry (Jack) & Associates, Inc.		39,400		758,450
Macfee, Inc. (b)		75,600		1,359,288
Macromedia, Inc. (b)		32,200		650,440
Macrovision Corp. (b)		22,320		483,005
McData Corp. (b)		48,600		250,290
Mentor Graphics Corp. (b)		31,800		375,240
Retek, Inc. (b)		25,360		102,962
RSA Security, Inc. (b)		28,000		521,360
SanDisk Corp. (b)		74,500		1,811,840
Sybase, Inc. (b)		44,300		645,451
Synopsys, Inc. (b)		71,520		1,808,741
Titan Corp. (The) (b)		28,370		339,589
Transaction Systems Architects, Inc. (b)		17,100		292,410
Wind River Systems, Inc. (b)		37,200		364,560
				18,593,773
Construction (2.5%)
D.R. Horton, Inc.		104,585		2,889,684
Dycom Industries, Inc. (b)		22,000		592,680
Granite Construction, Inc.		18,860		335,519
Hovnanian Enterprises, Inc. (b)		27,020		838,431
Jacobs Engineering Group, Inc. (b)		26,180		1,046,676
Lennar Corp.		70,060		2,990,161
Martin Marietta Materials, Inc.		21,500		940,625
Ryland Group, Inc. (The)		11,000		851,620
Thor Industries, Inc.		26,600		832,846
Toll Brothers, Inc. (b)		34,700		1,378,978
				12,697,220
Consumer & Commercial Services (2.1%)
Alliance Data Systems Corp. (b)		40,300		1,600,313
Career Education Corp. (b)		46,460		1,570,813
Corinthian Colleges, Inc. (b)		41,180		770,890
DeVry, Inc. (b)		31,900		741,675
Dun & Bradstreet Corp. (b)		32,360		1,816,689
Moneygram International, Inc. (b)		46,600		871,420
Quanta Services, Inc. (b)		53,200		334,096
Rent-A-Center, Inc. (b)		37,000		1,085,580
Rollins, Inc.		20,610		477,122
Sotheby’s Holdings, Inc. (b)		28,500		455,430
United Rentals, Inc. (b)		35,000		694,400
				10,418,428
Consumer Products (2.0%)
Blyth Industries, Inc.		16,840		586,369
ChoicePoint, Inc. (b)		40,120		1,685,040

	Shares
	or
	Principal
	Amount		Value
Church & Dwight, Inc.		19,600		865,928
Energizer Holdings, Inc. (b)		37,300		1,421,130
Furniture Brands International, Inc.		25,500		585,990
Lancaster Colony Corp.		15,140		609,839
Mohawk Industries Co. (b)		30,040		2,209,141
Scotts Co. (The) (b)		14,960		912,560
Timberland Co., Class A (b)		16,300		946,052
Tupperware Corp.		28,733		493,346
				10,315,395
Containers / Packaging (0.5%)
Packaging Corp. of America		49,420		1,154,451
Sonoco Products Co.		44,200		1,145,222
				2,299,673
Electronics (3.9%)
Arrow Electronics, Inc. (b)		51,100		1,209,026
Atmel Corp. (b)		215,900		924,052
Avnet, Inc. (b)		54,078		1,050,195
Cabot Microelectronics Corp. (b)		11,328		402,031
Credence Systems Corp. (b)		43,760		392,090
Cree, Inc. (b)		34,588		774,079
Cypress Semiconductor Corp. (b)		58,000		657,720
Hubbell, Inc.		26,500		1,197,800
Integrated Device Technology, Inc. (b)		48,100		549,783
International Rectifier Corp. (b)		30,600		1,199,520
Intersil Corp.		62,100		1,140,777
Kemet Corp. (b)		39,260		396,133
Lam Research Corp. (b)		61,960		1,477,746
Lattice Semiconductor Corp. (b)		50,360		246,764
LTX Corp. (b)		27,700		225,201
Micrel, Inc. (b)		43,000		441,610
Microchip Technology, Inc.		96,872		2,806,382
Newport Corp. (b)		17,900		256,686
Plexus Corp. (b)		19,600		219,716
RF Micro Devices, Inc. (b)		86,800		513,856
Semtech Corp. (b)		34,230		679,466
SPX Corp.		34,820		1,425,879
TriQuint Semiconductor, Inc. (b)		61,005		247,070
Vishay Intertechnology, Inc. (b)		74,630		1,156,765
				19,590,347
Financial Services (3.5%)
Americredit Corp. (b)		70,300		1,342,730
Bank of Hawaii Corp.		24,500		1,100,785
BISYS Group, Inc. (The) (b)		54,600		745,290
Certegy, Inc.		28,700		1,088,017
Commerce Bancorp, Inc.		35,320		1,778,009
Eaton Vance Corp.		30,000		1,138,200
Edwards (A.G.), Inc.		37,200		1,209,000
Investors Financial Services Corp.		30,784		1,406,213
Jefferies Group, Inc.		25,400		796,036
Labranche & Co., Inc. (b)		24,500		200,655
Legg Mason, Inc.		30,580		2,401,753
PMI Group, Inc.		43,200		1,781,136
Raymond James Financial, Inc.		31,620		738,959
SEI Corp.		47,640		1,461,119
Waddell & Reed Financial, Inc.		35,500		689,410
				17,877,312
Food & Beverage (3.4%)
Constellation Brands, Inc. (b)		47,320		1,792,482
Dean Foods Co. (b)		73,198		2,706,861
Hormel Foods Corp.		63,020		1,870,434
Interstate Bakeries Corp.		22,700		223,141

	Shares
	or
	Principal
	Amount		Value
J.M. Smucker Co.		26,971		1,127,658
Krispy Kreme Doughnuts, Inc. (b)		29,000		456,460
PepsiAmericas, Inc.		62,600		1,175,002
Sensient Technologies Corp.		22,780		470,179
Smithfield Foods, Inc. (b)		51,400		1,456,676
Tootsie Roll Industries, Inc.		23,933		701,237
Tyson Foods, Inc.		159,930		3,048,265
Whole Foods Market, Inc.		28,080		2,311,546
				17,339,941
Gaming (1.2%)
Boyd Gaming Corp.		39,400		1,035,826
Caesars Entertainment, Inc. (b)		139,680		2,057,486
GTECH Holdings Corp.		26,900		1,139,753
Mandalay Resort Group		30,640		2,068,200
				6,301,265
Healthcare (7.5%)
Apogent Technologies, Inc. (b)		39,600		1,287,000
Apria Healthcare Group, Inc. (b)		22,700		666,245
Barr Laboratories, Inc. (b)		48,245		1,657,216
Beckman Coulter, Inc.		28,740		1,585,586
Cephalon, Inc. (b)		25,500		1,288,260
Charles River Laboratories International, Inc. (b)		20,980		945,569
Community Health Systems, Inc. (b)		44,900		1,104,989
Covance, Inc. (b)		28,480		1,044,931
Coventry Health Care, Inc. (b)		40,700		2,080,177
Cytyc Corp. (b)		50,440		1,219,135
Dentsply International, Inc.		36,680		1,783,748
Edwards Lifesciences Corp. (b)		27,000		949,590
First Health Group Corp. (b)		41,540		582,391
Health Net, Inc. (b)		51,640		1,246,073
Henry Schein, Inc. (b)		20,540		1,378,234
INAMED Corp. (b)		18,600		1,007,748
IVAX Corp. (b)		89,555		2,135,887
LifePoint Hospitals, Inc. (b)		17,960		600,044
Lincare Holdings, Inc. (b)		45,680		1,459,019
Omnicare, Inc.		46,300		1,308,901
PacifiCare Health Systems, Inc. (b)		38,700		1,183,059
Par Pharmaceutical Cos., Inc. (b)		15,500		583,420
Patterson Cos., Inc. (b)		31,060		2,280,424
Perrigo Co.		32,600		543,116
Renal Care Group, Inc. (b)		31,550		1,005,183
Sepracor, Inc. (b)		39,400		1,811,218
Steris Corp. (b)		29,980		616,389
Triad Hospitals, Inc. (b)		34,213		1,165,295
Universal Health Services, Inc.		26,600		1,210,566
Varian Medical Systems, Inc. (b)		31,600		2,180,715
Visx, Inc. (b)		22,100		473,161
				38,383,289
Insurance (4.5%)
Allmerica Financial Corp. (b)		24,600		733,326
American Financial Group, Inc.		33,300		988,677
AmerUs Group Co.		19,000		731,500
Arthur J. Gallagher & Co.		40,700		1,260,479
Brown & Brown, Inc.		30,260		1,286,655
Everest Re Group Ltd.		25,580		1,879,618
Fidelity National Financial, Inc.		77,675		2,815,719
First American Financial Corp.		40,420		1,085,681
HCC Insurance Holdings, Inc.		29,460		892,638
Horace Mann Educators Corp.		20,800		348,608
Leucadia National Corp.		31,320		1,612,667
Ohio Casualty Corp. (b)		28,900		540,430

	Shares
	or
	Principal
	Amount		Value
Old Republic International Corp.		83,330		1,940,756
Protective Life Corp.		30,400		1,102,000
Radian Group, Inc.		41,900		1,928,238
Stancorp Financial Group, Inc.		13,100		920,930
Unitrin, Inc.		30,800		1,282,820
W.R. Berkley Corp.		38,400		1,572,096
				22,922,838
Machinery (0.8%)
AGCO Corp. (b)		40,900		855,628
Graco, Inc.		31,570		993,824
Tecumseh Products Co.		9,300		379,719
Zebra Technologies Corp., Class A (b)		21,660		1,789,765
				4,018,936
Manufacturing (2.7%)
Ametek, Inc.		30,600		943,704
Brink’s Co. (The)		25,780		833,983
Carlisle Cos., Inc.		14,340		910,447
Diebold, Inc.		33,000		1,521,300
Donaldson Co., Inc.		40,180		1,069,993
Federal Signal Corp.		23,400		398,034
Flowserve Corp. (b)		23,420		560,909
Harsco Corp.		18,700		839,256
Hillenbrand Industry, Inc.		27,600		1,567,404
Nordson Corp.		16,100		674,107
Pentair, Inc.		45,960		1,439,467
Teleflex, Inc.		18,020		800,989
Trinity Industries, Inc.		21,300		640,491
Varian, Inc. (b)		15,660		593,514
York International Corp.		18,800		668,904
				13,462,502
Metals (0.1%)
Kennametal, Inc.		17,000		748,000
Mining (0.5%)
Arch Coal, Inc.		25,040		845,601
Peabody Energy Corp.		29,820		1,675,287
				2,520,888
Office Equipment & Supplies (0.5%)
Hni Corp.		26,370		1,066,667
Miller (Herman), Inc.		32,700		876,360
Reynolds & Reynolds Co.		29,900		660,790
				2,603,817
Oil & Gas (6.4%)
Cooper Cameron Corp. (b)		25,340		1,294,621
ENSCO International, Inc.		69,160		2,082,408
FMC Technologies, Inc. (b)		31,262		937,860
Forest Oil Corp. (b)		26,500		749,685
Grant Prideco, Inc. (b)		53,420		1,009,104
Hanover Compressor Co. (b)		32,700		383,898
Helmerich & Payne, Inc.		22,900		579,828
Murphy Oil Corp.		42,140		3,259,108
National-Oilwell, Inc. (b)		37,700		1,261,065
Newfield Exploration Co. (b)		25,800		1,524,006
Noble Energy, Inc.		26,600		1,471,246
Patterson-UTI Energy, Inc.		75,640		1,378,917
Pioneer Natural Resources Co.		55,460		1,999,333
Plains Exploration & Production Co. (b)		34,901		727,686
Pogo Producing Co.		28,300		1,255,954
Pride International, Inc. (b)		61,700		1,110,600
Smith International, Inc. (b)		48,620		2,833,574
Tidewater, Inc.		27,720		841,302

	Shares
	or
	Principal
	Amount		Value
Varco International, Inc. (b)		44,072		1,065,220
Weatherford International Ltd. (b)		61,180		2,862,000
XTO Energy, Inc.		116,248		3,475,814
				32,103,229
Paper & Forest Products (0.6%)
Bowater, Inc.		25,700		958,610
Glatfelter		19,800		263,934
Longview Fibre Co. (b)		23,240		300,028
Potlatch Corp.		14,100		565,269
Rayonier, Inc.		23,287		1,024,163
				3,112,004
Photography / Imaging (0.1%)
Imation Corp.		15,080		499,902
Publishing & Printing (1.9%)
American Greetings Corp., Class A (b)		32,100		748,572
Banta Corp.		12,400		492,404
Belo Corp., Class A		51,620		1,206,876
Lee Enterprises, Inc.		20,580		957,999
Media General, Inc.		10,900		651,384
Readers Digest Association		43,200		616,896
Scholastic Corp. (b)		18,000		495,180
Valassis Communications, Inc. (b)		22,500		657,900
Washington Post Co.		4,327		3,755,403
				9,582,614
Real Estate Investment Trusts (1.6%)
AMB Property Corp.		37,420		1,314,939
Highwood Properties, Inc.		25,660		595,312
Hospitality Properties Trust		29,660		1,182,841
Liberty Property Trust		37,700		1,447,680
Mack-Cali Realty Corp.		28,200		1,153,380
New Plan Excel Realty Trust		45,860		1,089,175
United Dominion Realty Trust, Inc.		59,900		1,161,461
				7,944,788
Restaurants (1.4%)
Applebee’s International, Inc.		39,300		1,046,952
Bob Evans Farms, Inc.		16,000		425,920
Brinker International, Inc. (b)		43,850		1,570,269
CBRL Group, Inc.		22,100		734,162
Cheesecake Factory, Inc. (The) (b)		23,600		985,772
Outback Steakhouse, Inc.		33,700		1,368,557
Ruby Tuesday, Inc.		29,800		860,922
				6,992,554
Retail (6.2%)
99 Cents Only Stores (b)		32,833		470,497
Abercrombie & Fitch Co.		43,133		1,590,745
Aeropostale Co. (b)		28,200		859,536
American Eagle Outfitters Ltd. (b)		33,137		1,085,899
Anntaylor Stores Corp. (b)		31,990		858,612
Barnes & Noble, Inc. (b)		30,740		1,056,841
BJ’s Wholesale Club, Inc. (b)		32,800		764,568
Borders Group, Inc.		35,495		811,771
Chico’s FAS, Inc. (b)		39,840		1,668,101
Claire’s Stores, Inc.		43,860		1,010,973
Coach, Inc. (b)		84,684		3,623,627
Copart, Inc. (b)		40,800		907,800
Dollar Tree Stores, Inc. (b)		52,750		1,419,503
Fastenal Co.		35,320		2,203,261
Michael’s Stores, Inc.		30,920		1,670,608
Nieman Marcus Group, Inc.		21,600		1,178,280
Pacific Sunwear of California, Inc. (b)		36,300		740,520

	Shares
	or
	Principal
	Amount		Value
Payless Shoesource, Inc. (b)		32,595		421,779
PETsMART, Inc.		65,660		2,036,117
Pier 1 Imports, Inc.		41,640		746,605
Regis Corp.		20,120		828,139
Ross Stores, Inc.		68,140		1,577,441
Ruddick Corp.		21,100		412,716
Saks, Inc.		63,600		829,980
Tech Data Corp. (b)		26,960		1,009,922
Williams Sonoma, Inc. (b)		52,840		1,716,772
				31,500,613
Schools (0.5%)
Education Management Corp. (b)		32,900		913,304
ITT Educational Services, Inc. (b)		20,740		660,569
Laureate Education, Inc. (b)		20,680		730,004
				2,303,877
Semiconductors (0.5%)
Fairchild Semiconductor International, Inc. (b)		52,520		771,519
Integrated Circuit Systems, Inc. (b)		32,400		775,008
Silicon Laboratories, Inc. (b)		24,040		848,371
				2,394,898
Shipping/Transportation (1.9%)
Alexander & Baldwin, Inc.		19,300		634,584
CNF Transportation, Inc.		22,940		946,504
Expeditors International of Washington, Inc.		47,920		2,223,967
GATX Corp.		22,300		568,204
Hunt (J.B.) Transport Services, Inc.		36,200		1,390,442
Overseas Shipholding Group, Inc.		18,400		826,344
Robinson (C.H.) Worldwide, Inc.		39,780		1,739,579
Swift Transportation Co., Inc. (b)		36,010		719,300
Werner Enterprises, Inc.		36,105		719,573
				9,768,497
Utilities (6.2%)
AGL Resources, Inc.		29,640		875,862
Allete, Inc.		40,111		1,111,877
Alliant Energy Corp.		48,800		1,264,408
Aqua America, Inc.		40,145		780,820
Aquila, Inc. (b)		81,937		268,753
Black Hills Corp.		14,700		406,014
DPL, Inc.		59,570		1,188,422
Duquesne Light Holdings, Inc.		32,200		610,834
Energy East Corp.		64,620		1,574,143
Equitable Resources, Inc.		28,900		1,481,992
Great Plains Energy, Inc.		34,900		1,001,281
Hawaiian Electric Industries, Inc.		40,000		1,021,200
Idacorp, Inc.		19,000		522,500
MDU Resources Group, Inc.		51,050		1,248,173
National Fuel Gas Co.		37,300		952,642
Northeast Utilities		60,300		1,127,610
NSTAR		24,260		1,135,368
Oklahoma Gas & Electric Co.		39,600		985,644
Oneok, Inc.		46,580		978,180
Pepco Holdings, Inc.		78,794		1,418,292
PNM, Inc.		28,750		599,150
Puget Energy, Inc.		45,100		974,160
Questar Corp.		37,800		1,549,044
Scana Corp.		50,479		1,848,540
Sierra Pacific Resources (b)		56,380		463,444
Vectren Corp.		32,560		805,860
Westar Energy, Inc.		39,150		789,656
Western Gas Resources, Inc.		34,300		1,155,567

	Shares
	or
	Principal
	Amount		Value
WGL Holdings, Inc.		22,100		606,424
Wisconsin Energy Corp.		55,100		1,771,465
WPS Resources Corp.		15,900		729,651
				31,246,976
Waste Disposal (0.6%)
Republic Services, Inc.		70,660		2,020,876
Stericycle, Inc. (b)		20,260		992,740
				3,013,616
Total Common Stocks				433,982,237
Repurchase Agreements (13.0%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $63,020,729 (Fully collateralized by AA Rated Corporate Bonds & Government National Mortgage Association)	$	63,014,270		63,014,270
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $2,511,105 (Fully collateralized by AA Rated Corporate Bonds)		2,510,848		2,510,848
Total Repurchase Agreements				65,525,118
Short-Term Securities Held as Collateral for Securities Lending (8.8%)
Pool of various securities for Gartmore		76,820,474		76,820,474
Mutual Funds - Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				76,820,474
Total Investments (Cost $538,745,376) (a) - 114.1%				576,327,829
Other assets in excess of liabilities - (14.1)%				(71,253,512	)
NET ASSETS - 100.0%			$	505,074,317

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

Unrealized appreciation	$	54,016,622
Unrealized depreciation		(16,434,169	)
Net unrealized appreciation (depreciation)	$	37,582,453

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

(b) Denotes a non-income producing security.

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

				Market Value		Unrealized
Number of	Long			Covered By		Appreciation/
Contracts	Contracts *	Expiration		Contracts		(Depreciation)
236	S&P Mid Cap 400		09/17/04	$	66,333,800		($1,661,863	)

* Cash pledged as collateral

Gartmore Millennium Growth Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (94.8%)
Advertising (0.4%)
The Interpublic Group of Cos., Inc. (b)		6,100	$	78,019
Aerospace & Defense (2.1%)
Rockwell Collins Corp.		11,900		407,218
Airlines (0.5%)
Southwest Airlines Co.		6,600		95,502
Appliances (1.2%)
Whirlpool Corp.		3,600		224,784
Building & Construction (2.1%)
NVR, Inc. (b)		400		186,400
Vulcan Materials Co.		4,600		219,052
				405,452
Business Services (1.2%)
Iron Mountain, Inc. (b)		3,750		121,013
Ryder System, Inc.		2,650		113,685
				234,698
Computer Equipment (2.0%)
Avocent Corp. (b)		2,800		83,832
Microchip Technology, Inc.		6,200		179,614
Western Digital Corp. (b)		16,900		118,469
				381,915
Computer Software & Services (5.9%)
Adobe Systems, Inc.		5,100		215,117
AutoDesk, Inc.		1,900		76,380
Cognizant Technology Solutions Corp. (b)		6,700		184,585
Intuit, Inc. (b)		3,700		138,528
Macromedia, Inc. (b)		2,600		52,520
Mercury Interactive Corp. (b)		2,196		80,286
National Instruments Corp.		3,100		90,055
Novell, Inc. (b)		13,100		89,604
Siebel Systems, Inc. (b)		8,550		68,913
Tibco Software, Inc. (b)		19,850		140,340
				1,136,328
Consulting Services (2.9%)
Bearingpoint, Inc. (b)		16,500		136,290
Charles River Associates, Inc. (b)		13,040		417,802
				554,092
Consumer Non-Durable (1.0%)
Clorox Co.		3,900		194,103
Consumer Services (4.3%)
Aramark Corp.		7,250		194,445
Belo Corp., Class A		5,700		133,266
Gtech Holdings Corp.		2,150		91,096
Portfolio Recovery Associates, Inc (b)		14,930		395,197
Salesforce.com , Inc. (b)		1,500		19,515
				833,519

	Shares
	or
	Principal
	Amount		Value
Drugs (1.1%)
King Pharmaceuticals, Inc. (b)		8,500		95,965
Sepracor, Inc. (b)		2,400		110,328
				206,293
Education (0.3%)
University of Phoenix Online (b)		600		51,702
Financial (6.6%)
American Capital Strategies Ltd.		7,900		230,917
Cit Group, Inc.		2,800		97,328
Countrywide Credit Industries, Inc.		2,100		151,410
Investors Financial Services Corp.		8,240		376,403
Legg Mason, Inc.		3,500		274,890
North Fork Bancorporation, Inc.		3,450		134,723
				1,265,671
Food & Beverage (2.1%)
Campbell Soup Co.		3,850		98,522
Constellation Brands, Inc. (b)		3,150		119,322
Performance Food Group Co. (b)		3,000		74,340
Weight Watchers International, Inc. (b)		2,800		108,472
				400,656
Hospitals (3.1%)
Community Health Systems, Inc. (b)		4,100		100,901
Health Management Associates, Inc., Class A		7,000		140,420
Symbion, Inc. (b)		700		11,998
Triad Hospitals, Inc. (b)		6,400		217,984
Universal Health Services, Inc., Class B		2,800		127,428
				598,731
Hotels & Motels (1.5%)
Marriott International, Inc.		3,700		180,560
Starwood Hotels & Resorts Worldwide		2,550		114,750
				295,310
Industrial Gases (2.5%)
Praxair, Inc.		12,100		477,345
Internet (2.6%)
Juniper Networks, Inc. (b)		9,700		222,712
Symantec Corp. (b)		4,250		198,730
VeriSign, Inc. (b)		4,700		82,297
				503,739
Manufacturing (1.3%)
ITT Industries, Inc.		1,875		149,906
Spx Corp.		2,200		90,090
				239,996
Medical Products & Services (13.0%)
Biogen Idec, Inc. (b)		1,600		96,000
Biomet, Inc.		6,200		272,738
Caremark Rx, Inc. (b)		16,000		487,999
Celgene Corp. (b)		2,350		125,326
DENTSPLY International, Inc.		2,100		102,123
Guidant Corp.		1,750		96,810
Henry Schein, Inc. (b)		6,224		417,629
Invitrogen Corp. (b)		1,500		78,720
Mettler Toledo International, Inc. (b)		3,100		129,270
Par Pharmaceutical (b)		3,200		120,448
Quest Diagnostics, Inc.		450		36,936
UnitedHealth Group, Inc.		1,017		63,977
Varian Medical Systems, Inc. (b)		1,500		103,515
Zimmer Holdings, Inc. (b)		5,050		385,366

	Shares
	or
	Principal
	Amount		Value
				2,516,857
Oil & Gas (9.1%)
Arch Coal, Inc.		5,942		200,661
BJ Services Co. (b)		5,300		263,198
Cooper Cameron Corp. (b)		2,500		127,725
EOG Resources, Inc.		2,500		158,875
Joy Global, Inc.		12,816		380,507
Nabors Industries Ltd. (b)		8,712		405,108
Peabody Energy Corp.		3,686		207,079
				1,743,153
Pharmaceuticals (2.6%)
Cephalon, Inc. (b)		2,000		101,040
IVAX Corp. (b)		6,065		144,650
Mylan Laboratories, Inc.		17,050		252,681
				498,371
Pipelines (1.1%)
Kinder Morgan, Inc.		3,400		204,034
Pollution Control (0.7%)
Pall Corp.		5,750		133,228
Publishing (0.7%)
New York Times Co., Class A		3,100		128,960
Restaurants (1.8%)
CBRL Group, Inc.		3,600		119,592
Starbucks Corp. (b)		4,900		230,104
				349,696
Retail (12.9%)
Abercrombie & Fitch Co.		4,600		169,648
AutoZone, Inc. (b)		1,500		115,800
Brunswick Corp.		3,200		124,896
Cabelas, Inc. (b)		670		17,990
Cash America International		9,396		210,940
Dollar General Corp.		12,700		245,110
Estee Lauder Co., Inc. (The), Class A		4,600		201,940
Guitar Center, Inc. (b)		4,612		207,309
Limited, Inc.		7,650		156,366
MSC Industrial Direct Co., Inc., Class A		6,268		196,188
Polo Ralph Lauren		5,300		174,688
Reebok International Ltd.		3,500		119,210
Sherwin Williams Co.		3,300		133,254
Talbots, Inc.		2,150		66,220
Tiffany & Co.		4,400		157,300
Williams Sonoma, Inc. (b)		6,300		204,687
				2,501,546
Semiconductors (5.4%)
Agere Systems, Inc., Class B (b)		66,200		74,806
Altera Corp. (b)		8,400		174,888
Amkor Technology, Inc. (b)		25,050		101,453
Integrated Device Technology, Inc. (b)		7,900		90,297
Intersil Corp., Class A		8,100		148,797
Micron Technology, Inc. (b)		7,000		94,710
National Semiconductor Corp. (b)		12,300		210,945
Novellus Systems, Inc. (b)		4,950		133,650
				1,029,546
Telecommunications (2.1%)
ADTRAN, Inc.		6,250		166,938
Corning, Inc. (b)		9,300		114,948
Linktone Ltd. ADR - KY (b)		2,300		25,875
Qwest Communications International, Inc. (b)		9,600		37,344

	Shares
	or
	Principal
	Amount		Value
Sprint Corp.		2,600		48,568
				393,673
Transportation (0.7%)
Expeditors International of Washington, Inc.		2,700		125,307
Total Common Stocks				18,209,444
Commercial Paper (3.7%)
Mortgage Bankers & Correspondents (3.7%)
Countrywide Home Loans, 1.35%, 8/2/04	$	710,000		709,973
Total Commercial Paper				709,973
Mutual Fund (0.5%)
Exchange Traded Funds (0.5%)
NASDAQ Biotech Index Fund - Institutional Shares (b)		1,300		88,075
Total Mutual Fund				88,075
Short-Term Securities Held as Collateral for Securities Lending (16.9%)
Pool of various securities for Gartmore	$	3,242,467		3,242,467
Mutual Funds - Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				3,242,467
Total Investments (Cost $22,475,619) (a) - 115.9%				22,249,959
Other assets in excess of liabilities - (15.9)%				(3,053,705	)
NET ASSETS - 100.0%			$	19,196,254

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

Unrealized appreciation	$	962,740
Unrealized depreciation		(1,188,400	)
Net unrealized appreciation (depreciation)	$	(225,660	)

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

(b) Denotes a non-income producing security.

ADR   American Depositary Receipt

KY    Cayman Islands

Gartmore Money Market Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Principal
	Amount		Value
Commercial Paper (75.0%)
AGRICULTURAL SERVICES(0.4%)
Cargill, Inc. (0.4%)
1.41%, 09/14/04 (b)	$	6,350,000	$	6,339,057
ASSET BACKED AUTO RECEIVABLE (1.1%)
FCAR Owner Trust I (1.1%)
1.45%, 09/10/04		20,000,000		19,967,778
ASSET BACKED HOME LOANS (6.9%)
Georgetown Funding Co. (3.7%)
1.37%, 08/03/04 (b)		15,000,000		14,998,858
1.34% -1.35%, 08/05/04 (b)		42,000,000		41,993,734
1.50%, 09/02/04 (b)		3,000,000		2,996,000
1.59%, 10/15/04 (b)		5,000,000		4,983,542
				64,972,134
Northern Rock PLC (2.3%)
1.35% - 1.38%, 08/23/04 (b)		20,911,000		20,893,472
1.44% - 1.45%, 09/16/04 (b)		8,000,000		7,985,233
1.52%, 09/27/04 (b)		10,000,000		9,976,092
1.52%, 10/08/04 (b)		2,000,000		1,994,296
				40,849,093
Thornburg Mortgage Capital (0.9%)
1.37%, 08/09/04 (b)		15,000,000		14,995,433
				120,816,660
ASSET BACKED SECURITIES - DOMESTIC (3.6%)
CC USA, Inc. (1.5%)
1.35%, 08/16/04 (b)		7,608,000		7,603,721
1.40%, 09/08/04 (b)		18,500,000		18,472,661
				26,076,382
Three Pillars Funding Corp. (2.1%)
1.29%, 08/02/04 (b)		556,000		555,980
1.35%, 08/17/04 (b)		4,900,000		4,897,060
1.35%, 08/20/04 (b)		11,360,000		11,351,906
1.40%, 08/25/04 (b)		20,000,000		19,981,333
1.59%, 10/20/04 (b)		300,000		298,947
				37,085,226
				63,161,608
ASSET BACKED SECURITIES - YANKEE (8.4%)
Giro Funding Corp. (3.5%)
1.29%, 08/02/04 (b)		12,639,000		12,638,547
1.37%, 08/23/04 (b)		19,426,000		19,409,736
1.41%, 08/25/04 (b)		796,000		795,252
1.40%, 08/27/04 (b)		25,000,000		24,974,722
1.57%, 10/18/04 (b)		2,896,000		2,886,212
				60,704,469
K2 (USA) LLC (1.5%)
1.38%, 08/24/04 (b)		15,000,000		14,986,775
1.15%, 11/15/04 (b)		12,000,000		11,959,720
				26,946,495
Premier Asset Collateralized Entity LLC (1.0%)
1.39%, 09/01/04 (b)		1,328,000		1,326,410
1.54%, 10/04/04 (b)		12,000,000		11,967,360
1.54%, 10/07/04 (b)		3,500,000		3,490,034
				16,783,804

	Principal
	Amount		Value
Sigma Finance, Inc. (1.2%)
1.20%, 12/03/04 (b)		15,000,000		15,000,000
1.24%, 12/03/04 (b)		5,000,000		5,000,000
				20,000,000
Stanfield Victoria Funding LLC (1.2%)
1.30%, 08/09/04 (b)		5,000,000		4,998,556
1.40%, 08/25/04 (b)		5,000,000		4,995,333
1.20%, 09/30/04 (b)		3,500,000		3,493,058
1.56%, 10/12/04 (b)		5,000,000		4,984,500
1.58%, 10/25/04 (b)		3,000,000		2,988,879
				21,460,326
				145,895,094
ASSET BACKED TRADE & TERM RECEIVABLES (12.1%)
Delaware Funding Corp. (1.4%)
1.39%, 08/25/04 (b)		10,000,000		9,990,733
1.41%, 09/15/04 (b)		15,000,000		14,974,150
				24,964,883
Falcon Asset Securitization Corp. (0.8%)
1.29%, 08/05/04 (b)		4,560,000		4,559,346
1.33%, 08/11/04 (b)		10,000,000		9,994,459
				14,553,805
Golden Funding Corp. (3.2%)
1.30%, 08/05/04 (b)		17,362,000		17,359,492
1.31%, 08/11/04 (b)		37,015,000		37,001,530
				54,361,022
Kitty Hawk Funding Corp. (0.9%)
1.31%, 08/16/04 (b)		14,868,000		14,859,885
Old Line Funding Corp. (3.0%)
1.27%, 08/03/04 (b)		7,031,000		7,030,504
1.27% - 1.32%, 08/04/04 (b)		3,020,000		3,019,676
1.30%, 08/16/04 (b)		4,000,000		3,997,833
1.32%, 08/24/04 (b)		3,000,000		2,997,470
1.35% - 1.38%, 08/25/04 (b)		16,000,000		15,985,581
1.37% - 1.41%, 09/01/04 (b)		10,503,000		10,490,540
1.40%, 09/07/04 (b)		6,500,000		6,490,647
				50,012,251
Preferred Receivables Funding Corp. (0.3%)
1.29%, 08/06/04 (b)		5,814,000		5,812,958
Three Rivers Funding Corp. (1.7%)
1.30%, 08/03/04 (b)		30,035,000		30,032,831
Variable Funding Capital Corp. (0.8%)
1.33%, 08/16/04 (b)		14,755,000		14,746,823
				209,344,458
BANKS - DOMESTIC (2.6%)
Wells Fargo & Co. (2.6%)
1.32%, 08/12/04		25,000,000		24,989,917
1.30%, 08/13/04		20,000,000		19,991,333
				44,981,250
BANKS - FOREIGN (16.1%)
Abbey National North America LLC (2.4%)
1.35%, 08/17/04		30,000,000		29,982,000
1.35%, 08/19/04		11,046,000		11,038,544
				41,020,544
ANZ National (Int’l) Ltd. (1.5%)
1.54%, 10/07/04 (b)		26,847,000		26,770,054
Barclays US Funding Corp. (1.6%)
1.27%, 08/11/04		27,272,000		27,262,379

	Principal
	Amount		Value
1.41%, 08/25/04		135,000		134,873
				27,397,252
HBOS Treasury Services (0.3%)
1.30%, 08/02/04		500,000		499,982
1.38%, 08/31/04		300,000		299,655
1.43% - 1.44%, 09/08/04		3,400,000		3,394,859
1.46%, 09/24/04		500,000		498,905
1.57%, 10/14/04		789,000		786,470
				5,479,871
National Australian Funding (DE) (0.5%)
1.28%, 08/02/04		8,543,000		8,542,696
Scotiabank, Inc. (2.2%)
1.52%, 09/30/04 (b)		37,600,000		37,504,747
Societe General North Americana (1.8%)
1.36%, 08/04/04		464,000		463,947
1.39%, 09/01/04		5,000,000		4,994,037
1.40%, 09/07/04		10,304,000		10,289,174
1.14%, 10/12/04		5,000,000		4,988,700
1.10%, 12/10/04		10,000,000		9,960,336
				30,696,194
Svenska Handelsbank, Inc. (0.1%)
1.45%, 09/07/04		1,500,000		1,497,765
Toronto-Dominion Holdings (USA) (1.1%)
1.31%, 08/02/04		19,955,000		19,954,274
UBS Finance (DE) LLC (3.8%)
1.27%, 08/06/04		1,300,000		1,299,771
1.36%, 08/27/04		13,454,000		13,440,834
1.37%, 08/30/04		19,000,000		18,979,030
1.34% - 1.40%, 08/31/04		3,700,000		3,695,778
1.19%, 09/20/04		10,000,000		9,983,472
1.43%, 09/22/04		18,537,000		18,498,711
				65,897,596
Westpac Capital Corp. (0.8%)
1.05%, 08/18/04		14,204,000		14,196,957
				278,957,950
BANKS - YANKEE (3.3%)
PB Finance (Delaware) (3.3%)
1.31%, 08/03/04		4,000,000		3,999,709
1.32%, 08/06/04		2,000,000		1,999,633
1.33%, 08/12/04		3,000,000		2,998,781
1.37%, 08/17/04		20,000,000		19,987,823
1.36%, 08/19/04		10,000,000		9,993,200
1.51%, 08/20/04		4,543,000		4,539,379
1.42%, 08/24/04		1,410,000		1,408,721
1.45%, 09/13/04		5,000,000		4,991,340
1.45%, 09/15/04		2,216,000		2,211,984
1.57%, 09/27/04		189,000		188,530
1.62%, 10/20/04		5,000,000		4,982,111
				57,301,211
BROKER / DEALERS (4.0%)
Bear Stearns Cos., Inc. (2.3%)
1.30%, 08/13/04 (b)		20,000,000		19,991,333
1.36%, 08/18/04 (b)		20,000,000		19,987,156
				39,978,489
Citicorp Global Markets Holding, Inc. (0.3%)
1.35%, 08/23/04		5,000,000		4,995,875
Goldman Sachs Group, Inc. (1.4%)
1.15%, 08/23/04		25,000,000		25,000,000
				69,974,364

	Principal
	Amount		Value
BUILDING SOCIETY (3.5%)
Yorkshire Building Society (3.5%)
1.42%, 09/01/04		15,000,000		14,981,658
1.42%, 09/13/04		21,600,000		21,563,493
1.54%, 10/05/04		5,000,000		4,986,142
1.53%, 10/12/04		15,000,000		14,954,400
1.61%, 10/20/04		4,000,000		3,985,778
				60,471,471
FINANCE (0.2%)
ING US Funding (0.2%)
1.50%, 10/01/04		2,735,000		2,728,049
FINANCE - DIVERSIFIED (2.7%)
ABN Amro NA Finance, Inc. (2.7%)
1.09%, 08/05/04		4,410,000		4,409,471
1.26%, 08/09/04		40,000,000		39,988,800
1.42%, 09/13/04		1,800,000		1,796,947
				46,195,218
FINANCIAL SERVICES (1.9%)
AIG Funding, Inc. (0.6%)
1.31%, 08/31/04		10,000,000		9,989,083
Rabobank USA Finance Corp. (1.3%)
1.26%, 08/06/04		19,650,000		19,646,562
1.25%, 09/07/04		2,700,000		2,696,531
				22,343,093
				32,332,176
INSURANCE CARRIERS (2.1%)
Allianz Finance Corp. (0.6%)
1.53%, 10/06/04 (b)		10,000,000		9,972,133
ING America Insurance Holdings (1.5%)
1.09%, 08/26/04		25,045,000		25,026,043
1.44%, 09/16/04		2,000,000		1,996,320
				27,022,363
				36,994,496
PERSONAL CREDIT INSTITUTIONS (4.5%)
American General Finance Corp. (0.0%)
1.29%, 08/13/04		150,000		149,936
American Honda Finance Corp. (2.4%)
1.36%, 08/30/04		25,000,000		24,972,611
1.41%, 09/20/04		17,022,000		16,988,665
				41,961,276
General Electric Capital Corp. (2.1%)
1.26%, 08/05/04		1,298,000		1,297,818
1.28%, 08/12/04		3,000,000		2,998,827
1.38%, 08/30/04		2,700,000		2,696,999
1.50%, 10/05/04		25,000,000		24,932,742
1.16%, 11/02/04		5,000,000		4,985,146
				36,911,532
				79,022,744
RETAIL (1.4%)
Proctor & Gamble Co. (0.0%)
1.40%, 09/08/04 (b)		846,000		844,750
Wal-Mart Stores, Inc. (1.4%)
1.40%, 08/19/04 (b)		19,810,000		19,796,133
1.33%, 08/31/04 (b)		4,400,000		4,395,123
				24,191,256
				25,036,006
TELECOMMUNICATIONS (0.2%)
SBC International, Inc. (0.2%)

