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Nationwide Variable Insurance Trust – ‘N-1A’ on 9/29/03

On: Monday, 9/29/03, at 4:37pm ET · Accession #: 936329-3-184 · File #: 333-109239

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 9/29/03  Nationwide Variable Ins Trust     N-1A                   2:685K                                   Morton Graphics Corp/FA

Registration Statement of an Open-End Management Investment Company — Form N-1A
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-1A        #24430-Gvit-Submission                               154   1.01M 
 2: EX-23.H.7   Exhibit.H.7                                           39±   146K

N-1A — #24430-Gvit-Submission
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Additional Information Additional Information on Portfolio Instruments and Investment Policies Appendix A Bisys Borrowing Brady Bonds Brokerage Allocations Business and Other Connections of Investment Adviser Buying and Selling Fund Shares Comstock GVIT Value Fund Convertible Securities Debt Ratings Depositary Receipts Description of Portfolio Instruments and Investment Policies Dreyfus GVIT International Value Fund Dreyfus GVIT Mid Cap Index Fund Exhibits Extendable Commercial Notes Federated GVIT High Income Bond Fund Financial Statements Forward Currency Contracts Gartmore Gartmore Funds Gartmore GVIT Asia Pacific Leaders Fund Gartmore GVIT Emerging Markets Fund Gartmore GVIT Global Utilities Fund Gartmore GVIT Government Bond Fund Gartmore GVIT International Growth Fund Gartmore GVIT Investor Destinations Gartmore GVIT Investor Destinations Aggressive Fund Gartmore GVIT Investor Destinations Conservative Fund Gartmore GVIT Investor Destinations Moderate Fund Gartmore GVIT Mid Cap Growth Fund Gartmore GVIT Money Market Fund Gartmore GVIT Money Market Fund II Gartmore GVIT Nationwide Fund Gartmore GVIT U.S. Growth Leaders Gartmore GVIT U.S. Growth Leaders Long-Short Fund Gartmore GVIT Worldwide Leaders Fund General Information and History GVIT Equity 500 Index Fund Gvit Investor Destinations Funds, The GVIT Small Cap Growth Fund GVIT Small Cap Value Fund GVIT Small Company Fund Indemnification Indexed Securities Investment Advisory and Other Services Investment of Securities Lending Collateral Investment Restrictions J. P. Morgan GVIT Balanced Fund Leaders Limited Liability Companies Loan Participations and Assignments Location of Accounts and Records Major Shareholders Management Services Money Market Instruments More About the Fund Nationwide Strategic Value Fund Objective and Principal Strategies Options Other Tax Consequences Paula H.J Performance Advertising Persons Controlled by or Under Common Control With Registrant Principal Risks Principal Underwriters Purchases, Redemptions and Pricing of Shares Real Estate Securities Repurchase Agreements Short Sales Special situation companies Stripped Mortgage-Backed Securities Swap Agreements Tax Consequences to Shareholders Tax Status The Gvit Investor Destinations Funds Trustees and Officers of the Trust Turner GVIT Growth Focus Fund Undertakings U.S. Government Securities Van Kampen GVIT Multi Sector Bond Fund Warrants Wrap Contracts
1	1st Page - Filing Submission
6	Gartmore GVIT U.S. Growth Leaders Long-Short Fund
"	Objective and Principal Strategies
"	Leaders
"	Principal Risks
8	More About the Fund
"	Short Sales
10	Buying and Selling Fund Shares
11	Tax Status
12	Gartmore Funds
13	Comstock GVIT Value Fund
16	General Information and History
17	Additional Information on Portfolio Instruments and Investment Policies
19	Gartmore
22	Stripped Mortgage-Backed Securities
24	Description of Portfolio Instruments and Investment Policies
"	The Gvit Investor Destinations Funds
28	U.S. Government Securities
33	Money Market Instruments
34	Extendable Commercial Notes
35	Wrap Contracts
38	Repurchase Agreements
39	Limited Liability Companies
40	Investment of Securities Lending Collateral
"	Indexed Securities
"	Special situation companies
42	Depositary Receipts
44	Brady Bonds
45	Real Estate Securities
46	Convertible Securities
48	Warrants
51	Borrowing
53	Options
57	Swap Agreements
60	Forward Currency Contracts
64	Loan Participations and Assignments
69	Investment Restrictions
75	Major Shareholders
77	Dreyfus GVIT Mid Cap Index Fund
81	Gartmore GVIT Investor Destinations
"	Gartmore GVIT Investor Destinations Aggressive Fund
"	Gartmore GVIT Investor Destinations Conservative Fund
"	Gartmore GVIT Investor Destinations Moderate Fund
82	Gartmore GVIT Mid Cap Growth Fund
"	Gartmore GVIT Money Market Fund
83	Gartmore GVIT Money Market Fund II
"	Gartmore GVIT Nationwide Fund
84	Gartmore GVIT U.S. Growth Leaders
86	J. P. Morgan GVIT Balanced Fund
87	Turner GVIT Growth Focus Fund
88	Trustees and Officers of the Trust
95	Investment Advisory and Other Services
97	Federated GVIT High Income Bond Fund
"	Gartmore GVIT Government Bond Fund
98	Gartmore GVIT Worldwide Leaders Fund
"	GVIT Equity 500 Index Fund
"	GVIT Small Cap Growth Fund
99	Van Kampen GVIT Multi Sector Bond Fund
100	Gartmore GVIT Asia Pacific Leaders Fund
105	GVIT Small Cap Value Fund
"	Nationwide Strategic Value Fund
109	Dreyfus GVIT International Value Fund
"	Gartmore GVIT Global Utilities Fund
110	GVIT Small Company Fund
"	Gartmore GVIT Emerging Markets Fund
"	Gartmore GVIT International Growth Fund
124	Brokerage Allocations
132	Purchases, Redemptions and Pricing of Shares
133	Performance Advertising
140	Additional Information
142	Other Tax Consequences
143	Tax Consequences to Shareholders
"	Financial Statements
144	Appendix A
"	Debt Ratings
152	Item 23. Exhibits
"	Item 24. Persons Controlled by or Under Common Control With Registrant
"	Item 25. Indemnification
"	Item 26. Business and Other Connections of Investment Adviser
"	Item 27. Principal Underwriters
"	Item 28. Location of Accounts and Records
"	Bisys
"	Item 29. Management Services
"	Item 30. Undertakings
153	Paula H.J

N-1A 1st Page of 154 TOC ↑Top Previous Next ↓Bottom Just 1st
'33 Act File No. 2-73024
'40 Act File No. 811-3213

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 29, 2003

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

Post-Effective Amendment No. 66 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 67 [X]

(Check appropriate box or boxes)

GARTMORE VARIABLE INSURANCE TRUST

(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

12OO RIVER ROAD
CONSHOHOCKEN, PENNSYLVANIA 19428
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)(ZIP CODE)

Registrant's Telephone Number, including Area Code: (484) 530-1300

Send Copies of Communications to:
MS. ELIZABETH A. DAVIN, ESQ. MR. DUANE LASSITER, ESQ.
NATIONWIDE PLAZA STRADLEY RONON STEVENS AND YOUNG LLP
COLUMBUS, OHIO 43215 COMMERCE SQUARE
(NAME AND ADDRESS OF PHILADELPHIA, PENNSYLVANIA 19103
AGENT FOR SERVICE)

It is proposed that this filing will become effective: (check appropriate box)

[ ] immediately upon filing pursuant to paragraph (b)

[ ] on _____, 2003 pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on ____________, 2003 pursuant to paragraph (a)(1)

[ X ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on [date] pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

[ X ] This post-effective amendment designated a new effective date for
a previously filed post-effective amendment.
--------------------------------------------------------------------------------

N-1A 2nd Page of 154 TOC 1st Previous Next ↓Bottom Just 2nd
Explanatory Note

This Post-Effective Amendment to Registrant's Registration Statement on Form
N-1A (the "Amendment") is being filed under Rule 485(a) and includes (i) a
prospectus for the Gartmore GVIT U.S. Growth Leaders Long-Short Fund, a new
series of the Registrant and (ii) the combined Statement of Additional
Information for all the series of the Registrant, as amended to include
information regarding the new series. This filing designates a new effective
date for Post-Effective Amendment Number 64, filed on July 17, 2003. The
Registrant is not including the prospectus for the Gartmore GVIT Long-Short
Equity Plus Fund, for the Registrant no longer wishes to offer shares of the
Gartmore GVIT Long-Short Equity Plus Fund and desires to withdraw the Gartmore
GVIT Long-Short Equity Plus Fund from its Registration Statement.
--------------------------------------------------------------------------------

N-1A 3rd Page of 154 TOC 1st Previous Next ↓Bottom Just 3rd
GARTMORE VARIABLE INSURANCE TRUST
Gartmore GVIT U.S. Growth Leaders Long-Short Fund

PROSPECTUS
DECEMBER __, 2003

As with all mutual funds, the Securities and Exchange Commission has not
approved or disapproved this Fund's shares or determined whether this prospectus
is complete or accurate. To state otherwise is a crime.

N-1A 4th Page of 154 TOC 1st Previous Next ↓Bottom Just 4th
[Download Table]

-------------------------------------------------- ----------

FUND SUMMARY . . . . . . . . . . . . . . . . . . . [__]
Objective and Principal Strategies
Principal Risks
Performance
Fees and Expenses
MORE ABOUT THE FUND. . . . . . . . . . . . . . . . [__]
Temporary Investments
Principal Investments and Techniques
Principal Risks
MANAGEMENT . . . . . . . . . . . . . . . . . . . . [__]
Investment Adviser
Portfolio Managers

BUYING AND SELLING FUND SHARES . . . . . . . . . . [__]
Who Can Buy Shares of the Fund
Purchase Price
Selling Shares
Distribution Plan
DISTRIBUTIONS AND TAXES. . . . . . . . . . . . . . [__]
Dividends and Distributions
Tax Status
ADDITIONAL INFORMATION . . . . . . . . . . . . . . BACK COVER

N-1A 5th Page of 154 TOC 1st Previous Next ↓Bottom Just 5th
This prospectus provides information about one fund, the Gartmore GVIT U.S.
Growth Leaders Long-Short Fund (the "Fund") offered by Gartmore Variable
Insurance Trust (the "Trust"). The following sections summarize key information
about the Fund, including information regarding the investment objective,
principal strategies, principal risks, performance and fees for the Fund. The
Fund's investment objective can be changed without shareholder approval. Use
the summary to compare the Fund with other mutual funds. More detailed
information about the risks and investment strategies of the Fund can be found
in "More About the Fund" beginning on page ____. "You" and "your" refer to both
direct shareholders and contract holders who invest in the Fund indirectly
through their variable annuity contracts and/or variable life insurance
policies.

The Fund uses investment strategies, such as short selling, which may present
higher risk than with other mutual funds. The Fund is not appropriate for all
investors. The Fund Summary contains a discussion of the principal risks of
investing in the Fund. As with any mutual fund, there can be no guarantee that
the Fund will meet its objective or that the Fund's performance will be positive
for any period of time.

A QUICK NOTE ABOUT THE FUND

This prospectus is designed to help you make informed decisions about one of the
investments available under your variable annuity contract or variable life
insurance policy (each a "variable insurance contract"). You will find details
about how your variable insurance contract works in the accompanying
prospectus.

This prospectus provides information with respect to the following classes of
shares of the Fund:

Class I
Class II

These share classes have different expenses and are available for purchase
through different variable insurance contracts. For more information about who
may purchase the different shares, see "Buying and Selling Fund Shares"
beginning on page [insert page].

N-1A 6th Page of 154 TOC 1st Previous Next ↓Bottom Just 6th
GARTMORE GVIT U.S. GROWTH LEADERS LONG-SHORT FUND

FUND SUMMARY

OBJECTIVE AND PRINCIPAL STRATEGIES

The Fund seeks capital appreciation.

The Fund invests primarily in, and makes short sale transactions in, equity
securities of U.S. and non-U.S. issuers that are listed on a national securities
exchange or quoted on NASDAQ. Under normal circumstances, it is expected that
80% of the Fund's assets will be invested in U.S.-based companies. The Fund may
invest in issuers of any size, including small or medium sized companies. The
Fund will ordinarily hold securities of 30 to 50 issuers, both long and short,
with an expected maximum of 75 issuers in its portfolio.

From a strategic viewpoint, the Fund intends to take long positions in
"leaders," companies that the Fund's adviser, Gartmore Mutual Fund Capital Trust
("GMF"), believes will generate earnings growth exceeding market expectations.
The Fund intends to emphasize these "leadership" companies, i.e., those
companies that benefit from superior management, products or distribution. The
Fund intends to take a short position in those stocks whose earnings look to be
reflected in the current price, which GMF believes are likely to fall short of
expectations, or where there is structural weakness in the industry in which the
company operates its franchise. The Fund may also take a short position in the
stock of companies believed to have poor quality management or those that are
believed likely to suffer an event affecting long-term earnings power. In
addition, the Fund may affect strategic paired trades, taking both long and
short positions in companies in the same industry. With a long position, the
Fund purchases a stock outright; whereas with a short position, the Fund sells a
security that it does not own and must borrow to meet its settlement
obligations. The Fund will realize a profit or incur a loss from a short
position depending on whether the value of the underlying stock decreases or
increases, respectively, between the time the stock is sold and when the Fund
replaces the borrowed security.

[Begin callout]

LEADERS

A Leader is defined as a company with a strong franchise capable of taking
advantage of its positioning in the market-place. The rationale for investing
in Leaders arises from the expectation that these companies will dominate their
respective industries due to their reputation of having quality management and
superior products and services or distribution.

[End callout]

[Begin callout]

LONG POSITION: When the Fund actually owns a security in anticipation that the
price of such security will increase over time.

SHORT POSITION: When the Fund sells a security it does not own, but must borrow
to complete the sale, in anticipation of purchasing the same security at a later
date at a lower price in order to return the borrowed security.

[End callout]

The Fund will also lend its portfolio securities to brokers, dealers and
financial institutions. The Fund may also hold a significant portion of its
assets in cash or money market obligations if the portfolio managers believe it
is prudent to do so or to cover its short positions.

The Fund's buy/sell strategy is not limited by the turnover rate of the Fund's
portfolio. The portfolio managers will participate in frequent portfolio
transactions, which will lead to higher transaction costs for the Fund, if the
portfolio managers believe that either the long or short term benefits of
frequent portfolio trading outweigh such costs.

PRINCIPAL RISKS

Because the value of your investment in the Fund will fluctuate, there is the
risk that you will lose money. Your investment will decline in value if the
value of the Fund's investments decreases. The value of your shares will also be
affected by GMF's abilities to successfully assess economic conditions and
investment opportunities.

In addition to stock market risk as described below, the Fund uses investment
techniques and strategies, primarily short sales, that may present higher risks
than other mutual funds. The Fund is not appropriate for all investors.

Stock Market Risk. Stock market risk is the risk that the Fund could lose value
if the individual stocks in which the Fund has invested or the overall stock
markets in which they trade go down. Individual stocks and the overall stock
markets may experience short-term volatility as well as extended periods of
decline or little growth. Individual stocks are affected by factors such as
corporate earnings, production, management and sales. Individual stocks may
also be affected by the demand for a particular type of stock, such as growth
stocks or the stocks of companies with a particular market capitalization or
within a particular industry. Stock markets are affected by numerous factors,
including interest rates, the outlook for corporate profits, the health of the
national and world economies, national and world social and political events,
and the fluctuations of other stock markets around the world.

Short Sales Risk. Short sales are the sale of a security the Fund does not
currently own in the hope of buying the same security at a later date at a lower
price. The Fund is required to borrow the security to deliver it to the buyer
and is obligated to return the security to the lender at some later date. Short
sales involve the risk that the price of the security sold short increases from
the time the security is sold short to the date the Fund purchases the security
to replace the borrowed security. Any such loss is increased by the amount of
premium or interest the Fund must pay to the lender of the security. Likewise,
any gain will be decreased by the amount of premium or interest the Fund must
pay to the lender of the security. The Fund is also required to segregate other
assets on its books to cover its obligation to return the security to the lender
which means that those other assets may not be available to meet the Fund's
needs for immediate cash or other liquidity.

The Fund's investment performance may also suffer if it is required to close out
a short position earlier than it had intended. This would occur if the
securities lender required the Fund to deliver the securities the Fund borrowed
at the commencement of the short sale and the Fund was unable to borrow the
securities from another securities lender.

Foreign Risk. Investments in foreign securities involve risks in addition to
those of U.S. investments. To the extent the Fund invests in foreign
securities, GMF intends to primarily utilize American Depositary Receipts
("ADRs"). Risks specific to ADRs include political and economic risks, as ADRs
are backed by non-U.S. securities, and currency risk.

Mid/Small Cap Risk. To the extent GMF invests Fund assets in securities of
medium sized and smaller companies, these investments may be riskier than
investments in larger, more established companies. The stocks of smaller
companies are usually less stable in price and less liquid than the stocks of
larger companies.

Portfolio Turnover Risk. The portfolio managers will engage in active and
frequent trading of securities if the portfolio managers believe doing so is in
the best interest of the Fund. A higher portfolio turnover rate will result in
higher transaction costs for the Fund and may increase the volatility of the
Fund.

Securities Lending Risk. When lending securities, the Fund is subject to risk
that the loaned securities may not be available to the Fund on a timely basis
and the Fund may, therefore, lose the opportunity to sell the securities at a
desirable price. The Fund is also subject to the risk that it may lose its
rights in the collateral deposited by the borrower if the borrower fails
financially.

For more detailed information about the Fund's investments and risks, see "More
About the Fund" beginning on page [insert page number].

PERFORMANCE

No performance information is provided because the Fund had not begun operations
as of the date of this prospectus.

N-1A 7th Page of 154 TOC 1st Previous Next ↓Bottom Just 7th
FEES AND EXPENSES

The following table describes the fees and expenses that you may pay when buying
and holding shares of the Fund.