	Principal
	Amount		Value
1.32%, 08/12/04 (b)		3,711,000		3,709,503
Total Commercial Paper				1,303,229,093
Floating Rate Notes (15.7%)
ASSET BACKED CDO (4.1%)
Castle Hill III CLO Ltd. (0.6%)
1.56%, 09/15/04 (b) (c)		10,000,000		10,000,000
Commodore CDO I LTD Class A1MM (0.9%)
1.64%, 09/12/04, (b) (c)		15,000,000		15,000,000
Davis Square Funding Ltd. (0.6%)
1.38%, 08/06/04 (b) (c)		10,000,000		10,000,000
Duke Funding VI Managed (0.3%)
1.66%, 10/08/04 (b) (c)		5,000,000		5,000,000
Newcastle CDO, Ltd. (0.6%)
1.49%, 08/24/04 (b) (c)		10,000,000		10,000,000
NorthLake CDO Class I-MM (1.1%)
1.49%, 09/06/04 (b) (c)		20,000,000		20,000,000
				70,000,000
ASSET BACKED HOME LOANS (1.1%)
Marlin Leasing Receivables LLC (0.4%)
1.75%, 08/15/04 (b) (c)		7,000,000		7,000,000
Northern Rock PLC (0.7%)
1.40%, 09/09/04 (b) (c)		12,500,000		12,500,000
				19,500,000
ASSET BACKED SECURITIES - YANKEE (4.2%)
K2 (USA) LLC (1.7%)
1.12%, 08/07/04 (b) (c)		30,000,000		29,999,223
Sigma Finance, Inc. (0.3%)
1.38%, 08/20/04 (b) (c)		5,000,000		4,999,961
Stanfield Victoria Funding LLC (2.2%)
1.39%, 08/13/04 (b) (c)		17,000,000		16,999,971
1.37%, 08/15/04 (b) (c)		10,000,000		9,999,974
1.42%, 08/25/04 (b) (c)		10,000,000		9,996,578
				36,996,523
				71,995,707
BANKS - DOMESTIC (0.7%)
Wells Fargo & Co. (0.7%)
1.39%, 08/02/04 (c)		13,000,000		13,000,000
BANKS - FOREIGN (1.6%)
HBOS Treasury Services (1.0%)
1.28%, 08/20/04 (c)		18,000,000		18,000,000
Westdeutsche Landesbank Giro (0.6%)
1.31%, 08/10/04 (b) (c)		10,000,000		10,000,000
				28,000,000
BROKER / DEALERS (1.6%)
Goldman Sachs Group, Inc. (1.6%)
1.38%, 08/01/04 (c)		13,000,000		13,000,000
1.42%, 08/01/04 (c)		15,000,000		15,000,000
				28,000,000
FINANCE - DIVERSIFIED (1.5%)
General Electric Capital Corp. (1.5%)
1.45%, 08/09/04 (b) (c)		19,000,000		19,000,000
1.49%, 08/17/04 (b) (c)		7,000,000		7,000,000
				26,000,000
INSURANCE (0.9%)
Allstate Life Global Funding (0.9%)

	Principal
	Amount		Value
1.30%, 08/08/04 (b) (c)		15,000,000		15,000,000
Total Floating Rate Notes				271,495,707
U.S. Government Sponsored & Agency Obligations (4.0%)
Federal Home Loan Bank (2.8%)
1.30%, 02/23/05, Callable		10,000,000		10,000,000
1.47%, 03/01/05		10,000,000		10,000,000
1.38%, 03/04/05, Callable		10,000,000		10,000,000
1.25%, 03/29/05, Callable		10,000,000		10,000,000
1.35%, 04/29/05		10,000,000		10,000,000
				50,000,000
Federal National Mortgage Association (1.2%)
1.40%, 05/03/05, Callable		10,000,000		10,000,000
1.50%, 05/09/05, Callable		10,000,000		10,000,000
				20,000,000
Total U.S. Government Sponsored & Agency Obligations				70,000,000
Taxable Municipal Notes (2.8%)
ELECTRIC UTILITY (0.7%)
South Carolina Public Service Authority (0.7%)
1.32%, 08/10/04		1,106,000		1,105,635
1.42%, 09/01/04		11,630,000		11,615,779
				12,721,414
FINANCE – CONSUMER LOANS (1.6%)
Iowa Student Loan Liq. Co. (1.6%)
1.46%, 09/08/04		28,000,000		27,956,849
FINANCE, TAXATION & MONETARY POLICY (0.5%)
Sunshine State Governmental Financing Commission (0.5%)
1.35%, 08/02/04		1,643,000		1,642,938
1.35%, 08/02/04		7,143,000		7,142,733
				8,785,671
Total Taxable Municipal Notes				49,463,934
Certificates of Deposit (2.0%)
BANKS - DOMESTIC (2.0%)
State Street Corp. (2.0%)
1.31%, 04/15/05		35,000,000		35,000,000
Total Certificates of Deposit				35,000,000
Corporate Bonds (0.6%)
ASSET BACKED EQUIPMENT TRUST (0.6%)
CIT Equipment Collateral (0.3%)
1.12%, 03/20/05, Callable		5,124,604		5,124,604
CNH Equipment Trust (0.3%)
1.23%, 12/13/04		5,420,496		5,420,496
Total Corporate Bonds				10,545,100
Money Market (0.0%)
MANAGEMENT INVESTMENT, OPEN-END – MUTUAL FUNDS (0.0%)
Aim Liquid Assets Portfolio – Institutional Class		102,700		102,700
Total Money Market				102,700
Total Investments (Cost $1,739,836,534) (a) - 100.1%				1,739,836,534
Liabilities in excess of other assets - (0.1)%				(1,004,851	)
NET ASSETS - 100.0%			$	1,738,831,683

(a)	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Rule 144A, Section 4(2), or other security, which is restricted as to resale to institutional investors. The security has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	Variable rate security. The rate reflected in the Statement of Investments is the rate in effect on July 31, 2004. The maturity date represents the next reset date for the security.

Gartmore Morley Capital Accumulation Fund

Statement of Investments
July 31,2004
(Unaudited)

	Principal
	Amount		Value
Asset Backed Securities (31.5%)
Agency ABS (2.0%)
Federal Home Loan Mortgage Corp.,	$	2,000,000	$	2,001,482
4.16%, 08/27/12, Series T-47
Federal National Mortgage Association,		3,687,055		3,695,798
2.87%, 11/25/29, Series 2003-T3
Federal National Mortgage Association,		2,000,000		2,001,096
4.08%, 11/25/32, Series 2002-W11
Federal National Mortgage Association,		3,000,000		3,037,050
4.24%, 02/25/33, Series 2002-W12
FHLMC Structured Pass Through Securities, 3.55%, 10/27/31, Series T-50		5,000,000		4,991,213
				15,726,639
Automobiles (5.3%)
Capital Auto Receivables Asset Trust,		6,000,000		5,991,053
3.40%, 08/15/08, Series 2003-3
Chase Manhattan Auto Owner Trust,		9,570,000		9,308,207
2.06%, 12/15/09, Series 2003-A
Chase Manhattan Auto Owner Trust,		10,000,000		9,881,189
2.94%, 06/15/10, Series 2003-C
Honda Auto Receivables Owner Trust,		10,000,000		9,911,572
2.77%, 11/21/08, Series 2003-3
Honda Auto Receivables Owner Trust,		5,000,000		4,940,134
3.06%, 10/21/09, Series 2004-1
Volkswagen Auto Loan Enhanced Trust, 2.94%, 03/22/10, Series 2003-2		2,705,000		2,672,649
				42,704,804
Credit Cards (9.5%)
Capital One Master Trust,		6,500,000		7,040,332
6.31%, 06/15/11, Series 1998-1
Capital One Multi-Asset Execution Trust		10,000,000		9,837,114
3.65%, 07/15/11, Series 2003-A4
Chase Credit Card Master Trust,		5,000,000		5,228,657
5.50%, 11/17/08, Series 2001-4
Citibank Credit Card Issuance Trust,		10,000,000		9,935,143
2.50%, 04/07/08, Series 2003-A5
Citibank Credit Card Master Trust Issue,		9,022,000		9,513,380
6.10%, 05/15/08, Series 1999-5
Citibank Credit Card Master Trust Issue,		8,000,000		7,729,494
2.90%, 05/17/10, Series 2003-A6
Discover Card Master Trust I,		7,000,000		7,342,238
6.05%, 08/18/08, Series 1996-3
Discover Card Master Trust I,		10,000,000		10,450,948
5.15%, 10/15/09, Series 2002-2
Fleet Credit Card Master Trust II,		4,011,000		4,194,765
5.60%, 12/15/08, Series 2001-B
MBNA Master Credit Card Trust II, 5.75%, 10/15/08, Series 2001-A1		5,000,000		5,245,322
				76,517,393

	Principal
	Amount		Value
Home Equity Loans (14.7%)
Centex Home Equity,		4,599,097		4,616,844
3.71%, 10/25/23, Series 2002-D
Centex Home Equity,		2,563,889		2,569,011
3.56%, 06/25/25, Series 2002-C
Centex Home Equity,		3,900,000		3,871,247
2.29%, 11/25/27, Series 2003-B
Centex Home Equity,		6,600,000		6,617,787
3.69%, 03/27/28, Series 2003-C
Chase Funding Loan Acquisition Trust,		904,322		904,416
5.39%, 05/25/28, Series 2001-AD1
Chase Funding Loan Acquisition Trust,		2,300,000		2,299,474
2.98%, 02/25/30, Series 2003-C1
Chase Funding Mortgage Loan,		8,000,000		7,930,041
2.14%, 07/25/18, Series 2003-4
Chase Funding Mortgage Loan,		5,000,000		5,010,031
3.14%, 07/25/23, Series 2003-1
Chase Funding Mortgage Loan,,		610,466		610,773
5.04%, 12/25/23, Series 2002-1
Chase Funding Mortgage Loan,		4,000,000		3,999,518
2.86%, 12/25/24, Series 2003-2
Countrywide Home Loans,		860,709		873,357
4.96%, 05/25/32, Series 2002-SC1
Countrywide Home Loans,		3,554,685		3,534,407
4.00%, 03/25/33, Series 2003-2
Equity One, Inc.,		869,318		868,649
2.41%, 09/25/33, Series 2003-2
Equity One, Inc.,		8,000,000		7,955,379
2.74%, 12/25/33, Series 2003-3
Residential Asset Mortgage Products, Inc.,		4,000,000		3,979,160
3.05%, 03/25/25, Series 2003-RS11
Residential Asset Mortgage Products, Inc.,		1,093,908		1,094,082
3.82%, 01/25/28, Series 2002-RS6
Residential Asset Mortgage Products, Inc.,		4,960,046		4,964,259
3.24%, 01/25/29, Series 2003-RS2
Residential Asset Mortgage Products, Inc.,		5,730,000		5,755,036
3.49%, 08/25/29, Series 2003-RZ1
Residential Asset Mortgage Products, Inc.,		8,000,000		7,947,665
3.38%, 02/25/30, Series 2003-RZ4
Residential Asset Mortgage Products, Inc.,		10,000,000		9,976,909
3.70%, 09/25/31, Series 2003-RS5
Residential Asset Securities Corp.,		3,386,065		3,396,094
3.58%, 12/25/26, Series 2002-KS6
Residential Asset Securities Corp.,		341,050		340,800
5.23%, 06/25/27, Series 2002-KS2
Residential Asset Securities Corp.,		6,000,000		5,968,013
2.66%, 11/25/28, Series 2003-KS2
Residential Asset Securities Corp.,		8,000,000		7,964,286
3.37%, 12/25/28, Series 2003-KS7
Residential Asset Securities Corp.,		9,000,000		9,164,326
4.58%, 12/25/30, Series 2002-KS8
Residential Funding Mortgage Securities,		979,899		977,339
4.36%, 08/25/17, Series 2002-HS3
Residential Funding Mortgage Securities,		5,000,000		4,851,442
2.68%, 01/25/19, Series 2004-HS1
				118,040,345
Total Asset Backed Securities				252,989,181

	Principal
	Amount		Value
Collateralized Mortgage Obligations (1.1%)
Residential Asset Securitization Trust,		3,882,970		3,921,456
4.25%, 03/25/33, Series 2003-A1
Residential Funding Mortgage Securities,		5,130,548		4,986,953
2.50%, 06/25/18, Series 2003-S11
Total Collateralized Mortgage Obligations				8,908,409
Commercial Mortgage Backed Securities (22.4%)
Banc of America Commercial Mortgage, Inc.,		7,543,198		7,454,948
3.41%, 03/11/41, Series 2003-2
Bear Stearns Commercial Mortgage Securities Corp.,		8,631,226		9,124,207
6.08%, 02/15/35, Series 2001-TOP2
Bear Stearns Commercial Mortgage Securities Corp.,		6,687,597		6,618,042
3.97%, 11/11/35, Series 2002-PBW1
Bear Stearns Commercial Mortgage Securities, Inc.,		6,393,043		6,593,672
5.06%, 11/15/16, Series 2001-TOP4
Bear Stearns Commercial Mortgage Securities, Inc.,		5,302,383		5,672,834
5.92%, 10/15/36, Series 2002-TOP6
Chase Commercial Mortgage Securities Corp.,		4,000,000		4,326,274
6.39%, 11/18/30, Series 1998-2
Chase Commercial Mortgage Securities Corp.,		2,447,246		2,553,847
6.025%, 11/18/30, Series 1998-2
First Union - Lehman Brothers - Bank of America,		7,000,000		7,581,774
6.56%, 11/18/35, Series 1998-C2
First Union National Bank Commercial Mortgage,		5,227,368		5,490,658
5.585%, 02/12/34, Series 2002-C1
GE Capital Commercial Mortgage,		11,238,445		10,975,107
3.01%, 11/10/38, Series 2004-C1
GE Capital Commercial Mortgage Corp.,		8,300,312		8,171,520
3.11%, 04/10/09, Series 2004-C2
JP Morgan Chase Commercial Mortgage,		2,451,895		2,580,487
6.18%, 10/15/35, Series 1999-C7
JP Morgan Chase Commercial Mortgage,		4,000,000		4,257,109
6.04%, 11/15/35, Series 2001-CIB3
JP Morgan Chase Commercial Mortgage,		5,094,810		5,041,382
2.89%, 08/12/40, Series 2003-PM1A
JP Morgan Chase Commercial Mortgage,		4,000,000		4,046,364
4.56%, 06/12/41, Series 2004-PNC1
LB-UBS Commercial Mortgage Trust,		4,533,095		4,649,019
4.87%, 12/15/25, Series 2001-C7
LB-UBS Commercial Mortgage Trust,		7,387,604		7,780,762
5.64%, 12/15/25, Series 2001-C7
LB-UBS Commercial Mortgage Trust,		3,780,518		3,769,175
3.17%, 12/15/26, Series 2002-C7
Morgan Stanley Capital I,		2,136,268		2,292,404
6.97%, 04/15/33, Series 1999-LIFE
Morgan Stanley Capital I,		10,259,888		10,106,268
3.02%, 04/15/38, Series 2003-IQ5
Morgan Stanley Capital I,		9,937,691		9,814,768
3.26%, 06/13/41, Series 2003-T11
Morgan Stanley Capital Issuer,		6,822,079		6,665,972
3.10%, 01/13/41, Series 2004-HQ3
Morgan Stanley Dean Witter Capital I,		4,553,399		4,829,370
6.32%, 02/15/33, Series 2001-TOP1
Morgan Stanley Dean Witter Capital I,		4,525,000		4,847,753
6.46%, 02/15/33, Series 2001-TOP1

	Principal
	Amount		Value
Morgan Stanley Dean Witter Capital I,		2,702,591		2,776,549
5.31%, 07/15/33, Series 2001-TOP3
Morgan Stanley Dean Witter Capital I,		2,559,478		2,722,619
6.01%, 07/15/33, Series 2001-TOP3
Morgan Stanley Dean Witter Capital I,		593,844		605,344
4.59%, 04/15/34, Series 2002-HQ
Morgan Stanley Dean Witter Capital I,		4,000,000		4,263,992
6.09%, 04/15/34, Series 2002-HQ
Morgan Stanley Dean Witter Capital I,		1,403,960		1,441,486
5.02%, 10/15/35, Series 2001-TOP5
Morgan Stanley Dean Witter Capital I,		5,000,000		5,288,145
5.90%, 10/15/35, Series 2001-TOP5
Morgan Stanley Dean Witter Capital I,		5,442,220		5,513,353
4.09%, 12/15/35, Series 2002-IQ2
Morgan Stanley Dean Witter Capital I,		4,578,884		4,781,571
5.38%, 01/15/39, Series 2002-TOP7
Wachovia Bank Commercial Mortgage Trust,		7,739,052		7,551,144
3.70%, 02/15/41, Series 2004-C10
				180,187,919
Total Commercial Mortgage Backed Securities				180,187,919
Corporate Bonds (3.2%)
Financial Services (3.2%)
Associates Corp. of North America, 6.25%, 11/01/08		3,000,000		3,241,485
Citigroup, Inc., 3.50%, 02/01/08		5,000,000		4,950,790
Commercial Credit Co., 6.50%, 08/01/04		1,000,000		1,000,000
General Electric Capital Corp., 6.50%, 12/10/07		3,075,000		3,337,765
General Electric Capital Corp., 4.25%, 01/15/08		3,000,000		3,050,682
Nationsbank Corp., 6.38%, 02/15/08		5,000,000		5,408,760
Wells Fargo & Co., 3.13%, 04/01/09		5,000,000		4,785,190
Total Corporate Bonds				25,774,672
U.S. Government Sponsored Mortgage-Backed Obligations (27.7%)
Federal Home Loan Mortgage Corporation (15.2%)
4.50%, 08/01/10, Pool M80834		7,678,758		7,694,715
3.50%, 09/15/12, Series 2702		4,750,000		4,765,504
5.00%, 05/15/14, Series 2467		1,077,065		1,093,212
6.50%, 06/01/14, Pool E00678		564,818		598,186
3.50%, 12/15/14, Series 2677		7,079,927		7,045,297
7.00%, 10/01/15, Pool E81594		174,362		184,839
4.00%, 01/15/16, Series 2602		7,553,302		7,537,989
3.50%, 03/15/16, Series 2619		2,579,607		2,547,750
4.00%, 05/15/16, Series 2675		7,298,318		7,268,710
6.00%, 06/01/16, Pool E00985		777,022		812,610
4.00%, 06/15/16, Series 2670		7,175,078		7,135,022
4.00%, 07/15/16, Series 2685		8,000,000		7,918,100
6.00%, 11/01/16, Pool E01072		1,486,597		1,554,682
5.50%, 01/01/17, Pool E01084		1,993,405		2,050,794
3.50%, 01/15/17, Series 2611		5,916,781		5,830,693
4.50%, 04/15/17, Series 2798		7,804,319		7,837,182
6.00%, 05/01/17, Pool E01140		596,324		623,461
5.00%, 08/01/17, Pool E90983		880,915		888,254
5.00%, 09/01/17, Pool E91376		1,325,751		1,336,795
5.00%, 09/01/17, Pool E91228		5,394,525		5,439,464
5.00%, 09/01/17, Pool E01207		1,856,886		1,872,355
5.00%, 09/01/17, Pool E91316		1,763,614		1,778,306
5.00%, 12/01/17, Pool E92995		3,119,770		3,145,759
4.50%, 01/15/18, Series 2664		7,095,380		7,149,548
3.25%, 05/15/18, Series 2613		3,386,606		3,282,993

	Principal
	Amount		Value
3.00%, 06/15/18, Series 2630		8,796,666		8,578,122
4.00%, 04/15/19, Series 2783		4,882,272		4,839,074
3.50%, 04/15/33, Series 2750		11,661,203		11,475,066
				122,284,482
Federal National Mortgage Association (10.5%)
5.00%, 08/01/09, Pool 254437		933,202		948,459
3.50%, 11/25/09, Series 2003-16		3,825,318		3,847,986
6.50%, 12/01/14, Pool 535059		687,760		728,287
3.50%, 11/25/15, Series 2003-24		4,603,298		4,563,130
6.00%, 06/01/16, Pool 253845		501,589		524,233
4.00%, 06/25/16, Series 2003-112		6,383,253		6,351,944
4.00%, 07/25/16, Series 2003-109		12,000,000		11,881,031
5.00%, 12/01/16, Pool 618477		1,547,837		1,566,308
6.00%, 12/01/16, Pool 254089		1,501,338		1,569,114
4.00%, 01/25/17, Series 2004-3		7,476,258		7,412,417
5.50%, 02/01/17, Pool 625178		757,897		780,368
5.00%, 09/01/17, Pool 545901		2,723,264		2,749,252
5.00%, 09/01/17, Pool 254486		1,539,834		1,554,529
5.00%, 11/01/17, Pool 254510		2,012,099		2,031,300
4.50%, 04/01/18, Pool 254719		7,148,596		7,044,719
3.00%, 05/25/18, Series 2003-64		6,107,412		5,938,277
3.00%, 06/25/18, Series 2003-57		8,537,162		8,210,770
3.25%, 08/25/18, Series 2003-75		7,130,223		6,990,282
3.50%, 03/25/33, Series 2003-14		4,856,545		4,793,684
3.99%, 03/25/40, Series 2001-W4		5,000,000		4,990,274
				84,476,364
Government National Mortgage Association (2.0%)
3.50%, 04/16/28, Series 2003-34		5,431,487		5,356,500
5.50%, 11/20/31, Series 2002-15		319,809		326,715
3.25%, 01/16/34, Series 2004-2		10,546,954		10,394,535
				16,077,750
Total U.S. Government Sponsored Mortgage-Backed Obligations				222,838,596
Repurchase Agreement (13.0%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $3,997,432 (Fully collateralized by AA Rated Corporate Bonds)		3,997,296		3,997,296
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $100,322,779 (Fully collateralized by U.S. Agency Securities)		100,319,351		100,319,351
Total Repurchase Agreement				104,316,647
Short-Term Securities Held as Collateral for Securities Lending (4.1%)
Pool of various securities for Gartmore		32,823,575		32,823,575
Mutual Funds - Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				32,823,575
Total Investments (Cost $836,120,662) (a) - 104.2%				836,256,878
Liabilities in excess of other assets - (4.2)%				(32,239,307	)
NET ASSETS - 100.0%			$	804,017,571

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

Unrealized appreciation	$	11,487,723
Unrealized depreciation		(9,478,457	)
Net unrealized appreciation (depreciation)	$	2,009,266

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

FHLMC     Federal Home Loan Mortgage Corporation

Value of Wrap Contracts:

Wrap contract with Bank of America NT & SA	$	3,473,217
Wrap contract with Aegon USA		2,480,749
Wrap contract with Royal Bank of Canada		2,463,913
Total Wrap Contracts	$	8,417,879

Gartmore Morley Enhanced Income Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Principal
	Amount		Value
Asset Backed Securities (54.3%)
Agency Wrapped (1.7%)
Federal Home Loan Mortgage Corporation (0.8%)
FSPC, Series T-47, Class A3, 1.84%, 08/27/07	$	274,581	$	274,225
FSPC, Series T-50, Class A7, 4.43%, 10/27/31		2,000,000		1,996,485
				2,270,710
Federal National Mortgage Association (0.9%)
FNR, Series 03-W13, Class AF3, 3.78%, 10/25/33		2,500,000		2,474,432
				4,745,142
Auto Loans (18.4%)
Capital Auto Receivables Asset Trust, 3.05%, 09/15/05		2,259,840		2,266,427
Capital Auto Receivables Asset Trust, 2.27%, 01/17/06		4,025,000		4,031,373
Capital Auto Receivables Asset Trust, 1.44%, 02/15/07		3,000,000		2,983,009
Capital Auto Receivables Asset Trust, 4.16%, 07/16/07		5,130,000		5,181,699
Chase Manhattan Auto Owner Trust, 1.60%, 09/15/06		3,000,000		2,994,804
Chase Manhattan Auto Owner Trust, 1.52%, 05/15/07		4,950,000		4,915,880
Chase Manhattan Auto Owner Trust, 4.21%, 01/15/09		4,000,000		4,069,797
Daimler Chrysler Auto Trust, 1.61%, 07/10/06		4,000,000		3,994,020
Daimler Chrysler Auto Trust, 2.12%, 11/08/06		5,000,000		4,992,073
Ford Credit Auto Owner Trust, 4.75%, 08/15/06		4,000,000		4,080,936
Ford Credit Auto Owner Trust, 3.79%, 09/15/06		3,500,000		3,542,046
Honda Auto Receivables Owner Trust, 1.52%, 04/21/06		4,664,431		4,658,790
Honda Auto Receivables Owner Trust, 1.92%, 11/20/06		4,000,000		3,994,841
				51,705,695
Credit Cards (19.8%)
Bank One Issuance Trust, 4.16%, 01/15/08		4,000,000		4,060,084
Bank One Issuance Trust, 1.43%, 10/15/08 (b)		3,100,000		3,101,259
Capital One Master Trust, 2.22%, 08/15/07		5,000,000		4,992,709
Capital One Master Trust, 7.20%, 08/15/08		5,000,000		5,208,957
Chase Credit Card Master Trust, 1.43%, 04/15/08 (b)		4,000,000		4,001,976

	Principal
	Amount		Value
Chase Credit Card Master Trust, 1.51%, 03/16/09 (b)		4,000,000		4,007,990
Citibank Credit Card Issuance Trust, 2.50%, 04/07/08		4,000,000		3,974,057
Citibank Credit Card Master Trust, 6.10%, 05/15/08		3,000,000		3,163,394
Discover Master Card Trust, 5.15%, 10/15/09		2,000,000		2,090,190
First USA Credit Card Trust, 1.51%, 05/17/07 (b)		5,000,000		5,000,295
Fleet Credit Card Master Trust, 7.02%, 02/15/08		3,901,000		4,087,458
MBNA Master Credit Card Trust, 6.60%, 04/16/07		3,500,000		3,549,157
MBNA Master Credit Card Trust, 1.62%, 02/15/08 (b)		4,100,000		4,103,408
Standard Credit Card Master Trust, 7.25%, 04/07/08		4,000,000		4,284,301
				55,625,235
Mortgage Backed (14.4%)
Centex Home Equity, 2.82%, 01/25/19		3,452,649		3,452,544
Centex Home Equity, 2.92%, 05/25/21		3,000,000		2,998,555
Chase Funding Mortgage Loan, 2.81%, 10/25/17		187,047		186,867
Chase Funding Mortgage Loan, 2.55%, 12/25/17		1,311,196		1,310,696
Chase Funding Mortgage Loan, 2.14%, 07/25/18		4,000,000		3,965,021
Chase Funding Mortgage Loan, 5.04%, 12/25/23		305,233		305,386
Equity One, Inc., 2.41%, 09/25/33		1,303,978		1,302,973
Residential Asset Mortgage Products, Inc., 2.88%, 08/25/24		5,000,000		4,964,609
Residential Asset Mortgage Products, Inc., 3.05%, 03/25/25		3,000,000		2,984,370
Residential Asset Mortgage Products, Inc., 3.82%, 01/25/28		607,727		607,823
Residential Asset Mortgage Products, Inc., 2.59%, 10/25/28		3,000,000		2,977,039
Residential Asset Mortgage Products, Inc., 3.61%, 10/25/28		4,000,000		3,993,976
Residential Asset Securities Corp., 2.15%, 01/25/24		2,752,788		2,749,731
Residential Asset Securities Corp., 3.69%, 03/25/27		2,000,000		2,008,666
Residential Asset Securities Corp., 3.37%, 11/25/28		3,000,000		2,986,607
Residential Funding Mortgage Securities I, 2.68%, 01/25/19		3,900,000		3,784,125
				40,578,988
Total Asset Backed Securities				152,655,060
Collaterized Mortgage Obligations (12.4%)
Federal Home Loan Mortgage Corporation (9.0%)
4.00%, 11/15/15		2,998,178		3,034,511
3.50%, 01/15/17		2,535,763		2,498,868
4.00%, 01/15/18		3,499,797		3,544,251
4.50%, 01/15/18		2,660,767		2,681,080

	Principal
	Amount		Value
4.50%, 04/15/18		3,521,437		3,584,092
3.25%, 05/15/18		2,539,954		2,462,244
3.00%, 06/15/18		2,639,000		2,573,437
3.75%, 09/15/22		5,000,000		5,017,775
				25,396,258
Federal National Mortgage Association (2.5%)
3.00%, 06/25/18		2,561,149		2,463,231
3.25%, 08/25/18		1,782,556		1,747,570
3.50%, 03/25/33		2,832,984		2,796,316
				7,007,117
Whole Loans (0.9%)
Residential Funding Mortgage Securities I, 2.50%, 06/25/18		2,565,274		2,493,477
Total Collaterized Mortgage Obligations				34,896,852
U.S. Government Agencies (11.7%)
Federal Home Loan Bank (3.9%)
1.51%, 12/08/04		5,500,000		5,498,400
2.13%, 12/15/04		5,500,000		5,510,719
				11,009,119
Federal Home Loan Mortgage Corporation (2.0%) 1.51%, 12/07/04		5,500,000		5,498,460
Federal National Mortgage Association (5.8%)
3.50%, 09/15/04		6,000,000		6,013,512
1.56%, 11/12/04		5,500,000		5,475,536
2.88%, 10/15/05		5,000,000		5,030,740
				16,519,788
Total U.S. Government Agencies				33,027,367
Commercial Mortgage Backed Securities (11.3%)
Banc of America Commercial Mortgage, Inc., 2.98%, 06/10/39		5,000,000		5,008,531
Banc of America Commercial Mortgage, Inc., 3.41%, 03/11/41		4,243,049		4,193,408
Bear Stearns Commercial Mortgage Securities Corp., 6.08%, 02/15/35		2,589,368		2,737,262
Chase Commerical Mortgage Securities Corp., 6.03%, 11/18/30		493,626		515,128
JP Morgan Chase Commercial Mortgage Securities Corp., 4.47%, 11/15/35		2,956,065		3,006,004
JP Morgan Chase Commercial Mortgage Securities Corp., 2.80%, 06/12/41		4,006,434		3,943,145
LB-UBS Commercial Mortgage Trust, 3.17%, 12/15/26		1,512,207		1,507,670
Morgan Stanley Dean Witter Capital I, 5.31%, 07/15/33		1,081,036		1,110,620
Morgan Stanley Dean Witter Capital I, 4.59%, 04/15/34		296,922		302,672
Morgan Stanley Dean Witter Capital I, 5.02%, 10/15/35		2,105,940		2,162,229
Morgan Stanley Dean Witter Capital I, 4.09%, 12/15/35		544,222		551,335
Morgan Stanley Dean Witter Capital I, 3.26%, 06/13/41		2,710,279		2,676,755
Nomura Asset Corp., 6.28%, 03/15/30		4,048,303		4,242,025
Total Commercial Mortgage Backed Securities				31,956,784

	Principal
	Amount		Value
U.S. Government Agencies - Mortgages (2.5%)
Federal Home Loan Mortgage Corporation (0.3%)
6.50%, 06/01/14		379,235		401,639
6.00%, 07/01/16		461,267		482,393
				884,032
Federal National Mortgage Association (2.2%)
6.50%, 02/01/09		323,491		342,289
5.50%, 04/01/09		184,012		188,187
6.00%, 06/01/16		554,699		579,740
6.00%, 12/01/16		900,803		941,468
6.00%, 01/01/17		771,388		806,211
5.50%, 02/01/17		1,569,779		1,616,320
5.50%, 02/01/17		1,515,794		1,560,736
				6,034,951
Total U.S. Government Agencies - Mortgages				6,918,983
Commercial Paper (1.4%)
Finance - Diversified (1.4%)
General Electric Capital Corp., 2.97%, 07/26/06		4,000,000		3,999,076
Total Commercial Paper				3,999,076
Corporate Bonds (1.1%)
Financial Services (1.1%)
Citigroup, Inc., 6.75%, 12/01/05		3,000,000		3,158,142
Total Corporate Bonds				3,158,142
Repurchase Agreements (5.2%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $14,169,507 (Fully collateralized by AA Rated Corporate Bonds and Government National Mortgage Association Securities)		14,168,055		14,168,055
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $564,594 (Fully collateralized by AA Rated Corporate Bonds)		564,536		564,536
Total Repurchase Agreements				14,732,591
Total Investments (Cost $282,845,028) (a) - 99.9%				281,344,855
Other assets in excess of liabilities - 0.1%				420,587
NET ASSETS - 100.0%			$	281,765,442

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

Unrealized appreciation	$	348,176
Unrealized depreciation		(1,848,349	)
Net unrealized appreciation (depreciation)	$	(1,500,173	)

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Variable rate security. The rate reflected in the Statement of Investments is the rate in effect on July 31, 2004.

At July 31,2004, the Fund’s open short futures contracts were as follows:

				Market Value		Unrealized
Number of	Short			Covered by		Appreciation
Contracts	Contract*	Expiration		Contracts		(Depreciation)
350	U.S. Treasury
	2 Year Note		09/17/04	$	73,893,750		($317,188	)

* Cash pledged as collateral.

Gartmore Nationwide Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (98.6%)
Aerospace / Defense (0.7%)
Northrop Grumman Corp.		257,058	$	13,521,251
Banks (3.0%)
Bank of America Corp.		179,160		15,230,392
J.P. Morgan Chase & Co.		427,600		15,962,308
Wachovia Corp.		551,751		24,448,086
				55,640,786
Broadcast Media / Cable Television (1.5%)
Clear Channel Communications, Inc.		220,978		7,888,915
Comcast Corp., Class A (b)		328,836		9,010,106
Viacom, Inc., Class B		289,871		9,736,767
				26,635,788
Capital Goods (0.5%)
Briggs & Stratton Corp.		99,549		8,312,342
Chemicals (1.5%)
Air Products & Chemicals, Inc.		166,693		8,626,363
Dow Chemical Co.		473,469		18,886,678
				27,513,041
Computer Equipment (2.3%)
Dell, Inc. (b)		159,644		5,662,573
International Business Machines Corp.		218,961		19,064,933
Lexmark International, Inc., Class A (b)		201,759		17,855,672
				42,583,178
Computer Software & Services (8.7%)
Cisco Systems, Inc. (b)		1,491,754		31,117,988
Computer Sciences Corp. (b)		153,825		7,268,231
Electronic Arts, Inc. (b)		188,848		9,466,950
Intel Corp.		721,025		17,578,590
Microsoft Corp.		2,484,299		70,703,149
NCR Corp. (b)		119,982		5,570,764
Oracle Corp. (b)		1,712,770		18,001,213
				159,706,885
Conglomerates (2.1%)
Ingersoll-Rand Co., Class A				38,124,736
Consumer Products (0.8%)
Estee Lauder Co., Inc., Class A		86,160		3,782,424
Procter & Gamble Co.		200,630		10,462,855
				14,245,279
Electronics (1.6%)
Johnson Controls, Inc.		172,520		9,738,754
Microchip Technology, Inc.		691,080		20,020,588
				29,759,342
Financial Services (8.3%)
CIT Group, Inc.		500,979		17,414,030
Citigroup, Inc.		478,237		21,085,469
Countrywide Financial Corp.		382,401		27,571,112
Fannie Mae		260,890		18,512,754

	Shares
	or
	Principal
	Amount		Value
Goldman Sachs Group, Inc.		136,478		12,035,995
Lehman Brothers Holdings, Inc.		174,966		12,265,117
Merrill Lynch & Co., Inc.		168,569		8,381,251
Morgan Stanley		181,751		8,965,777
Zions Bancorp		437,080		26,443,340
				152,674,845
Food & Beverage (5.7%)
Anheuser-Busch Cos., Inc.		605,999		31,451,348
Archer-Daniels-Midland Co.		574,190		8,859,752
Campbell Soup Co.		694,502		17,772,306
Coca-Cola Enterprises, Inc.		295,881		6,035,972
Dean Foods Co. (b)		542,716		20,069,638
Kraft Foods, Inc., Class A		599,830		18,324,807
Ralcorp Holdings, Inc. (b)		54,175		1,975,762
				104,489,585
Healthcare (6.7%)
Aetna, Inc.		90,810		7,791,498
AmerisourceBergen Corp.		115,783		6,259,229
Amgen, Inc. (b)		225,210		12,809,945
Bausch & Lomb, Inc.		106,930		6,585,819
Johnson & Johnson		558,294		30,856,909
McKesson Corp.		179,043		5,759,813
Medco Health Solutions, Inc. (b)		200,530		6,076,059
Triad Hospitals, INC. (b)		246,820		8,406,689
UnitedHealth Group, Inc.		595,534		37,459,089
				122,005,050
Hotels / Motels (2.1%)
Starwood Hotels & Resorts Worldwide, Inc.		864,306		38,893,770
Instruments—Controls (0.4%)
Thermo Electron Corp. (b)		282,367		7,262,479
Insurance (6.7%)
Allstate Corp. (The)		718,210		33,813,327
American International Group, Inc.		701,524		49,562,670
Genworth Financial Inc (b)		446,610		10,155,911
Hartford Financial Services Group, Inc. (The)		144,545		9,409,880
Lincoln National Corp.		214,013		9,352,368
MetLife, Inc.		291,304		10,390,814
				122,684,970
Internet Services / Software (0.2%)
Yahoo!, Inc. (b)		110,358		3,399,026
Leisure Products (0.7%)
Brunswick Corp.		312,790		12,208,194
Manufacturing (6.1%)
General Electric Co.		2,310,287		76,817,043
Tyco International Ltd.		1,121,709		34,772,979
				111,590,022
Medical Products (0.6%)
Boston Scientific Corp. (b)		232,880		8,909,989
Invitrogen Corp. (b)		41,609		2,183,640
				11,093,629
Metals (1.9%)
Alcoa, Inc.		518,932		16,621,392
Phelps Dodge Corp.		236,713		18,449,411
				35,070,803
Multimedia (1.3%)
Time Warner, Inc. (b)		870,210		14,488,996
Walt Disney Co. (The)		442,876		10,226,007
				24,715,003

	Shares
	or
	Principal
	Amount		Value
Natural Gas (0.7%)
Sempra Energy		383,500		13,710,125
Oil & Gas (9.1%)
Apache Corp.		402,049		18,707,340
ChevronTexaco Corp.		412,837		39,487,858
ConocoPhillips		353,058		27,810,379
Exxon Mobil Corp.		343,753		15,915,764
Nabors Industries Ltd. (b)		419,844		19,522,746
Schlumberger Ltd.		291,620		18,756,998
Sunoco, Inc.		275,741		18,797,264
Williams Companies, Inc. (The)		753,247		9,151,951
				168,150,300
Paper & Forest Products (2.4%)
Boise Cascade Corp.		226,241		7,296,272
International Paper Co.		852,118		36,837,061
				44,133,333
Pharmaceuticals (3.2%)
Elan Corp. PLC ADR – IE (b)		748,674		15,385,251
Eli Lilly & Co.		199,811		12,731,957
Merck & Co., Inc.		200,610		9,097,664
Pfizer, Inc.		671,722		21,468,234
				58,683,106
Railroads (0.6%)
Norfolk Southern Corp.		406,910		10,860,428
Real Estate (1.1%)
Reckson Associates Realty Corp.		361,032		10,004,197
SL Green Realty Corp.		192,840		9,468,444
				19,472,641
Restaurants (0.7%)
McDonald’s Corp.		436,028		11,990,770
Retail (6.2%)
CVS Corp.		168,839		7,069,289
Dollar General Corp.		50,000		965,000
eBay, Inc. (b)		53,332		4,177,496
Federated Department Stores, Inc.		174,163		8,345,891
Home Depot, Inc.		243,107		8,197,568
Target Corp.		972,550		42,403,179
Wal-Mart Stores, Inc.		630,853		33,441,518
Williams-Sonoma, Inc. (b)		290,604		9,441,724
				114,041,665
Retail / Food & Drug (1.8%)
Albertson’s, Inc.		1,374,650		33,527,714
Semiconductors (0.7%)
Micron Technology, Inc. (b)		343,706		4,650,342
Texas Instruments, Inc.		347,850		7,419,641
				12,069,983
Telecommunications (3.2%)
AT&T Wireless Services, Inc. (b)		441,272		6,371,968
Juniper Networks, Inc. (b)		463,611		10,644,509
QUALCOMM, Inc.		75,392		5,208,079
Qwest Communications International, Inc. (b)		3,527,697		13,722,740
SBC Communications, Inc.		330,609		8,377,632
Sprint Corp.		408,510		7,630,967
Telephone & Data Systems, Inc.		91,555		6,949,025

	Shares
	or
	Principal
	Amount		Value
				58,904,920
Tobacco (1.8%)
Altria Group, Inc.		676,581		32,205,256
Transportation (2.0%)
FedEx Corp.		91,249		7,471,468
J.B. Hunt Transport Services, Inc.		516,612		19,843,067
Southwest Airlines Co.		599,578		8,675,894
				35,990,429
Travel (0.5%)
Royal Caribbean Cruises Ltd.		214,260		9,159,615
Utilities (0.4%)
NRG Energy, Inc. (b)		268,034		7,127,024
Waste Disposal (0.8%)
Waste Management, Inc.		528,749		14,878,997
Total Common Stocks				1,807,036,310
Commercial Paper (1.7%)
Financial Services (1.7%)
Countrywide Home Loans, 1.35%, 08/02/04	$	31,716,000		31,714,811
Total Commercial Paper				31,714,811
Short-Term Securities Held as Collateral for Securities Lending (5.3%)
Pool of various securities for Gartmore	$	97,729,608		97,729,608
Mutual Funds - Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				97,729,608
Total Investments (Cost $1,873,352,560) (a)-105.6%				1,936,480,729
Liabilities in excess of other assets - (5.6)%				(103,183,744	)
NET ASSETS - 100.0%			$	1,833,296,985

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

Unrealized appreciation	$	102,776,823
Unrealized depreciation		(39,648,654	)
Net unrealized appreciation (depreciation)	$	63,128,169

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

(b) Denotes a non-income producing security.