[Enlarge/Download Table]

CLASS I CLASS II
SHAREHOLDER FEES[1] (PAID DIRECTLY FROM YOUR INVESTMENT) SHARES SHARES
---------------------------------------------------------------------- -------- ---------

Annual Fund Operating Expenses Class (deducted from Fund assets)
----------------------------------------------------------------------
Management Fees[2] . . . . . . . . . . . . . . . . . . . . . . . . . . 1.50% 1.50%
---------------------------------------------------------------------- -------- ---------
Distribution and/or
Service (12b-1) Fees . . . . . . . . . . . . . . . . . . . . . . . . . None 0.25%
Other Expenses[3]. . . . . . . . . . . . . . . . . . . . . . . . . . . % %
TOTAL ANNUAL FUND OPERATING EXPENSES . . . . . . . . . . . . . . . . . % %
---------------------------------------------------------------------- -------- ---------
Amount of Fee Waiver/Expense Reimbursement . . . . . . . . . . . . . . % %
TOTAL ANNUAL FUND OPERATING EXPENSES (AFTER WAIVER/REIMBURSEMENTS)[4]. 1.90% 2.15%
---------------------------------------------------------------------- -------- ---------

EXAMPLE
This example shows what you could pay in expenses over time. You can also use
this example to compare the costs of the Fund with other mutual funds. The
example, however, does not include charges that are imposed by variable
insurance contracts. If these charges were reflected, the expenses listed below
would be higher.

This example assumes that you invest $10,000 in the Fund for the time periods
indicated and then sell all of your shares at the end of those periods. It
assumes a 5% return each year, no changes in expenses and expense waivers for
only one year. Although your actual returns and costs may be higher or lower,
based on these assumptions your costs would be:

[Download Table]

1 year 3 years
------- --------

Class I Shares. $ $
Class II Shares $ $

N-1A 8th Page of 154 TOC 1st Previous Next ↓Bottom Just 8th
MORE ABOUT THE FUND

TEMPORARY INVESTMENTS

Generally, the Fund will be fully invested in accordance with its investment
objective and strategies. However, pending investment of cash balances, or if
GMF believes that business, economic, political or financial conditions warrant,
the Fund may invest without limit in cash or money market cash equivalents,
including: (1) short-term U.S. Government securities; (2) certificates of
deposit, bankers' acceptances, and interest-bearing savings deposits of
commercial banks; (3) prime quality commercial paper; (4) repurchase agreements
covering any of the securities in which the Fund may invest directly; and (5)
subject to the limits of the Investment Company Act of 1940, as amended, shares
of other investment companies that invest in securities in which the Fund may
invest. Should this occur, the Fund will not be pursuing its investment
objective and may miss potential market upswings.

PRINCIPAL INVESTMENTS, TECHNIQUES AND RELATED RISKS

The Fund may use the following principal investments and techniques in an effort
to increase returns, protect assets or diversify investments. This section is
intended to supplement the "Objective and Principal Strategies" and "Principal
Risks" sections above.

The Statement of Additional Information ("SAI") contains additional information
about the Fund's investment techniques. To obtain a copy of the SAI for the
Fund, see the back cover.

SHORT SALES. When GMF believes that a security is overvalued, it may sell the
security "short" and borrow the same security from a broker or other institution
to complete the sale. If the price of the security decreases in value, the Fund
may make a profit by purchasing at a lower price and, conversely, if the
security increases in value, the Fund will incur a loss because it will have to
replace the borrowed security by purchasing it at a higher price. There can be
no assurance that the Fund will be able to close out the short position at any
particular time or at an acceptable price. Although the Fund's gain is limited
to the amount at which it sold a security short, its potential loss is not
limited. A lender may request that the borrowed securities be returned on short
notice; if that occurs at a time when other short sellers of the subject
security are receiving similar requests, a "short squeeze" can occur. This
means that the Fund might be compelled, at the most disadvantageous time, to
replace borrowed securities previously sold short, with purchases on the open
market at prices significantly greater than those at which the securities were
sold short. Short selling also may produce higher than normal portfolio
turnover and result in increased transaction costs to the Fund.

Until the Fund replaces a borrowed security, it will designate sufficient U.S.
government securities, other liquid debt securities, equity securities or cash
to cover any difference between the values of the security sold short and any
collateral deposited with a broker or other custodian. In addition, the value
of the designated securities must be at least equal to the current value of the
securities sold short. Depending on arrangements made with the broker or
custodian, the Fund may not receive any payments (including interest) on
collateral deposited with the broker or custodian. The Fund will not make a
short sale if, immediately before the transaction, the market value of all
securities sold short exceeds 100% of the value of the Fund's net assets.

MONEY MARKET OBLIGATIONS. The Fund may invest in money market obligations.
Generally, money market obligations will not increase in value, but they are
high quality investments that offer a fixed rate of return, as well as
liquidity. These include

U.S. government securities with remaining maturities of 397 days or less
Commercial paper rated in one of the two highest categories of any
nationally recognized statistical rating organization ("rating
agency")
Asset-backed commercial paper whose own rating or the rating of any
guarantor is in one of the two highest categories of any rating agency
Short-term obligations rated in one of the two highest categories by any
rating agency (with respect to obligations maturing in one year or
less)
Repurchase agreements relating to debt obligations that the Fund could
purchase directly
Unrated debt obligations with remaining maturities of 397 days or less that
are determined by GMF to be of comparable quality to the securities
described above.

INITIAL PUBLIC OFFERINGS ("IPOS"). Most IPOs involve a higher degree of risk
not normally associated with offerings of more seasoned companies. Companies
involved in IPOs generally have limited operating histories and their prospects
for future profitability are uncertain. Prices for IPOs may also be unstable
due to the absence of a prior public market, the small number of shares
available for trading and limited investor information. IPOs may be sold within
12 months of the purchase.

PRINCIPAL RISKS

This section is intended to supplement the risks discussed in the Fund Summary.
The risks discussed apply to the Fund to the extent it invests in the applicable
securities or instruments.

FOREIGN SECURITIES RISK. Investments in foreign securities involve special
risks not presented by U.S. investments.

- COUNTRY. General securities market movements in any country in which the
Fund has investments are likely to affect the value of the Fund's
securities that trade in that country. These movements will affect the
Fund's value and the Fund's performance. The political, economic and social
structure of some countries in which the Fund invests may be less stable
and more volatile than those in the U.S. The risks of investing in these
countries include the possibility of the imposition of exchange controls,
currency devaluations, foreign ownership limitations, expropriation,
restrictions on removal of currency or other assets, nationalization of
assets, punitive taxes and certain custody and settlement risks.

- CURRENCY. Generally, when the U.S. dollar rises in value against a foreign
currency, an investment in that country loses value because that currency
is worth fewer U.S. dollars. Devaluation of currency by a country's
government or banking authority also has a significant impact on the value
of any securities denominated in that currency. In the case of ADRs that
are bought and sold in U.S. dollars, the underlying value of the ADR is
still a foreign security denominated in a local currency.

- COMPANY. Foreign companies are not subject to the same disclosure,
accounting, auditing and financial reporting standards and practices as
U.S. companies. Foreign trading systems, brokers and companies generally
have less government supervision and regulation than the U.S. The Fund may
have greater difficulty voting proxies, exercising shareholder rights,
pursuing legal remedies and obtaining judgments with respect to foreign
investments in foreign courts than with respect to U.S. companies in U.S.
courts. Generally, the Fund can decrease in value when the individual
securities it owns decrease in value. A company's securities can lose value
for various reasons, including poor profits, weakened finances, changes in
management, a downturn in the economy, or any other reason that leads
investors to lose faith in that security.

SMALL CAP RISK. Generally, investments in smaller companies involve greater
risks, including risk of loss of some or all of the investment, than investments
in larger and more established companies. In addition, the securities of small
cap companies historically have been more volatile in price than larger company
securities, especially over the short term. Among the reasons for the greater
price volatility are the less certain growth prospects of small companies, the
lower degree of liquidity in the markets for such securities, the greater impact
caused by changes in investor perception of value, and the greater sensitivity
of small cap companies to changing economic conditions. Certain small cap
companies in which the Fund invests may be in the technology and biotechnology
industries. Small cap companies in these industries may be especially subject
to abrupt or erratic price movements.

In addition, small cap companies may:
lack depth of management
lack a proven track record
be unable to generate funds necessary for growth or development
be developing or marketing new products or services for which markets are
not yet established and may never become established
market products or services that may become quickly obsolete.

Therefore, while small cap companies may offer greater opportunities for capital
growth than larger, more established companies, they also involve greater risks
and should be considered speculative.

N-1A 9th Page of 154 TOC 1st Previous Next ↓Bottom Just 9th
MANAGEMENT

INVESTMENT ADVISER

Gartmore Mutual Fund Capital Trust ("GMF"), 1200 River Road, Conshohocken,
Pennsylvania 19428, manages the investment of the Fund's assets and supervises
the daily business affairs of the Fund. GMF was organized in 1999, and advises
mutual funds. As of September 30, 2003, GMF and its affiliates had
approximately $[25.5] billion in assets under management, of which $[14] billion
was managed by GMF.

The Fund pays GMF a management fee payable based on the Fund's average daily net
assets of:

[Download Table]

Net Assets Base Fee
----------------------------------------------- ----------

0-$500 million. . . . . . . . . . . . . . . . . 1.50%
500 million-$2 billion. . . . . . . . . . . . . 1.40%
2 billion or more . . . . . . . . . . . . . . . 1.35%

Christopher Baggini, C.F.A., is the senior portfolio manager, and Douglas
Burtnick, C.F.A., is the co-portfolio manager of the Fund. As co-portfolio
managers, they are responsible for the day-to-day management of the Fund and the
selection of the Fund's investments.

Mr. Baggini joined GMF in March 2000. Prior to joining GMF, Mr. Baggini was a
Portfolio Manager for Allied Investment Advisors from November 1996 to March
2000.

Mr. Burtnick joined GMF in May 2002. Prior to joining GMF, Mr. Burtnick was a
portfolio manager for Brown Brothers Harriman & Company from 2000 to 2002. From
1998 to 2000, Mr. Burtnick worked at Barra, Inc., where he led the Professional
Education focus group focusing on portfolio construction and risk management
issues.

HISTORICAL PERFORMANCE OF THE INVESTMENT ADVISER

Although the Fund began operations on December __, 2003 and has only been
operating for a limited time, Gartmore SA Capital Trust, an affiliate of GMF,
has managed similar private investment companies utilizing the same employees
for a longer period. These other private investment companies have investment
objectives and strategies that are substantially similar, but not necessarily
identical, to those of the Fund. We have included performance information about
these other private investment companies for comparison purposes, BUT THESE
OTHER PRIVATE INVESTMENT COMPANIES ARE SEPARATE AND DISTINCT FROM THE FUND.
THEIR PERFORMANCE DOES NOT GUARANTEE SIMILAR RESULTS FOR THE FUND AND SHOULD NOT
BE VIEWED AS A SUBSTITUTE FOR THE FUND'S OWN PERFORMANCE.

The performance of similar private investment companies managed by GMF's
affiliate may not be comparable to the performance of the Fund because of the
following differences:

- brokerage commissions and dealer spreads
- expenses (including management fees)
- the size of the investment in a particular security in relation to the
portfolio size
- the timing of purchases and sales (including the affect of market conditions
at that time)
- the timing of cash flows into the portfolio
- the availability of cash for new investments.

The performance may also not be comparable to the performance of the Fund
because, unlike the Fund, the private investment companies are not registered
mutual funds under the Investment Company Act of 1940 and, consequently, may not
be required to do the following:

- redeem shares upon request
- meet the same diversification requirements as mutual funds
- follow the same tax restrictions and investment limitations as mutual funds.

The performance of the private investment companies is calculated by combining
the performance of all similarly managed accounts into a composite.

Average annual total return represents the average change over a specified
period of time in the value of an investment after reinvesting all income and
capital gains distributions.

The following chart shows the average annual total returns of the ________
Composite. Each of the private investment companies in this composite is managed
in a manner substantially similar to the way the Fund will be managed. The
historical investment performance of the composite reflects the deduction of the
____% in fees of the private investment companies, which is the maximum fee
charged by the private investment companies in the composite. These fees are
[lower] than the total annual operating expenses of the Fund before fee waivers.

AVERAGE ANNUAL TOTAL RETURN
FOR PERIODS ENDED ________________, 2003

_______________ COMPOSITE
---------------------------------------------------------
1 YEAR 5 YEARS 10 YEARS
------ ------- --------

N-1A 10th Page of 154 TOC 1st Previous Next ↓Bottom Just 10th
BUYING AND SELLING FUND SHARES

WHO CAN BUY SHARES OF THE FUND

Class I shares are sold to separate accounts of Nationwide Life Insurance
Company and its affiliate life insurance companies (collectively, "Nationwide")
to fund benefits payable under variable life insurance policies and variable
annuity contracts (collectively, "variable insurance contracts"). Insurance
companies, including Nationwide, who provide additional services necessary for
them to receive 12b-1 fees, may offer Class II shares through their variable
insurance contracts.

Shares of the Fund are not sold to individual investors.

The separate accounts purchase shares of the Fund in accordance with variable
account allocation instructions received from owners of the variable insurance
contracts. The Fund then uses the proceeds to buy securities for their
portfolios.

Because variable insurance contracts may have different provisions with respect
to the timing and method of purchases, exchanges and redemptions, variable
insurance contract owners should contact their insurance company directly for
details concerning these transactions.

Please check with Nationwide to determine if the Fund is available under your
variable insurance contract. This prospectus should be read in conjunction with
the prospectus of the separate account of your specific variable insurance
contract.

The Fund sells Class I shares to separate accounts of Nationwide and may also
sell Class II shares to separate accounts of other unaffiliated insurance
companies and of Nationwide in limited circumstances. The Fund currently does
not foresee any disadvantages to the owners of variable insurance contracts
arising out of the fact that the Fund may offer its shares to the separate
accounts of various other insurance companies to fund benefits of these variable
insurance contracts. Nevertheless, the Board of Trustees intends to monitor
events in order to identify any material irreconcilable conflicts that may
arise, and to determine what action, if any, should be taken in response to such
conflicts. If such a conflict were to occur, one or more insurance companies'
separate accounts might be required to withdraw their investments in the Fund
and shares of another fund may be substituted. This might force the Fund to sell
its securities at disadvantageous prices.

The distributor for the Fund is Gartmore Distribution Services, Inc.

PURCHASE PRICE

The purchase price of each share of the Fund is its "net asset value" (or NAV)
next determined after the order is received. No sales charge is imposed on the
purchase of the Fund's shares; however, your variable insurance contract may
impose a sales charge. Generally, NAV is based on the market value of the
securities owned by the Fund, less its liabilities. The NAV for a class is
determined by dividing the total market value of the assets of the Fund
allocable to such class, less its liabilities allocable to that class, by the
total number of that class' outstanding shares. NAV is determined at the close
of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern Time)
on each day the Exchange is open for trading.

The Fund does not determine NAV on the following days:
New Year's Day
Martin Luther King, Jr. Day
Presidents' Day
Good Friday
Memorial Day
Independence Day
Labor Day
Thanksgiving Day
Christmas Day
Other days when the New York Stock Exchange is not open.

The Fund reserves the right not to determine its NAV when:
It has not received any orders to purchase, sell or exchange shares; or
Changes in the value of the Fund's portfolio do not affect its NAV.

If current prices are not available for a security, or if Gartmore SA Capital
Trust, as the Fund's administrator, or its agent, determines that the price of a
security does not represent its fair value, the security may be valued at fair
value in accordance with procedures adopted by the Board of Trustees. To the
extent that the Fund's investments are traded in markets that are open when the
New York Stock Exchange is closed, the value of the Fund's investment may change
on days when shares cannot be purchased or redeemed.

SELLING SHARES

Shares can be sold (redeemed) at any time, subject to certain restrictions
described below. The redemption price will be the NAV per share next determined
after the order is received. Of course, the value of the shares sold may be
more or less than their original purchase price depending upon the market value
of the Fund's investments at the time of sale.

RESTRICTIONS ON SALES

Shares of the Fund may not be redeemed or the Fund may delay paying you the
proceeds from a redemption when the New York Stock Exchange is closed (other
than customary weekend and holiday closings) or if trading is restricted or if
an emergency exists (as determined by the Securities and Exchange Commission).

If the insurance company issuing the variable insurance contract is willing to
provide notice to investors, the Fund may delay or refuse any exchange, transfer
or redemption request. Such request may be delayed if the investor redeeming
shares is engaged in excessive trading, or if the amount of the redemption
request otherwise would be disruptive to efficient portfolio management or would
adversely affect the Fund.

DISTRIBUTION PLAN

In addition to expenses that may be imposed by variable insurance contracts, the
Trust has adopted a Distribution Plan under Rule 12b-1 of the Investment Company
Act of 1940, as amended, which permits the Fund to compensate the distributor
for expenses associated with distributing and selling Class II shares of the
Fund and providing shareholder services. Under that Distribution Plan, the Fund
pays its distributor, from its Class II shares, a fee that is accrued daily and
paid monthly. The amount of this fee shall not exceed an annual amount of 0.25%
of the Fund's Class II shares' average daily net assets.

Because these fees are paid out of the Fund's assets on an ongoing basis, these
fees will increase the cost of your investment over time and may cost you more
than paying other types of sales charges.

N-1A 11th Page of 154 TOC 1st Previous Next ↓Bottom Just 11th
DISTRIBUTIONS AND TAXES

DIVIDENDS AND DISTRIBUTIONS

Substantially all of the Fund's net investment income, if any, will be paid as a
dividend each quarter in the form of additional shares of the Fund. Any net
capital gains realized by the Fund from the sale of its portfolio securities
will be declared and paid to shareholders annually.

TAX STATUS

The tax treatment of payments made under a variable insurance contract is
described in the prospectus for the contract. Generally, the owners of variable
insurance contracts are not taxed currently on income or gains realized under
such contracts until the income or gain is distributed. However, income
distributions from these contracts will be taxable at ordinary income tax rates.
In addition, distributions made to an owner who is younger than 59 may be
subject to a 10% penalty tax. Investors should ask their own tax advisors for
more information on their own tax situation, including possible state or local
taxes.

Please refer to the SAI for more information regarding the tax treatment of the
Fund.

N-1A 12th Page of 154 TOC 1st Previous Next ↓Bottom Just 12th
INFORMATION FROM GARTMORE FUNDS

Please read this prospectus before you invest, and keep it with your records.
This prospectus is intended for use in connection with variable insurance
contracts. The Statement of Additional Information (incorporated by reference
into this prospectus) contains additional information about the Fund. To obtain
the Statement of Additional Information free of charge, call 1-800-848-6331 or
contact your variable insurance provider.

INFORMATION FROM THE SECURITIES AND EXCHANGE COMMISSION ("SEC")

You can obtain copies of Fund documents from the SEC as follows:

IN PERSON

Public Reference Room in Washington, D.C. (For their hours of operation, call
1-202-942-8090.)

BY MAIL:

Securities and Exchange Commission
Public Reference Section
Washington, D.C. 20549-0102
(The SEC charges a fee to copy any documents.)

ON THE EDGAR DATABASE VIA THE INTERNET:

www.sec.gov

BY ELECTRONIC REQUEST:

publicinfo@sec.gov

THE TRUST'S INVESTMENT COMPANY ACT FILE NO.: 811-3213

GARTMORE FUNDS

Gartmore Funds
P.O. Box 182205
Columbus, Ohio 43218-2205

www.gartmorefunds.com

--------------------------------------------------------------------------------

N-1A 13th Page of 154 TOC 1st Previous Next ↓Bottom Just 13th
STATEMENT OF ADDITIONAL INFORMATION
DECEMBER __, 2003
GARTMORE VARIUABLE INSURANCE TRUST

COMSTOCK GVIT VALUE FUND
DREYFUS GVIT INTERNATIONAL VALUE FUND
DREYFUS GVIT MID CAP INDEX FUND
FEDERATED GVIT HIGH INCOME BOND FUND
GARTMORE GVIT ASIA PACIFIC LEADERS FUND
GARTMORE GVIT DEVELOPING MARKETS FUND
GARTMORE GVIT EMERGING MARKETS FUND
GARTMORE GVIT EUROPEAN LEADERS FUND
GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND
GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND
GARTMORE GVIT GLOBAL LEADERS FUND
GARTMORE GVIT GLOBAL SMALL COMPANIES FUND
GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND
GARTMORE GVIT GLOBAL UTILITIES FUND
GARTMORE GVIT GOVERNMENT BOND FUND
GARTMORE GVIT GROWTH FUND
GARTMORE GVIT INTERNATIONAL GROWTH FUND
GARTMORE GVIT INVESTOR DESTINATIONS AGGRESSIVE FUND
GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND
GARTMORE GVIT INVESTOR DESTINATIONS MODERATE FUND
GARTMORE GVIT INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND
GARTMORE GVIT INVESTOR DESTINATIONS CONSERVATIVE FUND
GARTMORE GVIT U.S. GROWTH LEADERS LONG-SHORT FUND
GARTMORE GVIT MID CAP GROWTH FUND (FORMERLY "STRONG GVIT MID CAP GROWTH FUND")
GARTMORE GVIT MONEY MARKET FUND
GARTMORE GVIT MONEY MARKET FUND II
GARTMORE GVIT NATIONWIDE FUND (FORMERLY "GARTMORE GVIT TOTAL RETURN FUND")
GARTMORE GVIT NATIONWIDE LEADERS FUND
GARTMORE GVIT OTC FUND
GARTMORE GVIT NATIONWIDE PRINCIPAL PROTECTED FUND
GARTMORE GVIT U.S. GROWTH LEADERS FUND
GARTMORE GVIT WORLDWIDE LEADERS FUND
GVIT EQUITY 500 INDEX FUND
GVIT SMALL COMPANY FUND
GVIT SMALL CAP GROWTH FUND
GVIT SMALL CAP VALUE FUND
J.P. MORGAN GVIT BALANCED FUND
NATIONWIDE GVIT STRATEGIC VALUE FUND
TURNER GVIT GROWTH FOCUS FUND
VAN KAMPEN GVIT MULTI SECTOR BOND FUND
(FORMERLY "MAS GVIT MULTI SECTOR BOND FUND")

Gartmore Variable Insurance Trust (the "Trust"), a Massachusetts business
trust, is a registered open-end investment company currently consisting of 40
series. This Statement of Additional Information relates to all series of the
Trust (each, a "Fund" and collectively, the "Funds").

This Statement of Additional Information is not a prospectus but this
Statement of Additional Information is incorporated by reference into the
following Prospectuses. It contains information in addition to and more detailed
than that set forth in the Prospectuses for the Funds and should be read in
conjunction with the following Prospectuses:

--------------------------------------------------------------------------------
i

N-1A 14th Page of 154 TOC 1st Previous Next ↓Bottom Just 14th
Comstock GVIT Value Fund, Dreyfus GVIT International Value Fund, Dreyfus GVIT
Mid Cap Index Fund, Federated GVIT High Income Bond Fund, GVIT Equity 500
Index Fund, J.P. Morgan GVIT Balanced Fund, Turner GVIT Growth Focus Fund
and Van Kampen GVIT Multi Sector Bond Fund dated April 28, 2003.
Dreyfus GVIT Mid Cap Index Fund (Class II) dated April 28, 2003 (as revised May
23, 2003).
GVIT Small Cap Value Fund, GVIT Small Company Fund and GVIT Small Cap Growth
Fund dated April 28, 2003 (as supplemented June 30, 2003 and September 30,
2003).
Nationwide GVIT Strategic Value Fund dated April 28, 2003.
Gartmore GVIT Nationwide Fund, Gartmore GVIT Growth Fund and Gartmore GVIT Mid
Cap Growth Fund dated April 28, 2003.
Gartmore GVIT Government Bond Fund and Gartmore GVIT Money Market Fund dated
April 28, 2003.
Gartmore GVIT Global Technology and Communications Fund, Gartmore GVIT Global
Financial Services Fund, Gartmore GVIT Global Utilities Fund and Gartmore
GVIT Global Health Sciences Fund dated April 28, 2003 (as supplemented July
9, 2003).
Gartmore GVIT Emerging Markets Fund and Gartmore GVIT International Growth Fund
dated April 28, 2003.
Gartmore GVIT Global Leaders Fund and Gartmore GVIT Global Small Companies Fund
dated April 28, 2003 (shares of these Funds are not currently offered).
Gartmore GVIT OTC Fund dated April 28, 2003 (shares of this Fund are not
currently offered).
Gartmore GVIT Nationwide Principal Protected Fund dated April 30, 2003 (shares
of this Fund are not currently offered).
Gartmore GVIT Nationwide Leaders Fund, Gartmore GVIT U.S. Growth Leaders Fund
and Gartmore GVIT Worldwide Leaders Fund, dated April 28, 2003. Gartmore
GVIT Asia Pacific Leaders Fund and Gartmore GVIT European Leaders Fund
dated April 28, 2003 (shares of these Funds are not currently offered).
Gartmore GVIT Investor Destinations Aggressive Fund, Gartmore GVIT Investor
Destinations Moderately Aggressive Fund, Gartmore GVIT Investor
Destinations Moderate Fund, Gartmore GVIT Investor Destinations Moderately
Conservative Fund and Gartmore GVIT Investor Destinations Conservative Fund
(collectively the "GVIT Investor Destinations Funds") dated April 28, 2003.
Gartmore GVIT Money Market Fund II dated April 28, 2003.
Gartmore GVIT Developing Markets Fund dated June 23, 2003.
Gartmore GVIT U.S. Growth Leaders Long-Short Fund dated December , 2003.

Terms not defined in this Statement of Additional Information have the
meanings assigned to them in the Prospectuses. The Prospectuses may be obtained
from Gartmore Funds, P.O. Box 182205, Columbus, Ohio 43218-2202, or by calling
toll free 1-800-848-6331.

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ii

N-1A 15th Page of 154 TOC 1st Previous Next ↓Bottom Just 15th
TABLE OF CONTENTS PAGE
-----------------------------------------------------
General Information and History . . . . . . . . 1
Additional Information on Portfolio Instruments
and Investment Policies. . . . . . . . . . . 2
Description of Portfolio Instruments
and Investment Policies. . . . . . . . . . . 9
Investment Restrictions . . . . . . . . . . . . 55
Major Shareholders. . . . . . . . . . . . . . . 61
Trustees and Officers of the Trust. . . . . . . 69
Investment Advisory and Other Services. . . . . 76
Brokerage Allocations . . . . . . . . . . . . . 104
Purchases, Redemptions and Pricing of Shares. . 112
Performance Advertising . . . . . . . . . . . . 114
Additional Information. . . . . . . . . . . . . 121
Tax Status. . . . . . . . . . . . . . . . . . . 123
Other Tax Consequences. . . . . . . . . . . . . 123
Tax Consequences to Shareholders. . . . . . . . 124
Financial Statements. . . . . . . . . . . . . . 124
Appendix A - Debt Ratings . . . . . . . . . . . 125

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iii

N-1A 16th Page of 154 TOC 1st Previous Next ↓Bottom Just 16th
GENERAL INFORMATION AND HISTORY

Gartmore Variable Insurance Trust, formerly Nationwide Separate Account
Trust, is an open-end investment company organized under the laws of
Massachusetts by a Declaration of Trust, dated June 30, 1981, as subsequently
amended. The Trust currently offers shares in 40 separate series, each with its
own investment objective.

On April 28, 2003, the All Pro Broad Equity, All Pro Large Cap Growth, All
Pro Large Cap Value, All Pro Small Cap Growth, All Pro Small Cap Value,
Balanced, Bond, Equity 500 Index, International, Mid Cap Growth, and Money
Market Portfolios, eight series portfolios of Market Street Fund, reorganized
with and into the Gartmore GVIT Total Return, Gartmore GVIT Growth, Comstock
GVIT Value, GVIT Small Company, GVIT Small Cap Value, J.P. Morgan GVIT Balanced,
Gartmore GVIT Government Bond, GVIT Equity 500 Index, Dreyfus GVIT International
Value, Gartmore GVIT Mid Cap Growth and Gartmore GVIT Money Market Funds,
respectively. On June 23, 2003, the Montgomery Variable Series: Emerging
Markets Fund, a series portfolio of The Montgomery Funds III, reorganized with
and into the Gartmore GVIT Developing Markets Fund.

The following Funds are diversified funds as defined in the Investment
Company Act of 1940, as amended (the "1940 Act"):

Comstock GVIT Value Fund,
Dreyfus GVIT International Value Fund,
Dreyfus GVIT Mid Cap Index Fund,
Federated GVIT High Income Bond Fund,
Gartmore GVIT Developing Markets Fund,
Gartmore GVIT Emerging Markets Fund,
Gartmore GVIT Global Leaders Fund,
Gartmore GVIT Global Small Companies Fund,
Gartmore GVIT Government Bond Fund,
Gartmore GVIT Growth Fund,
Gartmore GVIT International Growth Fund,
Gartmore GVIT U.S. Growth Leaders Long-Short Fund,
Gartmore GVIT Mid Cap Growth Fund,
Gartmore GVIT Money Market Fund,
Gartmore GVIT Money Market Fund II,
Gartmore GVIT Nationwide Fund,
Gartmore GVIT Principal Protected Fund,
Gartmore GVIT OTC Fund,
GVIT Small Cap Growth Fund,
GVIT Small Cap Value Fund,
GVIT Small Company Fund,
J.P. Morgan GVIT Balanced Fund,
Nationwide GVIT Strategic Value Fund, and
Van Kampen GVIT Multi Sector Bond Fund.

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1

N-1A 17th Page of 154 TOC 1st Previous Next ↓Bottom Just 17th
The following Funds are not diversified funds:

Gartmore GVIT Asia Pacific Leaders Fund,
Gartmore GVIT European Leaders Fund,
Gartmore GVIT Global Financial Services Fund,
Gartmore GVIT Global Health Sciences Fund,
Gartmore GVIT Global Technology and Communications Fund,
Gartmore GVIT Global Utilities Fund,
Gartmore GVIT Nationwide Leaders Fund,
Gartmore GVIT U.S. Growth Leaders Fund,
Gartmore GVIT Worldwide Leaders Fund,
GVIT Equity 500 Index Fund,
Turner GVIT Growth Focus Fund, and
each of the GVIT Investor Destinations Funds.
2

ADDITIONAL INFORMATION ON PORTFOLIO INSTRUMENTS AND INVESTMENT POLICIES

ALL FUNDS

The Funds invest in a variety of securities and employ a number of
investment techniques, which involve certain risks. The Prospectuses for the
Funds highlight the principal investment strategies, investment techniques and
risks. This Statement of Additional Information (SAI) contains additional
information regarding both the principal and non-principal investment strategies
of the Funds. The following table sets forth additional information concerning
permissible investments and techniques for each of the Funds. A "Y" in the table
indicates that the Fund may invest in or follow the corresponding instrument or
technique. An empty box indicates that the Fund does not intend to invest in or
follow the corresponding instrument or technique.

With respect to the GVIT Investor Destinations Funds, this Statement of
Additional Information uses the term "Fund" to include the Underlying Funds in
which such Funds invest. Please review the discussions in the Prospectus for
further information regarding the investment objectives and policies of each
GVIT Investor Destinations Fund, including their respective Underlying Funds.

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2

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[Enlarge/Download Table]

TYPE GARTMORE DREYFUS
OF GVIT GVIT GVIT GVIT GARTMORE COMSTOCK J.P. GARTMORE
INVESTMENT GARTMORE MID MID GVIT SMALL SMALL GVIT GVIT GARTMORE MORGAN GVIT
OR GVIT CAP CAP SMALL CAP CAP WORLDWIDE VALUE GVIT GVIT GOVERNMENT
TECHNIQUE GROWTH GROWTH INDEX COMPANY GROWTH VALUE LEADERS NATIONWIDE BALANCED BOND
--------------------------------------------------------------------------------------------------------------------------------

U.S.
COMMON
STOCKS . . . . . . . Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
PREFERRED
STOCKS . . . . . . . Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
SMALL
COMPANY
STOCKS . . . . . . . Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
SPECIAL
SITUATION
COMPANIES. . . . . . Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
ILLIQUID
SECURITIES . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
RESTRICTED
SECURITIES . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
WHEN-ISSUED/
DELAYED-DELIVERY
SECURITIES . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
LIMITED
LIABILITY
COMPANIES Y Y
--------------------------------------------------------------------------------------------------------------------------------
INVESTMENT
COMPANIES. . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
REAL
ESTATE
SECURITIES Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
SECURITIES
OF FOREIGN
ISSUERS. . . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
DEPOSITARY
RECEIPTS . . . . . . Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
SECURITIES
FROM DEVELOPING
COUNTRIES/EMERGING
MARKETS Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE
SECURITIES . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM
DEBT Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM
DEBT WHEN
ORIGINALLY
ISSUED BUT
WITH LESS
THAN 397 DAYS
REMAINING TO
MATURITY . . . . . . Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM
DEBT . . . . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
FLOATING AND
VARIABLE RATE
SECURITIES . . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
ZERO COUPON
SECURITIES Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
STEP-COUPON
SECURITIES Y
--------------------------------------------------------------------------------------------------------------------------------
PAY-IN-KIND
BONDS Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
DEFERRED
PAYMENT
SECURITIES Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
BRADY
BONDS Y
--------------------------------------------------------------------------------------------------------------------------------
NON-INVESTMENT
GRADE
DEBT Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
LOAN
PARTICIPATIONS
AND
ASSIGNMENTS. . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
SOVEREIGN
DEBT
(FOREIGN)
(DENOMINATED
IN U.S. $) . . . . . . . . . Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
FOREIGN
COMMERCIAL
PAPER(DENOMINATED
IN U.S. $) . . . . . . . . . Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
DURATION Y Y
--------------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
SECURITIES . . . . . Y Y Y Y Y Y Y Y Y Y Y
MONEY
MARKET
INSTRUMENTS. . . . . Y Y Y Y Y Y Y Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED
SECURITIES Y Y Y Y
--------------------------------------------------------------------------------------------------------------------------------

VAN
TYPE KAMPEN FEDERATED GARTMORE
OF GVIT GVIT GARTMORE GVIT TURNER
INVESTMENT MULTI HIGH GVIT MONEY GVIT
OR SECTOR INCOME MONEY MARKET GROWTH
TECHNIQUE BOND BOND MARKET II FOCUS
-------------------------------------------------------------------