ADR   American Depositary Receipt
IE    Ireland

Gartmore Nationwide Leaders Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (97.9%)
Coal (4.0%)
Peabody Energy Corp.		3,168	$	177,978
Computer Equipment (5.4%)
Cisco Systems, Inc. (b)		5,950		124,117
International Business Machines Corp.		1,300		113,191
				237,308
Computer Software & Services (3.4%)
Microsoft Corp.		5,200		147,992
Financial Services (15.5%)
CIT Group, Inc.		4,850		168,586
Citigroup, Inc.		4,367		192,541
Countrywide Financial Corp.		1,820		131,222
Goldman Sachs Group, Inc.		2,175		191,813
				684,162
Food & Beverage (2.1%)
Kraft Foods, Inc., Class A		3,000		91,650
Healthcare (1.9%)
Triad Hospitals, Inc. (b)		2,400		81,744
Hotels / Motels (4.7%)
Starwood Hotels & Resorts Worldwide, Inc.		4,629		208,305
Manufacturing (12.1%)
General Electric Co.		4,800		159,600
Ingersoll-Rand Co., Class A		2,477		170,145
International Steel Group (b)		2,900		94,917
Tyco International Ltd.		3,500		108,500
				533,162
Metals (7.5%)
Alcoa, Inc.		5,441		174,275
Phelps Dodge Corp.		2,000		155,880
				330,155
Oil & Gas (14.5%)
Apache Corp.		3,618		168,346
BJ Services Co. (b)		3,780		187,714
ConocoPhillips		2,332		183,692
GlobalSantaFe Corp.		3,500		95,900
				635,652
Pharmaceuticals (9.3%)
Andrx Corp. (b)		5,106		132,450
Elan Corp. ADR – IE (b)		4,300		88,365
Shire Pharmaceuticals Group PLC ADR - GB (b)		3,458		91,914
Valeant Pharmaceuticals International		5,522		96,690
				409,419
Retail (8.0%)
Target Corp.		3,000		130,800
Wal-Mart Stores, Inc.		4,158		220,416
				351,216

	Shares
	or
	Principal
	Amount		Value
Transportation (4.6%)
J.B. Hunt Transport Services, Inc.		5,263		202,152
Travel (4.9%)
Royal Caribbean Cruises Ltd.		5,000		213,750
Total Common Stocks				4,304,645
Repurchase Agreements (3.9%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $166,793 (Fully collateralized by AA Rated Corporate Bonds and Government National Mortgage Association Securities)	$	166,776		166,776
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $6,646 (Fully collateralized by AA Rated Corporate Bonds)		6,645		6,645
Total Repurchase Agreements				173,421
Total Investments (Cost $4,268,809) (a) - 101.8%				4,478,066
Liabilities in excess of other assets - (1.8)%				(80,264	)
NET ASSETS - 100.0%			$	4,397,802

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

Unrealized appreciation	$	329,991
Unrealized depreciation		(120,734	)
Net unrealized appreciation (depreciation)	$	209,257

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

(b) Denotes a non-income producing security.

ADR
GB
IE American Depositary Receipt
United Kingdom
Ireland

Gartmore Global Natural Resources Fund

Schedule of Portfolio Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (100.6%)
Chemicals Specialty (0.9%)
Ashland, Inc.		570	$	29,794
Coal Mining (3.2%)
Peabody Energy Corp.		1,800		101,124
Copper Production (2.2%)
Phelps Dodge Corp.		890		69,367
Energy (3.2%)
BJ Services Co. (b)		2,000		99,320
Gold Mining (1.9%)
Newmont Mining Corp.		1,440		58,277
Industrial Gases (1.0%)
Praxair, Inc.		770		30,377
Machinery-Construction & Mining (4.0%)
Bucyrus International, Inc.-Class A (b)		3,400		81,600
Joy Global, Inc.		1,500		44,535
				126,135
Oil & Gas Drilling (6.0%)
GlobalSantaFe Corp.		2,350		64,390
Nabors Industries Ltd. (b)		1,650		76,725
Noble Corp. (b)		800		30,976
Patterson-UTI Energy, Inc.		890		16,225
				188,316
Oil Company-Exploration & Production (16.0%)
Apache Corp.		2,100		97,712
Burlington Resources, Inc.		1,670		63,744
Chesapeake Energy Corp.		2,100		32,235
EnCana Corp.		1,050		46,536
EOG Resources, Inc.		1,520		96,596
Noble Energy Inc.		1,200		66,372
Ultra Petroleum Corp. (b)		790		35,447
XTO Energy, Inc.		2,100		62,790
				501,432
Oil Company-Integrated (36.5%)
BP PLC – ADR - GB		4,500		253,620
ChevronTexaco Corp.		3,200		306,079
ConocoPhillips		2,800		220,556
Exxon Mobil Corp.		3,400		157,420
Royal Dutch Petroleum Co.		4,100		206,230
				1,143,905
Oil Field Services (8.5%)
Halliburton Co.		2,500		79,375
Schlumberger, Ltd.		2,900		186,528
				265,903
Oil Refining & Marketing (0.5%)
Sunoco, Inc.		230		15,679
Paper & Related Products (4.9%)
Georgia-Pacific Corp.		1,700		57,120

	Shares
	or
	Principal
	Amount		Value
International Paper Co.		2,200		95,106
				152,226
Pipelines (3.6%)
Enbridge, Inc.		1,200		45,408
Questar Corp.		600		24,588
The Williams Cos., Inc.		3,500		42,525
				112,521
Raw Materials (6.1%)
Alcoa, Inc.		4,500		144,135
Vulcan Materials Co.		1,000		47,620
				191,755
Steel Production (2.1%)
International Steel Group, Inc. (b)		2,060		67,424
Total Common Stocks				3,153,555
Repurchase Agreement (0.1%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $150 (Fully collateralized by AA Rated Corporate Bonds)		150		150
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $3,771 (Fully collateralized by U.S. Agency Securities)		3,771		3,771
Total Repurchase Agreement				3,921
Total Investments (Cost $3,047,948) (a) - 100.7%				3,157,476
Liabilities in excess of other assets - (0.7)%				(20,941	)
NET ASSETS - 100.0%			$	3,136,535

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

Unrealized appreciation	$	127,617
Unrealized depreciation		(18,089	)
Net unrealized appreciation (depreciation)	$	109,528

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

(b) Denotes a non-incoming producing security.

ADR
GB American Depositary Receipt
Great Britain

Gartmore S&P 500 Index Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (96.5%)
Advertising Services (0.0%)
Interpublic Group of Cos., Inc. (The) (b)		62,178	$	795,257
Aerospace & Defense (1.7%)
Boeing Co. (The)		130,471		6,621,403
General Dynamics Corp.		30,931		3,056,601
Goodrich Corp.		17,051		551,259
Lockheed Martin Corp.		71,022		3,763,456
Northrop Grumman Corp.		55,176		2,902,258
Raytheon Co.		69,087		2,317,869
Rockwell Collins, Inc.		27,541		942,453
United Technologies Corp.		80,128		7,491,968
				27,647,267
Agriculture (0.1%)
Monsanto Co.		40,990		1,486,297
Airlines (0.3%)
Delta Air Lines, Inc. (b)		33,081		171,690
FedEx Corp.		45,902		3,758,456
Southwest Airlines Co.		123,176		1,782,357
				5,712,503
Analytical Instruments (0.1%)
Applera Corp.-Applied Biosystems Group		31,471		651,135
Waters Corp. (b)		18,571		814,895
				1,466,030
Apparel (0.2%)
Nike, Inc., Class B		39,836		2,896,475
Reebok International Ltd.		9,175		312,501
				3,208,976
Apparel & Accessories (0.1%)
Liz Claiborne, Inc.		15,811		572,200
V.F. Corp.		17,106		855,471
				1,427,671
Appliance and Household Durable (0.1%)
Maytag Corp.		12,265		251,433
Newell Rubbermaid, Inc.		40,342		871,387
				1,122,820
Auto Parts & Equipment (0.3%)
AutoNation, Inc. (b)		41,691		672,059
Dana Corp.		23,201		447,547
Delphi Automotive Systems Corp.		87,333		830,537
Genuine Parts Co.		27,216		1,026,860
Ingersoll Rand Co.		23,826		1,636,607
Snap-On, Inc.		9,070		291,238
				4,904,848

	Shares
	or
	Principal
	Amount		Value
Automobiles (0.6%)
Ford Motor Co.		285,396		4,201,029
General Motors Corp.		88,056		3,798,736
PACCAR, Inc.		27,396		1,642,664
Visteon Corp.		19,887		204,438
				9,846,867
Banks (6.4%)
AmSouth Bancorp.		54,952		1,347,973
Bank of America Corp.		317,853		27,020,683
Bank of New York Co., Inc.		116,344		3,342,563
BB&T Corp.		87,473		3,387,829
Charter One Financial, Inc.		37,151		1,649,876
Fifth Third Bancorp.		86,004		4,245,157
Huntington Bancshares, Inc.		35,720		873,711
J.P. Morgan Chase & Co.		555,601		20,740,585
KeyCorp.		63,772		1,924,639
M&T Bank Corp.		18,461		1,721,119
Mellon Financial Corp.		65,322		1,795,049
National City Corp.		110,153		4,020,585
North Fork Bancorp, Inc.		26,901		1,050,484
Northern Trust Corp.		35,936		1,442,112
PNC Bank Corp.		43,801		2,216,331
Regions Financial Corp.		71,908		2,134,941
SouthTrust Corp.		51,252		1,988,065
State Street Corp.		52,277		2,237,978
SunTrust Banks, Inc.		45,226		2,982,655
Synovus Financial Corp.		44,617		1,136,395
U.S. Bancorp		295,503		8,362,735
Wachovia Corp.		204,992		9,083,196
Zions Bancorp		13,920		842,160
				105,546,821
Beverages / Alcoholic (0.5%)
Adolph Coors Co., Class B		5,770		396,745
Anheuser-Busch Cos., Inc.		122,634		6,364,705
Brown-Forman Corp., Class B		18,971		882,341
				7,643,791
Beverages / Soft Drink (2.0%)
Coca-Cola Co.		375,317		16,461,403
Coca-Cola Enterprises, Inc.		70,657		1,441,403
Pepsi Bottling Group, Inc. (The)		40,121		1,117,370
PepsiCo, Inc.		262,774		13,138,700
				32,158,876
Biotechnology (0.1%)
Chiron Corp. (b)		26,281		1,204,458
Broadcast Media / Cable Television (0.8%)
Clear Channel Communications, Inc.		96,700		3,452,190
Comcast Corp. Special, Class A (b)		39,600		1,061,280
Comcast Corp., Class A (b)		309,975		8,493,315
				13,006,785
Business Services (0.3%)
Cintas Corp.		23,901		1,002,886
Compuware Corp. (b)		55,507		274,205
Convergys Corp. (b)		22,382		296,338
Monster Worldwide, Inc. (b)		17,031		376,215
NCR Corp. (b)		14,445		670,681
Pitney Bowes, Inc.		35,996		1,519,031
				4,139,356

	Shares
	or
	Principal
	Amount		Value
Chemicals (0.2%)
Great Lakes Chemical Corp.		6,935		166,301
Millipore Corp. (b)		6,625		349,071
Praxair, Inc.		50,632		1,997,433
Sigma Aldrich Corp.		11,825		679,228
				3,192,033
Chemicals/Diversified (1.2%)
Air Products & Chemicals, Inc.		35,266		1,825,016
Dow Chemical Co.		145,990		5,823,541
E.I. du Pont de Nemours and Co.		155,650		6,672,716
Eastman Chemical Co.		11,560		516,501
Engelhard Corp.		19,391		570,095
Hercules, Inc. (b)		16,021		189,208
Occidental Petroleums Corp.		61,027		3,006,800
Rohm & Haas Co.		32,877		1,288,778
				19,892,655
Communications Equipment (1.6%)
CIENA Corp. (b)		64,808		182,759
Citizens Communications Co. (b)		38,436		553,478
Corning, Inc. (b)		203,222		2,511,824
JDS Uniphase Corp. (b)		237,654		819,906
Motorola, Inc.		363,528		5,791,001
Tellabs, Inc. (b)		74,052		659,803
Verizon Communications, Inc.		431,880		16,644,656
				27,163,427
Computer Equipment (1.8%)
American Power Conversion Corp.		31,231		471,588
Dell Computer Corp. (b)		388,158		13,767,964
EMC Corp. (b)		379,987		4,168,457
Gateway, Inc. (b)		49,262		221,679
Hewlett Packard Co.		475,390		9,579,109
Network Appliance, Inc. (b)		53,684		1,036,638
				29,245,435
Computer Integrated Systems Design (0.1%)
Avaya, Inc. (b)		66,519		974,503
Computer Software & Services (6.9%)
Adobe Systems, Inc.		36,521		1,540,456
Affiliated Computer Services, Inc., Class A (b)		20,541		1,066,078
Automatic Data Processing, Inc.		91,778		3,852,840
BMC Software, Inc. (b)		34,756		544,974
Cisco Systems, Inc. (b)		1,044,209		21,782,201
Citrix Systems, Inc. (b)		26,471		466,419
Computer Associates International, Inc.		90,938		2,295,275
Electronic Data Systems Corp.		75,562		1,396,386
First Data Corp.		135,652		6,051,436
Fiserv, Inc. (b)		30,266		1,036,913
Intuit, Inc. (b)		31,231		1,169,289
Mercury Interactive Corp. (b)		15,820		578,379
Microsoft Corp.		1,659,789		47,237,596
Novell, Inc. (b)		60,072		410,892
NVIDIA Corp. (b)		23,661		364,379
Oracle Corp. (b)		803,738		8,447,286
Parametric Technology Corp. (b)		40,551		184,102
PeopleSoft, Inc. (b)		57,412		1,034,564
Siebel Systems, Inc. (b)		78,103		629,510
Sun Microsystems, Inc. (b)		505,382		1,996,259
Sungard Data Systems, Inc. (b)		45,251		1,054,801
Symantec Corp. (b)		48,462		2,266,083
Symbol Technologies, Inc.		36,136		473,020
Unisys Corp. (b)		51,762		530,043

	Shares
	or
	Principal
	Amount		Value
VERITAS Software Corp. (b)		67,151		1,279,898
Yahoo!, Inc. (b)		204,948		6,312,398
				114,001,477
Computers / Hardware (1.6%)
Apple Computer, Inc. (b)		60,237		1,948,065
International Business Machines Corp.		261,410		22,760,968
Lexmark International, Inc. (b)		20,201		1,787,789
				26,496,822
Conglomerates (1.0%)
Illinois Tool Works, Inc.		45,047		4,077,654
ITT Industries, Inc.		14,830		1,185,659
Johnson Controls, Inc.		29,286		1,653,195
Tyco International Ltd.		310,000		9,610,000
				16,526,508
Construction & Building Materials (0.3%)
Centex Corp.		18,781		796,690
Fluor Corp.		12,985		591,467
KB Home		8,915		571,006
Pulte Corp.		19,691		1,075,719
Sherwin Williams Co.		22,286		899,909
Vulcan Materials Co.		15,876		756,015
				4,690,806
Construction & Housing (0.1%)
Masco Corp.		68,327		2,066,208
Construction Machinery (0.2%)
Caterpillar, Inc.		53,632		3,941,416
Consumer Durable (0.3%)
Black & Decker Corp.		12,265		857,446
Danaher Corp.		46,647		2,362,671
Fortune Brands, Inc.		22,786		1,644,693
Whirlpool Corp.		10,725		669,669
				5,534,479
Consumer Finance (2.2%)
Citigroup, Inc.		806,288		35,549,238
Consumer Non-Cyclical (2.6%)
Alberto Culver Co., Class B		11,920		555,710
Avon Products, Inc.		71,717		3,084,548
Clorox Co. (The)		33,086		1,646,690
Colgate-Palmolive Co.		79,908		4,251,106
Ecolab, Inc.		39,911		1,217,286
Gillette Co. (The)		155,440		6,059,051
International Flavor and Fragrances, Inc.		14,340		523,984
Kimberly-Clark Corp.		78,087		5,003,034
Pall Corp.		19,291		446,972
Procter & Gamble Co.		394,174		20,556,174
				43,344,555
Containers (0.1%)
Ball Corp.		8,765		632,657
Bemis Co., Inc.		16,696		442,110
Sealed Air Corp. (b)		13,097		621,322
				1,696,089
Credit Reporting Services (0.1%)
Moody’s, Corp.		23,301		1,586,798

	Shares
	or
	Principal
	Amount		Value
Data Processing & Reproduction (0.1%)
Computer Sciences Corp. (b)		27,681		1,307,927
Distribution (0.2%)
SYSCO Corp.		97,533		3,360,012
Drug Delivery Systems (0.0%)
Hospira Inc. (b)		24,346		630,805
Drugs (6.1%)
Amerisource Bergen Corp.		15,826		855,554
Amgen Corp. (b)		196,348		11,168,274
Biogen, Inc. (b)		52,872		3,172,320
Eli Lilly & Co.		174,491		11,118,567
Express Scripts, Inc. (b)		13,560		889,536
Forest Laboratories, Inc. (b)		55,632		2,797,733
Genzyme Corp. (b)		36,651		1,879,463
Gilead Sciences, Inc. (b)		33,300		2,152,512
Medimmune, Inc. (b)		37,861		872,317
Merck & Co., Inc.		346,176		15,699,082
Mylan Laboratories, Inc.		41,051		608,376
Pfizer, Inc.		1,170,834		37,419,855
Schering Plough Corp.		222,727		4,334,267
Wyeth		207,872		7,358,669
				100,326,525
Educational Services (0.1%)
Apollo Group, Inc. (b)		28,026		2,341,572
Electrical Equipment (3.9%)
Agilent Technologies, Inc. (b)		75,063		1,787,250
Cooper Industries Ltd., Class A		14,430		820,634
Eaton Corp.		22,416		1,448,970
Emerson Electric Co.		65,782		3,992,967
General Electric Co.		1,645,532		54,713,940
Grainger (W.W.), Inc.		13,425		710,854
Rockwell International Corp.		28,676		1,072,769
				64,547,384
Electronics (2.8%)
Altera Corp. (b)		58,282		1,213,431
Applied Micro Circuits Corp. (b)		48,562		174,823
Broadcom Corp., Class A (b)		45,331		1,602,904
Intel Corp.		993,138		24,212,705
Jabil Circuit, Inc. (b)		27,141		590,317
KLA-Tencor Corp. (b)		32,121		1,323,706
Linear Technology Corp.		50,167		1,961,530
LSI Logic Corp. (b)		58,482		297,673
Maxim Integrated Products, Inc.		51,214		2,463,394
Molex, Inc.		29,521		854,928
National Semiconductor Corp. (b)		55,777		956,576
PMC-Sierra, Inc. (b)		27,811		330,395
QLogic Corp. (b)		14,445		353,180
RadioShack Corp.		24,971		697,939
Sanmina Corp. (b)		81,239		596,294
Solectron Corp. (b)		130,676		718,718
Tektronix, Inc.		13,195		401,128
Teradyne, Inc. (b)		29,501		504,467
Texas Instruments, Inc.		269,159		5,741,162
Thomas & Betts Corp.		8,975		236,043
Xilinx, Inc.		51,322		1,510,406

	Shares
	or
	Principal
	Amount		Value
				46,741,719
Entertainment (0.7%)
Electronic Arts, Inc. (b)		47,707		2,391,552
International Game Technology		55,632		1,799,139
Walt Disney Co. (The)		319,940		7,387,414
				11,578,105
Farm Machinery (0.2%)
Deere & Co.		39,746		2,496,446
Financial (3.3%)
American Express Co.		197,857		9,942,314
Bear Stearns Cos., Inc.		14,267		1,190,153
Capital One Financial Corp.		35,486		2,459,890
Charles Schwab Corp.		212,187		1,863,002
Comerica, Inc.		26,326		1,539,281
Countrywide Credit Industries, Inc.		43,596		3,143,272
Fannie Mae		149,975		10,642,226
Federated Investors, Inc.		14,911		419,148
Golden West Financial Corp.		23,711		2,534,943
Goldman Sachs Group, Inc.		74,372		6,558,867
Lehman Brothers Holdings, Inc.		43,201		3,028,390
MBNA Corp.		196,547		4,852,745
Providian Financial Corp. (b)		44,866		620,945
Washington Mutual, Inc.		134,832		5,231,482
				54,026,658
Financial Services (1.5%)
AMBAC Financial Group, Inc.		16,601		1,180,497
E*TRADE Financial Corp. (b)		56,222		622,378
First Horizon National Corp.		19,291		836,265
H&R Block, Inc.		27,236		1,338,105
Janus Capital Group, Inc.		37,331		495,009
Marshall & Ilsley Corp.		34,666		1,331,521
SLM Corp.		68,222		2,586,978
Sovereign Bancorp, Inc.		52,600		1,145,102
Wells Fargo Co.		263,064		15,102,504
				24,638,359
Food & Related (2.1%)
Altria Group, Inc.		319,743		15,219,767
Archer-Daniels Midland Co.		101,343		1,563,722
Campbell Soup Co.		64,032		1,638,579
ConAgra, Inc.		82,428		2,143,128
General Mills, Inc.		58,362		2,620,454
H.J. Heinz Co.		54,757		2,019,986
Hershey Foods Corp.		40,422		1,958,042
Kellogg Co.		63,842		2,659,658
McCormick & Co.		21,346		763,546
Sara Lee Corp.		122,899		2,698,862
Wrigley (WM) Jr. Co.		35,056		2,117,382
				35,403,126
Furniture & Home Furnishings (0.0%)
Leggett & Platt, Inc.		29,901		808,822
Healthcare (5.7%)
Abbott Laboratories		242,363		9,536,984
Allergan, Inc.		19,716		1,491,318
Bard (C.R.), Inc.		16,186		893,467
Bausch & Lomb, Inc.		8,245		507,810
Baxter International, Inc.		90,273		2,714,509
Becton Dickinson & Co.		39,386		1,860,201

	Shares
	or
	Principal
	Amount		Value
Biomet, Inc.		39,451		1,735,449
Boston Scientific Corp. (b)		127,554		4,880,216
Bristol-Myers Squibb Co.		303,140		6,941,906
Cardinal Health, Inc.		63,797		2,838,967
Guidant Corp.		49,067		2,714,386
HCA, Inc.		75,533		2,919,350
Health Management Associates, Inc.,		37,741		757,084
Class A Humana, Inc. (b)		25,161		455,666
Johnson & Johnson Co.		456,825		25,248,718
King Pharmaceuticals, Inc. (b)		34,923		394,281
Manor Care, Inc.		13,820		431,875
McKesson HBOC, Inc.		42,547		1,368,737
Medco Health Solutions, Inc. (b)		42,226		1,279,448
Medtronic, Inc.		188,206		9,348,192
Quest Diagnostics, Inc.		15,786		1,295,715
St. Jude Medical, Inc. (b)		25,011		1,703,999
Stryker Corp.		62,177		2,964,599
Tenet Healthcare Corp. (b)		72,587		811,523
UnitedHealth Group, Inc.		98,193		6,176,340
Watson Pharmaceutical, Inc. (b)		16,406		413,595
Wellpoint Health Networks, Inc. (b)		22,326		2,257,159
				93,941,494
Hotels & Casinos (0.0%)
Harrah’s Entertainment, Inc.		17,521		814,551
Hotels / Motels (0.5%)
Cendant Corp.		159,045		3,638,950
Hilton Hotels Corp.		59,687		1,064,219
Marriott International, Inc., Class A		37,081		1,809,553
Starwood Hotels & Resorts Worldwide, Inc.		32,024		1,441,080
				7,953,802
Industrial Diversified (0.1%)
Parker Hannifin Corp.		17,156		984,411
Thermo Electron Corp. (b)		25,876		665,531
				1,649,942
Insurance (4.4%)
ACE Ltd.		40,511		1,644,341
Aetna, Inc.		24,321		2,086,742
Allstate Corp. (The)		109,714		5,165,335
American International Group, Inc.		406,266		28,702,694
Anthem, Inc. (b)		22,475		1,853,513
AON Corp.		47,927		1,267,190
Chubb Corp. (The)		28,381		1,952,045
CIGNA Corp.		21,461		1,330,797
Cincinnati Financial Corp.		26,271		1,047,687
Hartford Financial Services Group, Inc.		43,571		2,836,472
Lincoln National Corp.		27,836		1,216,433
Loews Corp.		28,871		1,634,965
MBIA, Inc.		22,476		1,213,254
MetLife, Inc.		114,379		4,079,899
MGIC Investment Corp.		15,060		1,069,260
Principal Financial Group, Inc.		49,807		1,692,940
Progressive Corp. (The)		33,821		2,591,365
Prudential Financial, Inc.		82,043		3,819,922
SAFECO Corp.		21,751		1,023,602
St. Paul Cos., Inc.		104,015		3,855,836
Torchmark Corp.		17,331		906,065
UnumProvident Corp.		40,849		651,542
XL Capital Ltd., Class A		20,546		1,452,191

	Shares
	or
	Principal
	Amount		Value
				73,094,090
Insurance / Life (0.3%)
AFLAC, Inc.		79,113		3,136,039
Jefferson-Pilot Corp.		21,761		1,048,445
				4,184,484
Insurance Brokers (0.2%)
Marsh & McLennan Cos., Inc.		75,193		3,337,065
Investment Management (1.1%)
Franklin Resources, Inc.		38,971		1,880,351
Merrill Lynch & Co.		149,795		7,447,807
Morgan Stanley Dean Witter & Co.		171,342		8,452,301
T. Rowe Price Group, Inc.		20,691		956,338
				18,736,797
Leisure Products (0.4%)
Brunswick Corp.		14,640		571,399
Carnival Corp.		94,163		4,388,937
Hasbro, Inc.		27,521		500,057
Mattel, Inc.		61,923		1,084,891
				6,545,284
Manufacturing (1.3%)
3M Co.		120,789		9,948,182
American Standard Cos., Inc. (b)		33,216		1,258,554
Crane Co.		9,325		259,422
Cummins, Inc.		6,100		423,523
Dover Corp.		31,656		1,256,110
Honeywell International, Inc.		133,169		5,008,486
Power-One, Inc. (b)		11,690		102,521
PPG Industries, Inc.		26,706		1,574,319
Stanley Works (The)		12,780		541,872
Textron, Inc.		21,446		1,314,640
				21,687,629
Medical Equipment & Supplies (0.0%)
PerkinElmer, Inc.		16,896		297,032
Medical Products (0.2%)
Zimmer Holdings, Inc. (b)		36,546		2,788,825
Metals & Mining (0.6%)
Alcoa, Inc.		134,226		4,299,259
Freeport-McMoRan Copper & Gold, Inc.		29,806		1,038,739
Newmont Mining Corp.		70,632		2,858,477
Phelps Dodge Corp.		15,343		1,195,833
				9,392,308
Mortgage / Asset Backed Obligations (0.4%)
Freddie Mac		107,338		6,902,907
Motor Vehicles (0.2%)
Harley-Davidson, Inc.		45,927		2,749,649
Navistar International Corp. (b)		12,820		460,879
				3,210,528
Multimedia (1.3%)
Time Warner, Inc. (b)		710,893		11,836,368
Viacom, Inc., Class A		100		3,405
Viacom, Inc., Class B		270,074		9,071,786
				20,911,559

	Shares
	or
	Principal
	Amount		Value
Natural Gas (0.1%)
NICOR, Inc.		6,705		222,003
People’s Energy Corp.		5,575		217,425
Sempra Energy		31,981		1,143,320
				1,582,748
Office Equipment & Supplies (0.2%)
Avery Dennison Corp.		16,516		1,000,374
Xerox Corp. (b)		118,854		1,647,317
				2,647,691
Oil & Gas (5.7%)
Amerada Hess Corp.		15,420		1,285,257
Apache Corp.		50,724		2,360,188
Ashland, Inc.		11,625		607,639
BJ Services Co. (b)		27,746		1,377,866
ChevronTexaco Corp.		166,828		15,957,098
ConocoPhillips		106,891		8,419,804
Devon Energy Corp.		37,354		2,595,729
El Paso Corp.		98,413		776,479
EOG Resources, Inc.		20,441		1,299,026
Exxon Mobil Corp.		1,019,661		47,210,304
KeySpan Corp.		24,991		899,426
Kinder Morgan, Inc.		19,776		1,186,758
Marathon Oil Corp.		49,302		1,857,206
Nabors Industries Ltd. (b)		26,177		1,217,231
Noble Corp. (b)		23,031		891,760
Rowan Cos., Inc. (b)		15,986		390,378
Sunoco, Inc.		11,560		788,045
Transocean Sedco Forex, Inc. (b)		48,807		1,386,119
Unocal Corp.		41,116		1,593,656
Valero Energy Corp.		20,996		1,573,020
Williams Cos., Inc. (The)		81,038		984,612
				94,657,601
Oil Equipment & Services (1.0%)
Anadarko Petroleum Corp.		39,038		2,334,082
Baker Hughes, Inc.		50,747		2,045,104
Burlington Resources, Inc.		61,862		2,361,273
Dynegy, Inc., Class A (b)		59,072		248,102
Halliburton Co.		66,862		2,122,869
Kerr-Mcgee Corp.		23,055		1,210,388
Schlumberger Ltd.		87,468		5,625,941
				15,947,759
Paper & Forest Products (0.6%)
Boise Cascade Corp.		13,210		426,023
Georgia-Pacific Corp.		39,154		1,315,574
International Paper Co.		75,658		3,270,696
Louisiana-Pacific Corp.		16,996		402,465
MeadWestvaco Corp.		31,447		939,007
Pactiv Corp. (b)		23,836		562,053
Temple Inland, Inc.		8,655		590,704
Weyerhaeuser Co.		36,601		2,269,262
				9,775,784
Pharmacy Services (0.1%)
Caremark Rx, Inc. (b)		71,120		2,169,160
Photographic (0.1%)
Eastman Kodak Co.		43,446		1,150,885
Pollution Control (0.2%)

	Shares
	or
	Principal
	Amount		Value
Allied Waste Industries, Inc. (b)		40,007		369,665
Waste Management, Inc.		90,513		2,547,036
				2,916,701
Printing & Publishing (0.7%)
Dow Jones & Company, Inc.		12,580		533,140
Gannett Co., Inc.		42,276		3,514,827
Knight-Ridder, Inc.		12,275		807,572
McGraw-Hill Cos., Inc. (The)		29,601		2,221,851
Meredith Corp.		7,835		414,315
New York Times Co., Class A		23,606		982,010
R.R. Donnelley & Sons Co.		32,806		1,041,262
Tribune Co.		47,709		2,025,247
				11,540,224
Railroads (0.4%)
Burlington Northern Santa Fe Corp.		57,852		2,052,589
CSX Corp.		33,506		1,048,738
Norfolk Southern Corp.		61,137		1,631,747
Union Pacific Corp.		39,216		2,209,429
				6,942,503
Real Estate Investment Trusts (0.4%)
Apartment Investment & Management Co.		14,340		458,450
Equity Office Properties Trust		62,282		1,616,218
Equity Residential Property Trust		43,711		1,291,660
Plum Creek Timber Co, Inc.		28,561		896,244
ProLogis Trust		27,551		937,836
Simon Property Group, Inc.		29,961		1,546,287
				6,746,695
Restaurants (0.5%)
Darden Restaurants, Inc.		25,076		534,871
McDonald’s Corp.		196,341		5,399,377
Wendy’s International, Inc.		17,236		616,532
YUM! Brands, Inc.		44,981		1,726,821
				8,277,601
Retail (5.8%)
AutoZone, Inc. (b)		14,010		1,081,572
Bed Bath & Beyond, Inc. (b)		48,602		1,720,025
Best Buy Co., Inc.		50,777		2,445,420
Big Lots, Inc. (b)		17,951		219,720
Circuit City Stores, Inc.		30,636		431,968
Costco Wholesale Corp.		72,757		2,958,300
CVS Corp.		61,967		2,594,558
Dillards, Inc., Class A		12,990		296,042
Dollar General Corp.		49,197		949,502
Family Dollar Stores, Inc.		26,306		732,885
Federated Department Stores, Inc.		28,651		1,372,956
Gap, Inc. (The)		139,920		3,176,184
Home Depot, Inc.		343,967		11,598,567
J.C. Penney Co., Inc.		42,781		1,711,240
Jones Apparel Group, Inc.		19,691		735,459
Kohl’s Corp. (b)		52,997		2,425,143
Limited, Inc. (The)		65,828		1,345,524
Lowe’s Companies, Inc.		118,499		5,773,271
May Department Stores Co. (The)		45,356		1,203,295
Nordstrom, Inc.		21,346		937,089
Office Depot, Inc. (b)		48,762		799,697
Sears, Roebuck & Co.		35,146		1,289,155
Staples, Inc.		77,348		2,233,810
Starbucks Corp. (b)		62,962		2,956,696
Target Corp.		139,990		6,103,564
Tiffany & Co.		22,586		807,450

	Shares
	or
	Principal
	Amount		Value
TJX Cos., Inc.		76,968		1,806,439
Toys “R” Us, Inc. (b)		30,401		500,400
Wal-Mart Stores, Inc.		657,982		34,879,626
				95,085,557
Retail / Food & Drug (0.7%)
Albertson’s, Inc.		61,861		1,508,790
Kroger Co. (b)		115,809		1,829,782
Safeway, Inc. (b)		66,282		1,400,539
Supervalu, Inc.		18,531		529,245
Walgreen Co.		159,125		5,792,150
Winn-Dixie Stores, Inc.		17,966		113,545
				11,174,051
Semiconductors (0.6%)
Advanced Micro Devices, Inc. (b)		55,142		688,724
Analog Devices, Inc.		56,957		2,261,193
Applied Materials, Inc. (b)		260,719		4,424,401
Micron Technology, Inc. (b)		95,168		1,287,623
Novellus Systems, Inc. (b)		25,621		691,767
				9,353,708
Services (1.2%)
Autodesk, Inc.		19,431		781,126
Deluxe Corp.		7,735		340,727
eBay, Inc. (b)		101,138		7,922,139
Equifax, Inc.		21,351		514,986
Exelon Corp.		103,098		3,598,119
IMS Health, Inc.		36,574		886,554
Omnicom Group, Inc.		29,391		2,116,740
Paychex, Inc.		57,052		1,752,067
Robert Half International, Inc.		26,706		742,961
Ryder System, Inc.		9,705		416,345
Sabre Holdings, Inc.		21,673		553,312
				19,625,076
Steel (0.1%)
Allegheny Teledyne, Inc.		12,675		254,134
Nucor Corp.		13,365		1,117,983
United States Steel Corp.		19,931		760,168
Worthington Industries, Inc.		13,505		276,582
				2,408,867
Telecommunications (3.3%)
ADC Telecommunications, Inc. (b)		123,392		296,141
ALLTEL Corp.		48,067		2,499,484
Andrew Corp. (b)		25,046		271,749
AT&T Corp.		128,100		1,934,310
AT&T Wireless Services, Inc. (b)		425,128		6,138,848
BellSouth Corp.		286,024		7,748,390
CenturyTel, Inc.		21,676		671,739
Comverse Technology, Inc. (b)		34,306		585,260
Lucent Technologies, Inc. (b)		656,532		2,002,423
Nextel Communications, Inc. (b)		172,576		3,927,830
QUALCOMM, Inc.		125,289		8,654,964
Qwest Communications International, Inc. (b)		278,230		1,082,315
SBC Communications, Inc.		516,318		13,083,498
Scientific-Atlanta, Inc.		23,916		735,417
Sprint Corp.		220,242		4,114,121
Univision Communications, Inc., Class A (b)		49,217		1,425,816
				55,172,305
Tire & Rubber (0.0%)
Cooper Tire & Rubber Co.		13,745		322,320

	Shares
	or
	Principal
	Amount		Value
Goodyear Tire & Rubber Co. (b)		26,421		289,310
				611,630
Tobacco (0.1%)
R.J. Reynolds Tobacco		14,595		1,050,110
UST, Inc.		25,781		978,389
				2,028,499
Trucking (0.8%)
United Parcel Service, Inc., Class B		173,616		12,493,407
Utilities (2.3%)
AES Corp. (The) (b)		90,893		877,117
Allegheny Energy, Inc. (b)		24,496		363,521
Ameren Corp.		24,556		1,097,408
American Electric Power Co., Inc.		61,697		1,919,394
Calpine Corp. (b)		83,542		322,472
Centerpoint Energy, Inc.		47,942		556,607
Cinergy Corp.		26,736		1,022,652
CMS Energy Corp. (b)		16,956		153,113
Consolidated Edison, Inc.		40,526		1,660,350
Constellation Energy Group, Inc.		26,286		1,013,325
Dominion Resources, Inc.		49,494		3,140,888
DTE Energy Co.		24,291		975,769
Duke Energy Corp.		142,517		3,064,115
Edison International		50,632		1,356,938
Entergy Corp.		37,776		2,172,120
FirstEnergy Corp.		51,400		2,009,740
FPL Group, Inc.		28,566		1,923,349
NiSource, Inc.		37,858		783,661
PG&E Corp. (b)		65,372		1,865,717
Pinnacle West Capital Corp.		14,125		572,063
PPL Corp.		24,331		1,127,742
Progress Energy, Inc.		38,451		1,620,325
Public Service Enterprise Group, Inc.		36,511		1,423,929
Southern Co.		114,949		3,365,706
TECO Energy, Inc.		29,381		379,015
TXU Corp.		51,722		2,051,295
Xcel Energy, Inc.		62,287		1,065,108
				37,883,439
Total Common Stock				1,591,068,720
Repurchase Agreements (3.2%)
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $2,023,908, (Fully collateralized by AA Rated Corporate Bonds)	$	2,023,701		2,023,701
Nomura Securities, 1.23%, dates 07/30/04, due 08/02/04, repurchase price $50,793,643, (Fully collateralized by AA Rates Corporate Bonds and Government National Mortgage Association Securities)		50,788,437		50,788,437
Total Repurchase Agreement				52,812,138
Short-Term Securities Held as Collateral for Securities Lending (2.9%)
Pool of various securities for Gartmore	$	47,851,485		47,851,485
Mutual Funds – Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				47,851,485

	Shares
	or
	Principal
	Amount	Value
Total Investments (Cost $1,659,323,218) (a) - 102.6%			1,691,732,343
Other liabilities in excess of assets — (2.6%)			(43,304,979	)
NET ASSETS - 100.0%		$	1,648,427,364

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

Unrealized appreciation	$	126,440,318
Unrealized depreciation		(94,031,193	)
Net unrealized appreciation (depreciation)	$	32,409,125

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

(b) Denotes a non-income producing security.