U.S.
COMMON
STOCKS Y Y
-------------------------------------------------------------------
PREFERRED
STOCKS Y Y
-------------------------------------------------------------------
SMALL
COMPANY
STOCKS Y Y
-------------------------------------------------------------------
SPECIAL
SITUATION
COMPANIES Y Y
-------------------------------------------------------------------
ILLIQUID
SECURITIES . . . . . Y Y Y Y Y
-------------------------------------------------------------------
RESTRICTED
SECURITIES . . . . . Y Y Y Y Y
-------------------------------------------------------------------
WHEN-ISSUED/
DELAYED-DELIVERY
SECURITIES . . . . . Y Y Y Y Y
-------------------------------------------------------------------
LIMITED
LIABILITY
COMPANIES Y Y
-------------------------------------------------------------------
INVESTMENT
COMPANIES. . . . . . Y Y Y Y Y
-------------------------------------------------------------------
REAL
ESTATE
SECURITIES . . . . . Y Y Y
-------------------------------------------------------------------
SECURITIES OF
FOREIGN
ISSUERS. . . . . . . Y Y Y Y Y
-------------------------------------------------------------------
DEPOSITARY
RECEIPTS . . . . . . Y Y Y
-------------------------------------------------------------------
SECURITIES
FROM
DEVELOPING
COUNTRIES/EMERGING
MARKETS. . . . . . . Y Y Y
-------------------------------------------------------------------
CONVERTIBLE
SECURITIES . . . . . Y Y
-------------------------------------------------------------------
LONG-TERM
DEBT Y Y
-------------------------------------------------------------------
LONG-TERM
DEBT WHEN
ORIGINALLY
ISSUED BUT
WITH LESS
THAN 397 DAYS
REMAINING TO
MATURITY . . . . . . Y Y Y Y
-------------------------------------------------------------------
SHORT-TERM
DEBT . . . . . . . . Y Y Y Y Y
-------------------------------------------------------------------
FLOATING AND
VARIABLE RATE
SECURITIES . . . . . Y Y Y Y Y
-------------------------------------------------------------------
ZERO
COUPON
SECURITIES . . . . . Y Y
-------------------------------------------------------------------
STEP-COUPON
SECURITIES . . . . . Y Y
-------------------------------------------------------------------
PAY-IN-KIND
BONDS. . . . . . . . Y Y
-------------------------------------------------------------------
DEFERRED
PAYMENT
SECURITIES . . . . . Y Y
-------------------------------------------------------------------
BRADY
BONDS. . . . . . . . Y
-------------------------------------------------------------------
NON-INVESTMENT
GRADE
DEBT . . . . . . . . Y Y
-------------------------------------------------------------------
LOAN
PARTICIPATIONS
AND
ASSIGNMENTS. . . . . Y Y Y Y Y
-------------------------------------------------------------------
SOVEREIGN
DEBT
(FOREIGN)
(DENOMINATED
IN U.S. $) . . . . . Y Y Y
-------------------------------------------------------------------
FOREIGN
COMMERCIAL
PAPER(DENOMINATED
IN U.S. $) . . . . . Y Y Y Y Y
-------------------------------------------------------------------
DURATION . . . . . . Y Y
-------------------------------------------------------------------
U.S.
GOVERNMENT
SECURITIES . . . . . Y Y Y Y Y
-------------------------------------------------------------------
MONEY
MARKET
INSTRUMENTS. . . . . Y Y Y Y Y
-------------------------------------------------------------------
MORTGAGE-BACKED
SECURITIES . . . . . Y Y Y Y
-------------------------------------------------------------------

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3

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[Enlarge/Download Table]

GARTMORE
GVIT
TYPE GLOBAL GARTMORE GARTMORE
OF TECHNOLOGY GVIT GARTMORE GARTMORE GARTMORE GARTMORE GVIT GARTMORE
INVESTMENT AND GLOBAL GVIT GVIT GVIT GVIT GLOBAL GARTMORE GVIT
OR COMMUNICATIONS HEALTH EMERGING INTERNATIONAL GLOBAL EUROPEAN SMALL GVIT NATIONWIDE
TECHNIQUE II SCIENCES MARKETS GROWTH LEADERS LEADERS COMPANIE OTC LEADERS
-------------------------------------------------------------------------------------------------------------------------

U.S.
COMMON
STOCKS . . . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
PREFERRED
STOCKS . . . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
SMALL
COMPANY
STOCKS . . . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
SPECIAL
SITUATION
COMPANIES. . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
ILLIQUID
SECURITIES . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
RESTRICTED
SECURITIES . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
WHEN-ISSUED/
DELAYED-DELIVERY
SECURITIES . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
LIMITED
LIABILITY
COMPANIES Y Y
-------------------------------------------------------------------------------------------------------------------------
INVESTMENT
COMPANIES. . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
REAL
ESTATE
SECURITIES . . . . Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
SECURITIES OF
FOREIGN
ISSUERS. . . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
DEPOSITARY
RECEIPTS . . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
SECURITIES
FROM
DEVELOPING
COUNTRIES/
EMERGING
MARKETS. . . . . . Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE
SECURITIES . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
LONG-TERM
DEBT Y Y
-------------------------------------------------------------------------------------------------------------------------
LONG-TERM
DEBT WHEN
ORIGINALLY
ISSUED BUT
WITH LESS
THAN 397 DAYS
REMAINING TO
MATURITY Y Y Y
-------------------------------------------------------------------------------------------------------------------------
SHORT-TERM
DEBT . . . . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
FLOATING AND
VARIABLE RATE
SECURITIES . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
ZERO
COUPON
SECURITIES Y Y Y
-------------------------------------------------------------------------------------------------------------------------
STEP-COUPON
SECURITIES Y Y
-------------------------------------------------------------------------------------------------------------------------
PAY-IN-KIND
BONDS Y Y
-------------------------------------------------------------------------------------------------------------------------
DEFERRED
PAYMENT
SECURITIES Y Y
-------------------------------------------------------------------------------------------------------------------------
BRADY
BONDS Y Y Y
-------------------------------------------------------------------------------------------------------------------------
NON-INVESTMENT
GRADE
DEBT Y Y
-------------------------------------------------------------------------------------------------------------------------
LOAN
PARTICIPATIONS
AND
ASSIGNMENTS. . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
SOVEREIGN
DEBT
(FOREIGN)
(DENOMINATED
IN U.S. $) Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
FOREIGN
COMMERCIAL
PAPER
(DENOMINATED
IN U.S. $) Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
DURATION Y Y Y Y Y Y
U.S.
GOVERNMENT
SECURITIES . . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
MONEY
MARKET
INSTRUMENTS. . . . Y Y Y Y Y Y Y Y Y
-------------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED
SECURITIES Y Y
-------------------------------------------------------------------------------------------------------------------------

TYPE GARTMORE GARTMORE GARTMORE
OF GVIT GVIT GVIT GARTMORE
INVESTMENT U.S. ASIA GLOBAL GVIT
OR GROWTH PACIFIC FINANCIAL GLOBAL
TECHNIQUE LEADERS LEADERS SERVICES UTILITIES
------------------------------------------------------------

U.S.
COMMON
STOCKS . . . . . . Y Y Y Y
------------------------------------------------------------
PREFERRED
STOCKS . . . . . . Y Y Y Y
------------------------------------------------------------
SMALL
COMPANY
STOCKS . . . . . . Y Y Y Y
------------------------------------------------------------
SPECIAL
SITUATION
COMPANIES. . . . . Y Y Y Y
------------------------------------------------------------
ILLIQUID
SECURITIES . . . . Y Y Y Y
------------------------------------------------------------
RESTRICTED
SECURITIES . . . . Y Y Y Y
------------------------------------------------------------
WHEN-ISSUED/
DELAYED-DELIVERY
SECURITIES . . . . Y Y Y Y
------------------------------------------------------------
LIMITED
LIABILITY
COMPANIES
INVESTMENT
COMPANIES. . . . . Y Y Y Y
------------------------------------------------------------
REAL
ESTATE
SECURITIES Y Y
------------------------------------------------------------
SECURITIES
OF FOREIGN
ISSUERS. . . . . . Y Y Y Y
------------------------------------------------------------
DEPOSITARY
RECEIPTS . . . . . Y Y Y Y
------------------------------------------------------------
SECURITIES
FROM
DEVELOPING
COUNTRIES/
EMERGING
MARKETS. . . . . . Y Y Y Y
------------------------------------------------------------
CONVERTIBLE
SECURITIES . . . . Y Y Y Y
------------------------------------------------------------
LONG-TERM
DEBT . . . . . . . Y Y Y Y
------------------------------------------------------------
LONG-TERM
DEBT WHEN
ORIGINALLY
ISSUED BUT
WITH LESS
THAN 397 DAYS
REMAINING TO
MATURITY . . . . . Y Y Y Y
------------------------------------------------------------
SHORT-TERM
DEBT . . . . . . . Y Y Y Y
------------------------------------------------------------
FLOATING AND
VARIABLE RATE
SECURITIES . . . . Y Y Y Y
------------------------------------------------------------
ZERO
COUPON
SECURITIES Y Y Y
------------------------------------------------------------
STEP-COUPON
SECURITIES
PAY-IN-KIND
BONDS
DEFERRED
PAYMENT
SECURITIES Y Y Y
------------------------------------------------------------
BRADY
BONDS Y Y Y
------------------------------------------------------------
NON-INVESTMENT
GRADE
DEBT . . . . . . . Y Y
------------------------------------------------------------
LOAN
PARTICIPATIONS
AND
ASSIGNMENTS. . . . Y Y Y Y
------------------------------------------------------------
SOVEREIGN
DEBT
(FOREIGN)
(DENOMINATED
IN U.S. $)
------------------------------------------------------------
FOREIGN
COMMERCIAL
PAPER
(DENOMINATED
IN U.S. $)
------------------------------------------------------------
DURATION
U.S.
GOVERNMENT
SECURITIES . . . . Y Y Y Y
------------------------------------------------------------
MONEY
MARKET
INSTRUMENTS. . . . Y Y Y Y
------------------------------------------------------------
MORTGAGE-BACKED
SECURITIES . . . . Y
------------------------------------------------------------

--------------------------------------------------------------------------------
4

N-1A 20th Page of 154 TOC 1st Previous Next ↓Bottom Just 20th
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GARTMORE GARTMORE
TYPE GARTMORE GVIT GARTMORE GVIT GARTMORE GVIT
OF GVIT INVESTOR GVIT INVESTOR GVIT NATIONWIDE EQUITY DREYFUS
INVESTMENT INVESTOR DESTINATIONS INVESTOR DESTINATIONS INVESTOR GVIT 500 GVIT
OR DESTINATIONS MODERATELY DESTINATIONS MODERATELY DESTINATIONS STRATEGIC INDEX INTERNATIONAL
TECHNIQUE AGGRESSIVE AGGRESSIVE MODERATE CONSERVATIVE CONSERVATIVE VALUE VALUE
---------------------------------------------------------------------------------------------------------------------------

U.S.
COMMON
STOCKS . . . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
PREFERRED
STOCKS Y Y Y
SMALL
COMPANY
STOCKS . . . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
SPECIAL
SITUATION
COMPANIES. . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
ILLIQUID
SECURITIES . . . . Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
RESTRICTED
SECURITIES . . . . Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
WHEN-ISSUED/
DELAYED-DELIVERY
SECURITIES . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
LIMITED
LIABILITY
COMPANIES Y
---------------------------------------------------------------------------------------------------------------------------
INVESTMENT
COMPANIES. . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
REAL
ESTATE
SECURITIES Y Y Y
---------------------------------------------------------------------------------------------------------------------------
SECURITIES
OF FOREIGN
ISSUERS. . . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
DEPOSITARY
RECEIPTS . . . . . Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
SECURITIES
FROM
DEVELOPING
COUNTRIES/
EMERGING
MARKETS Y Y
---------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE
SECURITIES Y Y Y
---------------------------------------------------------------------------------------------------------------------------
LONG-TERM
DEBT . . . . . . . Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
LONG-TERM
DEBT WHEN
ORIGINALLY
ISSUED BUT
WITH LESS
THAN 397 DAYS
REMAINING TO
MATURITY . . . . . Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
SHORT-TERM
DEBT . . . . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
FLOATING
AND
VARIABLE
RATE
SECURITIES . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
ZERO
COUPON
SECURITIES
---------------------------------------------------------------------------------------------------------------------------
STEP-COUPON
SECURITIES
---------------------------------------------------------------------------------------------------------------------------
PAY-IN-KIND
BONDS
---------------------------------------------------------------------------------------------------------------------------
DEFERRED
PAYMENT
SECURITIES
---------------------------------------------------------------------------------------------------------------------------
BRADY
BONDS
---------------------------------------------------------------------------------------------------------------------------
NON-INVESTMENT
GRADE
---------------------------------------------------------------------------------------------------------------------------
DEBT Y
---------------------------------------------------------------------------------------------------------------------------
LOAN
PARTICIPATIONS
AND
ASSIGNMENTS Y Y Y
---------------------------------------------------------------------------------------------------------------------------
SOVEREIGN
DEBT
(FOREIGN)
(DENOMINATED
IN U.S. $) . . . . Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
FOREIGN
COMMERCIAL
PAPER
(DENOMINATED
IN U.S. $) . . . . Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
DURATION . . . . . Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
U.S.
GOVERNMENT
SECURITIES . . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
MONEY
MARKET
INSTRUMENTS. . . . Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED
SECURITIES . . . . Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------

GARTMORE
GVIT
TYPE GARTMORE U.S.
OF GARTMORE GVIT GROWTH
INVESTMENT GVIT NATIONWIDE LEADERS
OR DEVELOPING PRINCIPAL LONG-SHORT
TECHNIQUE MARKETS PROTECTED* FUND
------------------------------------------------------

U.S.
COMMON
STOCKS G, PG Y
------------------------------------------------------
PREFERRED
STOCKS . . . . . . Y G, PG Y
------------------------------------------------------
SMALL
COMPANY
STOCKS . . . . . . Y G, PG Y
------------------------------------------------------
SPECIAL
SITUATION
COMPANIES. . . . . Y G, PG Y
------------------------------------------------------
ILLIQUID
SECURITIES . . . . Y G, PG Y
------------------------------------------------------
RESTRICTED
SECURITIES . . . . Y G, PG Y
------------------------------------------------------
WHEN-ISSUED/
DELAYED-DELIVERY
SECURITIES . . . . Y G, PG
------------------------------------------------------
LIMITED
LIABILITY
COMPANIES. . . . . Y
------------------------------------------------------
INVESTMENT
COMPANIES. . . . . Y A Y
------------------------------------------------------
REAL
ESTATE
SECURITIES . . . . Y G, PG
------------------------------------------------------
SECURITIES
OF FOREIGN
ISSUERS. . . . . . Y A Y
------------------------------------------------------
DEPOSITARY
RECEIPTS . . . . . Y G, PG Y
------------------------------------------------------
SECURITIES
FROM
DEVELOPING
COUNTRIES/
EMERGING
MARKETS. . . . . . Y
------------------------------------------------------
CONVERTIBLE
SECURITIES . . . . Y G, PG Y
------------------------------------------------------
LONG-TERM
DEBT PG
------------------------------------------------------
LONG-TERM
DEBT WHEN
ORIGINALLY
ISSUED BUT
WITH LESS
THAN 397 DAYS
REMAINING TO
MATURITY . . . . . Y A
------------------------------------------------------
SHORT-TERM
DEBT . . . . . . . Y A
------------------------------------------------------
FLOATING AND
VARIABLE RATE
SECURITIES . . . . Y A
------------------------------------------------------
ZERO
COUPON
SECURITIES G Y
------------------------------------------------------
STEP-COUPON
SECURITIES
------------------------------------------------------
PAY-IN-KIND
BONDS
------------------------------------------------------
DEFERRED
PAYMENT
SECURITIES
------------------------------------------------------
BRADY
BONDS. . . . . . . Y
------------------------------------------------------
NON-INVESTMENT
GRADE
DEBT
------------------------------------------------------
LOAN
PARTICIPATIONS
AND
ASSIGNMENTS. . . . Y PG Y
------------------------------------------------------
SOVEREIGN
DEBT
------------------------------------------------------
(FOREIGN)
(DENOMINATED IN
U.S. $) . . . . . Y
------------------------------------------------------
FOREIGN
COMMERCIAL
PAPER
(DENOMINATED
IN U.S. $) . . . . Y A
------------------------------------------------------
DURATION G
------------------------------------------------------
U.S.
GOVERNMENT
SECURITIES . . . . Y A Y
------------------------------------------------------
MONEY
MARKET
INSTRUMENTS. . . . Y A Y
------------------------------------------------------
MORTGAGE-BACKED
SECURITIES G
------------------------------------------------------

--------------------------------------------------------------------------------
5

N-1A 21st Page of 154 TOC 1st Previous Next ↓Bottom Just 21st
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TYPE GARTMORE DREYFUS
OF GVIT GVIT GVIT GVIT GARTMORE J.P. GARTMORE
INVESTMENT GARTMORE MID MID GVIT SMALL SMALL GVIT COMSTOCK GARTMORE MORGAN GVIT
OR GVIT CAP CAP SMALL CAP CAP WORLDWIDE GVIT GVIT GVIT GOVERNMENT
TECHNIQUE GROWTH GROWTH INDEX COMPANY GROWTH VALUE LEADERS VALUE NATIONWIDE BALANCED BOND
---------------------------------------------------------------------------------------------------------------------------

STRIPPED
MORTGAGE-BACKED
SECURITIES Y
---------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED
MORTGAGE
OBLIGATIONS Y Y
---------------------------------------------------------------------------------------------------------------------------
MORTGAGE
DOLLAR
ROLLS Y Y Y
---------------------------------------------------------------------------------------------------------------------------
ASSET-BACKED
SECURITIES. . . Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
BANK
AND/OR
SAVINGS
AND LOAN
OBLIGATIONS . . Y Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
REPURCHASE
AGREEMENTS. . . Y Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
REVERSE
REPURCHASE
AGREEMENTS Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
DERIVATIVES . . Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
WARRANTS. . . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
FUTURES . . . . Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
OPTIONS . . . . Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
FOREIGN
CURRENCIES. . . Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
FORWARD
CURRENCY
CONTRACTS Y Y Y
---------------------------------------------------------------------------------------------------------------------------
BORROWING
MONEY . . . . . Y Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
LENDING OF
PORTFOLIO
SECURITIES. . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
INVESTMENT OF
SECURITIES
LENDING
COLLATERAL. . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
SHORT
SALES . . . . . Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------
SWAP
AGREEMENTS
---------------------------------------------------------------------------------------------------------------------------
EXTENDABLE
COMMERCIAL
NOTES
---------------------------------------------------------------------------------------------------------------------------
WRAP
CONTRACTS
INDEXED
SECURITIES. . . Y Y
---------------------------------------------------------------------------------------------------------------------------
STRIP
BONDS Y
---------------------------------------------------------------------------------------------------------------------------
NATIONWIDE
CONTRACT
---------------------------------------------------------------------------------------------------------------------------
MUNICIPAL
SECURITIES
---------------------------------------------------------------------------------------------------------------------------