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

							Unrealized
					Market Value		Appreciation
Number of Contracts	Long Contracts		Expiration		Covered by Securities		(Depreciation)
204		S&P500		09/17/04	$	56,156,100		($597,863	)

Gartmore Small Cap Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (99.2%)
Aerospace/Defense Equipment (1.1%)
AAR Corp. (b)		12,149	$	126,350
United Defense Industries, Inc. (b)		3,912		135,550
				261,900
Airlines (1.2%)
Alaska Air Group, Inc. (b)		3,565		74,259
America West Holdings Corp., Class B (b)		6,472		39,350
Atlantic Coast Airlines Holdings, Inc. (b)		33,055		121,312
Continental Airlines, Inc., Class B (b)		7,896		70,985
				305,906
Apparel (0.3%)
Kellwood Co.		1,970		79,096
Appliances (0.6%)
York International Corp.		3,933		139,936
Auto Parts & Equipment (1.4%)
ArvinMeritor, Inc.		5,038		100,105
CSK Auto Corp. (b)		7,458		103,293
Wabash National Corp. (b)		4,992		144,169
				347,567
Banking (8.0%)
ABC Bancorp		5,238		91,875
Colonial Bancgroup, Inc.		7,153		137,981
Dime Community Bancshares		6,523		108,412
First Commonwealth Financial Corp.		5,490		70,217
First Republic Bank		2,429		105,176
Franklin Bank Corp. (b)		7,839		123,543
Greater Bay Bancorp		4,440		116,994
Hudson United Bancorp		2,983		102,168
IndyMac Bancorp, Inc.		4,101		136,235
MAF Bancorp, Inc.		3,335		133,900
NBT Bancorp, Inc.		4,691		102,029
Oriental Financial Group, Inc.		4,143		105,439
Provident Bankshares Corp.		5,408		161,644
Sierra Bancorp		4,640		77,720
Signature Bank (b)		5,398		134,842
Southwest Bancorp of Texas, Inc.		2,966		60,358
The Bancorp Bank (b)		5,613		99,575
Western Sierra Bancorp (b)		2,470		82,622
				1,950,730
Beverages (0.2%)
Coca-Cola Bottling Consolidated		1,069		60,602
Building Materials (0.9%)
Hovnanian Enterprises, Inc., Class A (b)		2,618		81,237
RPM, Inc.		10,101		152,020
				233,257
Business Equipment & Services (0.7%)
Ciber, Inc. (b)		15,373		115,298
John H. Harland Co.		1,600		45,296

	Shares
	or
	Principal
	Amount		Value
Per-Se Technologies, Inc. (b)		1,600		22,480
				183,074
Capital Goods (0.4%)
Kennametal, Inc.		2,252		99,088
Casino Hotels (0.7%)
MTR Gaming Group, Inc. (b)		18,788		182,431
Chemicals (2.1%)
Cytec Industries, Inc.		2,046		95,344
Great Lakes Chemical Corp.		5,665		135,847
Hercules, Inc. (b)		24,861		293,608
				524,799
Coal (0.6%)
Peabody Energy Corp.		2,500		140,450
Communication Equipment (0.6%)
Powerwave Technologies, Inc (b)		25,820		143,043
Computer Software & Services (8.8%)
Borland Software Corp. (b)		21,171		175,084
Citadel Security Software, Inc. (b)		14,472		33,286
Digitas, Inc. (b)		16,642		111,335
E.piphany, Inc. (b)		78,150		312,599
Eresearch Technology, Inc. (b)		2,000		49,820
Hutchinson Technology, Inc. (b)		2,300		51,221
JDA Software Group, Inc. (b)		6,257		66,637
ManTech International Corp. (b)		5,889		84,213
Mentor Graphics Corp. (b)		5,891		69,514
Mercury Computer Systems, Inc. (b)		4,196		99,907
Neoware Systems, Inc. (b)		14,592		98,204
NetIQ Corp. (b)		28,269		269,404
NVIDIA Corp. (b)		5,055		77,847
Omicell, Inc. (b)		9,600		140,160
Retek, Inc. (b)		17,439		70,802
Siebel Systems, Inc. (b)		13,039		105,094
Synnex Corp. (b)		10,320		155,316
Take-Two Interactive Software, Inc. (b)		5,707		178,743
				2,149,186
Consulting Services (1.6%)
Bearingpoint, Inc. (b)		27,461		226,828
Gartner, Inc., Class A (b)		13,895		174,382
				401,210
Consumer Goods & Services (1.9%)
Alderwoods Group, Inc. (b)		3,000		26,655
American Woodmark Corp.		2,321		132,088
Crown Holdings, Inc. (b)		8,231		83,462
Department 56, Inc. (b)		8,598		132,582
K2, Inc. (b)		6,757		96,287
				471,074
Cosmetics (0.5%)
Elizabeth Arden, Inc. (b)		6,520		128,248
Drugs (0.9%)
Guilford Pharmaceuticals, Inc. (b)		28,100		116,615
Incyte Pharmaceuticals, Inc. (b)		5,200		31,980
Perrigo Co.		4,300		71,638
				220,233
Electronics (2.7%)
Applied Micro Circuits Corp. (b)		35,634		128,282
Benchmark Electronics, Inc. (b)		7,010		200,346
DRS Technologies, Inc. (b)		4,769		170,349
Molecular Devices Corp. (b)		600		12,246

	Shares
	or
	Principal
	Amount		Value
Sanmina Corp. (b)		19,974		146,609
				657,832
Energy (3.3%)
Black Hills Corp.		4,513		124,649
Calpine Corp. (b)		135,165		521,737
KFx, Inc. (b)		400		3,172
NRG Energy, Inc. (b)		3,029		80,541
Reliant Energy, Inc. (b)		8,251		81,520
				811,619
Engineering (0.6%)
URS Corp. (b)		5,934		143,306
Entertainment (1.1%)
Emmis Communications Corp. (b)		5,462		107,711
Sinclair Broadcast Group, Inc., Class A		8,999		89,180
Young Broadcasting, Inc., Class A (b)		6,280		67,133
				264,024
Financial (4.7%)
Affiliated Managers Group, Inc. (b)		4,389		201,499
American Capital Strategies Ltd.		3,502		102,363
CompuCredit Corp. (b)		6,056		95,261
Cullen/Frost Bankers, Inc.		2,412		103,764
E*TRADE Group, Inc. (b)		6,588		72,929
FirstFed Financial Corp. (b)		2,732		123,787
GATX Corp.		3,292		83,880
Radian Group, Inc.		2,927		134,701
South Financial Group, Inc.		8,730		236,495
				1,154,679
Food & Related (1.7%)
Ralcorp Holding, Inc. (b)		7,771		283,409
Wild Oats Markets, Inc. (b)		2,752		34,675
Winn-Dixie Stores, Inc.		13,985		88,385
				406,469
Gambling (1.6%)
Dover Downs Gaming and Entertainment, Inc.		41,369		405,003
Healthcare (3.9%)
Covance, Inc. (b)		9,003		330,321
Digene Corp. (b)		4,580		156,361
Lincare Holdings, Inc. (b)		4,176		133,381
PSS World Medical, Inc. (b)		11,758		115,111
Techne Corp. (b)		5,600		222,880
				958,054
Hotels / Motels (0.4%)
Aztar Corp. (b)		3,932		95,430
Insurance (2.2%)
Amerus Group Co.		2,717		104,605
Mercer Insurance Goup, Inc. (b)		5,674		67,067
Old Republic International Corp.		7,619		177,446
Phoenix Cos., Inc. (The)		9,028		93,620
ProCentury Corp. (b)		10,101		98,889
				541,627
Internet (1.4%)
Interwoven, Inc. (b)		22,530		169,426
Priceline.com, Inc. (b)		3,216		76,155
WatchGuard Technologies, Inc. (b)		16,361		86,222
				331,803
Machinery (1.0%)
Bucyrus International, Inc. (b)		5,465		131,160
Flowserve Corp. (b)		4,441		106,362

	Shares
	or
	Principal
	Amount		Value
				237,522
Manufacturing (2.3%)
Harsco Corp.		2,848		127,818
Integrated Device Technology, Inc. (b)		13,365		152,762
P.H. Glatfelter & Co.		15,497		206,575
Timken Co.		3,490		86,692
				573,847
Medical (3.4%)
Adolor Corp. (b)		20,140		214,491
Advanced Medical Optics, Inc. (b)		9,600		365,280
Biolase Technology, Inc. (b)		21,221		195,870
Kensey Nash Corp. (b)		1,700		48,093
Merit Medical Systems, Inc. (b)		1		17
				823,751
Metals (1.7%)
Century Aluminum Co. (b)		6,768		159,386
International Steel Group, Inc. (b)		5,744		188,002
Schnitzer Steel Industries, Inc.		1,955		60,468
				407,856
Networking Products (0.5%)
3Com Corp. (b)		12,977		63,977
Enterasys Networks, Inc. (b)		35,178		59,099
				123,076
Oil & Gas (9.2%)
Airgas, Inc.		21,266		462,535
Cimarex Energy Co. (b)		1,800		58,554
Encore Acquisition Co. (b)		6,560		193,323
Grey Wolf, Inc. (b)		58,575		263,002
Nabors Industries Ltd. (b)		4,471		207,902
Noble Energy, Inc.		1,250		69,138
Oceaneering International, Inc. (b)		2,129		70,406
Patterson-UTI Energy, Inc.		9,179		167,333
Pride International, Inc. (b)		18,258		328,643
Varco International, Inc. (b)		6,185		149,491
Williams Cos., Inc. (The)		22,701		275,817
				2,246,144
Paper & Related Products (1.9%)
Bowater, Inc.		3,262		121,673
Buckeye Technologies, Inc. (b)		7,367		79,122
Rock-Tenn Co., Class A		9,780		138,582
Sappi Ltd. ADR - ZA		8,871		129,339
				468,716
Pharmaceuticals (2.6%)
Acadia Pharmaceuticals, Inc. (b)		20,500		126,690
Alnylam Pharmaceuticals, Inc. (b)		49,500		254,926
Biomarin Pharmaceutical, Inc. (b)		8,007		45,800
Dyax Corp. (b)		1,060		8,151
Kos Pharmaceuticals, Inc. (b)		2,500		73,925
Nuvelo, Inc. (b)		16,402		131,872
				641,364
Radio (0.8%)
Citadel Broadcasting Co. (b)		8,277		116,623
Westwood One, Inc. (b)		3,716		88,441
				205,064
Real Estate Investment Trusts (4.7%)
American Financial Realty Trust		13,496		178,821
Equity Inns, Inc.		7,368		66,828
Friedman, Billings, Ramsey Group, Inc.		7,639		125,662
Global Signal, Inc.		9,230		189,676

	Shares
	or
	Principal
	Amount		Value
Government Properties Trust, Inc.		14,140		140,552
MeriStar Hospitality Corp. (b)		15,386		89,239
Sunset Financial Resources, Inc. (b)		17,807		185,014
Taubman Centers, Inc.		4,310		99,561
Weingarten Realty Investors		2,590		79,772
				1,155,125
Retail (3.9%)
Callaway Golf Co.		3,699		40,689
CBRL Group, Inc.		4,175		138,693
Christopher & Banks Corp.		7,671		125,574
Insight Enterprises, Inc. (b)		7,810		125,272
Linens ‘n Things, Inc. (b)		2,834		75,441
PETCO Animal Supplies, Inc. (b)		2,987		89,222
ShopKo Stores, Inc. (b)		8,440		131,242
Sports Authority, Inc. (The) (b)		2,233		56,942
Stage Stores, Inc. (b)		393		13,936
Too, Inc. (b)		3,960		59,321
Toys ‘R’ Us, Inc. (b)		6,175		101,641
				957,973
Semiconductors (2.3%)
Actel Corp. (b)		3,235		48,590
DuPont Photomask, Inc. (b)		9,560		156,210
Integrated Circuit Systems, Inc. (b)		6,514		155,815
Intersil Corp.		11,066		203,282
				563,897
Services (2.5%)
Labor Ready, Inc. (b)		3,513		49,252
Medicis Pharmaceutical Corp., Class A		1,300		46,501
Plexus Corp. (b)		22,345		250,488
Service Corp. International (b)		13,600		86,360
United Rentals, Inc. (b)		8,656		171,735
				604,336
Telecommunications (1.4%)
Andrew Corp. (b)		6,886		74,713
Cincinnati Bell, Inc. (b)		30,788		124,384
Tetra Technology, Inc. (b)		9,661		155,928
				355,025
Tobacco (1.0%)
DIMON, Inc.		13,609		73,489
Loews Corp. - Carolina Group		7,681		182,500
				255,989
Transportation (2.6%)
Celadon Group (b)		4,238		74,250
Genesee & Wyoming, Inc., Class A (b)		5,227		121,266
Oshkosh Truck Corp.		1,933		102,391
Pacer International, Inc. (b)		10,987		173,430
Sirva, Inc. (b)		7,153		167,237
				638,574
Utilities (0.3%)
Allegheny Energy, Inc. (b)		4,381		65,014
Waste Management (1.0%)
WCA Waste Corp. (b)		28,515		256,635
Total Common Stocks				24,371,584
Repurchase Agreement (0.3%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $3,036 (Fully collateralized by AA Rated Corporate Bonds)	$	3,036		3,036

	Shares
	or
	Principal
	Amount		Value
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $76,193 (Fully collateralized by U.S. Agency Securities)		76,190		76,190
Total Repurchase Agreement				79,226
Short-Term Securities Held as Collateral for Securities Lending
Pool of various securities for Gartmore		9,848,138		9,848,138
Mutual Funds - Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				9,848,138
Total Investments (Cost $35,349,971) (a) - 139.5%				34,298,948
Other assets in excess of liabilities - (39.5)%				(9.720.618	)
NET ASSETS - 100.0%			$	24,578,330

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

Unrealized appreciation	$	1,069,347
Unrealized depreciation		(2,120,370	)
Net unrealized appreciation (depreciation)	$	(1,051,023	)

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

ADR
ZA American Depositary Receipt
South Africa

Gartmore Small Cap Growth Fund
Schedule of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (81.3%)
Aircraft Engines & Engine Parts (1.4%)
Woodward Governor Co.		600	$	36,822
Apparel & Other Textile Products (0.9%)
U.S.I. Holdings Corp. (b)		1,800		25,200
Auction Houses & Art Dealers (0.9%)
Sotheby’s Holdings, Inc., Class A (b)		1,500		23,970
Banking (5.3%)
Colonial BancGroup, Inc.		1,900		36,651
East West Bancorp, Inc.		1,700		57,324
Provident Bankshares Corp.		1,600		47,824
				141,799
Beverages (3.8%)
Cott Corp. (b)		2,000		55,960
Jones Soda Co. (b)		12,100		45,133
				101,093
Biological Products (2.0%)
Genitope Corp. (b)		6,100		54,534
Brokerage Services (1.0%)
Hub International Ltd.		1,400		25,956
Clothing (1.9%)
Urban Outfitters, Inc. (b)		1,700		50,558
Coal (3.3%)
CONSOL Energy, Inc.		500		17,920
Massey Energy Co.		1,300		35,945
Peabody Energy Corp.		600		33,708
				87,573
Communications Equipment (2.5%)
Tellabs, Inc. (b)		2,800		24,948
UNOVA, Inc. (b)		2,400		40,584
				65,532
Computer Services (6.0%)
Digitas, Inc. (b)		3,100		20,739
PalmOne, Inc. (b)		2,000		80,440
ScanSource, Inc. (b)		1,000		58,600
				159,779
Distribution (2.0%)
SCP Pool Corp.		1,300		53,599
Electric & Electronic Equipment (3.7%)
Littelfuse, Inc. (b)		1,200		46,560
Mine Safety Appliances Co.		1,400		52,010
				98,570
Entertainment (1.5%)
Midway Games, Inc. (b)		3,500		40,005
Healthcare Services (3.5%)
Cooper Cos., Inc.		1,000		59,450

	Shares
	or
	Principal
	Amount		Value
Henry Schein, Inc. (b)		500		33,550
				93,000
Management Services (2.6%)
Navigant Consulting Co. (b)		2,186		45,797
Portfolio Recovery Associates, Inc. (b)		900		23,823
				69,620
Manufacturing (5.7%)
Clarcor, Inc.		1,100		48,400
Flir Systems, Inc. (b)		800		50,904
Gen-Probe, Inc. (b)		1,400		52,388
				151,692
Mining Machinery (3.1%)
Joy Global, Inc.		1,300		38,597
Reliance Steel & Aluminum Co.		1,100		43,802
				82,399
Oil & Gas (10.6%)
Cal Dive International, Inc. (b)		900		27,900
CARBO Ceramics, Inc.		300		21,249
Chesapeake Energy Corp.		2,100		32,235
FMC Technologies, Inc. (b)		1,100		33,000
Frontier Oil Corp.		2,800		60,060
Grey Wolf, Inc. (b)		8,800		39,512
Teekay Shipping Corp.		800		31,824
Ultra Petroleum Corp. (b)		800		35,896
				281,676
Retail (7.1%)
MSC Industrial Direct Co., Class A		1,900		59,470
Smart & Final, Inc. (b)		2,000		30,020
Smithfield Foods, Inc. (b)		1,800		51,012
United Natural Foods, Inc. (b)		2,200		47,674
				188,176
Steel (3.1%)
Steel Dynamics, Inc.		1,000		32,750
Steel Technologies, Inc.		2,200		50,842
				83,592
Transportation (5.1%)
EGL, Inc. (b)		2,200		55,902
Marten Transport, Ltd. (b)		2,500		49,125
OMI Corp.		2,200		32,010
				137,037
Utilities (3.4%)
Allegheny Energy, Inc. (b)		3,100		46,004
Sierra Pacific Resources (b)		5,400		44,388
				90,392
Veterinary Diagnostics (0.9%)
VCA Antech, Inc. (b)		600		25,218
Total Common Stocks				2,167,792
Repurchase Agreement (16.8%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $17,194 (Fully collateralized by AA Rated Corporate Bonds)		17,193		17,193
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $431,528 (Fully collateralized by U.S. Agency Securities)		431,513		431,513

	Shares
	or
	Principal
	Amount	Value
Total Repurchase Agreement			448,706
Total Investments (Cost $2,578,114) (a) - 98.1%			2,616,498
Other assets in excess of liabilities - 1.9%			50,510
NET ASSETS - 100.0%		$	2,667,008

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

Unrealized appreciation	$	86,786
Unrealized depreciation		(48,402	)
Net unrealized appreciation (depreciation)	$	38,384

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

(b) Non-income producing securities.

See notes to financial statements.

Gartmore Small Cap Index Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (84.5%)
Advertising Services (0.2%)
24/7 Real Media, Inc. (b)		2,000	$	7,620
Cross Media Marketing Corp. (b)		100		0
Grey Global Group, Inc.		178		158,420
R.H. Donnelley Corp. (b)		4,850		220,093
SITEL Corp. (b)		7,900		23,700
Ventiv Health, Inc. (b)		4,200		64,008
				473,841
Aerospace/Defense (0.8%)
AAR Corp. (b)		7,323		76,159
BE Aerospace, Inc. (b)		6,000		59,940
Curtiss-Wright Corp.		3,728		200,379
DRS Technologies, Inc. (b)		5,322		190,102
Ducommun, Inc. (b)		1,400		27,300
Esterline Technologies Corp. (b)		3,700		116,143
Gencorp, Inc.		8,938		105,558
HEICO Corp.		4,577		80,418
Herley Industries, Inc. (b)		2,900		54,520
Hexcel Corp. (b)		3,400		39,950
Innovative Solutions and Support, Inc. (b)		2,000		44,540
Kaman Corp., Class A		6,508		80,960
Moog, Inc., Class A (b)		5,189		188,724
Sequa Corp., Class A (b)		841		43,900
Taser International, Inc. (b)		5,100		159,885
Teledyne Technologies, Inc. (b)		6,863		148,653
Titan Corp. (The) (b)		13,763		164,743
United Industrial Corp.		2,900		71,079
				1,852,953
Agricultural Products (0.1%)
Alico, Inc.		700		27,013
Delta and Pine Land Co.		7,628		171,249
Maui Land & Pineapple Co., Inc. (b)		437		14,683
				212,945
Airlines (0.5%)
AirTran Holdings, Inc. (b)		15,823		176,427
Alaska Air Group, Inc. (b)		5,778		120,356
America West Holdings Corp., Class B (b)		6,300		38,304
Atlantic Coast Airlines Holdings, Inc. (b)		9,863		36,197
Continental Airlines, Inc., Class B (b)		13,539		121,716
Delta Air Lines, Inc. (b)		22,500		116,775
ExpressJet Holdings, Inc. (b)		5,646		61,541
Frontier Airlines, Inc. (b)		7,357		57,900
Mesa Air Group, Inc. (b)		7,539		47,043
Northwest Airlines Corp., Class A (b)		16,688		144,017
Pinnacle Airlines Corp. (b)		2,600		26,026
SkyWest, Inc.		12,177		172,061
				1,118,363
Analytical Instruments (0.4%)
ArthroCare Corp. (b)		4,846		129,049
Datascope Corp.		2,393		83,061

	Shares
	or
	Principal
	Amount		Value
Diagnostic Products Corp.		4,114		165,177
Haemonetics Corp. (b)		3,815		114,450
Illumina, Inc. (b)		4,000		20,600
Inverness Medical Innovations, Inc. (b)		1,981		33,578
Molecular Devices Corp. (b)		3,239		66,108
Thoratec Corp. (b)		10,323		105,295
Urologix, Inc. (b)		3,500		35,420
Ventana Medical Systems, Inc. (b)		2,700		134,811
West Pharmaceutical Services, Inc.		2,701		102,881
				990,430
Apparel/Accessories (1.4%)
Aeropostale, Inc. (b)		11,450		348,997
Angelica Corp.		1,800		43,326
Bebe Stores, Inc. (b)		1,200		23,316
Brown Shoe Co., Inc.		4,502		145,099
Buckle, Inc. (The)		844		23,210
Burlington Coat Factory Warehouse Corp.		3,325		60,316
Charming Shoppes, Inc. (b)		23,510		172,563
Cherokee, Inc.		1,300		31,759
Deb Shops, Inc.		100		2,292
Deckers Outdoor Corp. (b)		2,200		64,350
DHB Industries, Inc. (b)		4,990		75,898
Finish Line, Inc., Class A (b)		3,850		109,610
G & K Services, Inc., Class A		3,622		139,519
Goody’s Family Clothing, Inc.		4,600		40,112
Guess?, Inc. (b)		2,100		34,020
Hartmarx Corp. (b)		2,100		15,834
HOT Topic, Inc. (b)		11,138		177,317
Jos. A. Bank Clothiers, Inc. (b)		1,696		52,118
K-Swiss, Inc., Class A		5,161		92,898
Kellwood Co.		6,307		253,226
Kenneth Cole Productions, Inc., Class A		1,270		40,754
Oxford Industries, Inc.		2,528		100,033
Payless ShoeSource, Inc. (b)		13,464		174,224
Perry Ellis International, Inc. (b)		1,700		40,052
Phillips-Van Heusen Corp.		4,790		90,866
Russell Corp.		5,586		98,816
Shoe Carnival, Inc. (b)		1,400		18,732
Skechers U.S.A., Inc. (b)		3,885		53,419
Stage Stores, Inc. (b)		3,701		131,237
Steven Madden Ltd. (b)		2,319		43,597
Stride Rite Corp. (The)		9,312		96,845
UniFirst Corp.		1,798		53,437
Warnaco Group, Inc. (The) (b)		8,854		167,341
Wolverine World Wide, Inc.		8,931		208,807
				3,223,940
Appliances & Household Durables (0.1%)
Applica, Inc. (b)		4,826		24,854
Middleby Corp.		1,100		59,620
National Presto Industries, Inc.		881		35,434
				119,908
Auto Parts & Equipment (1.0%)
A.S.V., Inc. (b)		1,468		48,415
Aftermarket Technology Corp. (b)		1,436		21,526
ArvinMeritor, Inc.		12,600		250,362
Collins & Aikman Corp. (b)		7,440		37,870
Dollar Thrifty Automotive Group, Inc. (b)		5,100		122,859
Electro Rent Corp.		2,500		24,300
Exide Technologies (b)		4,600		74,566

	Shares
	or
	Principal
	Amount		Value
Hayes Lemmerz International, Inc. (b)		7,700		100,485
Hayes Lemmerz International, Inc. (b) (d)		110		0
Lithia Motors, Inc., Class A		2,900		67,744
LKQ Corp. (b)		1,900		33,763
McGrath Rentcorp		1,323		42,931
Midas, Inc. (b)		3,184		56,834
Modine Manufacturing Co.		5,100		151,266
Monro Muffler, Inc. (b)		1,750		38,693
Noble International Ltd.		1,700		34,323
Pep Boys — Manny, Moe & Jack (The)		11,643		241,010
Sports Resorts International, Inc. (b)		1,300		4,888
Standard Motor Products, Inc.		1,400		20,020
Strattec Security Corp. (b)		400		25,600
Superior Industries International, Inc.		4,684		153,120
TBC Corp. (b)		3,641		87,129
Tenneco Automotive, Inc. (b)		9,510		132,284
Tower Automotive, Inc. (b)		14,434		45,467
United Auto Group, Inc.		3,322		91,156
Visteon Corp.		27,995		287,788
Wabash National Corp. (b)		5,440		157,107
				2,351,506
Bank Holdings Companies (8.6%)
1st Source Corp.		1,800		43,344
ABC Bancorp		2,090		36,659
Alabama National Bancorp		2,275		130,198
AMCORE Financial, Inc.		5,826		164,585
AmericanWest Bancorp (b)		4,580		79,234
Arrow Financial Corp.		1,643		46,004
BancFirst Corp.		500		29,725
BancorpSouth, Inc.		14,100		297,791
BancTrust Financial Group, Inc.		1,400		24,612
Bank Mutual Corp.		13,403		151,186
Bank of Granite Corp.		1,787		34,221
Bank of the Ozarks, Inc.		1,816		46,399
BankAtlantic Bancorp, Inc., Class A		10,912		199,035
BankUnited Financial Corp. (b)		5,927		159,081
Banner Corp.		1,887		51,440
Berkshire Hills Bancorp, Inc.		1,000		37,400
BFC Financial Corp. (b)		300		3,072
Boston Private Financial Holdings, Inc.		6,387		148,242
Brookline Bancorp, Inc.		12,905		183,638
Bryn Mawr Bank Corp.		1,400		30,548
Camden National Corp.		1,000		31,040
Capital City Bank Group, Inc.		1,294		49,961
Capital Corp of the West		1,000		39,400
Capital Crossing Bank (b)		200		10,290
Capitol Bancorp Ltd.		1,300		33,605
Cascade Bancorp		4,375		79,975
Cathay Bancorp, Inc.		4,402		294,977
CB Bancshares, Inc.		1,192		109,664
Center Financial Corp.		1,820		27,555
Central Coast Bancorp (b)		882		15,742
Century Bancorp, Inc.		1,392		45,310
Charter Financial, Inc.		200		6,458
Chemical Financial Corp.		4,681		161,682
Chittenden Corp.		8,130		276,176
Citizens Banking Corp.		9,406		295,347
Citizens First Bancorp, Inc.		1,000		23,500
City Bank		1,107		36,088
City Holding Co.		4,082		124,379
Clifton Savings Bancorp, Inc.		1,000		11,720

	Shares
	or
	Principal
	Amount		Value
Coastal Financial Corp.		2,237		33,510
CoBiz, Inc.		2,374		32,524
Columbia Bancorp		1,100		30,393
Columbia Banking System, Inc.		3,909		85,099
Commercial Federal Corp.		10,022		263,879
Community Bank System, Inc.		5,924		133,349
Community Banks, Inc.		2,003		53,300
Community First Bankshares, Inc.		8,080		260,176
Community Trust Bancorp, Inc.		2,142		64,624
Corus Bankshares, Inc.		3,000		120,450
CVB Financial Corp.		6,764		139,744
Dime Community Bancshares		7,449		123,802
East West Bancorp, Inc.		10,458		352,643
F.N.B. Corp.		8,000		161,040
Farmers Capital Bank Corp.		520		17,550
Fidelity Bankshares, Inc.		2,514		85,954
Financial Institutions, Inc.		800		18,600
First Bancorp		976		28,792
First Bancorp		6,200		263,190
First Busey Corp.		1,100		31,856
First Charter Corp.		5,300		119,515
First Citizens BancShares, Inc., Class A		1,234		146,846
First Commonwealth Financial Corp.		14,428		184,534
First Community Bancorp		3,200		127,200
First Community Bankshares, Inc.		1,620		53,298
First Federal Capital Corp.		4,865		137,680
First Financial Bancorp.		5,831		101,459
First Financial Bankshares, Inc.		2,337		93,527
First Financial Corp.		2,694		85,885
First Indiana Corp.		1,300		24,622
First Merchants Corp.		3,025		75,202
First Midwest Bancorp, Inc.		8,500		287,045
First National Bankshares of Florida		8,240		146,590
First Niagara Financial Group, Inc.		17,398		212,082
First Oak Brook Bank		700		21,371
First of Long Island Corp. (The)		400		17,568
First Place Financial Corp.		1,500		26,730
First Republic Bancorp, Inc.		3,195		138,344
First State Bancorp		2,289		66,953
FirstFed Financial Corp. (b)		3,200		144,992
Flagstar Bancorp, Inc.		7,600		149,492
Flushing Financial Corp.		2,850		49,248
FNB Corp.		800		21,248
Franklin Bank Corp. (b)		3,300		52,008
Frontier Financial Corp.		2,746		92,266
GB&T Bancshares, Inc.		725		15,240
German American Bancorp		729		11,664
Glacier Bancorp, Inc.		6,562		173,762
Great Southern Bancorp, Inc.		1,576		44,475
Greater Bay Bancorp		11,048		291,115
Hancock Holding Co.		5,080		152,552
Hanmi Financial Corp.		2,470		71,630
Harbor Florida Bancshares, Inc.		4,119		118,586
Harleysville National Corp.		4,906		115,144
Heartland Financial USA, Inc.		1,350		24,422
Horizon Financial Corp.		1,800		35,100
Hudson River Bancorp, Inc.		5,855		101,174
Iberiabank Corp.		1,700		95,370
Independent Bank Corp.		2,610		73,941
Independent Bank Corp.		4,949		126,595
Integra Bank Corp.		3,598		70,125
Interchange Financial Services Corp.		1,600		38,192

	Shares
	or
	Principal
	Amount		Value
International Bancshares Corp.		1,623		62,578
ITLA Capital Corp. (b)		1,515		60,888
KNBT Bancorp, Inc.		4,700		76,375
Lakeland Bancorp, Inc.		2,532		40,588
Lakeland Financial Corp.		500		15,650
Macatawa Bank Corp.		1,007		27,189
MAF Bancorp, Inc.		6,030		242,105
Main Street Banks, Inc.		2,690		73,625
MB Financial, Inc.		3,450		125,718
MBT Financial Corp.		1,938		36,667
Mercantile Bank Corp.		1,931		66,542
Mid-State Bancshares, Inc.		4,800		116,976
Midwest Banc Holding, Inc.		2,120		40,280
Nara Bancorp, Inc.		5,038		90,079
NASB Financial, Inc.		400		15,796
National Penn Bancshares, Inc.		4,092		119,200
NBC Capital Corp.		604		14,768
NBT Bancorp, Inc.		5,985		130,174
New Century Financial Corp.		6,294		296,132
Northwest Bancorp, Inc.		2,800		58,632
OceanFirst Financial Corp.		1,034		23,937
Ocwen Financial Corp. (b)		7,160		63,438
Old National Bancorp		12,400		295,119
Old Second Bancorp, Inc.		2,624		67,857
Omega Financial Corp.		2,533		78,270
Oriental Financial Group, Inc.		4,004		101,902
Pacific Capital Bancorp		9,774		270,935
Park National Corp.		2,500		294,299
Partners Trust Financial Group, Inc.		3,852		38,289
Peapack-Gladstone Financial Corp.		670		20,904
PennFed Financial Services, Inc.		870		28,632
PennRock Financial Services Corp.		904		25,158
Peoples Bancorp, Inc.		2,865		73,058
Peoples Holding Co.		1,217		39,674
PFF Bancorp, Inc.		3,037		111,519
PrivateBancorp, Inc.		4,100		114,800
Prosperity Bancshares, Inc.		3,000		72,690
Provident Bancorp, Inc.		5,875		64,919
Provident Bankshares Corp.		7,288		217,838
Provident Financial Holdings, Inc.		950		22,192
Provident Financial Services, Inc.		13,643		240,799
Quaker City Bancorp, Inc.		1,493		81,831
R&G Finanical Corp., Class B		6,194		217,286
Republic Bancorp, Inc.		13,478		197,453
Republic Bancorp, Inc., Class A		1,335		26,874
Riggs National Corp.		4,151		92,526
Royal Bancshares of Pennsylvania, Inc., Class A		500		11,625
S&T Bancorp, Inc.		5,230		174,002
S.Y. Bancorp, Inc.		1,400		30,660
Sandy Spring Bancorp, Inc.		2,856		88,993
Santander BanCorp		242		5,566
Seacoast Banking Corporation of Florida		2,225		42,275
Security Bank Corp.		1,800		59,058
Signature Bank (b)		300		7,494
Silicon Valley Bancshares (b)		7,728		282,922
Simmons First National Corp., Class A		2,100		51,744
Smithtown Bancorp, Inc.		1,500		48,765
Southern Community Financial Corp.		1,200		11,940
Southside Bancshares, Inc.		1,585		31,589
Southwest Bancorp, Inc.		3,300		61,776

	Shares
	or
	Principal
	Amount		Value
Southwest of Texas Bancorp, Inc.		14,582		296,743
State Bancorp, Inc.		672		15,382
State Financial Services Corp.		1,100		31,218
Sterling Bancorp		2,425		65,378
Sterling Bancshares, Inc.		9,126		119,003
Sterling Financial Corp.		4,312		104,782
Sterling Financial Corp. (b)		5,746		181,803
Suffolk Bancorp		2,083		62,428
Sun Bancorp, Inc. (b)		2,101		45,907
Susquehanna Bancshares, Inc.		10,685		248,640
Taylor Capital Group, Inc.		800		19,216
Texas Capital Bancshares, Inc. (b)		5,300		87,238
Texas Regional Bancshares, Inc.		5,841		259,866
Tierone Corp.		4,961		104,131
Tompkins Trustco, Inc.		1,371		63,943
TriCo Bancshares		2,124		38,296
TrustCo Bank Corp. NY		14,984		189,398
Trustmark Corp.		8,400		241,500
U.S.B Holding Co., Inc.		1,736		35,935
UMB Financial Corp.		3,331		166,950
Umpqua Holdings Corp.		11,192		253,051
Union Bankshares Corp.		2,530		75,015
United Bankshares, Inc.		6,600		208,032
United Community Banks, Inc.		4,950		113,999
United Community Financial Corp.		5,111		59,441
Univest Corporation of Pennsylvania		1,100		42,790
Unizan Financial Corp.		4,255		116,587
Virginia Commerce Bancorp, Inc. (b)		2,125		51,531
Virginia Financial Group, Inc.		900		28,701
Washington Trust Bancorp		2,540		63,805
Waypoint Financial Corp.		7,176		196,981
WesBanco, Inc.		3,500		98,560
West America Bancorp, Inc.		5,800		294,233
West Bancorp, Inc.		5,250		85,365
West Coast Bancorp		2,900		59,711
Western Sierra Bancorp (b)		1,245		41,645
Westfield Financial, Inc.		100		2,135
Wilshire State Bank (b)		1,900		52,079
Wintrust Financial Corp.		4,431		234,976
Yardville National Bancorp		2,600		70,070
				20,031,584
Beverages / Alcoholic (0.1%)
Boston Beer Co., Inc., Class A (b)		2,100		48,258
Robert Mondavi Corp. (The) (b)		2,651		91,963
				140,221
Biotechnology (0.9%)
Abgenix, Inc. (b)		18,243		178,325
Accelrys, Inc. (b)		6,106		46,406
Advancis Pharmaceutical Corp. (b)		400		3,232
Aksys Ltd. (b)		3,400		19,074
Axonyx, Inc. (b)		11,900		47,600
Cambrex Corp.		4,385		96,689
CancerVax Corp. (b)		2,000		13,140
Ciphergen Biosystems, Inc. (b)		4,200		17,220
CuraGen Corp. (b)		8,300		44,156
Curis, Inc. (b)		5,700		18,183
Cypress Bioscience, Inc. (b)		4,900		48,951
Digene Corp. (b)		2,661		90,847
Diversa Corp. (b)		4,433		39,764
Dyax Corp. (b)		6,000		46,140
Enzo Biochem, Inc. (b)		3,768		51,396

	Shares
	or
	Principal
	Amount		Value
Exelixis, Inc. (b)		11,800		93,456
Genelabs Technologies, Inc. (b)		13,200		29,832
Genencor International, Inc. (b)		600		9,864
Genta, Inc. (b)		17,210		29,601
GTx, Inc. (b)		200		1,702
Human Genome Sciences, Inc. (b)		23,900		239,597
I-Flow Corp. (b)		2,700		34,506
Integra LifeSciences Holdings (b)		4,000		126,380
Kosan Biosciences, Inc. (b)		5,560		35,417
Lexicon Genetics, Inc. (b)		11,500		69,690
Luminex Corp. (b)		4,200		32,004
Maxygen, Inc. (b)		3,709		36,756
Medarex, Inc. (b)		18,347		112,651
Microtek Medical Holdings, Inc. (b)		6,200		24,800
Myogen, Inc. (b)		1,400		10,416
Myriad Genetics, Inc. (b)		5,700		78,090
Nabi Biopharmaceuticals (b)		11,115		128,378
Nuvasive, Inc. (b)		2,500		25,025
Palomar Medical Technologies, Inc. (b)		1,600		23,744
SciClone Pharmaceuticals, Inc. (b)		10,600		44,626
SonoSite, Inc. (b)		3,800		86,564
Third Wave Technologies (b)		3,200		16,384
Zymogenetics, Inc. (b)		2,854		46,292
				2,096,898
Broadcast Media / Cable Television (0.9%)
4Kids Entertainment, Inc. (b)		2,601		56,650
Charter Communications, Inc., Class A (b)		58,580		181,012
Crown Media Holdings, Inc. (b)		2,858		19,920
Cumulus Media, Inc. (b)		10,798		158,515
Emmis Communications Corp. (b)		10,078		198,738
Entravision Communications Corp. (b)		7,500		53,025
Fisher Companies, Inc. (b)		900		45,090
Insight Communications Co., Inc. (b)		10,309		90,719
Journal Communications, Inc.		4,200		74,928
Liberty Corp.		3,225		141,578
Lin TV Corp., Class A (b)		6,800		123,420
Macrovision Corp. (b)		9,711		210,146
Martha Stewart Living Omnimedia, Inc. (b)		3,888		43,896
Mediacom Communications Corp. (b)		10,900		71,613
Nexstar Broadcasting Group, Inc., Class A (b)		3,200		31,424
Paxson Communications Corp. (b)		11,900		36,176
Readers Digest Association, Inc. (The)		17,900		255,612
Salem Communications Corp., Class A (b)		1,900		48,260
Sinclair Broadcast Group, Inc., Class A		8,668		85,900
TiVo, Inc. (b)		11,339		64,065
ValueVision International, Inc., Class A (b)		3,718		42,980
Young Broadcasting, Inc., Class A (b)		4,484		47,934
				2,081,601
Business Services (2.4%)
Aaron Rents, Inc.		4,629		148,683
ABM Industries, Inc.		7,478		134,529
Administaff, Inc. (b)		4,174		55,514
Advisory Board Co. (The) (b)		2,992		95,505
ADVO, Inc.		6,092		188,791
AMN Healthcare Services, Inc. (b)		2,366		30,521
CACI International, Inc., Class A (b)		6,619		272,108
Catalina Marketing Corp. (b)		9,407		187,858
CDI Corp.		2,521		71,899
Century Business Services, Inc. (b)		12,243		51,665
Charles River Associates, Inc. (b)		3,131		100,317
Chemed Corp.		2,350		109,980

	Shares
	or
	Principal
	Amount		Value
Ciber, Inc. (b)		10,054		75,405
Circle Group Holdings, Inc. (b)		1,900		4,712
Circor International, Inc.		1,985		35,174
Consolidated Graphics, Inc. (b)		1,800		78,318
CoStar Group, Inc. (b)		3,100		131,595
DiamondCluster International, Inc. (b)		3,900		38,922
Exult, Inc. (b)		10,063		52,730
Gartner Group, Inc. (b)		14,076		176,654
Gartner Group, Inc., Class B (b)		1,200		14,976
Gevity HR, Inc.		4,423		91,910
GSI Commerce, Inc. (b)		2,600		21,320
Heidrick & Struggles International, Inc. (b)		3,851		101,897
Hudson Highland Group, Inc. (b)		2,439		73,999
Hypercom Corp. (b)		8,730		59,364
Infocrossing, Inc. (b)		2,200		28,578
Insurance Auto Auctions, Inc. (b)		2,800		42,504
iPayment Holdings, Inc. (b)		2,500		96,900
Kelly Services, Inc., Class A		3,640		98,753
Kforce, Inc. (b)		3,400		29,920
Korn/Ferry International (b)		7,734		137,897
LECG Corp. (b)		3,300		58,410
Marlin Business Services, Inc. (b)		900		14,814
MAXIMUS, Inc. (b)		3,100		99,107
Medical Staffing Network Holdings, Inc. (b)		2,300		12,282
MemberWorks, Inc. (b)		1,791		47,838
Metris Companies, Inc. (b)		5,600		37,240
MicroStrategy, Inc. (b)		2,741		110,353
Modis Professional Services, Inc. (b)		19,729		177,166
National Processing, Inc. (b)		1,200		31,536
Navigant Consulting Co. (b)		9,408		197,098
NCO Group, Inc. (b)		5,298		132,291
NetRatings, Inc. (b)		2,346		32,258
Paxar Corp. (b)		7,936		153,006
PDI, Inc. (b)		1,600		45,616
Portfolio Recovery Associates, Inc. (b)		3,031		80,231
Prepaid Depot, Inc. (b)		2,416		55,930
Resources Connection, Inc. (b)		4,872		188,936
RSA Security, Inc. (b)		14,130		263,102
Source Interlink Companies, Inc. (b)		5,146		47,858
SOURCECORP, Inc. (b)		3,085		72,528
Spherion Corp. (b)		14,823		128,219
SRA International, Inc., Class A (b)		2,200		93,522
StarTek, Inc.		2,662		81,803
TeleTech Holdings, Inc. (b)		7,311		63,971
US Oncology, Inc. (b)		15,479		230,173
Watson Wyatt & Co. Holdings		6,237		163,035
				5,457,221
Capital Goods (1.3%)
American Greetings Corp., Class A (b)		13,360		311,555
C&D Technologies, Inc.		4,242		66,599
Kennametal, Inc.		7,643		336,293
Lawson Products, Inc.		900		33,408
Libbey, Inc.		2,573		57,841
Lindsay Manufacturing Co.		2,268		54,727
Manitowoc Co., Inc.		5,374		182,232
Nu Skin Enterprises, Inc.		10,898		297,624
Regal-Beloit Corp.		5,646		118,566
Robbins & Myers, Inc.		2,123		40,146
Sola International, Inc. (b)		5,600		91,056
Technitrol, Inc. (b)		7,926		146,631
Tecumseh Products Co.		3,885		158,625
Texas Industries, Inc.		5,288		226,485

	Shares
	or
	Principal
	Amount		Value
Trinity Industries, Inc.		8,080		242,966
Vicor Corp. (b)		3,388		45,399
Yankee Candle Co., Inc. (b)		9,668		280,565
York International Corp.		8,360		297,449
				2,988,167
Chemicals (2.0%)
A. Schulman, Inc.		7,273		151,424
Aceto Corp.		4,138		67,822
Albemarle Corp.		6,462		199,030
American Vanguard Corp.		1,300		40,872
Arch Chemicals, Inc.		3,929		111,898
Cabot Microelectronics Corp. (b)		4,617		163,857
Crompton Corp.		22,404		133,752
Cytec Industries, Inc.		7,098		330,768
Ferro Corp.		8,142		162,107
FMC Corp. (b)		8,014		352,216
Georgia Gulf Corp.		6,344		225,529
Great Lakes Chemical Corp.		9,434		226,227
H.B. Fuller Co.		5,527		147,737
Hercules, Inc. (b)		22,559		266,422
IMC Global, Inc.		23,123		315,629
MacDermid, Inc.		4,886		142,964
Millennium Chemicals, Inc. (b)		13,489		238,081
Minerals Technologies, Inc.		4,235		236,609
NewMarket Corp. (b)		2,300		45,563
NL Industries, Inc.		1,528		19,956
Octel Corp.		2,292		59,179
Olin Corp.		14,186		245,134
OM Group, Inc. (b)		5,800		185,716
PolyOne Corp. (b)		18,288		132,222
Schawk, Inc., Class A		800		11,448
Spartech Corp.		4,459		106,570
Symyx Technologies, Inc. (b)		5,459		105,304
Terra Industries, Inc. (b)		5,700		36,480
Valhi, Inc.		3,742		43,145
W.R. Grace & Co. (b)		14,900		86,569
Wellman, Inc.		8,758		61,656
				4,651,886
Circuit Boards (0.2%)
DDi Corp. (b)		3,800		26,296
Merix Corp. (b)		4,500		46,170
Micrel, Inc. (b)		14,142		145,238
Park Electrochemical Corp.		3,358		77,167
RF Micro Devices, Inc. (b)		38,996		230,857
				525,728
Coal (0.0%)
KFX, Inc. (b)		6,800		53,924
Communications Equipment (0.5%)
Anixter International, Inc.		7,605		254,614
Audiovox Corp. (b)		4,088		70,804
Enterasys Networks, Inc. (b)		40,577		68,169
Gray Television, Inc.		7,731		92,154
Harmonic, Inc. (b)		13,984		91,036
Inter-Tel, Inc.		4,982		108,060
LodgeNet Entertainment Corp. (b)		1,989		32,381
Sonus Networks, Inc. (b)		44,590		226,963
Standard Microsystems Corp. (b)		4,561		78,495
Stratex Networks, Inc. (b)		20,660		51,237
Terayon Communications Systems, Inc. (b)		12,924		22,488
				1,096,401

	Shares
	or
	Principal
	Amount		Value
Computer Equipment (0.4%)
Analogic Corp.		2,349		97,577
Drexler Technology Corp. (b)		3,227		32,270
Gateway, Inc. (b)		45,713		205,708
Hutchinson Technology, Inc. (b)		5,203		115,871
InFocus Corp. (b)		7,724		68,435
Iomega Corp.		10,005		43,922
Komag, Inc. (b)		6,211		70,433
McData Corp. (b)		20,700		106,605
Network Equipment Technologies, Inc. (b)		7,971		56,754
Overland Storage, Inc. (b)		2,500		29,350
Paradyne Network, Inc. (b)		5,500		26,950
				853,875
Computer Integrated Systems Design (0.8%)
Adaptec, Inc. (b)		21,657		162,211
Brady Corp., Class A		3,321		150,109
Digital River, Inc. (b)		6,363		178,800
Eclipsys Corp. (b)		8,037		120,635
eSPEED, Inc., Class A (b)		5,038		54,259
F5 Networks, Inc. (b)		6,907		180,895
FileNET Corp. (b)		8,415		159,885
Keynote Systems, Inc. (b)		2,283		30,067
MTS Systems Corp.		5,256		112,846
Netscout Systems, Inc. (b)		3,200		19,680
RadiSys Corp. (b)		3,600		44,676
SafeNet, Inc. (b)		4,250		123,505
Sapient Corp. (b)		15,462		108,079
Tekelec (b)		10,886		211,516
WebEx Communications, Inc. (b)		6,029		123,715
				1,780,878
Computer Software & Services (3.7%)
ActivCard Corp. (b)		8,208		54,419
Actuate Corp. (b)		7,000		25,200
Advanced Digital Information Corp. (b)		13,840		123,453
Advent Software, Inc. (b)		5,493		87,119
Agile Software Corp. (b)		10,496		78,090
Agilysys, Inc.		6,070		90,443
Altiris, Inc. (b)		3,562		89,442
Answerthink, Inc. (b)		7,000		32,480
Ansys, Inc. (b)		3,484		165,281
Anteon International Corp. (b)		4,730		147,292
Ascential Software Corp. (b)		13,030		160,008
Aspen Technologies, Inc. (b)		11,639		69,019
Authentidate Holding Corp. (b)		4,600		32,384
Borland Software Corp. (b)		15,646		129,392
Captaris, Inc. (b)		4,200		23,184
Catapult Communications Corp. (b)		528		10,138
CCC Information Services Group, Inc. (b)		2,291		41,169
Chordiant Software, Inc. (b)		13,000		40,300
Clarus Corp. (b)		1,600		16,112
CompuCom Systems, Inc. (b)		2,200		10,032
Computer Programs & Systems, Inc.		1,200		24,408
Concord Communications, Inc. (b)		4,902		45,344
Corillian Corp. (b)		6,700		33,165
Covansys Corp. (b)		2,800		25,872
Cray, Inc. (b)		16,851		53,755
Cybersource Corp. (b)		6,600		33,396
Dendrite International, Inc. (b)		6,705		99,972
Digital Insight Corp. (b)		7,331		108,719
DigitalNet Holdings, Inc. (b)		600		15,312

	Shares
	or
	Principal
	Amount		Value
Digitas, Inc. (b)		9,451		63,227
E.piphany, Inc. (b)		14,754		59,016
Echelon Corp. (b)		5,387		40,133
Electronics For Imaging, Inc. (b)		10,529		211,317
Epicor Software Corp. (b)		8,820		109,192
EPIQ Systems, Inc. (b)		3,017		44,953
Eresearch Technology, Inc. (b)		9,515		237,019
Extreme Networks, Inc. (b)		21,562		116,866
FactSet Research Systems, Inc.		3,600		155,340
FalconStor Software, Inc. (b)		5,322		33,050
GameStop Corp., Class A (b)		3,800		58,520
Hyperion Solutions Corp. (b)		8,196		336,199
iGATE Corp. (b)		2,000		6,800
Informatica Corp. (b)		15,400		93,478
Intervideo, Inc. (b)		2,300		24,909
JDA Software Group, Inc. (b)		5,429		57,819
Keane, Inc. (b)		10,232		151,127
Kintera, Inc. (b)		2,100		16,968
Lawson Software, Inc. (b)		8,640		61,344
Lexar Media, Inc. (b)		13,796		74,360
Magma Design Automation, Inc. (b)		4,798		85,165
ManTech International Corp., Class A (b)		3,900		55,770
Manugistics Group, Inc. (b)		12,200		33,550
MAPICS, Inc. (b)		5,700		55,746
MapInfo Corp. (b)		4,800		49,632
Maxwell Technologies, Inc. (b)		1,400		13,034
Mentor Graphics Corp. (b)		14,700		173,460
Mercury Computer Systems, Inc. (b)		4,753		113,169
Micromuse, Inc. (b)		15,600		70,200
MRO Software, Inc. (b)		3,600		38,196
MSC.Software Corp. (b)		3,971		29,266
NETGEAR, Inc. (b)		3,200		36,512
NetiQ Corp. (b)		11,057		105,373
Open Solutions, Inc. (b)		2,800		63,392
Opnet Technologies, Inc. (b)		2,300		21,390
Packeteer, Inc. (b)		6,329		59,366
PalmOne, Inc. (b)		8,183		329,120
PalmSource, Inc. (b)		3,693		74,820
Parametric Technology Corp. (b)		50,228		228,035
PDF Solutions, Inc. (b)		2,500		20,525
PEC Solutions, Inc. (b)		1,322		14,436
Pinnacle Systems, Inc. (b)		12,555		49,592
PlxTech, Inc. (b)		4,500		39,960
Portal Software, Inc. (b)		11,060		28,645
QAD, Inc.		2,300		23,414
Quantum Corp. (b)		32,148		78,441
Quest Software, Inc. (b)		9,800		118,188
RealNetworks, Inc. (b)		19,400		109,416
Renaissance Learning, Inc.		865		18,425
Retek, Inc. (b)		11,400		46,284
Safeguard Scientifics, Inc. (b)		24,623		46,784
SBS Technologies, Inc. (b)		4,356		55,975
Scansoft, Inc. (b)		16,742		68,307
SeaChange International, Inc. (b)		5,775		84,835
SeeBeyond Technology Corp. (b)		8,100		24,462
Serena Software, Inc. (b)		5,663		87,210
SI International, Inc. (b)		400		7,120
Silicon Graphics, Inc. (b)		48,067		73,543
SimpleTech, Inc. (b)		7,000		20,930
SonicWall, Inc. (b)		14,026		92,992
SPSS, Inc. (b)		2,073		30,680
SS&C Technologies, Inc.		3,310		66,697

	Shares
	or
	Principal
	Amount		Value
Stratasys, Inc. (b)		2,200		57,728
Sykes Enterprises, Inc. (b)		4,807		31,678
Synaptics, Inc. (b)		4,857		71,835
SYNNEX Corp. (b)		500		7,525
Syntel, Inc.		540		7,619
Sypris Solutions, Inc.		1,300		16,172
Take-Two Interactive Software, Inc. (b)		9,244		289,522
TALX Corp.		2,700		59,724
THQ, Inc. (b)		8,361		159,277
Tier Technologies, Inc., Class B (b)		4,262		35,162
Tradestation Group, Inc. (b)		3,400		20,230
TransAct Technologies, Inc. (b)		2,000		42,960
Transaction Systems Architects, Inc. (b)		8,214		140,459
Trident Microsystems, Inc. (b)		2,700		32,967
Tumbleweed Communications Corp. (b)		6,900		14,421
Tyler Technologies, Inc. (b)		6,900		63,480
Ulticom, Inc. (b)		900		9,657
Ultimate Software Group, Inc. (The) (b)		3,900		44,304
Verint Systems, Inc. (b)		1,900		60,249
Verity, Inc. (b)		5,798		64,532
Verso Technologies, Inc. (b)		20,500		20,705
Viisage Technology, Inc. (b)		5,600		36,736
webMethods, Inc. (b)		9,280		44,266
Wind River Systems, Inc. (b)		14,711		144,168
Witness Systems, Inc. (b)		4,800		63,888
Xybernaut Corp. (b)		27,000		36,450
Zoran Corp. (b)		8,374		148,136
				8,382,444
Construction & Building Materials (1.1%)
AMCOL International Corp.		3,950		79,395
Brookfield Homes Corp.		3,100		83,886
Ceradyne, Inc. (b)		3,565		136,789
Comfort Systems USA, Inc. (b)		5,500		32,945
Dot Hill Systems Corp. (b)		9,900		82,170
Drew Industries, Inc. (b)		1,900		72,523
ElkCorp		5,543		121,004
Genlyte Group, Inc. (The) (b)		2,800		174,440
Granite Construction, Inc.		6,505		115,724
Infrasource Services, Inc. (b)		400		4,120
Integrated Electrical Services, Inc. (b)		5,239		44,374
JLG Industries, Inc.		8,891		124,474
Kronos Worldwide, Inc.		1,123		34,869
Layne Christensen Co. (b)		2,800		39,592
LSI Industries, Inc.		2,875		29,871
Meritage Corp. (b)		1,850		114,515
NCI Building Systems, Inc. (b)		4,424		136,303
Omnova Solutions, Inc. (b)		6,300		39,312
Orleans Homebuilders, Inc. (b)		500		8,300
Shaw Group Inc. (The) (b)		12,000		119,040
Simpson Manufacturing Co., Inc.		3,900		218,439
Technical Olympic USA, Inc.		1,500		32,505
Trex Co., Inc. (b)		2,000		89,200
U.S. Concrete, Inc. (b)		1,900		11,932
Universal Display Corp. (b)		4,000		33,800
USF Corp.		6,243		221,627
Walter Industries, Inc.		4,817		67,197
Washington Group International, Inc. (b)		5,019		167,735
				2,436,081
Consumer Durables (0.9%)

	Shares
	or
	Principal
	Amount		Value
1-800 CONTACTS, Inc. (b)		600		7,800
Blyth, Inc.		5,600		194,992
Central Garden & Pet Co. (b)		3,619		102,707
Chattem, Inc. (b)		3,872		111,552
Coca-Cola Bottling Co.		800		45,352
Crown Holdings, Inc. (b)		36,327		368,355
Elizabeth Arden, Inc. (b)		4,907		96,521
Greif Bros Corp., Class A		2,800		104,048
Lifetime Hoan Corp.		2,100		34,503
Nature’s Sunshine Products, Inc.		3,195		47,542
Playtex Products, Inc. (b)		4,600		32,522
Rayovac Corp. (b)		7,297		195,049
Revlon Co., Inc. (b)		25,126		57,790
Russ Berrie & Co., Inc.		2,557		48,685
Silgan Holdings, Inc.		1,968		94,680
Toro Co.		5,457		357,434
Tupperware Corp.		11,053		189,780
Water Pik Technologies, Inc. (b)		900		11,322
				2,100,634
Data Processing & Reproduction (0.3%)
Carreker-Antinori, Inc. (b)		2,800		26,432
CSG Systems International, Inc. (b)		11,787		193,308
eFunds Corp. (b)		9,393		153,669
Embarcadero Technologies, Inc. (b)		3,300		25,080
HomeStore, Inc. (b)		17,039		60,062
infoUSA, Inc. (b)		5,500		49,445
InterCept Group, Inc. (The) (b)		4,493		73,550
Intrado, Inc. (b)		3,358		35,259
Pegasystems, Inc. (b)		800		5,144
				621,949
Distribution (0.7%)
Actuant Corp. (b)		4,800		175,008
Advanced Marketing Services, Inc.		2,753		31,191
Aviall, Inc. (b)		4,654		93,313
Brightpoint, Inc. (b)		2,900		38,570
Central European Distribution Corp. (b)		2,995		72,209
Handleman Co.		4,832		103,743
Keystone Automotive Industries, Inc. (b)		2,615		73,848
Navarre Corp. (b)		4,800		77,184
Owens & Minor, Inc.		7,592		194,887
Provide Commerce (b)		300		4,908
ScanSource, Inc. (b)		2,579		151,129
SCP Pool Corp.		7,568		312,030
United Stationers, Inc. (b)		6,834		269,396
Watsco, Inc.		3,772		110,293
				1,707,709
Drugs (1.2%)
ABIOMED, Inc. (b)		2,100		22,680
Adolor Corp. (b)		7,500		79,875
Alkermes, Inc. (b)		18,244		196,853
Alpharma, Inc.		7,808		128,364
ARIAD, Inc. (b)		10,114		55,829
Atrix Laboratories, Inc. (b)		4,819		155,220
AVANT Immunotherapeutics, Inc. (b)		13,900		27,800
Bentley Pharmaceuticals, Inc. (b)		2,149		25,251
Bio-Rad Laboratories, Inc., Class A (b)		3,000		157,200
BioCryst Pharmaceuticals, Inc. (b)		4,500		25,965
Caraco Pharmaceutical Laboratories Ltd. (b)		700		5,096
Cell Therapeutics, Inc. (b)		11,165		60,849
Connetics Corp. (b)		7,062		194,417

	Shares
	or
	Principal
	Amount		Value
Corgentech, Inc. (b)		400		5,536
CV Therapeutics, Inc. (b)		7,014		93,917
Decode Genetics, Inc. (b)		8,700		59,595
DUSA Pharmaceuticals, Inc. (b)		1,800		18,000
Guilford Pharmaceuticals, Inc. (b)		9,709		40,292
Immunomedics, Inc. (b)		9,310		37,240
Incyte Genomics, Inc. (b)		13,392		82,361
InterMune, Inc. (b)		5,583		66,940
K-V Pharmaceutical Co., Class A (b)		6,421		111,790
Ligand Pharmaceuticals, Inc. (b)		15,055		207,910
Marshall Edwards, Inc. (b)		200		1,380
Nanogen, Inc. (b)		8,400		40,656
NPS Pharmaceuticals, Inc. (b)		7,687		143,363
Par Pharmaceutical Cos, Inc. (b)		6,300		237,131
Priority Healthcare Corp., Class B (b)		6,042		135,341
Quidel Corp. (b)		9,398		32,611
Rigel Pharmaceuticals, Inc. (b)		1,233		16,830
Seattle Genetics, Inc. (b)		7,508		44,898
SFBC International, Inc. (b)		1,600		54,464
Tanox, Inc. (b)		4,655		72,944
Zila, Inc. (b)		11,200		44,912
				2,683,510
Educational Services (0.3%)
Ambassadors Groups, Inc.		3,400		90,440
Bright Horizons Family Solutions, Inc. (b)		2,592		131,544
Leapfrog Enterprises, Inc. (b)		4,700		93,060
Learning Tree International, Inc. (b)		3,841		48,435
PLATO Learning, Inc. (b)		5,600		49,112
Princeton Review, Inc. (b)		2,200		16,764
Strayer Education, Inc.		2,800		272,776
Universal Technical Institute, Inc. (b)		2,400		78,480
				780,611
Electrical Equipment (0.7%)
ADE Corp. (b)		1,300		22,568
Artesyn Technologies, Inc. (b)		6,633		49,482
Avista Corp.		10,816		188,738
Bel Fuse, Inc., Class B		1,900		69,806
California Micro Devices Corp. (b)		3,100		22,196
Capstone Turbine Corp. (b)		11,400		22,800
Cherokee International Corp. (b)		400		3,564
Cleco Corp.		9,628		166,083
DSP Group, Inc. (b)		6,500		128,115
El Paso Electric Co. (b)		9,562		143,908
EMCOR Group, Inc. (b)		2,900		125,483
Encore Wire Corp. (b)		2,554		46,100
Energy Conversion Devices, Inc. (b)		4,980		49,750
II-VI Corp.		2,208		65,423
Intergrated Silicon Solution, Inc. (b)		6,947		58,494
Measurement Specialties, Inc. (b)		1,500		32,205
Plug Power, Inc. (b)		11,885		74,103
Power-One, Inc. (b)		12,700		111,379
RAE Systems, Inc. (b)		4,800		24,000
SpatiaLight, Inc. (b)		6,400		33,664
Stoneridge, Inc. (b)		2,019		29,639
Tripath Imaging, Inc. (b)		4,239		35,608
Triumph Group, Inc. (b)		2,556		84,297
X-Rite, Inc.		4,041		60,373
				1,647,778
Electronics (1.3%)
Aeroflex, Inc. (b)		13,014		144,325
Ansoft Corp. (b)		400		5,520

	Shares
	or
	Principal
	Amount		Value
BEI Technologies, Inc.		2,768		66,460
Belden CDT, Inc. (b)		9,576		186,253
Coherent, Inc. (b)		6,514		171,416
Cyberoptics Corp. (b)		1,900		35,454
Daktronics, Inc. (b)		2,901		75,136
Digital Theater Systems, Inc. (b)		2,800		64,820
EDO Corp.		3,179		75,279
Electro Scientific Industries, Inc. (b)		5,686		146,415
Engineered Support Systems, Inc.		4,605		258,202
FARO Technologies, Inc. (b)		2,500		58,825
Graftech International Ltd. (b)		18,616		205,334
Itron, Inc. (b)		4,944		94,381
Keithley Instruments, Inc.		2,079		43,077
LeCroy Corp. (b)		800		12,256
MagneTek, Inc. (b)		6,100		40,016
Methode Electronics, Inc.		7,300		95,119
Mobility Electronics, Inc. (b)		3,500		24,990
Planar Systems, Inc. (b)		3,571		49,316
Rogers Corp. (b)		3,423		169,267
Thomas & Betts Corp.		11,048		290,562
Trimble Navigation Ltd. (b)		11,552		320,799
Tripath Technology, Inc. (b)		3,900		9,087
TTM Technologies, Inc. (b)		7,200		82,656
Ultralife Batteries, Inc. (b)		2,100		34,419
Watts Industries, Inc., Class A		4,730		119,669
Woodhead Industries, Inc.		2,300		34,477
Zygo Corp. (b)		3,100		30,070
				2,943,600
Entertainment (0.5%)
AMC Entertainment, Inc. (b)		6,200		118,358
Carmike Cinemas, Inc.		1,031		35,260
Dover Downs Entertainment, Inc.		1,948		19,071
Dover Motorsports, Inc.		3,012		13,102
Gaylord Entertainment Co. (b)		5,619		163,850
Magna Entertainment Corp., Class A (b)		10,520		68,696
Midway Games, Inc. (b)		7,937		90,720
Multimedia Games, Inc. (b)		4,658		88,176
Penn National Gaming, Inc. (b)		7,137		256,932
Pinnacle Entertainment, Inc. (b)		6,906		77,969
Reading International, Inc. (b)		900		7,065
Shuffle Master, Inc. (b)		4,826		154,384
Six Flags, Inc. (b)		17,700		83,544
Steinway Musical Instruments, Inc. (b)		1,300		38,714
World Wrestling Federation Entertainment, Inc.		2,999		38,117
				1,253,958
Fiber Optics (0.2%)
Avanex Corp. (b)		11,922		35,170
C-Cor.net Corp. (b)		7,900		64,148
MRV Communications, Inc. (b)		21,295		64,204
Newport Corp. (b)		7,642		109,586
Sycamore Networks, Inc. (b)		34,718		129,846
				402,954
Financial (2.2%)
Accredited Home Lenders Holding Co. (b)		2,700		84,578
ACE Cash Express, Inc. (b)		2,200		50,864
Advanta Corp., Class B		3,960		87,991
Affiliated Managers Group, Inc. (b)		5,623		258,152
Anchor BanCorp Wisconsin, Inc.		4,017		102,192
Anworth Mtg Asset Corp.		8,900		94,340
Apollo Investment Corp. (b)		12,800		174,464

	Shares
	or
	Principal
	Amount		Value
Asset Acceptance Capital Corp. (b)		500		8,610
ASTA Funding, Inc.		900		13,590
Bancorp Bank (The) (b)		2,300		40,802
BISYS Group, Inc. (The) (b)		22,300		304,394
BKF Capital Group		500		13,550
Capital Southwest Corp.		300		22,200
Central Pacific Financial Corp.		4,139		112,126
Charter Municipal Mortgage Acceptance Co.		8,612		167,503
Commercial Capital Bancorp, Inc. (b)		8,242		181,077
CompuCredit Corp. (b)		2,862		45,019
Credit Acceptance Corp. (b)		1,259		16,871
Downey Financial Corp.		3,400		182,750
Education Lending Group, Inc. (b)		2,900		48,140
Encore Capital Group, Inc. (b)		1,600		24,512
Euronet Worldwide, Inc. (b)		5,100		91,800
Federal Agricultural Mortgage Corp. (b)		1,000		18,350
Financial Federal Corp. (b)		3,363		108,154
First Cash Financial Services, Inc. (b)		2,900		58,145
First Financial Holdings, Inc.		2,400		69,960
Gabelli Asset Management, Inc.		1,368		52,969
GATX Corp.		9,118		232,327
Gladstone Capital Corp.		2,731		56,696
Gold Banc Corp., Inc.		9,337		145,190
Greenhill & Co., Inc. (b)		1,900		38,855
Harris & Harris Group, Inc. (b)		3,300		33,693
Interactive Data Corp. (b)		6,000		105,060
Intersections, Inc. (b)		2,000		29,240
Investment Technology Group, Inc. (b)		9,097		119,535
Irwin Financial Corp.		3,685		98,500
Knight Trading Group, Inc. (b)		21,480		182,795
Labranche & Co., Inc. (b)		8,900		72,891
MainSource Financial Group, Inc.		834		15,679
MCG Capital Corp.		6,493		105,511
National Financial Partners Corp.		6,900		232,392
Nelnet, Inc., Class A (b)		700		15,561
Novastar Financial, Inc.		5,027		201,633
Piper Jaffray Companies, Inc. (b)		4,100		167,075
PRG-Schultz International, Inc. (b)		8,225		41,865
Resource America, Inc., Class A		2,905		64,636
Rewards Network, Inc. (b)		3,110		21,148
Royal Gold, Inc.		4,700		66,035
Sanders Morris Harris Group Inc.		3,353		41,946
Saxon Capital, Inc. (b)		6,438		151,422
SCBT Financial Corp.		850		24,370
Stifel Financial Corp. (b)		400		9,696
SWS Group, Inc.		3,050		41,785
TNS, Inc. (b)		200		4,440
United Panam Financial Corp. (b)		900		16,092
Wilshire Financial Services Group, Inc.		1,100		10,252
World Acceptance Corp. (b)		4,365		93,367
WSFS Financial Corp.		2,009		99,948
				4,972,738
Food & Related (1.3%)
American Italian Pasta Co.		3,460		101,759
Anchor Glass Container Corp.		900		12,708
Aurora Foods, Inc. (d) (b)		100		0
Cal-Maine Foods, Inc.		2,100		24,885
Chiquita Brands International, Inc. (b)		7,287		142,388
Corn Products International, Inc.		7,832		337,715
Darling International, Inc. (b)		12,200		57,950
Farmer Brothers Co.		1,000		25,900

	Shares
	or
	Principal
	Amount		Value
Flowers Foods, Inc.		7,579		197,812
Great Atlantic & Pacific Tea Co., Inc. (b)		5,312		36,653
Hain Celestial Group, Inc. (b)		6,053		100,056
Hansen Natural Corp. (b)		1,600		32,800
Interstate Bakeries Corp.		9,705		95,400
J & J Snack Foods Corp. (b)		1,292		47,455
Jarden Corp. (b)		5,467		197,577
John B. Sanfilippo & Son, Inc. (b)		1,200		31,860
Krispy Kreme Doughnuts, Inc. (b)		10,100		158,974
Lance, Inc.		5,416		81,457
MGP Ingredients, Inc.		2,200		33,374
National Beverage Corp.		1,410		11,774
NuCo2, Inc. (b)		500		8,965
Nutraceutical International Corp. (b)		2,100		29,589
Peet’s Coffee & Tea, Inc. (b)		2,182		52,892
Performance Food Group Co. (b)		8,400		208,152
Ralcorp Holding, Inc. (b)		7,053		257,222
Red Robin Gourmet Burgers (b)		2,100		71,610
Riviana Foods, Inc.		385		9,891
Ryan’s Restaurant Group, Inc. (b)		8,429		122,136
Sanderson Farms, Inc.		2,400		115,752
Sensient Technologies Corp.		9,054		186,875
Tejon Ranch Co. (b)		983		32,734
Winn-Dixie Stores, Inc.		14,300		90,376
				2,914,691
Furniture (0.5%)
American Woodmark Corp.		1,000		56,910
Bassett Furniture Industries, Inc.		2,047		39,098
Bombay Co., Inc. (b)		6,900		40,779
Ethan Allen Interiors, Inc.		5,800		215,470
Furniture Brands International, Inc.		9,300		213,714
Hooker Furniture Corp.		400		10,724
Kimball International, Inc., Class B		4,248		58,452
La-Z-Boy, Inc.		11,300		195,264
Select Comfort Corp. (b)		7,551		154,267
Stanley Furniture Co., Inc.		1,658		69,470
Tempur-Pedic International, Inc. (b)		2,300		28,911
				1,083,059
Gambling — Non-Hotel Casinos (0.2%)
Argosy Gaming Co. (b)		4,626		150,946
Churchill Downs, Inc.		1,000		38,530
Empire Resorts, Inc. (b)		2,500		25,175
Isle of Capris Casinos, Inc. (b)		4,016		64,939
Scientific Games Corp. (b)		12,188		217,068
				496,658
Gas — Distribution (1.2%)
Atmos Energy Corp.		10,529		265,015
Cascade Natural Gas Corp.		3,139		63,063
Energen Co.		7,000		331,449
New Jersey Resources Corp.		6,343		257,843
Nicor, Inc.		8,000		264,880
Northwest Natural Gas Co.		6,076		178,513
NUI Corp.		4,614		61,228
Peoples Energy Corp.		6,900		269,100
Piedmont Natural Gas Co., Inc.		6,900		284,625
South Jersey Industries, Inc.		3,102		140,862
Southwest Gas Corp.		6,106		144,529
Southwestern Energy Co. (b)		7,522		242,133
WGL Holdings, Inc.		8,700		238,728
				2,741,968
Healthcare (2.3%)

	Shares
	or
	Principal
	Amount		Value
Amedisys, Inc. (b)		2,500		65,600
America Service Group, Inc. (b)		1,000		35,430
American Healthways, Inc. (b)		7,100		193,333
American Medical Security Group, Inc. (b)		2,300		58,443
American Medical Systems Holdings, Inc. (b)		5,250		167,055
AMERIGROUP Corp. (b)		5,122		245,651
AmSurg Corp. (b)		6,965		165,419
Apria Healthcare Group, Inc. (b)		9,000		264,150
Beverly Enterprises, Inc. (b)		22,181		174,786
Centene Corp. (b)		4,316		168,324
Cole National Corp. (b)		2,588		70,419
CorVel Corp. (b)		3,100		79,422
Cross Country Healthcare, Inc. (b)		5,500		82,060
DJ Orthopedics, Inc. (b)		2,900		51,620
Dynacq Healthcare, Inc. (b)		2		13
Genesis HealthCare Corp. (b)		3,354		90,055
Gentiva Health Services, Inc. (b)		6,209		94,439
HealthExtras, Inc. (b)		4,093		60,740
Hooper Holmes, Inc.		9,049		41,897
Immucor, Inc. (b)		5,928		120,101
Invacare Corp.		6,449		261,507
Kindred Healthcare, Inc. (b)		5,342		129,544
LCA-Vision, Inc. (b)		2,400		62,616
LifePoint Hospitals, Inc. (b)		8,259		275,933
Magellan Health Services, Inc. (b)		4,700		159,941
Matria Healthcare, Inc. (b)		2,600		65,000
Medcath Corp. (b)		1,800		28,602
Molina Healthcare, Inc. (b)		1,600		53,088
Odyssey Healthcare, Inc. (b)		8,123		139,553
Option Care, Inc.		4,843		82,573
Orthodontic Centers Of America, Inc. (b)		9,900		66,924
Pediatrix Medical Group, Inc. (b)		4,100		259,284
Per-Se Technologies, Inc. (b)		5,293		74,367
PolyMedica Corp.		6,219		189,431
Province Healthcare Co. (b)		9,144		132,862
Proxymed, Inc. (b)		400		6,436
Psychiatric Solutions, Inc. (b)		2,300		58,673
Quality Systems, Inc. (b)		615		29,366
RehabCare Group, Inc. (b)		3,600		86,220
Res-Care, Inc. (b)		2,300		25,806
Select Medical Corp.		18,976		243,652
Sierra Health Services, Inc. (b)		4,962		219,320
Sunrise Assisted Living, Inc. (b)		3,249		114,690
Symbion, Inc. (b)		800		13,712
United Surgical Partners International, Inc. (b)		5,844		205,943
USNA Health Sciences, Inc. (b)		2,500		74,375
Vistacare, Inc. (b)		2,493		46,021
				5,334,396
Hotels & Casinos (0.2%)
Ameristar Casinos, Inc.		2,746		73,812
Aztar Corp. (b)		6,647		161,323
Boyd Gaming Corp.		7,817		205,509
Lakes Entertainment, Inc. (b)		3,900		41,184
MTR Gaming Group, Inc. (b)		5,100		49,521
				531,349
Hotels & Motels (0.1%)
Boca Resorts, Inc. (b)		4,101		79,970
Marcus Corp.		3,834		67,440
Prime Hospitality Corp. (b)		9,090		83,446
Sunterra Corp. (b)		4,700		52,499
				283,355