STRIPPED
MORTGAGE-BACKED
SECURITIES. . . Y
--------------------------------------------------------------
COLLATERALIZED
MORTGAGE
OBLIGATIONS . . Y
--------------------------------------------------------------
MORTGAGE
DOLLAR
ROLLS . . . . . Y Y
--------------------------------------------------------------
ASSET-BACKED
SECURITIES. . . Y Y Y Y
--------------------------------------------------------------
BANK AND/OR
SAVINGS
AND LOAN
OBLIGATIONS . . Y Y Y Y Y
--------------------------------------------------------------
REPURCHASE
AGREEMENTS. . . Y Y Y Y Y
--------------------------------------------------------------
REVERSE
REPURCHASE
AGREEMENTS. . . Y Y Y
--------------------------------------------------------------
DERIVATIVES . . Y Y Y
--------------------------------------------------------------
WARRANTS. . . . Y Y Y
--------------------------------------------------------------
FUTURES . . . . Y Y Y
--------------------------------------------------------------
OPTIONS . . . . Y Y Y
--------------------------------------------------------------
FOREIGN
CURRENCIES. . . Y Y
--------------------------------------------------------------
FORWARD
CURRENCY
CONTRACTS . . . Y Y
--------------------------------------------------------------
BORROWING
MONEY . . . . . Y Y Y Y Y
--------------------------------------------------------------
LENDING OF
PORTFOLIO
SECURITIES. . . Y Y Y
--------------------------------------------------------------
INVESTMENT OF
SECURITIES
LENDING
COLLATERAL. . . Y Y Y
--------------------------------------------------------------
SHORT
SALES Y
--------------------------------------------------------------
SWAP
AGREEMENTS. . . Y Y
--------------------------------------------------------------
EXTENDABLE
COMMERCIAL
NOTES Y Y Y
--------------------------------------------------------------
WRAP
CONTRACTS
--------------------------------------------------------------
INDEXED
SECURITIES
--------------------------------------------------------------
STRIP
BONDS
--------------------------------------------------------------
NATIONWIDE
CONTRACT
--------------------------------------------------------------
MUNICIPAL
SECURITIES Y Y
--------------------------------------------------------------

--------------------------------------------------------------------------------
6

N-1A 22nd Page of 154 TOC 1st Previous Next ↓Bottom Just 22nd
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GARTMORE GARTMORE
TYPE GVIT GVIT GARTMORE GARTMORE GARTMORE
OF GLOBAL GLOBAL GARTMORE GARTMORE GARTMORE GVIT GVIT GARTMORE GVIT
INVESTMENT TECHNOLOGY HEALTH GVIT GVIT GVIT EUROPEAN GLOBAL GARTMORE GVIT U.S.
OR AND SCIENCES EMERGING INTERNATIONAL GLOBAL LEADERS SMALL GVIT NATIONWIDE GROWTH
TECHNIQUE COMMUNICATIONS II MARKETS GROWTH LEADERS COMPANIES OTC LEADERS LEADERS
---------------------------------------------------------------------------------------------------------------------------------

STRIPPED
MORTGAGE-BACKED
SECURITIES
---------------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED
MORTGAGE
OBLIGATIONS
---------------------------------------------------------------------------------------------------------------------------------
MORTGAGE
DOLLAR
ROLLS
---------------------------------------------------------------------------------------------------------------------------------
ASSET-BACKED
SECURITIES Y Y
---------------------------------------------------------------------------------------------------------------------------------
BANK AND/OR
SAVINGS
AND LOAN
OBLIGATIONS . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
REPURCHASE
AGREEMENTS. . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
REVERSE
REPURCHASE
---------------------------------------------------------------------------------------------------------------------------------
AGREEMENTS. . . Y Y
---------------------------------------------------------------------------------------------------------------------------------
DERIVATIVES . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
WARRANTS. . . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
FUTURES . . . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
OPTIONS . . . . Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
FOREIGN
CURRENCIES. . . Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
FORWARD
CURRENCY
CONTRACTS . . . Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
BORROWING
MONEY . . . . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
LENDING OF
PORTFOLIO
SECURITIES. . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT
OF SECURITIES
LENDING
COLLATERAL. . . Y Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
SHORT
SALES . . . . . Y Y Y Y Y Y Y Y Y
---------------------------------------------------------------------------------------------------------------------------------
SWAP
AGREEMENTS Y
---------------------------------------------------------------------------------------------------------------------------------
EXTENDABLE
COMMERCIAL
NOTES
---------------------------------------------------------------------------------------------------------------------------------
WRAP
CONTRACTS
---------------------------------------------------------------------------------------------------------------------------------
INDEXED
SECURITIES Y
---------------------------------------------------------------------------------------------------------------------------------
STRIP
BONDS
---------------------------------------------------------------------------------------------------------------------------------
NATIONWIDE
CONTRACT
---------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL
SECURITIES
---------------------------------------------------------------------------------------------------------------------------------

TYPE GARTMORE GARTMORE
OF GVIT GVIT GARTMORE
INVESTMENT ASIA GLOBAL GVIT
OR PACIFIC FINANCIAL GLOBAL
TECHNIQUE LEADERS SERVICES UTILITIES
-----------------------------------------------

STRIPPED
MORTGAGE-BACKED
SECURITIES
-----------------------------------------------
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-----------------------------------------------
MORTGAGE
DOLLAR
ROLLS
-----------------------------------------------
ASSET-BACKED
SECURITIES
-----------------------------------------------
BANK AND/OR
SAVINGS AND LOAN
OBLIGATIONS . . Y Y Y
-----------------------------------------------
REPURCHASE
AGREEMENTS. . . Y Y Y
-----------------------------------------------
REVERSE
REPURCHASE
-----------------------------------------------
AGREEMENTS. . . Y Y Y
-----------------------------------------------
DERIVATIVES . . Y Y Y
-----------------------------------------------
WARRANTS. . . . Y Y Y
-----------------------------------------------
FUTURES . . . . Y Y Y
-----------------------------------------------
OPTIONS . . . . Y Y Y
-----------------------------------------------
FOREIGN
CURRENCIES. . . Y Y Y
-----------------------------------------------
FORWARD
CURRENCY
CONTRACTS . . . Y Y Y
-----------------------------------------------
BORROWING
MONEY . . . . . Y Y Y
-----------------------------------------------
LENDING OF
PORTFOLIO
SECURITIES. . . Y Y Y
-----------------------------------------------
INVESTMENT OF
SECURITIES
LENDING
COLLATERAL. . . Y Y Y
-----------------------------------------------
SHORT
SALES . . . . . Y Y Y
-----------------------------------------------
SWAP
AGREEMENTS
-----------------------------------------------
EXTENDABLE
COMMERCIAL
NOTES
-----------------------------------------------
WRAP
CONTRACTS
-----------------------------------------------
INDEXED
SECURITIES
-----------------------------------------------
STRIP
BONDS
-----------------------------------------------
NATIONWIDE
CONTRACT
-----------------------------------------------
MUNICIPAL
SECURITIES
-----------------------------------------------

--------------------------------------------------------------------------------
7

N-1A 23rd Page of 154 TOC 1st Previous Next ↓Bottom Just 23rd
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GARTMORE GARTMORE
TYPE GARTMORE GVIT GARTMORE GVIT GARTMORE
OF GVIT INVESTOR GVIT INVESTOR GVIT NATIONWIDE GVIT DREYFUS
INVESTMENT INVESTOR DESTINATIONS INVESTOR DESTINATIONS INVESTOR GVIT EQUITY GVIT
OR DESTINATIONS MODERATELY DESTINATIONS MODERATELY DESTINATIONS STRATEGIC 500 INTERNATIONAL
TECHNIQUE AGGRESSIVE AGGRESSIVE MODERATE CONSERVATIVE CONSERVATIVE VALUE INDEX VALUE
------------------------------------------------------------------------------------------------------------------------

STRIPPED
MORTGAGE-BACKED
SECURITIES
------------------------------------------------------------------------------------------------------------------------
COLLATERALIZED
MORTGAGE
OBLIGATIONS . . Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
MORTGAGE
DOLLAR
ROLLS . . . . . Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
ASSET-BACKED
SECURITIES. . . Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
BANK AND/OR
SAVINGS AND
LOAN
OBLIGATIONS . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
REPURCHASE
AGREEMENTS. . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
REVERSE
REPURCHASE
AGREEMENTS Y
------------------------------------------------------------------------------------------------------------------------
DERIVATIVES . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
WARRANTS Y Y Y
------------------------------------------------------------------------------------------------------------------------
FUTURES . . . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
OPTIONS . . . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
FOREIGN
CURRENCIES. . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
FORWARD
CURRENCY
CONTRACTS . . . Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
BORROWING
MONEY . . . . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
LENDING OF
PORTFOLIO
SECURITIES Y Y Y
------------------------------------------------------------------------------------------------------------------------
INVESTMENT OF
SECURITIES
LENDING
COLLATERAL Y Y Y
------------------------------------------------------------------------------------------------------------------------
SHORT
SALES . . . . . Y Y Y Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
SWAP
AGREEMENTS. . . Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
EXTENDABLE
COMMERCIAL
NOTES . . . . . Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
WRAP
CONTRACTS . . . Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
INDEXED
SECURITIES. . . Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
STRIP
BONDS
------------------------------------------------------------------------------------------------------------------------
NATIONWIDE
CONTRACT. . . . Y Y Y Y Y
------------------------------------------------------------------------------------------------------------------------
MUNICIPAL
SECURITIES
------------------------------------------------------------------------------------------------------------------------

STRIPPED
MORTGAGE-BACKED
---------------------------------------------------
SECURITIES
COLLATERALIZED
MORTGAGE
OBLIGATIONS G
---------------------------------------------------
MORTGAGE
DOLLAR
ROLLS
---------------------------------------------------
ASSET-BACKED
SECURITIES A
---------------------------------------------------
BANK AND/OR
SAVINGS
AND LOAN
---------------------------------------------------
OBLIGATIONS . . Y A Y
---------------------------------------------------
REPURCHASE
AGREEMENTS. . . Y A Y
---------------------------------------------------
REVERSE
REPURCHASE
---------------------------------------------------
AGREEMENTS A
---------------------------------------------------
DERIVATIVES . . Y Y
---------------------------------------------------
WARRANTS. . . . Y G, PG Y
---------------------------------------------------
FUTURES . . . . Y G, PG Y
---------------------------------------------------
OPTIONS . . . . Y G, PG Y
---------------------------------------------------
FOREIGN
CURRENCIES. . . Y Y
---------------------------------------------------
FORWARD
CURRENCY
CONTRACTS . . . Y Y
---------------------------------------------------
BORROWING
MONEY . . . . . Y A Y
---------------------------------------------------
LENDING OF
PORTFOLIO
SECURITIES. . . Y G, PG Y
---------------------------------------------------
INVESTMENT OF
SECURITIES
LENDING
COLLATERAL. . . Y G, PG
---------------------------------------------------
SHORT
SALES . . . . . Y Y
---------------------------------------------------
SWAP
AGREEMENTS Y
---------------------------------------------------
EXTENDABLE
COMMERCIAL
NOTES
---------------------------------------------------
WRAP
CONTRACTS
---------------------------------------------------
INDEXED
SECURITIES PG Y
---------------------------------------------------
STRIP
BONDS G, PG
---------------------------------------------------
NATIONWIDE
CONTRACT
---------------------------------------------------
MUNICIPAL
SECURITIES
---------------------------------------------------

* The Gartmore GVIT Nationwide Principal Protected Fund has an Offering
Period, a Guarantee Period, and a Post Guarantee Period and may not invest
in all of these investments during each period. For example, during the
Offering Period, fund assets will be invested primarily in cash and money
market obligations. During the Guarantee Period, he Fund may not be
permitted by the terms of the Capital Protection Agreement (as described in
the Fund's prospectus) to invest in all the securities and utilize all the
techniques described below and in the Fund's prospectus. Therefore, the
permissible securities that the Fund may invest in during each period are
identified as follows:
O = Offering Period
G = Guarantee Period
PG = Post Guarantee Period
A = All Periods

--------------------------------------------------------------------------------
8

N-1A 24th Page of 154 TOC 1st Previous Next ↓Bottom Just 24th
DESCRIPTION OF PORTFOLIO INSTRUMENTS AND INVESTMENT POLICIES

THE GVIT INVESTOR DESTINATIONS FUNDS

Each of the GVIT Investor Destinations Funds is a "fund of funds," which
means that each Fund invests primarily in other mutual funds. The Prospectus
for the GVIT Investor Destinations Funds discusses the investment objectives and
strategies for each GVIT Investor Destinations Fund and explains the types of
underlying mutual funds (the "Underlying Funds") that each GVIT Investor
Destinations Fund may invest in. Underlying Funds invest in stocks, bonds and
other securities and reflect varying amounts of potential investment risk and
reward. Each of the GVIT Investor Destinations Funds allocates its assets among
the different Underlying Funds and - except for the GVIT Investor Destinations
Aggressive Fund currently - the Nationwide contract (described more in detail
below). Periodically, each GVIT Investor Destinations Fund will adjust its
asset allocation within predetermined ranges to ensure broad diversification and
to adjust to changes in market conditions. However, as a general matter, there
will not be large, sudden changes in an GVIT Investor Destinations Fund's asset
allocation.

The following is a list of the mutual funds that are part of the Gartmore
group of funds (the "Gartmore Funds") that the GVIT Investor Destinations Funds
may currently invest in. This list may be updated from time to time and is
currently supplemented with funds that are not part of the Gartmore Funds. As
described below, Gartmore Mutual Fund Capital Trust ("GMF") has employed a
subadviser for each of the index funds listed below. Each of the Underlying
Funds which is a Gartmore Fund is described in the Statement of Additional
Information for Gartmore Mutual Funds and its respective prospectuses.

- Nationwide International Index Fund
- Nationwide Small Cap Index Fund
- Nationwide Mid Cap Market Index Fund
- Nationwide Bond Index Fund
- Nationwide S&P 500 Index Fund
- Gartmore Morley Enhanced Income Fund
- Gartmore Money Market Fund

INFORMATION CONCERNING DURATION

Duration is a measure of the average life of a fixed-income security that
was developed as a more precise alternative to the concepts of "term to
maturity" or "average dollar weighted maturity" as measures of "volatility" or
"risk" associated with changes in interest rates. Duration incorporates a
security's yield, coupon interest payments, final maturity and call features
into one measure.

Most debt obligations provide interest ("coupon") payments in addition to
final ("par") payment at maturity. Some obligations also have call provisions.
Depending on the relative magnitude of these payments and the nature of the call
provisions, the market values of debt obligations may respond differently to
changes in interest rates.

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Traditionally, a debt security's "term-to-maturity" has been used as a
measure of the sensitivity of the security's price to changes in interest rates
(which is the "interest rate risk" or "volatility" of the security). However,
"term-to-maturity" measures only the time until a debt security provides its
final payment, taking no account of the pattern of the security's payments prior
to maturity. Average dollar weighted maturity is calculated by averaging the
terms of maturity of each debt security held with each maturity "weighted"
according to the percentage of assets that it represents. Duration is a measure
of the expected life of a debt security on a present value basis and reflects
both principal and interest payments. Duration takes the length of the time
intervals between the present time and the time that the interest and principal
payments are scheduled or, in the case of a callable security, expected to be
received, and weights them by the present values of the cash to be received at
each future point in time. For any debt security with interest payments
occurring prior to the payment of principal, duration is ordinarily less than
maturity. In general, all other factors being the same, the lower the stated or
interest rate change of interest of a debt security, the longer the duration of
the security; conversely, the higher the stated or coupon rate of interest of a
debt security, the shorter the duration of the security.

There are some situations in which the standard duration calculation does
not properly reflect the interest rate exposure of a security. For example,
floating and variable rate securities often have final maturities of ten or more
years; however, their interest rate exposure corresponds to the frequency of to
the coupon reset. Another example where the interest rate exposure is not
properly captured by duration is the case of mortgage pass-through securities.
The stated final maturity of such securities is generally 30 years, but current
prepayment rates are more critical in determining the securities' interest rate
exposure. In these and other similar situations, a Fund's investment adviser or
subadviser will use more sophisticated analytical techniques to project the
economic life of a security and estimate its interest rate exposure. Since the
computation of duration is based on predictions of future events rather than
known factors, there can be no assurance that a Fund will at all times achieve
its targeted portfolio duration.

The change in market value of U.S. government fixed-income securities is
largely a function of changes in the prevailing level of interest rates. When
interest rates are falling, a portfolio with a shorter duration generally will
not generate as high a level of total return as a portfolio with a longer
duration. When interest rates are stable, shorter duration portfolios generally
will not generate as high a level of total return as longer duration portfolios
(assuming that long-term interest rates are higher than short-term rates, which
is commonly the case.) When interest rates are rising, a portfolio with a
shorter duration will generally outperform longer duration portfolios. With
respect to the composition of a fixed-income portfolio, the longer the duration
of the portfolio, generally, the greater the anticipated potential for total
return, with, however, greater attendant interest rate risk and price volatility
than for a portfolio with a shorter duration.

DEBT OBLIGATIONS

Debt obligations are subject to the risk of an issuer's inability to make
principal and interest payments, when due, on its obligations ("credit risk")
and are subject to price volatility due to such factors as interest rate
sensitivity, market perception of the creditworthiness of the issuer, and
general market liquidity. Lower-rated securities are more likely to react to
developments affecting these risks than are more highly rated securities, which
react primarily to movements in the general level of interest rates. Although
the fluctuation in the price of debt securities is normally less than that of
common stocks, in the past there have been extended periods of cyclical
increases in interest rates that have caused significant declines in the price
of debt securities in general and have caused the effective maturity of
securities with prepayment features to be extended, thus effectively converting
short or intermediate securities (which tend to be less volatile in price) into
longer term securities (which tend to be more volatile in price).

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RATINGS AS INVESTMENT CRITERIA. High-quality, medium-quality and
non-investment grade debt obligations are characterized as such based on their
ratings by nationally recognized statistical rating organizations ("NRSROs"),
such as Standard & Poor's Rating Group ("Standard & Poor's") or Moody's Investor
Services ("Moody's"). In general, the ratings of NRSROs represent the opinions
of these agencies as to the quality of securities that they rate. Such ratings,
however, are relative and subjective, and are not absolute standards of quality
and do not evaluate the market value risk of the securities. These ratings are
used by a Fund as initial criteria for the selection of portfolio securities,
but the Fund also relies upon the independent advice of the Fund's adviser or
subadviser(s) to evaluate potential investments. This is particularly important
for lower-quality securities. Among the factors that will be considered are the
long-term ability of the issuer to pay principal and interest and general
economic trends, as well as an issuer's capital structure, existing debt and
earnings history. The Appendix to this Statement of Additional Information
contains further information about the rating categories of NRSROs and their
significance.