	Shares
	or
	Principal
	Amount		Value
Insurance (1.6%)
21st Century Insurance Group		4,300		54,825
Alfa Corp.		5,624		76,036
American Equity Investment Life Holding Co.		2,300		20,723
American Physicians Capital, Inc. (b)		2,202		58,793
Argonaut Group, Inc. (b)		5,600		105,056
Baldwin & Lyons, Inc., Class B		1,181		30,198
Bristol West Holdings, Inc.		1,900		33,155
Ceres Group, Inc. (b)		5,800		32,364
Citizens, Inc. (b)		3,746		21,053
CNA Surety Corp. (b)		1,300		13,273
Commerce Group, Inc. (The)		4,807		232,707
Direct General Corp.		3,300		98,142
Donegal Group, Inc., Class A		1,200		25,200
EMC Insurance Group, Inc.		300		6,195
Enstar Group, Inc. (The) (b)		200		9,750
FBL Financial Group, Inc., Class A		1,702		45,239
First Acceptance Corp. (b)		2,100		14,490
First Health Group Corp. (b)		18,700		262,173
FPIC Insurance Group, Inc. (b)		1,800		42,660
Harleysville Group, Inc.		3,558		67,246
Horace Mann Educators Corp.		9,446		158,315
Independence Holding Co.		720		15,480
Infinity Property & Casualty Corp.		4,724		135,957
Kansas City Life Insurance Co.		300		13,380
LandAmerica Financial Group, Inc.		4,323		170,759
Midland Co. (The)		1,000		28,550
Navigators Group, Inc. (b)		1,592		47,760
Nymagic, Inc.		600		14,280
Ohio Casualty Corp. (b)		13,538		253,161
Penn-America Group, Inc.		1,900		24,700
Philadelphia Consolidated Holding Corp. (b)		3,441		188,119
PICO Holdings, Inc. (b)		1,000		17,950
PMA Capital Corp., Class A		7,584		58,852
ProAssurance Corp. (b)		5,857		185,608
RLI Corp.		3,946		145,213
Safety Insurance Group, Inc.		1,100		22,440
Selective Insurance Group, Inc.		6,466		232,841
State Auto Financial Corp.		3,100		95,883
Stewart Information Services Corp.		3,662		129,818
Triad Guaranty, Inc. (b)		1,500		81,600
U.S.I. Holdings Corp. (b)		7,140		99,960
United Fire & Casualty Co.		1,763		108,513
Vesta Insurance Group, Inc.		5,200		26,884
Zenith National Insurance Co.		2,298		98,515
				3,603,816
Insurance / Life (0.5%)
AmerUs Group Co.		8,392		323,091
Delphi Financial Group, Inc.		5,576		226,107
Great American Financial Resources, Inc.		1,420		21,527
National Western Life Insurance Co., Class A (b)		300		47,964
Phoenix Co., Inc. (The)		18,716		194,085
Presidential Life Corp.		3,881		68,112
UICI (b)		8,517		203,727
Universal American Financial Corp. (b)		5,100		55,335
				1,139,948
Insurance Brokers (0.1%)

	Shares
	or
	Principal
	Amount		Value
Crawford & Co., Class B		2,520		12,701
Hilb, Rogal & Hamilton Co.		6,254		210,072
				222,773
Internet (1.8%)
@Road, Inc. (b)		6,600		26,070
Alloy, Inc. (b)		7,933		40,815
Ariba, Inc. (b)		12,510		108,712
AsiaInfo Holdings, Inc. (b)		9,403		37,142
Autobytel, Inc. (b)		8,330		56,727
Blue Coat Systems, Inc. (b)		2,100		38,871
Blue Nile, Inc. (b)		1,200		33,780
Brocade Communications Systems, Inc. (b)		48,000		231,360
CMGI, Inc. (b)		74,465		102,762
CNET Networks, Inc. (b)		25,386		231,774
DoubleClick, Inc. (b)		21,800		112,706
Drugstore.com, Inc. (b)		5,630		15,708
EarthLink, Inc. (b)		28,104		277,387
eCollege.com (b)		4,195		50,172
Entrust, Inc. (b)		9,862		27,515
Equinix, Inc. (b)		2,000		65,000
FindWhat.com (b)		3,327		54,230
Harris Interactive, Inc. (b)		10,100		64,741
INTAC International, Inc. (b)		700		4,893
Internap Network Services Corp. (b)		36,600		32,208
Internet Capital Group, Inc. (b)		8,900		46,725
Internet Security, Inc. (b)		7,638		117,014
Interwoven, Inc. (b)		7,961		59,867
iPass, Inc. (b)		7,300		38,690
iVillage, Inc. (b)		3,400		17,578
j2 Global Communications, Inc. (b)		3,665		93,494
Jupitermedia Corp. (b)		3,900		43,290
LookSmart Ltd. (b)		21,070		37,715
MarketWatch.com, Inc. (b)		1,000		10,335
MatrixOne, Inc. (b)		10,009		63,657
Neoforma, Inc. (b)		1,700		17,340
Net.B@nk, Inc.		11,907		127,881
Net2Phone, Inc. (b)		11,231		36,164
Netegrity, Inc. (b)		4,985		32,602
NIC, Inc. (b)		5,800		36,250
Omicell, Inc. (b)		4,133		60,342
Openwave Systems, Inc. (b)		14,179		161,215
Orbitz, Inc., Class A (b)		2,900		50,199
Overstock.com, Inc. (b)		1,900		66,633
PC-Tel, Inc. (b)		4,499		45,395
Priceline.com, Inc. (b)		4,599		108,904
PTEK Holdings, Inc. (b)		10,542		121,128
Redback Networks, Inc. (b)		6,056		32,339
S1 Corp. (b)		14,678		121,387
Sohu.com Inc. (b)		5,011		103,828
Stamps.com, Inc. (b)		3,773		39,541
Stellent, Inc. (b)		5,200		36,192
SupportSoft, Inc. (b)		8,400		74,004
TippingPoint Technologies, Inc. (b)		200		4,196
TriZetto Group, Inc. (The) (b)		4,698		31,758
United Online, Inc. (b)		10,100		157,560
ValueClick, Inc. (b)		15,969		165,758
Vignette Corp. (b)		57,209		81,809
WatchGuard Technolgies, Inc. (b)		7,481		39,425
Websense, Inc. (b)		5,119		195,495
Zixit Corp. (b)		5,300		31,058
				4,119,341

	Shares
	or
	Principal
	Amount		Value
Leisure Products (0.6%)
Action Performance Co., Inc.		3,553		38,372
Alliance Gaming Corp. (b)		11,342		161,396
Atari, Inc. (b)		1,740		3,202
Callaway Golf Co.		14,589		160,479
Coachmen Industries, Inc.		2,700		41,985
Department 56, Inc. (b)		2,600		40,092
Escalade, Inc.		800		8,704
Greg Manning Auctions, Inc. (b)		1,600		21,488
JAKKS Pacific, Inc. (b)		5,727		114,941
K2, Inc. (b)		5,561		79,244
Marine Products Corp.		984		16,187
MarineMax, Inc. (b)		2,300		56,557
Nautilus Group, Inc. (The)		5,630		104,268
Party City Corp. (b)		2,054		28,386
RC2 Corp. (b)		3,465		108,801
Speedway Motorsports, Inc.		2,600		89,830
Topps Co., Inc.		7,327		69,167
Vail Resorts, Inc. (b)		3,808		74,294
WMS Industries, Inc. (b)		3,924		106,890
				1,324,283
Machinery (1.6%)
Advanced Energy Industries, Inc. (b)		4,105		40,475
Albany International Corp., Class A		5,327		159,384
Applied Industrial Technologies, Inc.		4,016		128,392
Astec Industries, Inc. (b)		2,579		43,920
Baldor Electric Co.		5,553		127,053
Cascade Corp.		2,446		71,594
Cubic Corp.		3,246		65,732
Flowserve Corp. (b)		11,359		272,048
Franklin Electric Co., Inc.		3,246		122,958
Gardner Denver, Inc. (b)		4,432		118,689
Gorman-Rupp		700		17,885
IDEX Corp.		9,915		318,172
Intermagnetics General Corp. (b)		4,200		161,532
Intevac, Inc. (b)		1,900		8,360
Joy Global, Inc.		10,600		314,714
Kadant, Inc. (b)		2,903		58,350
Lennox International, Inc.		8,107		142,845
Milacron, Inc. (b)		7,997		28,789
NACCO Industries, Inc.		922		84,262
Nordson Corp.		5,744		240,501
Photon Dynamics, Inc. (b)		3,673		100,971
Sauer-Danfoss, Inc.		893		15,145
Stewart & Stevenson Services, Inc.		6,914		108,896
Tennant Co.		1,562		57,716
Terex Corp. (b)		10,293		400,502
Thomas Industries, Inc.		2,200		68,200
UNOVA, Inc. (b)		9,701		164,044
Wabtec Corp.		7,627		138,811
				3,579,940
Manufactured Housing (0.7%)
Aaon, Inc. (b)		900		16,200
Apogee Enterprises, Inc.		5,330		56,072
Beazer Homes USA, Inc.		2,890		269,926
Eagle Materials, Inc.		4,469		294,864
Fleetwood Enterprises, Inc. (b)		10,661		143,284
Highwood Properties, Inc.		11,748		272,553
Levitt Corp., Class A (b)		3,282		68,102
Monaco Coach Corp.		5,339		129,631
Palm Harbor Homes, Inc. (b)		2,804		44,920

	Shares
	or
	Principal
	Amount		Value
Skyline Corp.		918		34,333
WCI Communities, Inc. (b)		5,800		124,874
Winnebago Industries, Inc.		4,676		172,311
				1,627,070
Manufacturing (1.1%)
American Superconductor Corp. (b)		3,900		39,546
Applied Films Corp. (b)		3,047		56,827
AptarGroup, Inc.		6,600		279,245
Armor Holdings, Inc. (b)		5,708		208,342
Champion Enterprises, Inc. (b)		13,784		134,118
Checkpoint Systems, Inc. (b)		7,308		125,771
Cognex Corp.		7,917		238,143
CSS Industries, Inc.		1,351		42,908
CUNO, Inc. (b)		3,778		198,949
EnPro Industries, Inc. (b)		4,000		99,040
Identix, Inc. (b)		18,420		99,284
Jacuzzi Brands, Inc. (b)		15,186		117,236
Lincoln Electric Holdings, Inc.		7,731		262,931
Mine Safety Appliances Co.		3,730		138,570
Myers Industries, Inc.		4,455		58,361
OshKosh B’Gosh, Inc., Class A		2,027		45,466
Powell Industries, Inc. (b)		1,269		21,713
Quixote Corp.		1,690		32,448
Raven Industries, Inc.		2,000		76,240
Sturm, Ruger & Co., Inc.		4,137		43,066
Valence Technology, Inc. (b)		8,330		26,073
Woodward Governor Co.		1,820		111,693
Young Innovations Inc.		500		13,700
				2,469,670
Manufacturing / Diversified (0.9%)
A.O. Smith Corp.		3,348		96,155
Acuity Brands, Inc.		8,542		203,727
Barnes Group, Inc.		2,902		75,307
CLARCOR, Inc.		5,003		220,132
ESCO Technologies, Inc. (b)		2,494		131,309
Federal Signal Corp.		10,443		177,635
Global Power Equipment Group, Inc. (b)		5,100		35,751
Griffon Corp. (b)		6,260		131,272
Imation Corp.		6,400		212,160
Lancaster Colony Corp.		4,801		193,384
Matthews International Corp., Class A		5,722		196,150
Penn Energineering & Manufacturing Corp.		1,100		21,802
Standex International Corp.		2,554		58,129
Tredegar Industries, Inc.		5,406		89,091
USG Corp. (b)		7,865		135,593
				1,977,597
Medical Equipment & Supplies (2.2%)
Abaxis, Inc. (b)		2,700		40,527
Advanced Medical Optics, Inc. (b)		5,930		225,637
Advanced Neuromodulation Systems, Inc. (b)		4,011		128,553
Allscripts Healthcare Solution, Inc. (b)		5,350		37,611
Animas Corp. (b)		1,600		24,352
Arrow International, Inc.		3,944		109,328
Aspect Medical Systems, Inc. (b)		3,780		60,518
BioLase Technology, Inc. (b)		5,901		54,466
Bioveris Corp. (b)		4,196		31,470
Bruker BioSciences Corp. (b)		3,213		13,077
Candela Corp. (b)		4,222		39,729
Cardiac Science, Inc. (b)		8,400		16,800
CardioDyamics International Corp. (b)		6,600		30,558

	Shares
	or
	Principal
	Amount		Value
Cepheid, Inc. (b)		6,900		61,341
Closure Medical Corp. (b)		1,800		33,768
Conceptus, Inc. (b)		4,300		41,925
CONMED Corp. (b)		6,653		147,430
CTI Molecular Imaging, Inc. (b)		6,900		72,243
Cyberonics, Inc. (b)		3,930		109,961
Durect Corp. (b)		9,100		12,376
E-Z-EM, Inc.		600		10,038
Encore Medical Corp. (b)		4,300		23,779
Endocardial Solutions, Inc. (b)		5,300		48,919
EPIX Medical, Inc. (b)		5,230		94,402
Exactech, Inc. (b)		1,100		21,582
Hanger Orthopedic Group, Inc. (b)		5,400		54,540
Hologic, Inc. (b)		4,100		81,672
ICU Medical, Inc. (b)		2,250		62,550
IDX Systems Corp. (b)		3,531		106,036
Intuitive Surgical, Inc. (b)		5,769		131,995
Kensey Nash Corp. (b)		2,400		67,896
Kyphon, Inc. (b)		4,500		121,635
Landauer, Inc.		1,622		71,254
Laserscope (b)		3,700		70,559
Lifeline Systems, Inc. (b)		1,500		33,120
Medical Action Industries, Inc. (b)		2,166		35,847
Mentor Corp.		8,624		271,569
Merit Medical Systems, Inc. (b)		6,429		108,522
Metrologic Instruments, Inc. (b)		2,000		31,820
Oakley, Inc.		4,123		44,528
Ocular Sciences, Inc. (b)		4,504		198,762
OraSure Technologies, Inc. (b)		7,673		59,466
Orthologic Corp. (b)		9,654		71,256
Orthovita, Inc. (b)		10,400		47,320
Possis Medical, Inc. (b)		3,743		107,050
PSS World Medical, Inc. (b)		14,838		145,264
Rofin-Sinar Technologies, Inc. (b)		3,500		74,235
Serologicals Corp. (b)		5,728		112,269
Sonic Innovations, Inc. (b)		5,300		23,426
STERIS Corp. (b)		12,700		261,112
Surmodics, Inc. (b)		3,423		81,878
Sybron Dental Specialties, Inc. (b)		7,752		208,529
Techne Corp. (b)		9,536		379,532
ThermoGenesis Corp. (b)		6,300		26,145
Viasys Healthcare, Inc. (b)		5,725		86,734
VISX, Inc. (b)		9,284		198,770
Vital Signs, Inc.		1,030		30,756
Wright Medical Group, Inc. (b)		4,796		132,513
Zoll Medical Corp. (b)		1,946		65,853
				5,094,803
Medical Laboratories (0.3%)
Able Laboratories, Inc. (b)		4,085		84,151
Alliance Imaging, Inc. (b)		1,300		6,370
Applera Corp. — Celera Genomics Group (b)		14,669		172,214
Bio-Reference Laboratories, Inc. (b)		2,300		28,497
Cerner Corp. (b)		6,031		271,395
Discovery Laboratories, Inc. (b)		7,700		59,213
LabOne, Inc. (b)		3,839		113,289
Specialty Laboratories, Inc. (b)		276		2,782
				737,911
Metal Processors (0.5%)
Commercial Metals Co.		5,826		201,754
Kaydon Corp.		5,548		161,613
Metal Management, Inc. (b)		4,000		77,560

	Shares
	or
	Principal
	Amount		Value
Metals USA, Inc. (b)		3,200		52,320
Mueller Industries, Inc.		6,816		259,826
NN, Inc.		3,335		37,319
Quanex Corp.		3,800		172,900
Steel Technologies, Inc.		1,200		27,732
Valmont Industries, Inc.		2,500		54,575
				1,045,599
Metals (0.4%)
Brush Engineered Materials, Inc. (b)		2,896		52,418
Century Aluminum Co. (b)		3,837		90,361
Cleveland-Cliffs, Inc. (b)		2,372		155,461
Coeur d’Alene Mines Corp. (b)		44,957		155,551
Compass Minerals International, Inc.		2,400		49,008
Hecla Mining Co. (b)		26,922		145,379
RTI International Metals, Inc. (b)		3,800		56,962
Stepan Co.		500		12,120
Stillwater Mining Co. (b)		4,475		65,111
Titanium Metals Corp. (b)		100		10,850
USEC, Inc.		15,800		134,142
				927,363
Natural Gas (0.4%)
Airgas, Inc.		10,800		234,900
EnergySouth, Inc.		1,400		55,272
Laclede Group, Inc. (The)		4,900		131,859
Southern Union Co. (b)		12,465		248,178
St. Mary Land & Exploration Co.		5,518		189,323
Syntroleum Corp. (b)		7,200		39,600
				899,132
Office Equipment & Supplies (0.3%)
Ennis Business Forms, Inc.		3,200		58,240
General Binding Corp. (b)		500		5,965
Global Imaging Systems, Inc. (b)		4,783		145,068
Imagistics International, Inc. (b)		3,100		100,750
Interface, Inc. (b)		8,755		72,842
John H. Harland Co.		5,474		154,969
School Specialty, Inc. (b)		4,427		152,333
Standard Register Co.		2,234		24,485
				714,652
Oil & Gas (3.0%)
Atlas America, Inc. (b)		1,300		26,104
Atwood Oceanics, Inc. (b)		1,755		67,848
Berry Petroleum Co.		2,800		84,728
Brigham Exploration Co. (b)		2,200		19,624
Cabot Oil & Gas Corp.		6,645		292,181
Cal Dive International, Inc. (b)		8,416		260,896
Callon Petroleum Co. (b)		3,100		41,788
Cheniere Energy, Inc. (b)		4,100		75,399
Cimarex Energy Co. (b)		8,422		273,968
Clayton Williams Energy, Inc. (b)		2,000		49,640
Comstock Resources, Inc. (b)		6,436		135,413
Delta Petroleum Corp. (b)		4,000		52,040
Denbury Resources, Inc. (b)		10,831		236,657
Edge Petroleum Corp. (b)		3,400		58,140
Encore Acquisition Co. (b)		3,600		106,092
Energy Partners Ltd. (b)		4,700		73,508
Forest Oil Corp. (b)		10,412		294,555
FX Energy, Inc. (b)		3,800		32,034
Giant Industries, Inc. (b)		2,700		65,340
Grey Wolf, Inc. (b)		36,717		164,859
Hanover Compressor Co. (b)		14,300		167,882
Harvest Natural Resources, Inc. (b)		7,065		97,356

	Shares
	or
	Principal
	Amount		Value
Helmerich & Payne, Inc.		9,000		227,880
Houston Exploration Co. (The) (b)		3,322		179,388
KCS Energy, Inc. (b)		8,431		124,610
Lufkin Industries, Inc.		1,282		42,114
Magnum Hunter Resources, Inc. (b)		13,540		145,149
Matrix Service Co. (b)		5,100		35,445
McMoRan Exploration Co. (b)		3,400		51,646
Meridian Resource Corp. (The) (b)		8,400		70,140
Mission Resources Corp. (b)		9,700		53,447
Newpark Resources, Inc. (b)		16,384		99,942
Oceaneering International, Inc. (b)		4,802		158,802
Parker Drilling Co. (b)		18,277		70,549
Penn Virginia Corp.		3,100		116,839
Petroleum Development Corp. (b)		3,796		101,012
Plains Exploration & Production Co. (b)		15,802		329,472
Quaker Chemical Corp.		1,600		39,840
Quicksilver Resources, Inc. (b)		5,872		185,966
Quiksilver Resources, Inc. (b)		11,368		245,094
Range Resources Corp.		15,363		257,330
Remington Oil & Gas Corp. (b)		5,080		120,142
RPC, Inc.		1,801		27,789
Spinnaker Exploration Co. (b)		4,809		172,018
Stone Energy Corp. (b)		5,041		228,055
Swift Energy Co. (b)		5,500		124,795
Tesoro Petroleum Corp. (b)		13,251		384,280
Todco, Class A (b)		1,000		15,780
Unit Corp. (b)		7,600		245,100
Vintage Petroleum, Inc.		10,036		171,616
Whiting Petroleum Corp. (b)		2,700		63,936
World Fuel Services Corp.		2,300		87,400
				6,851,628
Oil Equipment & Services (0.9%)
CARBO Ceramics, Inc.		2,546		180,333
Dril-Quip, Inc. (b)		813		15,325
Frontier Oil Corp.		7,109		152,488
Global Industries Ltd. (b)		18,624		94,051
Holly Corp.		2,549		100,456
Hydril Co. (b)		3,956		141,031
Key Energy Services, Inc. (b)		27,300		275,185
Lone Star Technologies, Inc. (b)		5,834		194,389
SEACOR SMIT, Inc. (b)		3,718		157,271
SJW Corp.		700		22,435
Superior Energy Services, Inc. (b)		12,084		135,099
TETRA Technologies, Inc. (b)		5,408		142,501
TRC Cos., Inc. (b)		1,600		24,480
Veritas DGC, Inc. (b)		7,260		178,814
W-H Energy Services, Inc. (b)		6,200		124,620
WD-40 Co.		4,127		108,870
				2,047,348
Oil Field Machinery & Equipment (0.1%)
Gulf Island Fabrication, Inc.		2,545		51,231
Oil States International, Inc. (b)		4,270		70,284
Universal Compression Holdings, Inc. (b)		2,900		95,149
				216,664
Paper & Forest Products (0.6%)
Buckeye Technologies, Inc. (b)		4,290		46,075
Caraustar Industries, Inc. (b)		7,021		97,943
Chesapeake Corp.		3,770		87,502
Deltic Timber Corp.		1,956		67,306
Glatfelter & Co.		5,565		74,181
Graphic Packaging Corp. (b)		11,200		77,168

	Shares
	or
	Principal
	Amount		Value
Longview Fibre Co. (b)		10,300		132,973
Pope & Talbot, Inc.		3,092		60,665
Potlatch Corp.		6,486		260,024
Rock-Tenn Co.		4,600		65,182
Schweitzer-Mauduit International, Inc.		4,242		119,837
Universal Forest Products, Inc.		3,666		111,336
Wausau-Mosinee Paper Corp.		8,847		137,482
				1,337,674
Pharmaceuticals (2.5%)
Alexion Pharmaceuticals, Inc. (b)		4,229		67,326
American Pharmaceutical Partners, Inc. (b)		1		30
Array BioPharma, Inc. (b)		3,400		22,746
AtheroGenics, Inc. (b)		8,831		126,990
Barrier Therapeutics, Inc. (b)		500		5,225
Bioenvision, Inc. (b)		2,500		19,150
BioMarin Pharmaceutical, Inc. (b)		15,185		86,858
Bone Care International, Inc. (b)		3,666		91,980
Bradley Pharmaceuticals, Inc. (b)		3,608		84,932
Cell Genesys, Inc. (b)		10,392		74,926
CIMA Labs, Inc. (b)		3,555		120,337
Corixa Corp. (b)		13,029		58,891
Cubist Pharmaceuticals, Inc. (b)		8,750		90,825
CYTOGEN Corp. (b)		3,900		47,346
Cytokinetics, Inc. (b)		700		5,796
Del Laboratories, Inc. (b)		516		17,709
Dendreon Corp. (b)		10,200		93,942
Depomed, Inc. (b)		2,200		10,538
DOV Pharmaceutical, Inc. (b)		3,300		42,900
Encysive Pharmaceuticals, Inc. (b)		11,097		68,468
Enzon, Inc. (b)		8,600		106,726
First Horizon Pharmaceutical Corp. (b)		4,500		78,615
Genaera Corp. (b)		7,300		22,265
Geron Corp. (b)		10,537		67,964
Hollis-Eden Pharmaceuticals, Inc. (b)		3,791		36,318
ILEX Oncology, Inc. (b)		8,162		205,601
ImmunoGen, Inc. (b)		7,338		39,405
Impax Laboratories, Inc. (b)		10,724		151,745
Indevus Pharmaceuticals, Inc. (b)		10,330		65,492
Inkine Pharmaceutical Co., Inc. (b)		6,600		27,390
Inspire Pharmaceuticals, Inc. (b)		6,209		81,276
Inter Parfums, Inc.		1,200		19,956
Inveresk Research Group, Inc. (b)		5,800		210,540
Isis Pharmaceuticals, Inc. (b)		10,380		52,419
Isolagen, Inc. (b)		5,500		43,945
Ista Pharmaceuticals, Inc. (b)		500		6,275
Keryx Biopharmaceuticals, Inc. (b)		3,300		34,881
Kos Pharmaceuticals, Inc. (b)		2,468		72,979
Lannett Co., Inc. (b)		600		7,626
LifeCell Corp. (b)		6,600		58,278
Mannatech, Inc.		1,600		15,248
Maxim Pharmaceuticals, Inc. (b)		6,700		52,662
Medical Co. (b)		10,097		267,166
NeighborCare, Inc. (b)		7,755		198,838
NeoPharm, Inc. (b)		4,755		29,957
NitroMed, Inc. (b)		100		1,748
Northfield Laboratories, Inc. (b)		4,600		51,980
Noven Pharmaceuticals, Inc. (b)		5,100		103,071
Nuvelo, Inc. (b)		8,223		66,113
Onyx Pharmaceuticals, Inc. (b)		6,300		215,018
Oscient Pharmaceuticals Corp. (b)		9,600		42,432
Pain Therapeutics, Inc. (b)		7,300		46,574

	Shares
	or
	Principal
	Amount		Value
Parexel International Corp. (b)		6,303		121,081
Penwest Pharmaceuticals Co. (b)		4,553		46,031
Peregrine Pharmaceuticals, Inc. (b)		24,373		29,004
Perrigo Co.		13,611		226,758
PetMed Express, Inc. (b)		3,100		12,679
Pharmacyclics, Inc. (b)		2,800		23,464
Pharmion Corp. (b)		2,600		116,688
Pharmos Corp. (b)		14,200		49,984
POZEN, Inc. (b)		6,350		41,275
PRAECIS Pharmaceuticals, Inc. (b)		12,933		31,427
Progenics Pharmaceuticals, Inc. (b)		2,300		29,164
Regeneron Pharmaceuticals, Inc. (b)		6,517		55,786
Renovis, Inc. (b)		200		1,542
Salix Pharmaceuticals, Inc. (b)		8,400		179,088
Santarus, Inc. (b)		600		6,060
SuperGen, Inc. (b)		8,594		44,603
Telik, Inc. (b)		9,633		190,348
Transkaryotic Therapies, Inc. (b)		7,161		106,771
United Therapeutics Corp. (b)		4,547		112,584
Valeant Pharmaceuticals International		17,300		302,922
VaxGen, Inc. (b)		3,800		43,320
Vertex Pharmaceuticals, Inc. (b)		17,400		160,602
Vicuron Pharmaceuticals, Inc. (b)		10,194		102,552
Vion Pharmaceuticals, Inc. (b)		7,900		28,677
				5,679,828
Pipelines (0.1%)
Aquila, Inc. (b)		36,510		119,753
TransMontaigne, Inc. (b)		1,854		11,699
				131,452
Pollution Control (0.3%)
BHA Group Holdings, Inc.		1,400		53,130
Calgon Carbon Corp.		10,748		68,035
Casella Waste Systems, Inc., Class A (b)		3,503		42,737
Duratek, Inc. (b)		3,723		53,053
Flanders Corp. (b)		4,100		41,943
Imco Recycling, Inc. (b)		3,700		45,880
Waste Connections, Inc. (b)		10,101		291,514
				596,292
Printing & Publishing (0.7%)
Banta Corp.		5,807		230,596
Bowne & Co., Inc.		6,788		101,073
Courier Corp.		1,000		41,000
Hollinger International, Inc.		12,884		213,230
Information Holdings, Inc. (b)		2,419		66,039
Journal Register Co. (b)		7,359		142,765
Playboy Enterprises, Inc. (b)		2,734		30,511
Presstek, Inc. (b)		6,210		53,033
PRIMEDIA, Inc. (b)		26,700		64,080
ProQuest Co. (b)		4,779		119,475
Pulitzer, Inc.		1,572		72,705
Scholastic Corp. (b)		5,200		143,052
Thomas Nelson, Inc.		1,900		40,945
Valassis Communications, Inc. (b)		9,400		274,857
				1,593,361
Radio (0.1%)
Beasley Broadcast Group, Inc. (b)		1,030		15,007
Saga Communications, Inc. (b)		3,125		55,625
Spanish Broadcasting System, Inc. (b)		8,803		75,618
				146,250
Railroads (0.1%)

	Shares
	or
	Principal
	Amount		Value
Florida East Coast Industries, Inc.		3,819		141,952
Real Estate (0.2%)
Avatar Holdings, Inc. (b)		892		37,045
Consolidated-Tomoka Land Co.		800		30,560
Getty Realty Corp.		2,900		67,744
Jones Lang LaSalle, Inc. (b)		6,262		181,597
LNR Property Corp.		3,300		178,233
Tarragon Realty Investors, Inc. (b)		125		1,803
Trammell Crow Co. (b)		5,098		68,364
				565,346
Real Estate Investment Trusts (5.2%)
Acadia Realty Trust		6,199		87,840
Affordable Residential Communities		3,600		55,080
Alexandria Real Estate Equities, Inc.		4,177		250,996
American Financial Realty Trust		19,800		262,350
American Home Mortgage Investment Corp.		6,013		155,436
Amli Residential Properties Trust		4,900		141,463
Anthracite Capital, Inc.		9,801		107,517
Arbor Realty Trust, Inc.		400		7,600
Ashford Hospitality Trust		1,700		15,198
Bedford Property Investors, Inc.		2,950		82,571
Bluegreen Corp. (b)		2,200		25,762
Brandywine Realty Trust		7,944		216,871
Capital Automotive REIT		6,998		202,872
Capital Lease Funding, Inc. (b)		6,300		62,685
Capital Trust, Inc., Class A		400		9,788
Capstead Mortgage Corp.		4,400		56,760
CarrAmerica Realty Corp.		11,200		341,488
Cedar Shopping Centers, Inc.		4,800		59,376
Colonial Properties Trust		4,266		162,108
Commercial Net Lease Realty		9,169		155,873
Cornerstone Realty Income Trust, Inc.		9,907		86,884
Corporate Office Properties Trust		8,085		204,793
Correctional Properties Trust		2,100		54,390
Corrections Corporation of America (b)		7,845		295,757
Cousins Properties, Inc.		6,300		202,419
CRT Properties, Inc.		5,331		115,150
EastGroup Properties, Inc.		4,076		132,185
Entertainment Properties Trust		5,214		184,367
Equity Inns, Inc.		11,100		100,677
Equity One, Inc.		5,600		101,080
Essex Property Trust, Inc.		4,971		327,589
FelCor Lodging Trust, Inc. (b)		9,600		109,440
First Industrial Realty Trust, Inc.		8,860		324,630
Gables Residential Trust		5,940		196,317
Glenborough Realty Trust, Inc.		5,452		99,663
Glimcher Realty Trust		6,938		150,277
Government Properties Trust, Inc.		5,600		55,664
Healthcare Realty Trust, Inc.		7,800		281,736
Heritage Property Investment		4,685		128,650
Highland Hospitality Corp.		4,800		49,872
Home Properties of New York, Inc.		7,490		281,624
Impac Mortgage Holdings, Inc.		13,055		299,612
Innkeepers USA Trust		9,661		101,344
Investors Real Estate Trust		8,297		81,974
Keystone Property Trust		6,226		147,930
Kilroy Realty Corp.		6,791		240,401
Kramont Realty Trust		4,877		77,544
La Quinta Corp. (b)		36,131		276,763
LaSalle Hotel Properties		5,296		136,319

	Shares
	or
	Principal
	Amount		Value
Lexington Corporate Properties Trust		10,785		210,955
LTC Properties, Inc.		2,900		49,706
Luminent Mortgage Capital, Inc.		5,500		59,015
Maguire Properties, Inc.		5,800		143,550
Manufactured Home Communities, Inc.		3,600		114,084
MeriStar Hospitality Corp. (b)		14,409		83,572
MFA Mortgage Investments, Inc.		16,374		132,793
Mid-America Apartment Communities, Inc.		3,412		122,320
Mission West Properties, Inc.		2,600		26,520
National Health Investors, Inc.		4,237		116,221
Nationwide Health Properties, Inc.		14,989		286,290
Newcastle Investment Corp.		7,677		217,182
Omega Healthcare Investors, Inc.		7,000		68,250
Origen Financial, Inc.		3,500		27,125
Parkway Properties, Inc.		2,700		118,530
Pennsylvania Real Estate Investment Trust		5,923		206,535
Post Properties, Inc.		7,994		223,752
Prentiss Properties Trust		8,529		292,204
Price Legacy Corp.		4,287		78,495
PS Business Parks, Inc.		2,677		107,615
Rait Investment Trust		4,968		120,424
Ramco-Gershenson Properties Trust		2,000		51,420
Realty Income Corp.		7,200		291,744
Redwood Trust, Inc.		3,820		216,861
Saul Centers, Inc.		2,945		88,350
Senior Housing Properties Trust		9,926		165,764
Sovran Self Storage, Inc.		2,700		104,733
Summit Properties, Inc.		5,316		137,153
Sun Communities, Inc.		3,138		118,020
Tanger Factory Outlet Centers, Inc.		3,461		137,229
Taubman Centers, Inc.		9,864		227,858
Town & Country Trust		4,213		102,924
U.S. Restaurant Properties, Inc.		6,127		93,069
Universal Health Realty Income Trust		2,173		61,800
Urstadt Biddle Properties, Inc., Class A		5,580		75,665
Washington Real Estate Investment Trust		7,700		215,138
Winston Hotels, Inc.		4,445		48,895
				12,246,446
Recreational Vehicles & Boats (0.1%)
Arctic Cat, Inc.		3,238		87,847
Thor Industries, Inc.		7,393		231,475
				319,322
Research & Development (0.2%)
Albany Molecular Research, Inc. (b)		6,185		73,478
Antigenics, Inc. (b)		6,950		52,681
Biosite, Inc. (b)		2,831		125,101
Exponet, Inc. (b)		1,800		45,198
Forrester Research, Inc. (b)		2,681		47,856
Neurogen Corp. (b)		3,300		21,549
Regeneration Technologies, Inc. (b)		5,400		52,488
Trimeris, Inc. (b)		3,008		34,502
				452,853
Residential Building Construction (0.3%)
Ameron International Corp.		1,600		56,000
Dominion Homes, Inc. (b)		1,039		22,463
Dycom Industries, Inc. (b)		9,796		263,905
Insituform Technologies, Inc. (b)		5,194		93,336
M/I Schottenstein Homes, Inc.		2,392		90,872

	Shares
	or
	Principal
	Amount		Value
William Lyon Homes (b)		800		61,176
				587,752
Restaurants (1.0%)
Bob Evans Farms, Inc.		7,449		198,292
Buffalo Wild Wings, Inc. (b)		1,700		50,218
California Pizza Kitchen, Inc. (b)		3,680		73,195
Chicago Pizza & Brewery, Inc. (b)		2,100		31,563
CKE Restaurants, Inc. (b)		9,400		135,548
Cosi, Inc. (b)		2,400		13,896
Dave & Buster’s, Inc. (b)		2,100		35,784
IHOP Corp.		4,300		159,057
Jack in the Box, Inc. (b)		7,105		226,650
Landry’s Restaurants, Inc.		5,714		172,734
Lone Star Steakhouse & Saloon, Inc.		3,961		96,015
O’Charley’s, Inc. (b)		5,127		90,133
P.F. Chang’s China Bistro, Inc. (b)		5,325		236,590
Panera Bread Co. (b)		5,829		215,032
Papa John’s International, Inc. (b)		2,962		89,956
Sonic Corp. (b)		13,031		299,713
Steak n Shake Co. (The) (b)		3,610		61,803
Triarc Companies, Inc.		6,990		68,222
				2,254,401
Retail (3.0%)
1-800-FLOWERS.COM (b)		4,329		32,641
99 CENTS Only Stores (b)		8,500		121,805
A.C. Moore Arts & Crafts, Inc. (b)		2,700		67,905
Alexander’s, Inc. (b)		300		51,195
America’s Car-Mart, Inc. (b)		1,400		42,700
Asbury Automotive Group, Inc. (b)		1,200		16,356
Big 5 Sporting Goods Corp. (b)		3,200		68,384
Blair Corp.		2,100		57,540
Bon-Ton Stores, Inc. (The)		1,900		26,239
Brookstone, Inc. (b)		5,150		90,280
Building Materials Holding Corp.		3,800		76,095
Cache, Inc. (b)		2,700		41,958
Carter’s, Inc. (b)		1,400		38,206
Casey’s General Stores, Inc.		11,200		181,216
Cash America International, Inc.		5,454		122,442
Casual Male Retail Group, Inc. (b)		8,300		50,962
Cato Corp.		3,794		79,181
CBRL Group, Inc.		9,100		302,301
CEC Entertainment, Inc. (b)		7,408		269,280
Charlotte Russe Holding, Inc. (b)		2,827		58,067
Children’s Place Retail Store, Inc. (The) (b)		3,531		72,386
Christopher & Banks Corp.		7,519		123,086
Coldwater Creek, Inc. (b)		5,748		108,177
Conn’s, Inc. (b)		400		6,684
Cost Plus, Inc. (b)		4,885		163,452
CSK Auto Corp. (b)		8,300		114,955
Dick’s Sporting Goods, Inc. (b)		6,184		200,980
Dress Barn, Inc. (b)		4,091		68,524
Duane Reade, Inc. (b)		4,288		70,623
Electronics Boutique Holdings Corp. (b)		2,767		69,479
Fred’s, Inc.		8,074		145,736
Gander Mountain Co. (b)		400		8,580
Genesco, Inc. (b)		4,320		92,707
Group 1 Automotive, Inc. (b)		3,301		98,172
Guitar Center, Inc. (b)		4,450		200,028
Gymboree Corp. (b)		7,542		119,390
Hancock Fabrics, Inc.		5,400		62,316
Haverty Furniture Co., Inc.		2,900		53,911