Subsequent to its purchase by a Fund, an issue of securities may cease to
be rated or its rating may be reduced below the minimum required for purchase by
such Fund. In addition, it is possible that an NRSRO might not change its rating
of a particular issue to reflect subsequent events. None of these events
generally will require sale of such securities, but a Fund's adviser or
subadviser will consider such events in its determination of whether the Fund
should continue to hold the securities. In addition, to the extent that the
ratings change as a result of changes in such organizations or their rating
systems, or due to a corporate reorganization, the Fund will attempt to use
comparable ratings as standards for its investments in accordance with its
investment objective and policies.

MEDIUM-QUALITY SECURITIES. Certain Funds anticipate investing in
medium-quality obligations, which are obligations rated in the fourth highest
rating category by any NRSRO. Medium-quality securities, although considered
investment-grade, may have some speculative characteristics and may be subject
to greater fluctuations in value than higher-rated securities. In addition, the
issuers of medium-quality securities may be more vulnerable to adverse economic
conditions or changing circumstances than issues of higher-rated securities.

LOWER QUALITY (HIGH-RISK) SECURITIES. Non-investment grade debt or lower
quality/rated securities (hereinafter referred to as "lower-quality securities")
include (i) bonds rated as low as C by Moody's, Standard & Poor's, or Fitch
Investors Service, Inc. ("Fitch") ; (ii) commercial paper rated as low as C by
Standard & Poor's, Not Prime by Moody's or Fitch 4 by Fitch; and (iii) unrated
debt securities of comparable quality. Lower-quality securities, while generally
offering higher yields than investment grade securities with similar maturities,
involve greater risks, including the possibility of default or bankruptcy. There
is more risk associated with these investments because of reduced
creditworthiness and increased risk of default. Under NRSRO guidelines, lower
quality securities will likely have some quality and protective characteristics
that are outweighed by large uncertainties or major risk exposures to adverse
conditions. Lower quality securities are considered to have extremely poor
prospects of ever attaining any real investment standing, to have a current
identifiable vulnerability to default or to be in default, to be unlikely to
have the capacity to make required interest payments and repay principal when
due in the event of adverse business, financial or economic conditions, or to be
in default or not current in the payment of interest or principal. They are
regarded as predominantly speculative with respect to the issuer's capacity to
pay interest and repay principal. The special risk considerations in connection
with investments in these securities are discussed below.

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EFFECT OF INTEREST RATES AND ECONOMIC CHANGES. All interest-bearing
securities typically experience appreciation when interest rates decline and
depreciation when interest rates rise. The market values of lower-quality and
comparable unrated securities tend to reflect individual corporate developments
to a greater extent than do higher rated securities, which react primarily to
fluctuations in the general level of interest rates. Lower-quality and
comparable unrated securities also tend to be more sensitive to economic
conditions than are higher-rated securities. As a result, they generally involve
more credit risk than securities in the higher-rated categories. During an
economic downturn or a sustained period of rising interest rates, highly
leveraged issuers of lower-quality and comparable unrated securities may
experience financial stress and may not have sufficient revenues to meet their
payment obligations. The issuer's ability to service its debt obligations may
also be adversely affected by specific corporate developments, the issuer's
inability to meet specific projected business forecasts or the unavailability of
additional financing. The risk of loss due to default by an issuer of these
securities is significantly greater than issuers of higher-rated securities
because such securities are generally unsecured and are often subordinated to
other creditors. Further, if the issuer of a lower-quality or comparable unrated
security defaulted, the Fund might incur additional expenses to seek recovery.
Periods of economic uncertainty and changes would also generally result in
increased volatility in the market prices of these securities and thus in the
Fund's net asset value.

As previously stated, the value of a lower-quality or comparable unrated
security will generally decrease in a rising interest rate market, and
accordingly so will a Fund's net asset value. If a Fund experiences unexpected
net redemptions in such a market, it may be forced to liquidate a portion of its
portfolio securities without regard to their investment merits. Due to the
limited liquidity of lower-quality and comparable unrated securities (discussed
below), a Fund may be forced to liquidate these securities at a substantial
discount which would result in a lower rate of return to the Fund.

PAYMENT EXPECTATIONS. Lower-quality and comparable unrated securities
typically contain redemption, call or prepayment provisions which permit the
issuer of such securities containing such provisions to, at its discretion,
redeem the securities. During periods of falling interest rates, issuers of
these securities are likely to redeem or prepay the securities and refinance
them with debt securities at a lower interest rate. To the extent an issuer is
able to refinance the securities, or otherwise redeem them, a Fund may have to
replace the securities with a lower yielding security, which would result in a
lower return for that Fund.

LIQUIDITY AND VALUATION. A Fund may have difficulty disposing of certain
lower-quality and comparable unrated securities because there may be a thin
trading market for such securities. Because not all dealers maintain markets in
all lower-quality and comparable unrated securities, there may be no established
retail secondary market for many of these securities. The Funds anticipate that
such securities could be sold only to a limited number of dealers or
institutional investors. To the extent a secondary trading market does exist, it
is generally not as liquid as the secondary market for higher-rated securities.
The lack of a liquid secondary market may have an adverse impact on the market
price of the security. As a result, a Fund's asset value and ability to dispose
of particular securities, when necessary to meet such Fund's liquidity needs or
in response to a specific economic event, may be impacted. The lack of a liquid
secondary market for certain securities may also make it more difficult for a
Fund to obtain accurate market quotations for purposes of valuing that Fund's
portfolio. Market quotations are generally available on many lower-quality and
comparable unrated issues only from a limited number of dealers and may not
necessarily represent firm bids of such dealers or prices for actual sales.
During periods of thin trading, the spread between bid and asked prices is
likely to increase significantly. In addition, adverse publicity and investor
perceptions, whether or not based on fundamental analysis, may decrease the
values and liquidity of lower-quality and comparable unrated securities,
especially in a thinly traded market.

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U.S. GOVERNMENT SECURITIES. U.S. government securities are issued or
guaranteed by the U.S. government or its agencies or instrumentalities.
Securities issued by the U.S. government include U.S. Treasury obligations, such
as Treasury bills, notes, and bonds. Securities issued by government agencies or
instrumentalities include obligations of the following:

- the Federal Housing Administration, Farmers Home Administration, and the
Government National Mortgage Association ("GNMA"), including GNMA
pass-through certificates, whose securities are supported by the full faith
and credit of the United States;
- the Federal Home Loan Banks whose securities are supported by the right of
the agency to borrow from the U.S. Treasury;
- the Federal Farm Credit Banks, government-sponsored institutions that
consolidate the financing activities of the Federal Land Banks, the Federal
Intermediate Credit Banks and the Banks for Cooperatives; and
- the Student Loan Marketing Association, the Federal Home Loan Mortgage
Corporation ("FHLMC") and the Federal National Mortgage Association
("FNMA"), whose securities are supported only by the credit of such
agencies and are not guaranteed by the U.S. government. However, the
Secretary of the Treasury has the authority to support FHLMC and FNMA by
purchasing limited amounts of their respective obligations.

Although the U.S. government or its agencies provide financial support to such
entities, no assurance can be given that they will always do so. The U.S.
government and its agencies and instrumentalities do not guarantee the market
value of their securities; consequently, the value of such securities will
fluctuate.

The Federal Reserve creates STRIPS (Separate Trading of Registered Interest
and Principal of Securities) by separating the coupon payments and the principal
payment from an outstanding Treasury security and selling them as individual
securities. STRIPS generally trade like zero coupon securities, which do not pay
interest periodically, but accrue interest until maturity. To the extent a Fund
purchases the principal portion of the STRIPS, the Fund will not receive regular
interest payments. Instead they are sold at a deep discount from their face
value. Because the principal portion of the STRIPs do not pay current income,
its price can be volatile when interest rates change. In calculating its
dividend, the Fund takes into account as income a portion of the difference
between the principal portion of the STRIPs' purchase price and its face value.

MORTGAGE AND ASSET-BACKED SECURITIES. Mortgage-backed securities represent
direct or indirect participation in, or are secured by and payable from,
mortgage loans secured by real property. Mortgage-backed securities come in
different forms. The simplest form of mortgage-backed securities are
pass-through certificates. Such securities may be issued or guaranteed by U.S.
Government agencies or instrumentalities or by private issuers, generally
originators in mortgage loans, including savings and loan associations, mortgage
bankers, commercial banks, investment bankers, and special purpose entities
(collectively, "private lenders"). The purchase of mortgage-backed securities
from private lenders may entail greater risk than mortgage-backed securities
that are issued or guaranteed by the U.S. government agencies or
instrumentalities. Mortgage-backed securities issued by private lenders may be
supported by pools of mortgage loans or other mortgage-backed securities that
are guaranteed, directly or indirectly, by the U.S. Government or one of its
agencies or instrumentalities, or they may be issued without any governmental
guarantee of the underlying mortgage assets but with some form of
non-governmental credit enhancement. These credit enhancements may include
letters of credit, reserve funds, overcollateralization, or guarantees by third
parties.

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Since privately-issued mortgage-backed securities are not guaranteed by an
entity having the credit status of GNMA or FHLMC, and are not directly issued or
guaranteed by the U.S. government, such securities generally are structured with
one or more types of credit enhancements. Such credit enhancements generally
fall into two categories: (i) liquidity protection; and (ii) protection against
losses resulting from ultimate default by an obligor on the underlying assets.
Liquidity protection refers to the provisions of advances, generally by the
entity administering the pool of assets, to ensure that the pass-through of
payments due on the underlying pool occurs in a timely fashion. Protection
against losses resulting from ultimate default enhances the likelihood of
ultimate payment of the obligations on at least a portion of the assets in the
pool. Such protection may be provided through guarantees, insurance policies or
letters of credit obtained by the issuer or sponsor from third parties, through
various means of structuring the transaction or through a combination of such
approaches.

The ratings of mortgage-backed securities for which third-party credit
enhancement provides liquidity protection or protection against losses from
default are generally dependent upon the continued creditworthiness of the
provider of the credit enhancement. The ratings of such securities could be
subject to reduction in the event of deterioration in the creditworthiness of
the credit enhancement provider even in cases where the delinquency loss
experience on the underlying pool of assets is better than expected. There can
be no assurance that the private issuers or credit enhancers of mortgage-backed
securities can meet their obligations under the relevant policies or other forms
of credit enhancement.

Examples of credit support arising out of the structure of the transaction
include "senior-subordinated securities" (multiple class securities with one or
more classes subordinate to other classes as to the payment of principal thereof
and interest thereon, with the result that defaults on the underlying assets are
borne first by the holders of the subordinated class), creation of "reserve
funds" (where cash or investments sometimes funded from a portion of the
payments on the underlying assets are held in reserve against future losses) and
"over-collateralization" (where the scheduled payments on, or the principal
amount of, the underlying assets exceed those required to make payment of the
securities and pay any servicing or other fees). The degree of credit support
provided for each issue is generally based on historical information with
respect to the level of credit risk associated with the underlying assets.
Delinquency or loss in excess of that which is anticipated could adversely
affect the return on an investment in such security.

Private lenders or government-related entities may also create mortgage
loan pools offering pass-through investments where the mortgages underlying
these securities may be alternative mortgage instruments, that is, mortgage
instruments whose principal or interest payments may vary or whose terms to
maturity may be shorter than was previously customary. As new types of
mortgage-related securities are developed and offered to investors, a Fund,
consistent with its investment objective and policies, may consider making
investments in such new types of securities.

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The yield characteristics of mortgage-backed securities differ from those
of traditional debt obligations. Among the principal differences are that
interest and principal payments are made more frequently on mortgage-backed
securities, usually monthly, and that principal may be prepaid at any time
because the underlying mortgage loans or other assets generally may be prepaid
at any time. As a result, if a Fund purchases these securities at a premium, a
prepayment rate that is faster than expected will reduce yield to maturity,
while a prepayment rate that is lower than expected will have the opposite
effect of increasing the yield to maturity. Conversely, if a Fund purchases
these securities at a discount, a prepayment rate that is faster than expected
will increase yield to maturity, while a prepayment rate that is slower than
expected will reduce yield to maturity. Accelerated prepayments on securities
purchased by the Fund at a premium also impose a risk of loss of principal
because the premium may not have been fully amortized at the time the principal
is prepaid in full.

Unlike fixed rate mortgage-backed securities, adjustable rate
mortgage-backed securities are collateralized by or represent interest in
mortgage loans with variable rates of interest. These variable rates of interest
reset periodically to align themselves with market rates. A Fund will not
benefit from increases in interest rates to the extent that interest rates rise
to the point where they cause the current coupon of the underlying adjustable
rate mortgages to exceed any maximum allowable annual or lifetime reset limits
(or "cap rates") for a particular mortgage. In this event, the value of the
adjustable rate mortgage-backed securities in a Fund would likely decrease.
Also, a Fund's net asset value could vary to the extent that current yields on
adjustable rate mortgage-backed securities are different from market yields
during interim periods between coupon reset dates or if the timing of changes to
the index upon which the rate for the underlying mortgage is based lags behind
changes in market rates. During periods of declining interest rates, income to a
Fund derived from adjustable rate mortgage securities which remain in a mortgage
pool will decrease in contrast to the income on fixed rate mortgage securities,
which will remain constant. Adjustable rate mortgages also have less potential
for appreciation in value as interest rates decline than do fixed rate
investments.

There are a number of important differences among the agencies and
instrumentalities of the U.S. Government that issue mortgage-backed securities
and among the securities that they issue. Mortgage-backed securities issued by
GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie
Maes") which are guaranteed as to the timely payment of principal and interest
by GNMA and such guarantee is backed by the full faith and credit of the United
States. GNMA certificates also are supported by the authority of GNMA to borrow
funds from the U.S. Treasury to make payments under its guarantee.
Mortgage-backed securities issued by FNMA include FNMA Guaranteed Mortgage
Pass-Through Certificates (also known as "Fannie Maes") which are solely the
obligations of the FNMA and are not backed by or entitled to the full faith and
credit of the United States. Fannie Maes are guaranteed as to timely payment of
the principal and interest by FNMA. Mortgage-backed securities issued by the
Federal Home Loan Mortgage Corporation ("FHLMC") include FHLMC Mortgage
Participation Certificates (also known as "Freddie Macs" or "PCs"). The FHLMC is
a corporate instrumentality of the United States, created pursuant to an Act of
Congress, which is owned entirely by Federal Home Loan Banks and do not
constitute a debt or obligation of the United States or by any Federal Home Loan
Bank. Freddie Macs entitle the holder to timely payment of interest, which is
guaranteed by the FHLMC. The FHLMC guarantees either ultimate collection or
timely payment of all principal payments on the underlying mortgage loans. When
the FHLMC does not guarantee timely payment of principal, FHLMC may remit the
amount due on account of its guarantee of ultimate payment of principal at any
time after default on an underlying mortgage, but in no event later than one
year after it becomes payable.

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Asset-backed securities have structural characteristics similar to
mortgage-backed securities. However, the underlying assets are not first-lien
mortgage loans or interests therein; rather they include assets such as motor
vehicle installment sales contracts, other installment loan contracts, home
equity loans, leases of various types of property and receivables from credit
card and other revolving credit arrangements. Payments or distributions of
principal and interest on asset-backed securities may be supported by
non-governmental credit enhancements similar to those utilized in connection
with mortgage-backed securities. The credit quality of most asset-backed
securities depends primarily on the credit quality of the assets underlying such
securities, how well the entity issuing the security is insulated from the
credit risk of the originator or any other affiliated entities, and the amount
and quality of any credit enhancement of the securities.

COLLATERALIZED MORTGAGE OBLIGATIONS ("CMOS") AND MULTICLASS PASS-THROUGH
SECURITIES. CMOs are a more complex form of mortgage-backed security in that
they are multi-class debt obligations which are collaterized by mortgage loans
or pass-through certificates. As a result of changes prompted by the 1986 Tax
Reform Act, most CMOs are today issued as Real Estate Mortgage Investment
Conduits ("REMICs"). From the perspective of the investor, REMICs and CMOs are
virtually indistinguishable. However, REMICs differ from CMOs in that REMICs
provide certain tax advantages for the issuer of the obligation. Multiclass
pass-through securities are interests in a trust composed of whole loans or
private pass-throughs (collectively hereinafter referred to as "Mortgage
Assets"). Unless the context indicates otherwise, all references herein to CMOs
include REMICs and multiclass pass-through securities.

Typically, CMOs are collateralized by GNMA, Fannie Mae or Freddie Mac
Certificates, but also may be collateralized by Mortgage Assets. Payments of
principal and interest on the Mortgage Assets, and any reinvestment income
thereon, provide the funds to pay debt service on the CMOs or make scheduled
distributions on the multiclass pass-through securities. CMOs may be issued by
agencies or instrumentalities of the U.S. government, or by private originators
of, or investors in, mortgage loans, including savings and loan associations,
mortgage banks, commercial banks, investment banks and special purpose
subsidiaries of the foregoing.

In order to form a CMO, the issuer assembles a package of traditional
mortgage- backed pass-through securities, or actual mortgage loans, and use them
as collateral for a multi-class security. Each class of CMOs, often referred to
as a "tranche," is issued at a specified fixed or floating coupon rate and has a
stated maturity or final distribution date. Principal prepayments on the
Mortgage Assets may cause the CMOs to be retired substantially earlier than
their stated maturities or final distribution dates. Interest is paid or accrues
on all classes of the CMOs on a monthly, quarterly or semi-annual basis. The
principal of and interest on the Mortgage Assets may be allocated among the
several classes of a series of a CMO in innumerable ways. In one structure,
payments of principal, including any principal prepayments, on the Mortgage
Assets are applied to the classes of a CMO in the order of their respective
stated maturities or final distribution dates, so that no payment of principal
will be made on any class of CMOs until all other classes having an earlier
stated maturity or final distribution date have been paid in full. As market
conditions change, and particularly during periods of rapid or unanticipated
changes in market interest rates, the attractiveness of the CMO classes and the
ability of the structure to provide the anticipated investment characteristics
may be significantly reduced. Such changes can result in volatility in the
market value, and in some instances reduced liquidity, of the CMO class.