	Shares
	or
	Principal
	Amount		Value
Hibbet Sporting Goods, Inc. (b)		5,346		101,895
Hollywood Entertainment Corp. (b)		10,177		131,385
Insight Enterprises, Inc. (b)		10,762		172,622
J. Jill Group, Inc. (b)		4,303		79,907
Jo-Ann Stores, Inc. (b)		3,783		100,325
Kirkland’s, Inc. (b)		3,100		32,581
Linens ‘n Things, Inc. (b)		9,088		241,923
M&F Worldwide Corp. (b)		2,000		26,120
Men’s Wearhouse, Inc. (b)		6,319		167,390
Movado Group, Inc.		2,862		42,959
Movie Gallery, Inc.		6,307		109,679
Pantry, Inc. (The) (b)		1,600		34,864
PC Connection, Inc. (b)		1,400		10,711
PC Mall, Inc. (b)		2,100		35,259
RARE Hospitality International, Inc. (b)		6,981		196,934
Rent-Way, Inc. (b)		6,063		45,594
Restoration Hardware, Inc. (b)		6,600		43,164
Retail Ventures, Inc. (b)		1,400		11,256
Sharper Image Corp. (b)		2,865		76,496
ShopKo Stores, Inc. (b)		5,900		91,745
Smart & Final, Inc. (b)		2,465		37,000
Sonic Automotive, Inc.		5,552		124,087
Sports Authority, Inc. (The) (b)		4,380		111,690
Stein Mart, Inc. (b)		5,833		105,811
Too, Inc. (b)		6,732		100,845
Tractor Supply Co. (b)		6,868		249,033
Trans World Entertainment Corp. (b)		4,505		44,735
Tuesday Morning Corp. (b)		5,667		182,251
United Rentals, Inc. (b)		9,525		188,976
Weis Markets, Inc.		2,183		69,616
WESCO International, Inc. (b)		2,700		55,485
West Marine, Inc. (b)		2,800		57,848
Zale Corp. (b)		10,800		293,111
				6,947,236
Retail / Food & Drug (0.3%)
Arden Group, Inc., Class A		168		13,944
Ingles Markets, Inc., Class A		4,183		47,854
Longs Drug Stores Corp.		6,108		128,268
Nash-Finch Co.		3,191		84,306
Pathmark Stores, Inc. (b)		8,418		60,105
Ruddick Corp.		6,689		130,837
United Natural Foods, Inc. (b)		8,652		187,488
Wild Oats Markets, Inc. (b)		6,610		83,286
				736,088
Semiconductors (2.4%)
Actel Corp. (b)		6,182		92,854
Alliance Semiconductor Corp. (b)		3,931		18,594
AMIS Holdings, Inc. (b)		6,400		94,272
Artisan Components, Inc. (b)		5,219		126,978
Asyst Technologies, Inc. (b)		9,109		52,741
ATMI, Inc. (b)		6,435		131,017
August Technology Corp. (b)		2,400		24,840
Axcelis Technologies, Inc. (b)		20,663		192,785
Brooks Automation, Inc. (b)		9,187		132,385
ChipPac, Inc. (b)		9,849		49,048
Cirrus Logic, Inc. (b)		16,447		99,998
COHU, Inc.		4,205		79,622
Credence Systems Corp. (b)		19,062		170,795
Cymer, Inc. (b)		7,443		213,167
Diodes, Inc. (b)		1,400		32,088
DuPont Photomasks, Inc. (b)		3,496		57,125

	Shares
	or
	Principal
	Amount		Value
Emulex Corp. (b)		15,200		164,008
Entegris, Inc. (b)		8,439		75,107
ESS Technology, Inc. (b)		7,900		54,115
Exar Corp. (b)		9,436		127,103
FEI Co. (b)		4,923		99,002
FormFactor, Inc. (b)		4,700		94,376
FSI International, Inc. (b)		7,400		38,850
Genesis Microchip, Inc. (b)		6,644		76,340
Helix Technology Corp.		5,957		86,019
Integrated Device Technology, Inc. (b)		19,300		220,598
Ixia (b)		4,036		31,481
IXYS Corp. (b)		3,502		25,600
Kopin Corp. (b)		14,007		53,647
LTX Corp. (b)		11,953		97,178
Mattson Technology, Inc. (b)		6,486		57,661
Microsemi Corp. (b)		12,258		150,161
Microtune, Inc. (b)		7,900		35,155
Microvision, Inc. (b)		4,700		26,508
Mindspeed Technologies, Inc. (b)		19,846		64,103
MIPS Technologies, Inc. (b)		6,200		31,682
MKS Instruments, Inc. (b)		6,623		97,491
Mykrolis Corp (b)		7,465		74,650
OmniVision Technologies, Inc. (b)		12,772		150,454
ON Semiconductor Corp. (b)		26,108		104,432
Oplink Communications, Inc. (b)		20,681		37,019
Optical Communication Products, Inc. (b)		917		2,017
OSI Systems, Inc. (b)		2,700		50,301
Pericom Semiconductor Corp. (b)		4,300		42,957
Photronics Corp. (b)		5,972		86,415
Pixelworks, Inc. (b)		7,430		72,740
Power Integrations, Inc. (b)		5,611		113,230
Rudolph Technologies, Inc. (b)		2,500		40,000
Semitool, Inc. (b)		3,118		25,630
Sigmatel, Inc. (b)		4,300		65,661
Silicon Image, Inc. (b)		15,103		181,084
Silicon Storage Technology, Inc. (b)		16,284		108,126
Siliconix, Inc. (b)		1,100		46,882
SIPEX Corp. (b)		5,600		22,288
SiRF Technology Holdings, Inc. (b)		1,400		15,666
Skyworks Solutions Co. (b)		33,367		279,614
Staktek Holdings, Inc. (b)		500		2,490
Supertex, Inc. (b)		752		12,588
Tessera Technologies, Inc. (b)		4,000		69,600
Transmeta Corp. (b)		27,500		31,075
TriQuint Semiconductor, Inc. (b)		27,439		111,128
Ultratech Stepper, Inc. (b)		4,490		55,945
Veeco Instruments, Inc. (b)		5,142		116,981
Vitesse Semiconductor Corp. (b)		45,388		127,086
Xicor, Inc. (c) (b)		5,666		80,174
				5,400,727
Services (1.1%)
Alderwoods Group, Inc. (b)		9,599		85,287
aQuantive, Inc. (b)		9,277		79,226
Arbitron, Inc. (b)		6,643		228,718
Central Parking Corp.		3,377		53,796
Clark, Inc. (b)		3,100		46,996
Coinstar, Inc. (b)		5,138		104,558
Cornell Cos., Inc. (b)		4,400		58,960
CyberGuard Corp. (b)		2,583		15,214
First Advantage Corp., Class A (b)		1,200		19,980
FTI Consulting, Inc. (b)		7,907		136,475
Geo Group, Inc. (The) (b)		2,300		42,320

	Shares
	or
	Principal
	Amount		Value
Healthcare Services Group, Inc.		2,900		48,807
Labor Ready, Inc. (b)		9,994		140,116
Manhattan Associates, Inc. (b)		5,900		153,164
MasTec, Inc. (b)		2,400		14,976
National Healthcare Corp.		1,000		26,990
NDCHealth Corp.		7,563		158,899
Perini Corp. (b)		2,283		24,976
Perot Systems Corp., Class A (b)		14,600		184,252
Quanta Services, Inc. (b)		14,968		93,999
Rollins, Inc.		3,874		89,683
Secure Computing Corp. (b)		9,650		66,730
Sotheby’s Holdings, Inc. (b)		9,178		146,664
Stewart Enterprises, Inc., Class A (b)		20,864		145,213
Tetra Tech, Inc. (b)		11,223		181,139
URS Corp. (b)		5,553		134,105
Volt Information Sciences, Inc. (b)		1,205		36,090
				2,517,333
Steel (0.8%)
AK Steel Holding Corp. (b)		19,700		130,611
Allegheny Technologies, Inc.		17,977		360,439
Carpenter Technology Corp.		4,417		189,931
Gibraltar Steel Corp.		2,919		94,138
Maverick Tube Corp. (b)		8,652		249,524
NS Group, Inc. (b)		2,946		50,200
Oregon Steel Mills, Inc. (b)		5,600		86,800
Reliance Steel & Aluminum Co.		5,800		230,956
Ryerson Tull, Inc.		4,674		71,699
Schnitzer Steel Industries, Inc.		4,079		126,163
Steel Dynamics, Inc.		8,347		273,364
Wheeling-Pittsburgh Corp. (b)		600		14,868
				1,878,693
Technology (1.7%)
Benchmark Electronics, Inc. (b)		8,395		239,929
Black Box Corp.		3,582		136,116
CommScope, Inc. (b)		10,617		218,710
Concur Technologies, Inc. (b)		4,900		52,675
CTS Corp.		7,337		84,155
Digi International, Inc. (b)		2,900		32,915
Digimarc Corp. (b)		3,897		35,190
Dionex Corp. (b)		4,191		197,773
EMS Technologies, Inc. (b)		2,100		32,613
Excel Technology, Inc. (b)		1,819		48,749
Input/Output, Inc. (b)		10,681		102,858
Intergraph Corp. (b)		8,480		223,787
Invision Technologies, Inc. (b)		3,629		180,216
KEMET Corp. (b)		17,506		176,636
Kronos, Inc. (b)		7,075		310,735
Kulicke & Soffa Industries, Inc. (b)		9,968		77,850
Lattice Semiconductor Corp. (b)		21,453		105,120
Lionbridge Technologies, Inc. (b)		7,700		57,288
Medis Technologies, Inc. (b)		1,977		23,862
Merge Technologies, Inc. (b)		1,400		19,110
Micros Systems, Inc. (b)		3,977		193,362
Monolithic System Technology, Inc. (b)		4,600		21,896
MTC Technologies, Inc. (b)		1,362		34,050
Opsware, Inc. (b)		12,208		75,201
Orbital Sciences Corp. (b)		9,522		109,027
Palatin Technologies, Inc. (b)		10,200		36,108
Plexus Corp. (b)		8,325		93,323
Progress Software Corp. (b)		6,145		126,771
Sonic Solutions (b)		4,000		70,400

	Shares
	or
	Principal
	Amount		Value
Symmetricom, Inc. (b)		8,000		65,600
Varian Semiconductor Equipment Associates, Inc. (b)		7,508		224,264
Varian, Inc. (b)		7,068		267,878
Westell Technologies, Inc., Class A (b)		12,129		49,122
Wilson Greatbatch Technologies, Inc. (b)		4,750		104,025
				3,827,314
Telecommunications (1.3%)
Airgate PCS, Inc. (b)		1,700		26,146
Airspan Networks, Inc. (b)		5,000		21,850
Alamosa Holdings, Inc. (b)		11,000		84,480
Alaska Communications Systems Holdings, Inc. (b)		200		1,198
Align Technology, Inc. (b)		10,492		180,253
Anaren Microwave, Inc. (b)		4,233		50,754
Applied Signal Technology, Inc.		2,530		87,462
Arch Wireless, Inc. (b)		3,100		87,451
Arris Group, Inc. (b)		16,226		71,313
Aspect Communications Corp. (b)		7,977		67,565
Boston Communications Group, Inc. (b)		5,158		44,514
Carrier Access Corp. (b)		3,000		22,320
Centennial Communications Corp. (b)		1,100		6,182
Cincinnati Bell, Inc. (b)		46,300		187,052
Commonwealth Telephone Enterprises, Inc. (b)		4,720		211,456
Comtech Telecommunications Corp. (b)		3,880		77,290
Corvis Corp. (b)		76,800		86,016
CT Communications, Inc.		3,400		48,654
D&E Communications, Inc.		2,400		26,616
Ditech Communications Corp. (b)		6,500		133,835
Dobson Communications Corp. (b)		24,600		65,682
Eagle Broadband, Inc. (b)		25,900		22,274
Finisar Corp. (b)		27,700		41,966
General Cable Corp. (b)		8,100		77,112
General Communication, Inc. (b)		8,800		70,488
Golden Telecom, Inc.		2,875		72,565
INET Technologies, Inc. (b)		6,760		83,148
Infonet Services Corp., Class B (b)		5,800		9,106
InfoSpace, Inc. (b)		6,833		255,964
InterVoice-Brite, Inc. (b)		6,956		61,282
ITC^DeltaCom, Inc. (b)		500		2,280
KVH Industries, Inc. (b)		3,631		29,375
Metrocall Holdings, Inc. (b)		900		60,345
Neon Communications, Inc. (d) (b)		125		0
NMS Communications Corp. (b)		7,300		43,508
North Pittsburgh Systems, Inc.		2,163		41,421
Price Communications Corp. (b)		10,437		155,511
Primus Telecommunications Group, Inc. (b)		15,912		25,777
Regent Communications, Inc. (b)		5,831		33,703
SBA Communications Corp. (b)		14,000		70,420
Shenandoah Telecommunications Co.		746		17,158
SureWest Communications		2,800		75,096
Talk America Holdings, Inc. (b)		7,414		48,043
Terremark Worldwide, Inc. (b)		46,900		33,768
Triton PCS Holdings, Inc. (b)		4,800		14,448
UbiquiTel, Inc. (b)		16,000		64,000
WJ Communications, Inc. (b)		9,500		24,795
XO Communications, Inc. (d) (b)		5,400		0
Zhone Technologies, Inc. (b)		7,000		21,490
				3,043,132

	Shares
	or
	Principal
	Amount		Value
Tire & Rubber (0.3%)
Bandag, Inc.		2,587		115,510
Cooper Tire & Rubber Co.		14,710		344,949
Goodyear Tire & Rubber Co. (The) (b)		30,760		336,822
				797,281
Tobacco (0.2%)
DIMON, Inc.		9,556		51,602
Standard Commercial Corp.		1,000		15,600
Star Scientific, Inc. (b)		8,085		31,693
Universal Corp.		5,419		261,359
Vector Group Ltd.		5,791		91,440
				451,694
Transportation Services (1.6%)
Alexander & Baldwin, Inc.		9,206		302,693
AMERCO, Inc. (b)		1,300		29,484
Arkansas Best Corp.		4,299		150,336
Central Freight Lines, Inc. (b)		3,700		28,120
Covenant Transport, Inc., Class A (b)		1,700		30,022
EGL, Inc. (b)		7,298		185,442
Forward Air Corp. (b)		4,100		162,811
Genesee & Wyoming, Inc., Class A (b)		3,550		82,360
Greenbrier Companies, Inc.		200		4,590
Gulfmark Offshore, Inc. (b)		4,000		58,800
Heartland Express, Inc.		6,497		175,484
HUB Group, Inc., Class A (b)		700		22,848
Kansas City Southern Industries, Inc. (b)		12,779		186,829
Kirby Corp. (b)		4,257		164,320
Knight Transportation, Inc. (b)		6,694		132,608
Laidlaw International, Inc. (b)		18,700		262,735
Landstar System, Inc. (b)		6,599		328,697
Marten Transport Ltd. (b)		800		15,720
Navigant International, Inc. (b)		2,689		42,836
Offshore Logistics, Inc. (b)		4,000		115,800
Old Dominion Freight Line, Inc. (b)		3,153		91,500
Overnite Corp.		6,100		182,329
Overseas Shipholding Group, Inc.		5,386		241,885
P.A.M. Transportation Services, Inc. (b)		1,200		22,092
Pacer International, Inc. (b)		6,652		105,002
Pegasus Solutions, Inc. (b)		5,635		73,480
RailAmerica, Inc. (b)		5,367		60,379
SCS Transportation, Inc. (b)		4,125		106,219
Seabulk International, Inc. (b)		1,000		9,050
Swift Transportation Co., Inc. (b)		8,600		171,785
U.S. Xpress Enterprises, Inc. (b)		1,700		31,229
Werner Enterprises, Inc.		8,300		165,419
				3,742,904
Utilities (1.4%)
Black Hills Corp.		6,690		184,778
Calpine Corp. (b)		85,600		330,417
Central Vermont Public Service Corp.		2,826		54,909
CH Energy Group, Inc.		3,063		134,772
CMS Energy Corp. (b)		31,700		286,252
Danielson Holding Corp. (b)		2,700		16,335
Duquesne Light Holdings, Inc.		13,700		259,889
Empire District Electric Co.		6,273		124,895
FuelCell Energy, Inc. (b)		8,703		86,508
Headwaters, Inc. (b)		7,342		203,667
IDACORP, Inc.		8,534		234,685
Littlelfuse, Inc. (b)		4,837		187,676
MGE Energy, Inc.		3,129		98,657

	Shares
	or
	Principal
	Amount		Value
Otter Tail Co.		4,910		121,964
PNM Resources, Inc.		13,592		283,247
Sierra Pacific Resources (b)		23,624		194,189
Time Warner Telecom, Inc. (b)		11,474		49,797
UIL Holdings Corp.		2,928		134,629
UniSource Energy Corp.		7,321		180,755
				3,168,021
Warehousing (0.0%)
Mobile Mini, Inc. (b)		3,904		106,774
Water (0.2%)
American States Water Co.		2,901		66,868
California Water Service Group		3,052		83,289
Connecticut Water Service, Inc.		811		20,072
Ionics, Inc. (b)		4,170		112,757
Middlesex Water Co.		3,116		54,312
Southwest Water Co.		5,560		70,890
				408,188
Wireless Equipment (0.3%)
Atheros Communications (b)		800		5,808
InterDigital Communications Corp. (b)		10,100		194,324
Novatel Wireless, Inc. (b)		4,100		94,177
Powerwave Technologies, Inc. (b)		12,286		68,064
Remec, Inc. (b)		12,137		56,801
SpectraLink Corp.		4,430		40,800
Universal Electronics, Inc. (b)		1,656		28,682
ViaSat, Inc. (b)		4,723		85,581
Wireless Facilities, Inc. (b)		7,887		58,995
				633,232
Total Common Stocks				193,732,796
Repurchase Agreements (14.5%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $32,078,440 (Fully collateralized by AA Corporate Bonds, Treasury Notes, and U.S. Agency Securities)	$	32,075,152		32,075,152
UBS Warburg LLC, 1.25% dated 07/30/04, due 08/02/04, repurchase price $1,278,188 (Fully collateralized by AA Corporate Bonds)		1,278,057		1,278,057
Total Repurchase Agreements				33,353,209
Corporate Bonds (0.0%)
Construction & Building Materials (0.0%)
Brookfield Homes, 12.00%, 6/30/20		4,450		4,595
Total Corporate Bonds				4,595
Short-Term Securities Held as Collateral for Securities Lending (21.4%)
Pool of various securities for Gartmore	$	49,089,005		49,089,005
Mutual Funds – Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				49,089,005
Total Investments (Cost $264,756,701) (a) - 120.4%				276,179,605

	Shares
	or
	Principal
	Amount	Value
Other assets in excess of liabilities - (20.4)%			(46,739,844	)
NET ASSETS - 100.0%		$	229,439,761

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

Unrealized appreciation	$	23,289,232
Unrealized depreciation		(11,866,328	)
Net unrealized appreciation (depreciation)	$	11,422,904

	Aggregate cost for federal income tax purposes is substantially the same.
(b)	Denotes a non-income producing security.
(c)	Fair Valued Security.
(d)	Security has been deemed illiquid. The pricing committee has deemed the security to have zero value based upon procedures adopted by the Board of Trustees.

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

				Market Value		Unrealized
Number of	Long			Covered By		Appreciation
Contracts	Contracts*	Expiration		Contracts		(Depreciation)
129	Russell 2000		09/17/04	$	35,584,650	$	(873,925	)

* Cash pledged as collateral.

Gartmore Tax Free Income Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Principal
	Amount		Value
Municipal Bonds (98.3%)
Alabama (7.4%)
Alabama 21st Century Authority Tobacco Settlement Revenue Bonds, 5.75%, 2015	$	1,500,000	$	1,527,255
Alabama 21st Century Authority Tobacco Settlement Revenue Bonds, 5.50%, 2021		4,000,000		3,707,840
Alabama Housing Finance Authority Single-Family Revenue Bonds, (Collateralized Home Mortgage Revenue Bond Program), Series 1996-D, 6.00%, 2016		1,145,000		1,181,984
Auburn University Alabama General Fee Revenue Bonds, 5.50%, 2018		1,685,000		1,836,650
Birmingham, Alabama Water & Sewer Revenue Warrants, Series 1998-A, 4.75%, 2029		1,750,000		1,644,160
Jefferson County, Alabama Sewer Capital Improvement Revenue Warrants, Series A, 5.13%, 2029		4,000,000		4,384,399
				14,282,288
Arizona (1.0%)
Mesa, Arizona Industrial Development Authority Revenue Bonds, (Discovery Health Systems), Series A, 5.63%, 2029		1,800,000		1,870,704
Colorado (1.9%)
Denver, Colorado City & County Airport Revenue Bonds, Series B, 5.50%, 2025		3,500,000		3,661,490
District of Columbia (1.4%)
District of Columbia General Obligation Unlimited Bonds, Series A, 5.50%, 2029		1,775,000		1,825,197
District of Columbia Prerefunded General Obligation Unlimited, Series A, 5.50%, 2029		725,000		811,406
				2,636,603
Florida (1.4%)
Florida State Board of Education Capital Outlay (Public Education), Series D, 5.75%, 2022		1,050,000		1,149,309
Jacksonville, Florida Electric Authority Revenue Bonds, (St. John’s River), Series 9, 5.25%, 2021		1,520,000		1,521,596
				2,670,905
Georgia (3.6%)
Atlanta, Georgia Airport General Obligation Refunding Revenue Bonds, Series A, 5.50%, 2026		1,000,000		1,124,440
Georgia Local Government Certificates of Participation Grantor Trust, Series 1998-A, 4.75%, 2028		1,000,000		970,880
Georgia Municipal Electric Power Authority Revenue Bonds, Prerefunded Series V, 6.60%, 2018		465,000		576,879

	Principal
	Amount		Value
Georgia Municipal Electric Power Authority Revenue Bonds, Unrefunded Series V, 6.60%, 2018		2,285,000		2,781,919
Georgia Private College & Universities Authority, Refunding Revenue Bonds, (Mercer University Project), Series A, 5.25%, 2025		1,500,000		1,435,185
				6,889,303
Illinois (12.0%)
Chicago Park District, Illinois General Obligation Unlimited Tax Park Bonds, Series 1996, 5.60%, 2021		3,050,000		3,277,469
Chicago, Illinois Project General Obligation Limited, Series A, 5.375%, 2024		2,930,000		3,007,030
Illinois Development Finance Authority Hospital Revenue Bonds, (Adventist Health Systems/Sunbelt Obligation), 5.50%, 2020		1,750,000		1,767,518
Illinois Development Finance Authority Hospital Revenue Bonds, (Adventist Health Systems/Sunbelt Obligation), 5.65%, 2024		3,000,000		3,020,880
Illinois State Building, Illinois Sales Tax Revenue Bonds, Series V, 6.38%, 2017		2,500,000		2,655,325
Illinois State General Obligation Unlimited Revenue Bonds, 5.25%, 2013		1,000,000		1,117,560
Illinois State General Obligation Unlimited Revenue Bonds, 5.25%, 2023		3,425,000		3,562,376
Metropolitan Pier & Exposition Authority, Illinois Dedicated State Tax Revenue Bonds, (McCormick Place Expansion Project), 5.50%, 2024		4,500,000		4,741,874
				23,150,032
Indiana (4.9%)
Ball State University Student Fee Revenue Bonds, Series J, 6.20%, 2020		1,000,000		1,146,960
Indiana State Toll Road Commission East-West Toll Road Revenue Bonds, Series 1980, 9.00%, 2015		5,335,000		7,244,877
New Albany Floyd County School Building Corp., 5.75%, 2020		1,000,000		1,106,810
				9,498,647
Kansas (0.9%)
Wichita, Kansas Hospital Revenue Refunding Bonds, (Facilities Improvements Series 11), 6.75%, 2019		1,500,000		1,677,420
Louisiana (1.0%)
Tobacco Settlement Financing Corp. (Louisiana Revenue Asset Backed), Series 2001B, 5.88%, 2039		2,250,000		1,836,788
Massachusetts (4.6%)
Massachusetts Bay Transportation Authority Revenue Bonds, (General Transportation System), Series A, 5.38%, 2019		2,000,000		2,107,460
Massachusetts State Consumer Loan General Obligation Limited, Series C,		1,500,000		1,679,910
5.50%, 2015

	Principal
	Amount		Value
Massachusetts State Consumer Loan General Obligation Limited, Series D , 5.50%, 2019		1,000,000		1,116,220
Massachusetts State General Obligation Unlimited Bonds, Series D, 5.50%, 2018		2,000,000		2,225,140
Massachusetts State Prerefunded Consumer Loan General Obligation Limited, Series B, 5.25%, 2021		95,000		105,043
Massachusetts State Unrefunded Consumer Loan General Obligation Limited, Series B, 5.25%, 2021		1,405,000		1,553,537
				8,787,310
Michigan (4.1%)
Michigan State General Obligation Unlimited Tax Bonds, (Environmental Protection Program), Series 1992, 6.25%, 11/01/2012		3,500,000		4,018,175
Michigan State Hospital Finance Authority Refunding Revenue Bonds, (Henry Ford Health), 6.00%, 2024		1,500,000		1,542,480
Michigan State Hospital Finance Authority Revenue Bonds, (Ascension Health Credit), Series A, 5.75%, 2018		2,000,000		2,271,140
				7,831,795
Minnesota (0.9%)
St. Louis Park, Minnesota Independent School District Number 283 General Obligation Unlimited Tax Bonds, 5.75%, 2018		1,500,000		1,646,430
Missouri (1.0%)
Jackson County, Missouri Special Obligation Revenue Bonds, Series A, 5.50%, 2012		1,415,000		1,607,242
Missouri State Environmental Improvement & Energy Resource Authority, State Revolving Fund-Multiple, Series A, Refunded Portion, 6.55%, 2014		365,000		366,051
				1,973,293
Nevada (0.7%)
University of Nevada Community College Revenue Bonds, 5.38%, 2020		1,200,000		1,263,852
New Jersey (2.4%)
New Jersey State Transportation Trust Fund Authority, Transportation Systems Revenue Bonds, Series A, 5.75%, 2017		1,000,000		1,152,610
New Jersey State Transportation Trust Fund Authority, Transportation Systems Revenue Bonds, Series B, 6.00%, 2015		2,000,000		2,329,060
New Jersey State Turnpike Authority Revenue Bonds, Prerefunded Series 1991-C, 6.50%, 2016		790,000		948,624
New Jersey State Turnpike Authority Revenue Bonds, Unrefunded Series 1991-C, 6.50%, 2016		210,000		247,626
				4,677,920
New Mexico (0.8%)
Bernalillo County, New Mexico Gross		1,500,000		1,525,800
Receipts Tax Revenue Bonds, 5.25%, 2026

	Principal
	Amount		Value
New York (1.2%)
New York State Local Government Assistance Corporation Revenue Refunding Bonds, Series 1993-E, 6.00%, 2014		1,000,000		1,149,830
New York, New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, 5.75%, 2019		795,000		912,326
New York, New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, 5.75%, 2019		205,000		225,381
				2,287,537
North Carolina (2.7%)
North Carolina Housing Finance Agency, Single-Family Revenue Bonds, Series A, 6.25%, 2017		985,000		1,007,911
North Carolina Medical Care Commission Hospital Revenue Bonds, (Firsthealth of the Carolinas), 4.75%, 2026		2,000,000		1,941,300
North Carolina Medical Care Commission Hospital Revenue Bonds, (Gaston Health Care), 5.00%, 2029		2,300,000		2,230,632
				5,179,843
Ohio (5.8%)
Allen County, Ohio Special Obligation Revenue Bonds, 5.25%, 2015		3,180,000		3,478,538
Cleveland, Ohio Waterworks Revenue Bonds, Series K, 5.25%, 2020		1,000,000		1,058,440
Franklin County, Ohio Hospital Refunding & Improvement Revenue Bonds, (The Children’s Hospital Project), Series 1996-A, 5.75%, 2020		1,100,000		1,141,030
Hamilton, Ohio City School District General Obligation Bonds, Series A, 5.50%, 2019		1,000,000		1,080,090
Montgomery County, Ohio Hospital Revenue Bonds, (Kettering Medical Center), 6.75%, 2018		2,500,000		2,721,150
Ohio State Building, Ohio Sales Tax Revenue Bonds, 5.00%, 2017		1,655,000		1,746,886
				11,226,134
Pennsylvania (0.6%)
Pennsylvania State University General Obligation Unlimited Bonds, 5.25%, 2016		1,000,000		1,081,160
South Carolina (4.8%)
Greenville, South Carolina Waterworks Revenue Bonds, 5.25%, 2016		1,685,000		1,814,678
South Carolina State Housing Finance & Development Authority Homeownership Mortgage Purchase Bonds, Series 1994-A, 6.38%, 2016		1,055,000		1,069,559
South Carolina State Public Service Authority Revenue Bonds, Series A, 5.50%, 2022		1,000,000		1,069,510
South Carolina Transportation Infrastructure Revenue Bonds, 5.50%, 2030		1,000,000		1,128,720
South Carolina Transportation Infrastructure Revenue Bonds, Series A, 5.38%, 2024		3,000,000		3,140,820
Spartanburg, South Carolina Water System Revenue Bonds, Series 1996, 6.10%, 2021		1,000,000		1,076,080
				9,299,367

	Principal
	Amount		Value
Tennessee (2.8%)
Nashville & Davidson County, Tennessee Health & Educational Facilities Revenue Bonds, (Meharry Medical College New Collateralized), Series 1979, 7.88%, 2004		125,000		127,715
Shelby County, Tennessee Educational & Housing Facilities Board Revenue Bonds, (St. Judes Children’s Research), 5.38%, 2024		4,200,000		4,268,418
Shelby County, Tennessee Health Educational & Housing Facilities Board Revenue Bonds, (St. Judes Children’s Research), 6.00%, 2014		1,000,000		1,093,170
				5,489,303
Texas (17.9%)
Beaumont Independent School District, Texas General Obligation Unlimited Tax School Building Bonds, Series 1996, 5.00%, 2016		2,325,000		2,376,499
Collin County, Texas Permanent Improvement General Obligation Limited Tax Bonds, Series A, 5.50%, 2019		1,300,000		1,395,706
Comal, Texas Independent School District General Obligation Unlimited Tax School Building and Refunding Bonds, 5.63%, 2019		2,000,000		2,181,980
Fort Bend Independent School District, Texas General Obligation Unlimited Tax Bonds, Series 1996, 5.00%, 2018		2,300,000		2,387,285
Fort Worth, Texas General Obligation Limited Tax Bonds, 5.63%, 2017		1,350,000		1,446,161
Harris County, Texas Health Facilities Development Corporation Revenue School Health Care Systems, Series B, 5.75%, 2027		5,325,000		5,863,357
Houston, Texas Independent School District General Obligation Limited Tax School House Refunding Bonds, Series 1997, 5.38%, 2017		1,500,000		1,595,610
Houston, Texas Independent School District General Obligation Limited Tax School House Refunding Bonds, Series A, 4.75%, 2026		2,000,000		1,926,880
Leander, Texas Independent School District General Obligation Unlimited Refunding Bonds, 5.00%, 2022		1,000,000		1,023,990
Lower Colorado River Authority, Texas Junior Lien Refunding Revenue Bonds, Escrowed Series 1992, 6.00%, 2017		1,245,000		1,473,209
Montgomery County, Texas General Obligation Limited, 5.25%, 2019		1,000,000		1,053,410
San Antonio, Texas Water Revenue Bonds, 5.00%, 2025		1,000,000		1,005,080
Socorro, Texas Independent School District General Obligation Unlimited Tax Bonds, Series A, 5.75%, 2014		1,000,000		1,086,570
Spring Branch, Texas Independent School District General Obligation Limited, 5.20%, 2020		1,500,000		1,569,555

	Principal
	Amount		Value
Texas State Water Development		2,415,000		2,414,999
General Obligation Unlimited Tax Bonds, Series 1994, 6.90%, 2017
United Independent School District General Obligation Unlimited Tax Bonds, 5.38%, 2025		1,000,000		1,026,860
Weatherford, Texas Independent School District General Obligation Unlimited Tax School Building and Refunding Bonds, Series 1994, 6.50%, 2015		2,655,000		2,729,605
Wichita Falls, Texas Water and Sewer Revenue Bonds (Priority Lien), 5.38%, 2019		2,000,000		2,136,100
				34,692,856
Utah (0.5%)
Utah State Housing Finance Agency Multi-Family Housing Refunding Revenue Bonds, (Cottonwoods Apartment Project), Issue 1995, 6.30%, 2015		1,000,000		1,026,130
Vermont (1.1%)
Vermont Educational & Health Buildings Financing Agency Revenue Bonds, (Fletcher Allen Health), Series A, 6.00%, 2023		2,000,000		2,203,860
Virginia (4.1%)
Fairfax County, Virginia Water Authority Refunding Revenue Bonds, Series 1992, 6.00%, 2022		940,000		1,034,216
Henrico County, Virginia Water & Sewer System Refunding Revenue Bonds, Series 1994, 5.88%, 2014		1,205,000		1,234,354
Virginia College Building Authority Educational Facilities Revenue Bonds, 5.00%, 2018		3,955,000		4,151,603
Virginia Commonwealth Transportation Board Revenue Bonds, 5.00%, 2018		1,435,000		1,507,640
				7,927,813
Washington (5.4%)
Seattle, Washington Municipal Light & Power Revenue Improvement & Refunding Revenue Bonds, 5.13%, 2026		1,000,000		1,003,970
Seattle, Washington Water Systems Revenue Bonds, 5.38%, 2029		2,000,000		2,032,660
Washington State General Obligation Limited, 5.00%, 2015		2,500,000		2,650,775
Washington State Motor Vehicle Fuel Tax General Obligation Unlimited Tax Bonds, Series 1997-D, 5.38%, 2022		3,500,000		3,688,825
Washington State Motor Vehicle Fuel Tax General Obligation Unlimited Tax Bonds, Series C, 5.80%, 2017		1,000,000		1,104,920
				10,481,150
Wisconsin (1.4%)
Wisconsin State General Obligation Unlimited, Series C, 5.55%, 2021		1,000,000		1,077,500
Wisconsin State Transportation Revenue Bonds, Series A, 5.50%, 2016		1,500,000		1,639,350
				2,716,850
Total Municipal Bonds				189,492,583

Total Investments (Cost $178,513,293) (a) - 98.3%		189,492,583
Other assets in excess of liabilities - 1.7%		3,344,626
NET ASSETS — 100.0%	$	192,837,209

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

Unrealized appreciation	$	11,517,459
Unrealized depreciation		(538,169	)
Net unrealized appreciation (depreciation)	$	10,979,290

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

Distribution of investments, as a percentage of net assets in securities at value, is as follows:

Industry	Percent			Value
Air, Water, and Solid Waste		1.1	%	$	2,136,100
Airports Flying Fields		2.5	%		4,785,930
Colleges and Universities		5.2	%		10,102,750
Educational Services		1.1	%		2,193,380
Electric and Other Services		0.8	%		1,521,596
Elementary and Secondary Schools		5.8	%		11,160,596
Environmental Quality		0.2	%		366,051
Facilities Support Services		3.9	%		7,493,841
Finance, Taxation, and Money		6.3	%		12,233,287
General Obligation		25.8	%		49,769,549
Health Services		7.0	%		13,556,521
Highway and Street Construction		0.8	%		1,507,640
Hospitals		10.5	%		20,184,254
Local and Suburban		1.1	%		2,107,460
Multi-Family Housing		0.5	%		1,026,130
Regulation, Administration of Transportation		1.5	%		2,835,600
Regulation, Administration of Utilities		0.5	%		1,003,970
Single Family Housing		1.7	%		3,259,454
Tobacco and Tobacco Products		3.7	%		7,071,883
Transportation Services		7.8	%		14,996,087
Water, sewer, and Utility		10.5	%		20,180,504
Total		98.3	%	$	189,492,583

Gartmore U.S. Growth Leaders Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (97.6%)
Chemicals (3.1%)
Praxair, Inc.		24,640	$	972,048
Computer Equipment (3.6%)
Lexmark International, Inc., Class A (b)		12,750		1,128,375
Computer Software & Services (10.8%)
Check Point Software Technologies Ltd.		54,080		1,075,651
ADR — IL (b)
Hyperion Solutions Corp. (b)		31,130		1,276,953
Macromedia, Inc. (b)		14,410		291,082
Yahoo!, Inc. (b)		22,530		693,924
				3,337,610
Consumer Products (2.9%)
Gillette Co. (The)		22,860		891,083
Electronics (3.6%)
Rockwell Collins, Inc.		32,350		1,107,017
Financial Services (9.3%)
Capital One Financial Corp.		11,790		817,283
Goldman Sachs Group, Inc.		14,660		1,292,865
Northern Trust Corp.		19,220		771,299
				2,881,447
Healthcare (2.7%)
Biogen Idec, Inc. (b)		14,030		841,800
Hotels & Casinos (4.0%)
Marriott International, Inc., Class A		25,470		1,242,936
Instruments (4.0%)
Fisher Scientific International, Inc. (b)		21,090		1,227,438
Insurance (4.1%)
American International Group, Inc.		18,030		1,273,820
Manufacturing (12.0%)
Bucyrus International, Inc., Class A (b)		29,500		708,000
Danaher Corp.		28,700		1,453,654
International Steel Group (b)		9,590		313,881
Tyco International Ltd.		39,230		1,216,130
				3,691,665
Medical Products (7.8%)
Boston Scientific Corp. (b)		37,120		1,420,211
Genzyme Corp. (b)		19,370		993,294
				2,413,505
Oil & Gas (3.3%)
EOG Resources, Inc.		15,880		1,009,174
Retail (8.7%)
Staples, Inc.		21,100		609,368
Target Corp.		29,480		1,285,328
Williams-Sonoma, Inc. (b)		24,910		809,326
				2,704,022
Semiconductors (4.7%)

	Shares
	or
	Principal
	Amount		Value
Broadcom Corp., Class A (b)		23,710		838,386
Maxim Integrated Products, Inc.		12,670		609,427
				1,447,813
Telecommunications (11.2%)
Ericsson ADR — SE (b)		28,560		762,838
Juniper Networks, Inc. (b)		53,250		1,222,619
QUALCOMM, Inc.		14,790		1,021,692
Scientific-Atlanta, Inc.		15,270		469,553
				3,476,702
Transportation Services (1.8%)
Old Dominion Freight Line, Inc. (b)		19,120		554,862
Total Common Stocks				30,201,317
Repurchase Agreement (1.5%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $17,524 (Fully collateralized by AA Rated Corporate Bonds)	$	17,523		17,523
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $439,797 (Fully collateralized by U.S. Agency Securities)		439,782		439,782
Total Repurchase Agreement				457,305
Short-Term Securities Held as Collateral for Securities Lending (6.8%)
Pool of various securities for Gartmore		2,100,995		2,100,995
Mutual Funds — Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				2,100,995
Total Investments (Cost $32,802,868) (a) - 105.9%%				32,759,617
Liabilities in excess of other assets - (5.9)%				(1,828,945	)
NET ASSETS - 100.0%			$	30,930,672

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

Unrealized appreciation	$	846,153
Unrealized depreciation		(889,404	)
Net unrealized appreciation (depreciation)	$	(43,251	)

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

(b) Denotes a non-income producing security.

ADR
IL
SE American Depositary Receipt
Israel
Sweden

Gartmore Value Opportunities Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (98.1%)
Aerospace (1.3%)
Alliant Techsystems, Inc. (b)		3,300	$	207,768
Teledyne Technologies, Inc. (b)		10,800		233,928
				441,696
Air Transport (0.8%)
SkyWest, Inc.		18,202		257,194
Auto Parts: Original Equipment (0.7%)
Autoliv, Inc.		5,300		223,077
Auto Trucks & Parts (0.4%)
Oshkosh Truck Corp.		2,600		137,722
Banks: Outside New York City (6.7%)
AmericanWest Bancorp. (b)		1,500		25,950
Banner Corp.		1,600		43,616
Colonial Bancgroup, Inc. (The)		13,600		262,344
Cullen/Frost Bankers, Inc.		10,000		430,199
East West Bancorp., Inc.		6,850		230,982
First State Bancorp.		2,000		58,500
FirstMerit Corp.		14,100		365,754
Franklin Bank Corp. (b)		11,910		187,702
MBT Financial Corp.		2,100		39,732
Mercantile Bank Corp.		1,385		47,727
Nara Bankcorp., Inc.		4,000		71,520
Sky Financial Group, Inc.		1,800		42,030
Southwest Bancorp., Inc.		4,000		74,880
Texas Regional Bancshares, Inc.		7,620		339,014
				2,219,950
Biotechnology Research & Production (0.2%)
Corixa Corp. (b)		4,700		21,244
Dyax Corp. (b)		5,800		44,602
				65,846
Building: Heating & Plumbing (0.5%)
Jacuzzi Brands, Inc. (b)		20,200		155,944
Casinos & Gambling (0.3%)
Multimedia Games, Inc. (b)		5,400		102,222
Chemicals (2.8%)
Airgas, Inc.		10,200		221,850
Georgia Gulf Corp.		9,000		319,950
Millennium Chemicals, Inc. (b)		11,000		194,150
Octel Corp.		1,700		43,894
OM Group, Inc. (b)		4,300		137,686
				917,530
Coal (1.8%)
Consol Energy, Inc.		7,800		279,552
Peabody Energy Corp.		5,500		308,990
				588,542
Commercial Information Services (0.1%)
SOURCECORP, Inc. (b)		1,800		42,318
Commercial Services (0.9%)

	Shares
	or
	Principal
	Amount		Value
4Kids Entertainment, Inc. (b)		1,800		39,204
Angelica Corp.		1,900		45,733
Coinstar, Inc. (b)		2,400		48,840
Manpower, Inc.		3,400		148,070
				281,847
Communications Technology (2.0%)
Brocade Communications Systems, Inc. (b)		46,300		223,166
CommScope, Inc. (b)		10,260		211,356
Harris Corp.		5,000		237,400
				671,922
Computer Services, Software & Systems (1.8%)
Compuware Corp. (b)		55,900		276,146
Macromedia, Inc. (b)		6,100		123,220
Parametric Technology Corp. (b)		23,600		107,144
Pinnacle Systems, Inc. (b)		7,000		27,650
SS&C Technologies, Inc.		2,650		53,398
				587,558
Computer Technology (0.9%)
Intergraph Corp. (b)		10,300		271,817
RadiSys Corp. (b)		2,300		28,543
				300,360
Consumer Electronics (0.5%)
THQ, Inc. (b)		7,800		148,590
Consumer Finance (0.5%)
Collegiate Funding Services (b)		12,870		180,566
Consumer Products (0.7%)
Snap-On, Inc.		6,900		221,559
Containers & Packaging: Metals & Glass (0.3%)
Anchor Glass Container Corp.		6,900		97,428
Cosmetics (0.8%)
Elizabeth Arden, Inc. (b)		13,500		265,545
Diversified Materials & Processing (1.5%)
CLARCOR, Inc.		5,600		246,400
Olin Corp.		14,000		241,920
				488,320
Diversified Production (0.7%)
Pentair, Inc.		6,900		216,108
Drugs & Pharmaceuticals (1.1%)
K-V Pharmaceutical Co. (b)		9,300		161,913
NeoPharm, Inc. (b)		9,596		60,455
Par Pharmaceutical Cos, Inc. (b)		2,600		97,864
Sciclone Pharmaceuticals, Inc. (b)		5,000		21,050
Supergen, Inc. (b)		2,900		15,051
				356,333
Electronics (0.5%)
Amphenol Corp., Class A (b)		4,000		125,720
Richardson Electronics Ltd.		3,200		29,920
				155,640
Electronics: Medical Systems (0.1%)
Luminex Corp. (b)		2,800		21,336
Electronics: Semi-Conductors & Components (0.1%)
SIPEX Corp. (b)		5,600		22,288
Electronics: Technology (1.0%)
Gerber Scientific, Inc. (b)		6,900		44,712
PerkinElmer, Inc.		16,700		293,586
				338,298

	Shares
	or
	Principal
	Amount		Value
Energy Equipment (0.1%)
Global Power Equipment Group, Inc. (b)		2,700		18,927
Entertainment (0.3%)
Regal Entertainment Group, Class A		5,400		101,682
Fertilizers (1.1%)
IMC Global, Inc.		25,500		348,075
Financial Data Processing Services & Systems (0.4%)
Hypercom Corp. (b)		19,200		130,560
Financial Miscellaneous (1.3%)
New Century Financial Corp.		4,500		211,725
Triad Guaranty, Inc. (b)		3,922		213,357
				425,082
Foods (1.4%)
Dean Foods Co. (b)		7,100		262,558
Del Monte Foods Co. (b)		18,600		196,044
				458,602
Forest Products (0.1%)
Universal Forest Products, Inc.		1,111		33,741
Health Care Facilities (0.9%)
Triad Hospitals, Inc. (b)		9,100		309,946
Health Care Management Services (0.9%)
Per-Se Technologies, Inc. (b)		21,700		304,885
Health Care Services (0.8%)
Omnicare, Inc.		9,700		274,219
Homebuilding (0.7%)
Levitt Corp., Class A (b)		4,915		101,986
Standard Pacific Corp.		2,800		129,948
				231,934
Hotel/Motel (0.1%)
Prime Hospitality Corp. (b)		3,900		35,802
Household Furnishings (0.1%)
American Woodmark Corp.		800		45,528
Identification Control & Filter Devices (0.6%)
Artesyn Technologies, Inc. (b)		7,100		52,966
Hubbell, Inc.		3,000		135,600
				188,566
Insurance: Multi-Line (2.1%)
Assurant, Inc.		7,860		191,784
Reinsurance Group of America, Inc.		6,600		263,010
Wellchoice, Inc. (b)		6,100		223,260
				678,054
Insurance: Property & Casualty (1.4%)
Aspen Insurance Holdings Ltd.		9,200		217,120
ProAssurance Corp. (b)		8,200		259,858
				476,978
Investment Management Companies (1.6%)
Affiliated Managers Group, Inc. (b)		9,150		420,077
National Financial Partners Corp.		3,600		121,248
				541,325
Leisure Time (0.7%)
K2, Inc. (b)		15,700		223,725
Machinery: Agricultural (0.8%)
AGCO Corp. (b)		13,200		276,144
Machinery: Construction & Handling (0.6%)

	Shares
	or
	Principal
	Amount		Value
Terex Corp. (b)		5,100		198,441
Machinery: Industrial/Specialty (1.3%)
FSI International, Inc. (b)		12,970		68,093
Joy Global, Inc.		6,600		195,954
Kennametal, Inc.		3,900		171,600
				435,647
Machinery: Oil Well Equipment & Services (0.8%)
Key Energy Services, Inc. (b)		23,000		231,840
Lufkin Industries, Inc.		1,000		32,850
				264,690
Machinery: Specialty (0.1%)
Cascade Corp.		1,400		40,978
Medical & Dental Instruments & Supplies (1.1%)
Bio-Rad Laboratories, Inc., Class A (b)		6,200		324,880
DJ Orthopedics, Inc. (b)		1,480		26,344
				351,224
Metal Fabricating (2.7%)
Commercial Metals Co.		4,800		166,224
Kaydon Corp.		7,200		209,736
Maverick Tube Corp. (b)		7,829		225,788
RTI International Metals, Inc. (b)		2,800		41,972
Timken Co.		10,200		253,368
				897,088
Metals & Minerals Miscellaneous (1.2%)
Minerals Technologies, Inc.		3,200		178,784
Stillwater Mining Co. (b)		14,800		215,340
				394,124
Multi-Sector Companies (1.9%)
Carlisle Cos., Inc.		5,800		368,242
Teleflex, Inc.		5,500		244,475
				612,717
Oil: Crude Producers (2.4%)
Newfield Exploration Co. (b)		5,900		348,513
Swift Energy Co. (b)		2,200		49,918
The Meridian Resource Corp. (b)		48,700		406,645
				805,076
Oil: Integrated Domestic (0.6%)
KCS Energy, Inc. (b)		14,400		212,832
Paper (0.1%)
Chesapeake Corp.		2,000		46,420
Pollution Control & Environmental Services (0.1%)
Ionics, Inc. (b)		1,700		45,968
Production Technology Equipment (0.8%)
Axcelis Technologies, Inc. (b)		29,100		271,503
Publishing: Miscellaneous (0.2%)
Consolidated Graphics, Inc. (b)		1,300		56,563
Railroad Equipment (0.6%)
Wabtec Corp.		10,800		196,560
Railroads (0.1%)
RailAmerica, Inc. (b)		1,800		20,250
Real Estate Investment Trusts (REIT) (8.2%)
AMB Property Corp.		10,400		365,456
American Financial Realty Trust		27,700		367,025
Ashford Hospitality Trust		38,800		346,872
Associated Estates Realty Corp.		4,000		34,720
Capital Lease Funding, Inc. (b)		12,600		125,370

	Shares
	or
	Principal
	Amount		Value
CBL & Associates Properties, Inc.		8,800		484,879
Developers Diversified Realty Corp.		10,000		358,800
Equity Inns, Inc.		5,300		48,071
Friedman Billings Ramsey Group, Inc.		13,200		217,140
Nationwide Health Properties, Inc.		14,200		271,220
Winston Hotels, Inc.		4,500		49,500
				2,669,053
Recreational Vehicles & Boats (0.9%)
Fleetwood Enterprises, Inc. (b)		1,600		21,504
Thor Industries, Inc.		8,600		269,266
				290,770
Restaurants (1.6%)
CBRL Group, Inc.		7,600		252,472
Ruby Tuesday, Inc.		9,000		260,010
				512,482
Retail (3.8%)
Fisher Scientific International, Inc. (b)		5,500		320,100
Genesco, Inc. (b)		800		17,168
Guitar Center, Inc. (b)		4,000		179,800
Handleman Co.		1,300		27,911
Jos. A. Bank Clothiers, Inc. (b)		5,550		170,552
Linens ‘n Things, Inc. (b)		5,600		149,072
Mothers Work, Inc. (b)		1,200		22,044
Talbots, Inc.		7,000		215,600
United Auto Group, Inc.		5,700		156,408
				1,258,655
Savings & Loan (5.3%)
BankAtlantic Bancorp, Inc., Class A		22,060		402,373
BankUnited Financial Corp., Class A (b)		13,240		355,362
Commercial Capital Bancorp, Inc. (b)		17,100		375,687
Hudson River Bancorp., Inc.		2,700		46,656
Independence Community Bank Corp.		7,300		272,582
Webster Financial Corp.		6,100		286,212
				1,738,872
Securities Brokerage & Services (2.4%)
American Capital Strategies Ltd.		13,800		403,374
NCO Group, Inc. (b)		15,600		389,532
				792,906
Services: Commercial (4.0%)
Chemed Corp.		6,400		299,520
Integrated Alarm Services Group, Inc. (b)		26,700		136,704
Pegasus Systems, Inc. (b)		35,100		457,704
Pep Boys-Manny, Moe & Jack		7,000		144,900
Waste Connections, Inc. (b)		9,350		269,841
				1,308,669
Shipping (1.0%)
Kirby Corp. (b)		8,170		315,362
Steel (0.7%)
Harsco Corp.		5,400		242,352
Telecommunication Equipment (0.8%)
InterDigital Communications Corp. (b)		13,600		261,664
Tires & Rubber (1.2%)
Cooper Tire & Rubber Co.		17,100		400,995
Tobacco (0.1%)
Standard Commercial Corp.		1,200		18,720
Transportation (1.5%)
Pacer International, Inc. (b)		8,100		127,859

	Shares
	or
	Principal
	Amount		Value
SCS Transportation, Inc. (b)		2,800		72,100
Tidewater, Inc.		9,400		285,290
				485,249
Truckers (0.5%)
Overnite Corp.		5,400		161,406
Utilities: Electrical (4.0%)
Black Hills Corp.		7,300		201,626
Duquesne Light Holdings, Inc.		15,900		301,623
Westar Energy, Inc.		20,500		413,485
Wisconsin Energy Corp.		12,700		408,305
				1,325,039
Utilities: Gas Distributors (2.4%)
Cascade Natural Gas Corp.		1,500		30,135
Questar Corp.		8,800		360,624
Western Gas Resources, Inc.		11,800		397,542
				788,301
Utilities: Telecommunications (0.6%)
NII Holdings, Inc. (b)		5,000		190,100
Utilities: Water (0.1%)
California Water Service Group		1,500		40,935
Total Common Stocks				32,261,125
Repurchase Agreements (0.2%)
UBS Warburg LLC, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $2,438 (Fully collateralized by AA Rated Corporate Bonds)	$	2,438		2,438
Nomura Securities, 1.23%, dated 7/30/04, due 8/2/04, repurchase price $61,174 (Fully collateralized by U.S. Agency Securities)		61,172		61,172
Total Repurchase Agreements				63,610
Short-Term Securities Held as Collateral for Securities Lending (23.2%)
Pool of various securities for Gartmore		7,641,816		7,641,816
Mutual Funds - Notes to Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				7,641,816
Total Investments (Cost $38,494,079) (a) - 121.5%				39,966,551
Liabilities in excess of other assets - (21.5)%				(7,068,689	)
NET ASSETS - 100.0%			$	32,897,862

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

Unrealized appreciation	$	3,051,600
Unrealized depreciation		(1,579128	)
Net unrealized appreciation (depreciation)	$	1,472,472

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

(c) Denotes a non-income producing security.

Gartmore Worldwide Leaders Fund
Statement of Investments
July 31, 2004
(Unaudited)

	Shares		Value
Common Stocks (97.4%)
CHINA (1.0%)
Mining (1.0%)
Yanzhou Coal Mining Co. Ltd.		260,000	$	315,685
FRANCE (4.1%)
Banking (4.1%)
Credit Agricole SA		54,500		1,287,255
GERMANY (4.1%)
Manufacturing (4.1%)
Siemens AG		18,200		1,280,997
ITALY (4.0%)
Public Thoroughfares (4.0%)
Autostrade SpA		64,494		1,259,454
JAPAN (15.0%)
Commercial Services (0.7%)
Venture Link Co. Ltd. (b)		84,000		225,757
Electronics (3.1%)
Seiko Epson Corp.		24,700		966,413
Financial Services (5.9%)
Credit Saison Co. Ltd.		31,900		961,556
Mitsubishi Tokyo Financial Group, Inc.		99		890,265
				1,851,821
Machinery (0.8%)
Mori Seiki Co. Ltd.		32,900		250,208
Real Estate (2.0%)
Mitsui Fudosan Co. Ltd.		57,000		631,865
Retail (2.5%)
Ito-Yokado Co. Ltd.		20,000		774,304
				4,700,368
SINGAPORE (2.5%)
Transportation-Marine (2.5%)
Neptune Orient Lines Ltd.		550,000		777,145
SWITZERLAND (4.9%)
Health & Personal Care (4.9%)
Roche Holding AG		15,700		1,548,340
TAIWAN (1.0%)
Electronics (1.0%)
AU Optronics Corp. ADR		27,000		317,250
UNITED KINGDOM (23.9%)
Banking (3.5%)
Lloyds TSB Group PLC		147,000		1,099,855
Gas & Electric Utility (3.9%)
Centrica PLC		287,000		1,233,561
Mining (6.4%)
BHP Billiton PLC		76,000		692,213
Rio Tinto PLC		50,000		1,298,945
				1,991,158
Oil & Gas (3.0%)
Shell Transport & Trading Co. PLC		132,000		952,409
Pharmaceuticals (3.1%)

	Shares		Value
GlaxoSmithKline PLC		47,500		963,626
Retail (4.0%)
Boots Group PLC		39,000		484,448
Marks & Spencer Group PLC		125,000		788,085
				1,272,533
				7,513,142
UNITED STATES (36.9%)
Computer Software & Services (4.1%)
Microsoft Corp.		45,550		1,296,353
Cosmetics / Toiletries (3.0%)
Gillette Co. (The)		24,500		955,010
Financial Services (4.0%)
J.P. Morgan Chase & Co.		34,000		1,269,220
Hotels & Motels (1.9%)
Hilton Hotels Corp.		34,300		611,569
Manufacturing (7.2%)
Caterpillar, Inc.		14,800		1,087,652
General Electric Co.		34,000		1,130,499
				2,218,151
Medical Products (4.0%)
Johnson & Johnson		22,900		1,265,683
Metals (2.0%)
Freeport-McMoRan Copper & Gold, Inc.		18,300		637,755
Oil & Gas (6.8%)
ConocoPhillips		10,000		787,700
EOG Resources, Inc.		9,850		625,968
Sunoco, Inc.		10,300		702,151
				2,115,819
Transportation (3.9%)
Norfolk Southern Corp.		46,460		1,240,017
				11,609,577
Total Common Stocks				30,609,213
Total Investments (Cost $30,346,278) (a) - 97.4%				30,609,213
Other assets in excess of liabilities - 2.6%				819,868
NET ASSETS - 100.0%			$	31,429,081

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

Unrealized appreciation	$	839,030
Unrealized depreciation		(576,095	)
Net unrealized appreciation (depreciation)	$	262,935

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

ADR American Depositary Receipt

At July 31, 2004, the Fund’s open forward foreign currency contracts were as follows:

							Unrealized
	Delivery		Contract		Market		Appreciation/
	Date		Value		Value		Depreciation
Short Contracts:
Euro		08/02/04	$	117,399	$	117,510	$	(111	)
Japanese Yen		08/02/04		161,343		161,203		140
Japanese Yen		08/03/04		18,926		19,047		(121	)
Japanese Yen		08/04/04		544,666		545,258		(592	)
Total Short Contracts			$	842,334	$	843,018	$	(684	)
Long Contracts:
British Pound		08/02/04	$	123,336	$	123,140	$	(196	)
British Pound		08/03/04		654,157		654,606		449
Total Long Contracts			$	667,493	$	777,746	$	253

Northpointe Small Cap Value Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks (96.3%)
Aerospace (1.9%)
Alliant Techsystems, Inc. (b)		3,000	$	188,880
MTC Technologies, Inc. (b)		8,500		212,500
Teledyne Technologies, Inc. (b)		10,500		227,430
				628,810
Air Transport (0.8%)
SkyWest, Inc.		17,892		252,814
Banks:Outside New York City (7.1%)
Capital Corp. of the West		8,082		318,431
Columbia Banking System, Inc.		2,500		54,425
Cullen/Frost Bankers, Inc.		10,700		460,313
East West Bancorp., Inc.		6,614		223,024
First Community Bancorp, Inc.		4,400		174,900
FirstMerit Corp.		14,800		383,911
Franklin Bank Corp. (b)		11,560		182,186
Security Bank Corp.		5,517		181,013
Texas Regional Bancshares, Inc.		7,441		331,050
				2,309,253
Beverage:Brewers (Wineries) (0.6%)
Robert Mondavi Corp., Class A (The) (b)		5,930		205,712
Biotechnology Research & Production (0.1%)
Dyax Corp. (b)		5,700		43,833
Building Materials (0.3%)
LSI Industries, Inc.		10,312		107,142
Building:Heating & Plumbing (0.6%)
Jacuzzi Brands, Inc. (b)		25,100		193,772
Casinos & Gambling (0.3%)
Multimedia Games, Inc. (b)		5,300		100,329
Chemicals (3.4%)
Aceto Corp.		13,650		223,724
Airgas, Inc.		10,000		217,500
Georgia Gulf Corp.		9,100		323,505
Millennium Chemicals, Inc. (b)		10,700		188,855
OM Group, Inc. (b)		4,100		131,282
				1,084,866
Coal (1.6%)
Consol Energy, Inc.		5,500		197,120
Peabody Energy Corp.		5,500		308,990
				506,110
Communications Technology (2.6%)
Brocade Communications Systems, Inc. (b)		44,100		212,562
CommScope, Inc. (b)		9,905		204,043
Comtech Telecommunications Corp. (b)		10,400		207,168
Harris Corp.		4,800		227,904
				851,677

	Shares
	or
	Principal
	Amount		Value
Computer Services, Software & Systems (2.4%)
Compuware Corp. (b)		52,600		259,844
Macromedia, Inc. (b)		6,100		123,220
MRO Software, Inc. (b)		9,514		100,944
Parametric Technology Corp. (b)		22,600		102,604
Pinnacle Systems, Inc. (b)		7,000		27,650
TeleCommunication Systems, Inc. (b)		27,800		150,120
				764,382
Computer Technology (0.8%)
Intergraph Corp. (b)		9,800		258,622
Consumer Electronics (0.5%)
THQ, Inc. (b)		7,700		146,685
Consumer Finance (0.6%)
QC Holdings, Inc. (b)		12,900		192,855
Consumer Products (0.7%)
Snap-On, Inc.		6,600		211,926
Containers & Packaging-Metals & Glass (0.3%)
Anchor Glass Container Corp.		7,700		108,724
Cosmetics (0.8%)
Elizabeth Arden, Inc. (b)		12,500		245,875
Diversified Materials & Processing (1.4%)
CLARCOR, Inc.		4,700		206,800
Olin Corp.		13,400		231,552
				438,352
Drugs & Pharmaceuticals (1.3%)
Guilford Pharmaceuticals, Inc. (b)		28,700		119,105
K-V Pharmaceutical Co. (b)		8,900		154,949
NeoPharm, Inc. (b)		9,196		57,935
Par Pharmaceutical Cos, Inc. (b)		2,600		97,864
				429,853
Electrical & Electronics (0.4%)
Pemstar, Inc. (b)		55,700		122,540
Fertilizers (1.0%)
IMC Global, Inc.		23,700		323,505
Financial:Data Processing Services & Systems (0.6%)
Hypercom Corp. (b)		26,200		178,160
Financial:Miscellaneous (1.2%)
New Century Financial Corp.		4,100		192,905
Triad Guaranty, Inc. (b)		3,750		204,000
				396,905
Foods (1.5%)
Del Monte Foods Co. (b)		30,000		316,200
Lance, Inc.		11,160		167,846
				484,046
Forest Products (0.1%)
Universal Forest Products, Inc.		1,000		30,370
Health Care Services (1.0%)
Apria Healthcare Group, Inc. (b)		11,000		322,850
Health Care:Facilities (2.0%)
Kindred Healthcare, Inc. (b)		13,400		324,950
Triad Hospitals, Inc. (b)		9,300		316,758
				641,708
Health Care:Management Services (0.9%)
Per-Se Technologies, Inc. (b)		20,700		290,835
Homebuilding (0.7%)
Levitt Corp., Class A (b)		5,188		107,651

	Shares
	or
	Principal
	Amount		Value
Standard Pacific Corp.		2,800		129,948
				237,599
Household Furnishings (0.3%)
Furniture Brands International, Inc.		4,700		108,006
Identification Control & Filter Devices (0.6%)
Hubbell, Inc.		4,100		185,320
Insurance-Life (0.7%)
Scottish Re Group Ltd.		11,800		240,720
Insurance:Property & Casualty (1.6%)
Aspen Insurance Holdings Ltd.		10,500		247,800
ProAssurance Corp. (b)		8,300		263,027
				510,827
Investment Management Companies (2.3%)
Affiliated Managers Group, Inc. (b)		9,250		424,668
National Financial Partners Corp.		3,500		117,880
Tortoise Energy Infrastructure Corp.		8,500		204,340
				746,888
Leisure Time (1.2%)
K2, Inc. (b)		14,100		200,925
West Marine, Inc. (b)		9,400		194,204
				395,129
Machinery:Agricultural (0.8%)
AGCO Corp. (b)		12,900		269,868
Machinery:Construction & Mining (0.6%)
Terex Corp. (b)		4,700		182,877
Machinery:Industrial & Specialty (1.6%)
Gardner Denver, Inc. (b)		6,300		168,714
Joy Global, Inc.		5,000		148,450
Kennametal, Inc.		4,400		193,600
				510,764
Machinery:Oil Well Equipment & Services (0.7%)
Key Energy Services, Inc. (b)		22,300		224,784
Medical and Dental Instruments & Supplies (2.0%)
Bio-Rad Laboratories, Inc., Class A (b)		5,900		309,160
dj Orthopedics, Inc. (b)		12,313		219,171
ThermoGenesis Corp. (b)		25,900		107,485
				635,816
Metal Fabricating (3.0%)
Commercial Metals Co.		4,600		159,298
Kaydon Corp.		7,100		206,823
Maverick Tube Corp. (b)		7,410		213,704
NN, Inc.		12,000		134,280
Timken Co.		10,000		248,400
				962,505
Metals & Minerals Miscellaneous (1.4%)
GrafTech International Ltd. (b)		5,000		55,150
Minerals Technologies, Inc.		3,000		167,610
Stillwater Mining Co. (b)		14,900		216,795
				439,555
Multi-Sector Companies (1.9%)
Carlisle Cos., Inc.		5,800		368,242
Teleflex, Inc.		5,200		231,140
				599,382
Oil:Crude Producers (2.1%)
Chesapeake Energy Corp.		25,100		385,285

	Shares
	or
	Principal
	Amount		Value
Energy Partners Ltd. (b)		18,240		285,274
				670,559
Oil:Integrated Domestic (0.6%)
KCS Energy, Inc. (b)		14,100		208,398
Paper (0.7%)
Albany International Corp., Class A		7,700		230,384
Printing And Copying Services (0.4%)
Bowne & Co., Inc.		9,377		139,624
Production Technology Equipment (0.8%)
Axcelis Technologies, Inc. (b)		28,100		262,173
Railroad Equipment (1.1%)
Greenbrier Cos., Inc. (The)		7,800		179,010
Wabtec Corp.		10,200		185,640
				364,650
Railroads (0.4%)
RailAmerica, Inc. (b)		11,800		132,750
Real Estate Investment Trusts (REIT) (7.4%)
American Financial Realty Trust		27,000		357,750
Ashford Hospitality Trust		36,700		328,098
Capital Lease Funding, Inc. (b)		16,300		162,185
CBL & Associates Properties, Inc.		8,500		468,349
Corporate Office Properties Trust		8,500		215,305
Equity One, Inc.		14,100		254,505
First Potomac Realty Trust		9,300		184,140
Friedman Billings Ramsey Group, Inc.		12,870		211,712
Nationwide Health Properties, Inc.		13,600		259,760
				2,441,804
Recreational Vehicles & Boats (0.9%)
Fleetwood Enterprises, Inc. (b)		1,800		24,192
Thor Industries, Inc.		8,700		272,397
				296,589
Restaurants (0.9%)
CBRL Group, Inc.		5,600		186,032
Triarc Cos., Inc.		3,600		35,172
Triarc Cos., Inc., Class B		7,400		72,224
				293,428
Retail (2.9%)
Brown Shoe Co., Inc.		4,000		128,920
Guitar Center, Inc. (b)		3,800		170,810
Jos. A. Bank Clothiers, Inc. (b)		5,400		165,942
Linens ‘n Things, Inc. (b)		5,500		146,410
ShopKo Stores, Inc. (b)		10,700		166,385
United Auto Group, Inc.		5,400		148,176
				926,643
Savings & Loan (4.4%)
BankAtlantic Bancorp, Inc., Class A		21,852		398,581
BankUnited Financial Corp., Class A (b)		13,410		359,924
Commercial Capital Bancorp, Inc. (b)		16,300		358,111
ITLA Capital Corp. (b)		7,562		303,917
				1,420,533
Securities Brokerage & Services (2.5%)
American Capital Strategies Ltd.		14,300		417,989
NCO Group, Inc. (b)		15,200		379,544
				797,533
Services: Commercial (4.6%)
Chemed Corp.		6,300		294,840
Hudson Highland Group, Inc. (b)		5,500		166,870

	Shares
	or
	Principal
	Amount		Value
Integrated Alarm Services Group, Inc. (b)		26,600		136,192
Labor Ready, Inc. (b)		8,900		124,778
Pegasus Systems, Inc. (b)		28,900		376,856
Pep Boys-Manny, Moe & Jack		6,700		138,690
Waste Connections, Inc. (b)		9,000		259,740
				1,497,966
Shipping (0.9%)
Kirby Corp. (b)		7,880		304,168
Steel (0.7%)
Harsco Corp.		5,400		242,352
Tires & Rubber (1.3%)
Cooper Tire & Rubber Co.		18,200		426,790
Transportation-Misc. (1.3%)
Pacer International, Inc. (b)		8,000		126,280
Tidewater, Inc.		9,200		279,220
				405,500
Truckers (0.5%)
Overnite Corp.		5,100		152,439
Utilities - Telecommunications (0.6%)
NII Holdings, Inc. (b)		4,800		182,496
Utilities-Electrical (2.7%)
Black Hills Corp.		6,920		191,130
Duquesne Light Holdings, Inc.		15,700		297,829
Westar Energy, Inc.		19,600		395,332
				884,291
Utilities:Gas Distributors (2.4%)
Questar Corp.		8,800		360,624
Southwestern Energy Co. (b)		12,700		408,813
				769,437
Total Common Stocks				31,173,058
Repurchase Agreements (1.8%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $574,433 (Fully collateralized by AA Corporate Bonds, Treasury Notes, and U.S. Agency Securities)	$	574,374		574,374
UBS Warburg LLC, 1.23% dated 07/30/04, due 08/02/04, repurchase price $22,889 (Fully collateralized by AA Corporate Bonds)		22,887		22,887
Total Repurchase Agreements				597,261
Short-Term Securities Held as Collateral for Securities Lending (27.7%)
Pool of various securities for Gartmore	$	8,972,785		8,972,785
Mutual Funds - Notes to
Statement of Investments (Securities Lending)
Total Short-Term Securities Held as Collateral for Securities Lending				8,972,785
Total Investments (Cost $38,700,492) (a) - 125.8%				40,743,104
Other assets in excess of liabilities - (25.8)%				(8,365,519	)
NET ASSETS - 100.0%			$	32,377,585

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

Unrealized appreciation	$	3,632,578
Unrealized depreciation		(1,589,966	)
Net unrealized appreciation (depreciation)	$	2,042,612

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

(b) Denotes a non-income producing security.

Gartmore U.S. Growth Leaders Long Short Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares
	or
	Principal
	Amount		Value
Common Stocks - Long Positions (59.1%) (c)
Basic Industry / Gold (5.4%)
Fisher Scientific International, Inc. (b)		5,400	$	314,280
Intl Steel Group, Inc. (b)		7,850		256,931
Lexmark International, Inc. (b)		3,700		327,449
Praxair, Inc.		6,450		254,453
Vulcan Materials Co.		4,620		220,004
				1,373,117
Capital Goods / Defense (4.8%)
Danaher Corp.		7,020		355,564
General Dynamics Corp.		2,770		273,731
Rockwell Collins, Inc.		8,120		277,866
Tyco International Ltd.		9,970		309,070
				1,216,231
Consumer Cyclical (7.3%)
Dollar General Corp.		13,660		263,638
Gillette Co. (The)		6,650		259,217
Lowe’s Cos., Inc.		5,240		255,293
Pacific Sunwear of California, Inc. (b)		8,960		182,784
Staples, Inc.		4,430		127,938
Target Corp.		11,380		496,168
Williams-Sonoma, Inc. (b)		7,830		254,397
				1,839,435
Consumer Staple (1.5%)
Ralcorp Holding, Inc. (b)		6,480		236,326
Smithfield Foods, Inc. (b)		5,400		153,036
				389,362
Energy (2.4%)
EOG Resources, Inc.		4,250		270,088
Schlumberger Ltd.		5,050		324,816
				594,904
Finance (7.3%)
American International Group, Inc.		4,640		327,816
Capital One Financial Corp.		3,690		255,791
Countrywide Financial Corp.		3,460		249,466
E*Trade Group, Inc. (b)		18,560		205,459
Goldman Sachs Group, Inc.		3,420		301,610
Investors Financial Services Corp.		5,730		261,746
Northern Trust Corp.		6,160		247,201
				1,849,089
Health Care (5.9%)
Amgen, Inc. (b)		5,600		318,528
Biogen Idec, Inc. (b)		2,310		138,600
Boston Scientific Corp. (b)		10,110		386,809
Community Health Systems, Inc. (b)		9,200		226,412
Genzyme Corp. (b)		8,000		410,240
				1,480,589
Media / Services (8.7%)
Applebee’s International, Inc.		9,790		260,806
EMC Corp. (b)		35,070		384,717

	Shares
	or
	Principal
	Amount		Value
Juniper Networks, Inc. (b)		12,530		287,689
Marriott International, Inc., Class A		6,320		308,415
Qualcomm, Inc.		2,950		203,786
SBC Communications, Inc.		10,040		254,414
Time Warner, Inc. (b)		14,610		243,257
Yahoo, Inc. (b)		8,080		248,864
				2,191,948
Technology (12.0%)
Activision, Inc. (b)		17,460		255,789
Broadcom Corp. (b)		6,430		227,365
Check Point Software Technologies Ltd. ADR - IL (b)		13,840		275,278
Ericsson (L.M.) ADR - SE (b)		9,230		246,533
Hyperion Solutions Corp. (b)		7,800		319,956
Macromedia, Inc. (b)		3,660		73,932
Maxim Integrated Products, Inc.		6,760		325,156
Mercury Interactive Corp. (b)		7,340		268,350
Nvidia Corp. (b)		21,850		336,489
Scientific-Atlanta, Inc.		6,380		196,185
Symantec Corp. (b)		5,530		258,583
Texas Instruments, Inc.		11,950		254,894
				3,038,510
Transportation (2.0%)
Burlington Northern Santa Fe Corp.		7,200		255,456
Norfolk Southern Corp.		9,790		261,295
				516,751
Utility (1.8%)
Exelon Corp.		12,940		451,606
Total Common Stocks – Long Positions (c)				14,941,542
Repurchase Agreements (30.0%)
Nomura Securities, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $7,300,858 (Fully collateralized by AA Rated Corporate Bonds and Government National Mortgage Association Securities)	$	7,300,110		7,300,110
UBS Warburg LLC, 1.23%, dated 07/30/04, due 08/02/04, repurchase price $290,908 (Fully collateralized by AA Rated Corporate Bonds)		290,878		290,878
Total Repurchase Agreements				7,590,988
Total Investments (Cost $22,645,719) (a) - 89.1%				22,532,530
Other assets in excess of liabilities - 10.9%				2,767,433
NET ASSETS - 100.0%			$	25,299,963

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

Unrealized appreciation	$	263,407
Unrealized depreciation		(376,596	)
Net unrealized appreciation (depreciation)	$	(113,189	)

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

(b)	Denotes a non-income producing security.
(c)	All long positions held as collateral for securities sold short.

ADR   American Depositary Receipt
IL   Israel
SE   Sweden

Gartmore U.S. Growth Leaders Long Short Fund

Statement of Investments
July 31, 2004
(Unaudited)

	Shares		Value
Common Stocks – Short Positions (39.1%)
Capital Goods / Defense (4.2%)
Crane Co.		8,570	$	238,417
Gentex Corp.		6,800		243,440
Lear Corp.		3,980		219,417
Raytheon Co.		10,990		368,715
				1,069,989
Consumer Cyclical (5.1%)
99 Cents Only Stores (b)		8,670		124,241
Avery-Dennison Corp.		4,110		248,943
Costco Wholesale Corp.		7,410		301,291
Furniture Brands International, Inc.		3,460		79,511
Gap, Inc.		13,560		307,812
Whole Foods Market, Inc.		2,820		232,142
				1,293,940
Consumer Staple (1.7%)
Campbell Soup Co.		9,970		255,132
Sysco Corp.		5,080		175,006
				430,138
Energy (2.8%)
Edison International		16,880		452,384
Transocean, Inc. (b)		9,420		267,528
				719,912
Finance (5.7%)
Charles Schwab Corp.		14,180		124,500
Commerce Bancorp, Inc.		3,590		180,721
Janus Capital Group, Inc.		16,270		215,740
Jefferies Group, Inc.		6,240		195,562
Marsh & McLennan Cos., Inc.		5,810		257,848
National City Corp.		2,930		106,945
Progressive Corp.		2,320		177,758
St. Paul Cos., Inc.		4,920		182,384
				1,441,458
Health Care (6.7%)
Allergan, Inc.		3,320		251,126
Genentech, Inc. (b)		4,140		201,535
Health Management Associates, Inc. Class A		6,990		140,219
Lincare Holdings, Inc. (b)		6,340		202,500
Millenium Pharmaceuticals, Inc. (b)		18,410		204,719
Onyx Pharmaceuticals, Inc. (b)		3,840		131,059
Pharmaceutical Product Development, Inc. (b)		5,720		200,543
Telik, Inc. (b)		6,450		127,452
Wright Medical Group, Inc. (b)		8,330		230,158
				1,689,311
Media / Services (4.5%)
Amazon Co., Inc. (b)		6,400		249,088
Apollo Group, Inc. (b)		1,450		121,148
Carmax, Inc. (b)		6,500		135,200
DeVry, Inc. (b)		5,350		124,388
Jabil Circuit, Inc. (b)		11,320		246,210
Panera Bread Co. (b)		6,920		255,278
				1,131,312

	Shares		Value
Technology (6.5%)
Brooks Automation, Inc. (b)		12,770		184,016
Business Objects S.A. ADR - FR (b)		7,460		158,898
Corning, Inc. (b)		14,870		183,793
International Game Technology		8,050		260,336
McAfee, Inc. (b)		10,340		185,913
Network Appliance, Inc. (b)		9,150		176,687
Storage Technology Corp. (b)		9,650		240,768
Taiwan Semiconductor Manufacturing Co., Ltd. ADR - TW		35,000		249,200
				1,639,611
Transportation (1.9%)
CSX Corp.		15,510		485,463
Total Common Stocks – Short Positions				9,901,134
Total Investments (Proceeds $10,217,324) (a) - 39.1%			$	9,901,134

ADR	American Depositary Receipt
FR	France
TW	Taiwan

Notes to Statement of Investments

Securities Lending

The cash collateral received by the Funds at July 31, 2004 was invested in a Funding Agreement (with an interest rate of 1.79% and maturity date of October 28, 2004), Master Note (with interest rates ranging from 1.41% to 1.49% and maturity date of August 2, 2004), Medium Term Notes (with interest rates ranging from 1.60% to 1.73% and maturity rates ranging from August 2004 through October 2004), Money Market Fund (with an interest rate of 1.33% and maturity date of August 2, 2004), Repurchase Agreements (with an interest rate of 1.33% and maturity date of August 2, 2004), Time Deposit (with an interest rate of 1.19% and maturity date of August 12, 2004), and Yankee Certificate of Deposits (with interest rates ranging from 1.35% to 1.48% and maturity date of August 2, 2004).

As of July 31, 2004, the following Funds had securities with the following market values on loan:

	Market Value
	of Loaned		Market Value of
Fund	Securities		Collateral*
Growth	$	8,222,756	$	8,271,923
Large Cap Value		592,732		607,525
Nationwide		96,121,729		97,729,608
Small Cap		9,646,866		9,848,138
Bond		22,705,695		23,087,004
Government Bond		8,601,721		8,774,136
Morley Capital Accumulation		32,340,902		32,823,575
Millennium Growth		3,205,695		3,242,467
Value Opportunities		7,484,781		7,641,816
S&P 500 Index		46,975,103		47,851,485
Mid Cap Market Index		75,675,085		76,820,474
Small Cap Index		48,198,225		49,089,005
International Index		72,384,517		76,158,411
Bond Index		197,742,628		201,354,284
Small Cap Value		8,834,515		8,972,785

*   Includes securities and cash collateral

Item 2. Controls and Procedures.

(a)	Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is (i) accumulated and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)	Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
	There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Certifications pursuant to Rule 30a-2(a) 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 MUTUAL FUNDS
By (Signature and Title)*	/s/	GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	September 28, 2004

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/	PAUL J. HONDROS
	Name:	Paul J. Hondros
	Title:	President & Chairman of the Board
	Date:	September 28, 2004

By (Signature and Title)*	/s/	GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	September 28, 2004

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