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A Fund may also invest in, among others, parallel pay CMOs and Planned
Amortization Class CMOs ("PAC Bonds"). Parallel pay CMOs are structured to
provide payments of principal on each payment date to more than one class. These
simultaneous payments are taken into account in calculating the stated maturity
date or final distribution date of each class, which, as with other CMO
structures, must be retired by its stated maturity date or a final distribution
date but may be retired earlier. PAC Bonds are a type of CMO tranche or series
designed to provide relatively predictable payments of principal provided that,
among other things, the actual prepayment experience on the underlying mortgage
loans falls within a predefined range. If the actual prepayment experience on
the underlying mortgage loans is at a rate faster or slower than the predefined
range or if deviations from other assumptions occur, principal payments on the
PAC Bond may be earlier or later than predicted. The magnitude of the predefined
range varies from one PAC Bond to another; a narrower range increases the risk
that prepayments on the PAC Bond will be greater or smaller than predicted.
Because of these features, PAC Bonds generally are less subject to the risks of
prepayment than are other types of mortgage-backed securities.

STRIPPED MORTGAGE SECURITIES. Stripped mortgage securities are derivative
multiclass mortgage securities. Stripped mortgage securities may be issued by
agencies or instrumentalities of the U.S. government, or by private originators
of, or investors in, mortgage loans, including savings and loan associations,
mortgage banks, commercial banks, investment banks and special purpose
subsidiaries of the foregoing. Stripped mortgage securities have greater
volatility than other types of mortgage securities. Although stripped mortgage
securities are purchased and sold by institutional investors through several
investment banking firms acting as brokers or dealers, the market for such
securities has not yet been fully developed. Accordingly, stripped mortgage
securities are generally illiquid.

Stripped mortgage securities are structured with two or more classes of
securities that receive different proportions of the interest and principal
distributions on a pool of mortgage assets. A common type of stripped mortgage
security will have at least one class receiving only a small portion of the
interest and a larger portion of the principal from the mortgage assets, while
the other class will receive primarily interest and only a small portion of the
principal. In the most extreme case, one class will receive all of the interest
("IO" or interest-only), while the other class will receive all of the principal
("PO" or principal-only class). The yield to maturity on IOs, POs and other
mortgage-backed securities that are purchased at a substantial premium or
discount generally are extremely sensitive not only to changes in prevailing
interest rates but also to the rate of principal payments (including
prepayments) on the related underlying mortgage assets, and a rapid rate of
principal payments may have a material adverse effect on such securities' yield
to maturity. If the underlying mortgage assets experience greater than
anticipated prepayments of principal, the Fund may fail to fully recoup its
initial investment in these securities even if the securities have received the
highest rating by an NRSRO.

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In addition to the stripped mortgage securities described above, the Fund
may invest in similar securities such as Super POs and Levered IOs which are
more volatile than POs, IOs and IOettes. Risks associated with instruments such
as Super POs are similar in nature to those risks related to investments in POs.
IOettes represent the right to receive interest payments on an underlying pool
of mortgages with similar risks as those associated with IOs. Unlike IOs, the
owner also has the right to receive a very small portion of the principal. Risks
connected with Levered IOs and IOettes are similar in nature to those associated
with IOs. The Fund may also invest in other similar instruments developed in the
future that are deemed consistent with its investment objective, policies and
restrictions.

A Fund may also purchase stripped mortgage-backed securities for hedging
purposes to protect that Fund against interest rate fluctuations. For example,
since an IO will tend to increase in value as interest rates rise, it may be
utilized to hedge against a decrease in value of other fixed-income securities
in a rising interest rate environment. Stripped mortgage-backed securities may
exhibit greater price volatility than ordinary debt securities because of the
manner in which their principal and interest are returned to investors. The
market value of the class consisting entirely of principal payments can be
extremely volatile in response to changes in interest rates. The yields on
stripped mortgage-backed securities that receive all or most of the interest are
generally higher than prevailing market yields on other mortgage-backed
obligations because their cash flow patterns are also volatile and there is a
greater risk that the initial investment will not be fully recouped. The market
for CMOs and other stripped mortgage-backed securities may be less liquid if
these securities lose their value as a result of changes in interest rates; in
that case, a Fund may have difficulty in selling such securities.

MONEY MARKET INSTRUMENTS. Money market instruments may include the
following types of instruments:

-- obligations issued or guaranteed as to interest and principal by the
U.S. Government, its agencies, or instrumentalities, or any federally
chartered corporation, with remaining maturities of 397 days or less;

-- obligations of sovereign foreign governments, their agencies,
instrumentalities and political subdivisions, with remaining
maturities of 397 days or less;

-- obligations of municipalities and states, their agencies and political
subdivisions with remaining maturities of 397 days or less;

-- asset-backed commercial paper whose own rating or the rating of any
guarantor is in one of the highest categories of any NRSRO;

-- repurchase agreements;

-- bank and savings and loan obligations;

-- commercial paper, which are short-term unsecured promissory notes
issued by corporations in order to finance their current operations.
It may also be issued by foreign governments, and states and
municipalities. Generally the commercial paper or its guarantor will
be rated within the top two rating categories by an NRSRO, or if not
rated, is issued and guaranteed as to payment of principal and
interest by companies which at the date of investment have a high
quality outstanding debt issue;

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-- bank loan participation agreements representing obligations of
corporations having a high quality short-term rating, at the date of
investment, and under which the Fund will look to the creditworthiness
of the lender bank, which is obligated to make payments of principal
and interest on the loan, as well as to creditworthiness of the
borrower;

-- high quality short-term (maturity in 397 days or less) corporate
obligations rated within the top two rating categories by an NRSRO or,
if not rated, deemed to be of comparable quality by the applicable
adviser or subadviser;

-- extendable commercial notes, which differ from traditional commercial
paper because the issuer can extend the maturity of the note up to 397
days with the option to call the note any time during the extension
period. Because extension will occur when the issuer does not have
other viable options for lending, these notes may be considered
illiquid, particularly during the extension period, and if the
extended commercial notes are determined to be illiquid, each of the
Gartmore GVIT Money Market Fund and the Gartmore GVIT Money Market
Fund II will be limited to holding no more than 10% of its net assets
in these and any other illiquid securities;

-- unrated short-term (maturity in 397 days or less) debt obligation that
are determined by a Fund's adviser or subadviser to be of compatible
quality to the securities described above.

EXTENDABLE COMMERCIAL NOTES

The Gartmore GVIT Money Market Fund, the Gartmore GVIT Money Market Fund II and
the Gartmore Money Market Fund (as an Underlying Fund for the GVIT Investor
Destinations Funds) may invest in extendable commercial notes (ECNs). ECNs may
serve as an alternative to traditional commercial paper investments. ECNs are
corporate notes which are issued at a discount and structured such that, while
the note has an initial redemption date (the initial redemption date is no more
than 90 days from the date of issue) upon which the notes will be redeemed, the
issuer on the initial redemption date may extend the repayment of the notes for
up to 397 days from the date of issue without seeking noteholder consent. In
the event the ECN is redeemed by the issuer on its initial redemption date,
investors receive a premium step-up rate, which is based on the ECNs rating at
the time. If the notes are not redeemed on the initial redemption date, they
will bear interest from the initial redemption date to the maturity date of the
note at a floating rate of interest (this interest serves as a penalty yield for
the issuer and a premium paid to the investor).

The ability of the issuer to exercise its option to extend the ECN beyond
the initial redemption date can expose investors to interest rate risks,
liquidity risks, credit risks and mark-to-market risks. Proponents of ECNs,
however, argue that the punitive interest rate which applies if the ECN is
extended beyond its initial redemption date will discourage issuers from
extending the notes. Proponents further argue that the reputation risk
associated with the decision to extend an ECN obligation will prevent issuers
from extending the notes, provided that the issuer is not in extreme financial
distress. A Fund will perform due diligence from both a credit and portfolio
structure perspective before investing in ECNs.

MUNICIPAL SECURITIES. Municipal securities include debt obligations issued
by governmental entities to obtain funds for various public purposes, such as
the construction of a wide range of public facilities, the refunding of
outstanding obligations, the payment of general operating expenses, and the
extension of loans to other public institutions and facilities.

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Other types of municipal securities include short-term General Obligation
Notes, Tax Anticipation Notes, Bond Anticipation Notes, Revenue Anticipation
Notes, Project Notes, Tax-Exempt Commercial Paper, Construction Loan Notes and
other forms of short-term tax-exempt loans. Such instruments are issued with a
short-term maturity in anticipation of the receipt of tax funds, the proceeds of
bond placements or other revenues.

Project Notes are issued by a state or local housing agency and are sold by
the Department of Housing and Urban Development. While the issuing agency has
the primary obligation with respect to its Project Notes, they are also secured
by the full faith and credit of the United States through agreements with the
issuing authority which provide that, if required, the federal government will
lend the issuer an amount equal to the principal of and interest on the Project
Notes.

The two principal classifications of municipal securities consist of
"general obligation" and "revenue" issues. The Gartmore Money Market Fund and
the Gartmore Money Market Fund II may also acquire "moral obligation" issues,
which are normally issued by special purpose authorities. There are, of course,
variations in the quality of municipal securities, both within a particular
classification and between classifications, and the yields on municipal
securities depend upon a variety of factors, including the financial condition
of the issuer, general conditions of the municipal bond market, the size of a
particular offering, the maturity of the obligation and the rating of the issue.
Ratings represent the opinions of an NRSRO as to the quality of municipal
securities. It should be emphasized, however, that ratings are general and are
not absolute standards of quality, and municipal securities with the same
maturity, interest rate and rating may have different yields, while municipal
securities of the same maturity and interest rate with different ratings may
have the same yield. Subsequent to purchase, an issue of municipal securities
may cease to be rated or its rating may be reduced below the minimum rating
required for purchase. The adviser will consider such an event in determining
whether the Fund should continue to hold the obligation.

An issuer's obligations under its municipal securities are subject to the
provisions of bankruptcy, insolvency, and other laws affecting the rights and
remedies of creditors, such as the federal bankruptcy code, and laws, if any,
which may be enacted by Congress or state legislatures extending the time for
payment of principal or interest, or both, or imposing other constraints upon
the enforcement of such obligations or upon the ability of municipalities to
levy taxes. The power or ability of an issuer to meet its obligations for the
payment of interest on and principal of its municipal securities may be
materially adversely affected by litigation or other conditions.

WRAP CONTRACTS

The GVIT Investor Destinations Funds invest in different combinations of
mutual funds ("Underlying Funds"). One of these Underlying Funds is the
Gartmore Morley Enhanced Income Fund (the "Enhanced Income Fund") which may
cover certain of its assets with wrap contracts in order to reduce the
volatility of the Enhanced Income Fund's NAV. The description below regarding
the Enhanced Income Fund and wrap contracts is provided so investors have a
better understanding of this Underlying Fund. A wrap contract is a contract
between the Enhanced Income Fund and a financial institution such as a bank,
insurance company or other financial institution (a "wrap provider"), under
which the wrap provider agrees to make payments to the Fund upon the occurrence
of certain events. By purchasing wrap contracts, the Enhanced Income Fund may
reduce fluctuations in NAV per share because, under normal circumstances, the
value of the Fund's wrap contracts will vary inversely with the value of its
respective assets that are covered by the contracts ("covered assets"). For
example, when the market value of covered assets falls below "book value"
(essentially the purchase price of covered assets plus interest on the assets
accrued at the crediting rate specified under the wrap contract), wrap contracts
will be assets of the Enhanced Income Fund with a value equal to the difference
between the book and market values. Similarly, when the market value of covered
assets is greater than their book value, wrap contracts will become a liability
of the Enhanced Income Fund equal to the amount by which the market value of
covered assets exceeds their book value. In this manner, under normal conditions
wrap contracts are expected to reduce the impact of interest rate risk on
covered assets and, hence, the market price variability of the Enhanced Income
Fund.

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To the extent it enters into wrap contracts, the Enhanced Income Fund will
pay premiums to wrap providers for wrap contracts, and these premiums will be an
ongoing expense of the Fund. Wrap contracts obligate wrap providers to make
certain payments to the Enhanced Income Fund in exchange for payment of
premiums. Wrap contract payments may be made when assets are sold to fund
redemption of shares, upon termination of wrap contracts, or both. Payments are
based on the book value of wrap contracts, and are normally equal to the sum of
(i) the accrued or amortized purchase price of covered assets, minus (ii) the
sale price of covered assets liquidated to fund share redemptions, plus (iii)
interest accrued at a crediting rate, computation of which is specified in the
wrap contracts. The crediting rate is the yield on the covered assets, adjusted
to amortize the difference between market value and book value over the duration
of the covered assets, less wrap contract premiums and Fund expenses. Wrap
contracts typically provide for periodic reset of crediting rates. A typical
wrap contract provides for adjustment of the crediting rate under various
circumstances, such as if there is a default on any of the Fund's assets covered
by the wrap contract or as the difference between the market value and the book
value of the covered assets otherwise varies. The crediting rate may also
change due to increases and decreases in the amount of covered assets
attributable to purchases or certain redemptions of Fund shares. The impact of
these circumstances depends on whether the market value of the covered assets is
higher or lower than the assets' book value. The crediting rate under a wrap
contract will not fall below zero.

If the market value of covered assets is higher than their book value, the
crediting rate will ordinarily be higher than the yield on the covered assets.
In this situation, cash from purchases of Fund shares will tend to lower the
crediting rate and, thus, the Fund's return; conversely, redemptions of Fund
shares will tend to increase the crediting rate and the Fund's return. If the
market value of covered assets is lower than their book value, the crediting
rate will ordinarily be lower than the yield on the covered assets. In this
situation, cash from purchases of Fund shares will tend to increase crediting
rate and the Fund's return; conversely, redemptions of Fund shares will tend to
decrease the crediting rate and the Fund's return. Crediting rates reflect the
amortization of realized and unrealized gains and losses on covered assets and,
in consequence, may not reflect the actual returns achieved on the wrapped
assets. From time to time crediting rates may be significantly greater or less
than current market interest rates, although wrap contracts generally provide
that crediting rates may not fall below zero.

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If circumstances arise that require the Enhanced Income Fund to liquidate
assets other than cash, and if the fair market value of those other assets is
less than their book value, a wrap contract will, under normal circumstances,
obligate the wrap provider to pay the Enhanced Income Fund all or some of the
difference. However, if the market value of assets being liquidated exceeds the
corresponding book value, the Enhanced Income Fund would be obligated to pay all
or some of the difference to the wrap provider. Generally, wrap contract
payments will be made within one day after the Enhanced Income Fund requests a
payment. If more than one wrap contract applies to covered assets which have
been liquidated, payment requests will be allocated among wrap contracts as
specified in each wrap contract.

Wrap contracts may require that covered assets be limited as to duration or
maturity, consist of specified types of securities, and/or be at or above a
specified credit quality. Wrap contracts purchased by the Enhanced Income Fund
will be consistent with its investment objectives and policies as set forth in
its Prospectus and SAI, although in some cases wrap contracts may require more
restrictive investment objectives and policies. Wrap contracts may also allow
providers to terminate their contracts if the Enhanced Income Fund changes its
investment objectives, policies and restrictions as set forth in its Prospectus
and SAI without having obtained the consent of the wrap providers. In the event
of termination by a wrap provider, the Enhanced Income Fund may not be able
successfully to replace contract coverage with another provider.

Wrap contracts may mature on specified dates and may be terminable upon
notice by the Enhanced Income Fund or in the event of a default by the Enhanced
Income Fund or the wrap provider. "Evergreen" wrap contracts specify no maturity
date. They allow either the Enhanced Income Fund or a provider to terminate the
wrap contract through a fixed maturity conversion. Under a fixed maturity
conversion the wrap contract will terminate on a future date which is generally
determined by adding the duration of covered assets to a date elected by the
party seeking to terminate the contract. For example, if the date elected is
January 1, 2002, and the duration of covered assets is 3 years, the wrap
contract will terminate as of January 1, 2005. In addition, during the
conversion period, the Fund may be required to comply with certain restrictions
on covered assets, such as limitation of their duration to the remaining term of
the conversion period.

Generally, at termination of a wrap contract, the wrap provider will be
obligated to pay the Enhanced Income Fund any excess of book value over market
value of covered assets. However, if a wrap contract terminates because of a
default by the Enhanced Income Fund or upon election by the Fund (other than
through a fixed maturity conversion), no such payment is made.

RISKS ASSOCIATED WITH WRAP CONTRACTS. The Enhanced Income Fund may utilize
wrap contracts to maintain some of the Fund's assets at stable book value.
However, there are certain risks associated with the use of wrap contracts that
could impair the Fund's ability to achieve this objective.

If a wrap contract matures or terminates, the Enhanced Income Fund may be
unable to obtain a replacement wrap contract or a wrap contract with terms
substantially similar those of the maturing or terminating agreement. If at the
time the market value of covered assets is less than their book value, the Fund
may be required to reduce its NAV accordingly. Likewise, if the market value of
the covered assets is greater than their book value, the Enhanced Income Fund's
NAV may increase. In either case, fund shareholders may experience unexpected
fluctuations in the value of their shares. Further, if new wrap contracts are
negotiated on less favorable terms than those of the contracts being replaced,
such as higher wrap premiums, the net returns of the Enhanced Income Fund may be
negatively affected.

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The Enhanced Income Fund's Board of Trustees will establish policies and
procedures governing valuation of these instruments that it believes in good
faith accurately reflect the value of the Fund's wrap contracts before the Fund
decides to enter into a specific wrap contract. Other fair and reasonable
valuation methodologies may be utilized in certain circumstances including, but
not limited to: (1) default by a wrap provider under a wrap contract or other
agreement; (2) insolvency of a wrap provider; (3) reduction of the credit rating
of a wrap provider; or (4) any other situation in which the Board of Trustees,
or its delegate, determines that a wrap provider may no longer be able to
satisfy its obligations under a wrap contract. In any such case, the fair value
of any wrap contract may be determined to be less than the difference between
book value and the market value of covered assets.

Wrap contracts do not protect the Enhanced Income Fund from the credit risk
of covered assets. Defaults by issuers of covered assets or downgrades in their
credit rating to below investment grade status will generally cause those assets
to be removed from coverage under wrap contracts, in which event the Enhanced
Income Fund may experience a decrease in NAV.

Currently, there is no active trading market for wrap contracts, and none
is expected to develop. The Enhanced Income Fund may therefore be unable to
liquidate wrap contracts within seven days at fair market value, in which case
the wrap contracts will be considered illiquid. At the time of their purchase,
the fair market value of the Enhanced Income Fund's wrap contracts, plus the
fair market value of all other illiquid assets in the Fund, may not exceed
fifteen percent (15%) of the fair market value of the Enhanced Income Fund's net
assets. If the fair market value of illiquid assets including wrap contracts
later rises above 15% of the fair market value of the Enhanced Income Fund's net
assets, the price volatility of the Fund's shares may increase as the Fund acts
to reduce the percentage of illiquid assets to a level that does not exceed 15%
of the Fund.

REPURCHASE AGREEMENTS

In connection with the purchase of a repurchase agreement from member banks
of the Federal Reserve System or certain non-bank dealers by a Fund, the Fund's
custodian, or a subcustodian, will have custody of, and will hold in a
segregated account, securities acquired by the Fund under a repurchase
agreement. Repurchase agreements are contracts under which the buyer of a
security simultaneously commits to resell the security to the seller at an
agreed-upon price and date. Repurchase agreements are considered by the staff of
the Securities and Exchange Commission (the "SEC") to be loans by the Fund.
Repurchase agreements may be entered into with respect to securities of the type
in which the Fund may invest or government securities regardless of their
remaining maturities, and will require that additional securities be deposited
with the Fund's custodian or subcustodian if the value of the securities
purchased should decrease below their resale price. Repurchase agreements
involve certain risks in the event of default or insolvency by the other party,
including possible delays or restrictions upon a Fund's ability to dispose of
the underlying securities, the risk of a possible decline in the value of the
underlying securities during the period in which a Fund seeks to assert its
rights to them, the risk of incurring expenses associated with asserting those
rights and the risk of losing all or part of the income from the repurchase
agreement. A Fund's adviser or subadviser reviews the creditworthiness of those
banks and non-bank dealers with which the Funds enter into repurchase agreements
to evaluate these risks.

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WHEN-ISSUED SECURITIES AND DELAYED-DELIVERY TRANSACTIONS

When securities are purchased on a "when-issued" basis or purchased for
delayed delivery, then payment and delivery occur beyond the normal settlement
date at a stated price and yield. When-issued transactions normally settle
within 45 days. The payment obligation and the interest rate that will be
received on when-issued securities are fixed at the time the buyer enters into
the commitment. Due to fluctuations in the value of securities purchased or sold
on a when-issued or delayed-delivery basis, the yields obtained on such
securities may be higher or lower than the yields available in the market on the
dates when the investments are actually delivered to the buyers. The greater a
Fund's outstanding commitments for these securities, the greater the exposure to
potential fluctuations in the net asset value of the Fund. Purchasing
when-issued or delayed-delivery securities may involve the additional risk that
the yield or market price available in the market when the delivery occurs may
be higher or the market price lower than that obtained at the time of
commitment.

When a Fund agrees to purchase when-issued or delayed-delivery securities,
to the extent required by the SEC, its custodian will set aside permissible
liquid assets equal to the amount of the commitment in a segregated account.
Normally, the custodian will set aside portfolio securities to satisfy a
purchase commitment, and in such a case a Fund may be required subsequently to
place additional assets in the segregated account in order to ensure that the
value of the segregated account remains equal to the amount of such Fund's
commitment. It may be expected that the Fund's net assets will fluctuate to a
greater degree when it sets aside portfolio securities to cover such purchase
commitments than when it sets aside cash. In addition, because the Fund will
set aside cash or liquid portfolio securities to satisfy its purchase
commitments in the manner described above, such Fund's liquidity and the ability
of its adviser or subadviser to manage it might be affected in the event its
commitments to purchase "when-issued" securities ever exceed 25% of the value of
its total assets. Under normal market conditions, however, a Fund's commitment
to purchase "when-issued" or "delayed-delivery" securities will not exceed 25%
of the value of its total assets. When the Fund engages in when-issued or
delayed-delivery transactions, it relies on the other party to consummate the
trade. Failure of the seller to do so may result in a Fund incurring a loss or
missing an opportunity to obtain a price considered to be advantageous.

LIMITED LIABILITY COMPANIES

Entities such as limited partnerships, limited liability companies,
business trusts and companies organized outside the United States may issue
securities comparable to common or preferred stock.

LENDING PORTFOLIO SECURITIES

A Fund may lend its portfolio securities to brokers, dealers and other
financial institutions, provided it receives collateral, with respect to the
loan of U.S. securities, equal to at least 102% of the value of the portfolio
securities loaned, and with respect to each such loan of non-U.S. securities,
collateral of at least 105% of the value of the portfolio securities loaned, and
at all times thereafter shall require the borrower to mark to market such
collateral on a daily basis so that the market value of such collateral does not
fall below 100% of the market value of the portfolio securities so loaned. By
lending its portfolio securities, the Fund can increase its income through the
investment of the cash collateral. For the purposes of this policy, the Fund
considers collateral consisting of cash, U.S. Government securities or letters
of credit issued by banks whose securities meet the standards for investment by
the Fund to be the equivalent of cash. From time to time, the Fund may return to
the borrower or a third party which is unaffiliated with it, and which is acting
as a "placing broker," a part of the interest earned from the investment of
collateral received for securities loaned.

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The SEC currently requires that the following conditions must be met
whenever portfolio securities are loaned: (1) a Fund must receive at least 100%
cash collateral of the type discussed in the preceding paragraph from the
borrower; (2) the borrower must increase such collateral whenever the market
value of the securities loaned rises above the level of such collateral; (3) a
Fund must be able to terminate the loan at any time; (4) a Fund must receive
reasonable interest on the loan, as well as any dividends, interest or other
distributions payable on the loaned securities, and any increase in market
value; (5) a Fund may pay only reasonable custodian fees in connection with the
loan; and (6) while any voting rights on the loaned securities may pass to the
borrower, a Fund's board of trustees must be able to terminate the loan and
regain the right to vote the securities if a material event adversely affecting
the investment occurs. These conditions may be subject to future modification.
Loan agreements involve certain risks in the event of default or insolvency of
the other party including possible delays or restrictions upon the Fund's
ability to recover the loaned securities or dispose of the collateral for the
loan.

INVESTMENT OF SECURITIES LENDING COLLATERAL

The collateral received from a borrower as a result of a Fund's securities
lending activities will be used to purchase both fixed-income securities and
other securities with debt-like characteristics that are rated A1 or P1 on a
fixed rate or floating rate basis, including: bank obligations; commercial
paper; investment agreements, funding agreements, or guaranteed investment
contracts entered into with, or guaranteed by an insurance company; loan
participations; master notes; medium term notes; repurchase agreements; and U.S.
Government securities. Except for the investment agreements, funding agreements
or guaranteed investment contracts guaranteed by an insurance company, master
notes, and medium term notes (which are described below), these types of
investments are described in elsewhere in the Statement of Additional
Information. Collateral may also be invested in a money market investment
company or short-term collective investment trust.

Investment agreements, funding agreements, or guaranteed investment
contracts entered into with, or guaranteed by an insurance company are
agreements where an insurance company either provides for the investment of the
Fund's assets and may provide for a minimum guaranteed rate of return to the
investor.

Master notes are promissory notes issued usually with large, creditworthy
broker-dealers on either a fixed rate or floating rate basis. Master notes may
or may not be collateralized by underlying securities. If the master note is
issued by an unrated subsidiary of a broker-dealer, then the unconditional
guarantee is provided by the issuer's parent.

Medium term notes are unsecured, continuously offered corporate debt
obligations. Although medium term notes may be offered with a maturity from one
to ten years, in the context of securities lending collateral, the maturity of
the medium term note will not generally exceed two years.

INDEXED SECURITIES

Certain Funds may invest in securities whose potential return is based on
the change in particular measurements of value or rates (an "index"). As an
illustration, the Funds may invest in a debt security that pays interest and
returns principal based on the change in the value of a securities index or a
basket of securities. If a Fund invests in such securities, it may be subject
to reduced or eliminated interest payments or loss of principal in the event of
an adverse movement in the relevant index.

SMALL COMPANY AND EMERGING GROWTH STOCKS

Investing in securities of small-sized, including micro-capitalization
companies and emerging growth companies, may involve greater risks than
investing in the stocks of larger, more established companies, including
possible risk of loss. Also because these securities may have limited
marketability, their prices may be more volatile than securities of larger, more
established companies or the market averages in general. Because small-sized and
emerging growth companies normally have fewer shares outstanding than larger
companies, it may be more difficult for a Fund to buy or sell significant
numbers of such shares without an unfavorable impact on prevailing prices.
Small-sized and emerging growth companies may have limited product lines,
markets or financial resources and may lack management depth. In addition,
small-sized and emerging growth companies are typically subject to wider
variations in earnings and business prospects than are larger, more established
companies. There is typically less publicly available information concerning
small-sized and emerging growth companies than for larger, more established
ones.

SPECIAL SITUATION COMPANIES

"Special situation companies" include those involved in an actual or
prospective acquisition or consolidation; reorganization; recapitalization;
merger, liquidation or distribution of cash, securities or other assets; a
tender or exchange offer; a breakup or workout of a holding company; or
litigation which, if resolved favorably, would improve the value of the
company's stock. If the actual or prospective situation does not materialize as
anticipated, the market price of the securities of a "special situation company"
may decline significantly. Therefore, an investment in a Fund that invests a
significant portion of its assets in these securities may involve a greater
degree of risk than an investment in other mutual funds that seek long-term
growth of capital by investing in better-known, larger companies. The adviser or
subadvisers of such Funds believe, however, that if the adviser or subadviser
analyzes "special situation companies" carefully and invests in the securities
of these companies at the appropriate time, the Fund may achieve capital growth.
There can be no assurance however, that a special situation that exists at the
time the Fund makes its investment will be consummated under the terms and
within the time period contemplated, if it is consummated at all.

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FOREIGN SECURITIES

Investing in foreign securities (including through the use of depositary
receipts) involves certain special considerations which are not typically
associated with investing in securities in the United States. Since investments
in foreign companies will frequently involve currencies of foreign countries,
and since a Fund may hold securities and funds in foreign currencies, a Fund may
be affected favorably or unfavorably by changes in currency rates and in
exchange control regulations, if any, and may incur costs in connection with
conversions between various currencies. Most foreign stock markets, while
growing in volume of trading activity, have less volume than the New York Stock
Exchange, and securities of some foreign companies are less liquid and more
volatile than securities of comparable domestic companies. Similarly, volume and
liquidity in most foreign bond markets are less than in the United States and,
at times, volatility of price can be greater than in the United States. Fixed
commissions on foreign securities exchanges are generally higher than negotiated
commissions on United States exchanges, although each Fund endeavors to achieve
the most favorable net results on its portfolio transactions. There is generally
less government supervision and regulation of securities exchanges, brokers and
listed companies in foreign countries than in the United States. In addition,
with respect to certain foreign countries, there is the possibility of exchange
control restrictions, expropriation or confiscatory taxation, and political,
economic or social instability, which could affect investments in those
countries. Foreign securities, such as those purchased by a Fund, may be subject
to foreign government taxes, higher custodian fees, higher brokerage costs and
dividend collection fees which could reduce the yield on such securities.

Foreign economies may differ favorably or unfavorably from the U.S. economy
in various respects, including growth of gross domestic product, rates of
inflation, currency depreciation, capital reinvestment, resource
self-sufficiency, and balance of payments positions. Many foreign securities are
less liquid and their prices more volatile than comparable U.S. securities. From
time to time, foreign securities may be difficult to liquidate rapidly without
adverse price effects.

INVESTMENT IN COMPANIES IN DEVELOPING OR EMERGING MARKET COUNTRIES.
Investments may be made from time to time in companies in developing or emerging
market countries as well as in developed countries. Although there is no
universally accepted definition, a developing country is generally considered to
be a country which is in the initial stages of industrialization. Shareholders
should be aware that investing in the equity and fixed income markets of
developing countries involves exposure to unstable governments, economies based
on only a few industries, and securities markets which trade a small number of
securities. Securities markets of developing countries tend to be more volatile
than the markets of developed countries; however, such markets have in the past
provided the opportunity for higher rates of return to investors.

The value and liquidity of investments in developing countries may be
affected favorably or unfavorably by political, economic, fiscal, regulatory or
other developments in the particular countries or neighboring regions. The
extent of economic development, political stability and market depth of
different countries varies widely. Certain countries in the Asia region,
including Cambodia, China, Laos, Indonesia, Malaysia, the Philippines, Thailand,
and Vietnam are either comparatively underdeveloped or are in the process of
becoming developed. Such investments typically involve greater potential for
gain or loss than investments in securities of issuers in developed countries.

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The securities markets in developing countries are substantially smaller,
less liquid and more volatile than the major securities markets in the United
States. A high proportion of the shares of many issuers may be held by a limited
number of persons and financial institutions, which may limit the number of
shares available for investment by a Fund. Similarly, volume and liquidity in
the bond markets in developing countries are less than in the United States and,
at times, price volatility can be greater than in the United States. A limited
number of issuers in developing countries' securities markets may represent a
disproportionately large percentage of market capitalization and trading volume.
The limited liquidity of securities markets in developing countries may also
affect the Fund's ability to acquire or dispose of securities at the price and
time it wishes to do so. Accordingly, during periods of rising securities prices
in the more illiquid securities markets, the Fund's ability to participate fully
in such price increases may be limited by its investment policy of investing not
more than 15% of its total net assets in illiquid securities. Conversely, the
Fund's inability to dispose fully and promptly of positions in declining markets
will cause the Fund's net asset value to decline as the value of the unsold
positions is marked to lower prices. In addition, securities markets in
developing countries are susceptible to being influenced by large investors
trading significant blocks of securities.

Political and economic structures in many such countries may be undergoing
significant evolution and rapid development, and such countries may lack the
social, political and economic stability characteristic of the United States.
Certain of such countries have in the past failed to recognize private property
rights and have at times nationalized or expropriated the assets of private
companies. As a result, the risks described above, including the risks of
nationalization or expropriation of assets, may be heightened. In addition,
unanticipated political or social developments may affect the value of the
Fund's investments in those countries and the availability to the Fund of
additional investments in those countries.

Economies of developing countries may differ favorably or unfavorably from
the United States' economy in such respects as rate of growth of gross national
product, rate of inflation, capital reinvestment, resource self-sufficiency and
balance of payments position. As export-driven economies, the economies of
countries in the Asia Region are affected by developments in the economies of
their principal trading partners. Certain countries have limited natural
resources, resulting in dependence on foreign sources for certain raw materials
and economic vulnerability to global fluctuations of price and supply.

Certain developing countries do not have comprehensive systems of laws,
although substantial changes have occurred in many such countries in this regard
in recent years. Laws regarding fiduciary duties of officers and directors and
the protection of shareholders may not be well developed. Even where adequate
law exists in such developing countries, it may be impossible to obtain swift
and equitable enforcement of such law, or to obtain enforcement of the judgment
by a court of another jurisdiction.

Trading in futures contracts on foreign commodity exchanges may be subject
to the same or similar risks as trading in foreign securities.

DEPOSITARY RECEIPTS. A Fund may invest in foreign securities by purchasing
depositary receipts, including American Depositary Receipts ("ADRs"), European
Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") or other
securities convertible into securities of issuers based in foreign countries.
These securities may not necessarily be denominated in the same currency as the
securities which they represent. Generally, ADRs, in registered form, are
denominated in U.S. dollars and are designed for use in the U.S. securities
markets, GDRs, in bearer form, are issued and designed for use outside the
United States and EDRs (also referred to as Continental Depositary Receipts
("CDRs")), in bearer form, may be denominated in other currencies and are
designed for use in European securities markets. ADRs are receipts typically
issued by a U.S. bank or trust company evidencing ownership of the underlying
securities. EDRs are European receipts evidencing a similar arrangement. GDRs
are receipts typically issued by non-United States banks and trust companies
that evidence ownership of either foreign or domestic securities. For purposes
of a Fund's investment policies, ADRs, GDRs and EDRs are deemed to have the same
classification as the underlying securities they represent. Thus, an ADR, GDR or
EDR representing ownership of common stock will be treated as common stock.

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A Fund may invest in depositary receipts through "sponsored" or
"unsponsored" facilities. While ADRs issued under these two types of facilities
are in some respects similar, there are distinctions between them relating to
the rights and obligations of ADR holders and the practices of market
participants.

A depositary may establish an unsponsored facility without participation by
(or even necessarily the acquiescence of) the issuer of the deposited
securities, although typically the depositary requests a letter of non-objection
from such issuer prior to the establishment of the facility. Holders of
unsponsored ADRs generally bear all the costs of such facilities. The depositary
usually charges fees upon the deposit and withdrawal of the deposited
securities, the conversion of dividends into U.S. dollars, the disposition of
non-cash distributions, and the performance of other services. The depositary of
an unsponsored facility frequently is under no obligation to pass through voting
rights to ADR holders in respect of the deposited securities. In addition, an
unsponsored facility is generally not obligated to distribute communications
received from the issuer of the deposited securities or to disclose material
information about such issuer in the U.S. and thus there may not be a
correlation between such information and the market value of the depositary
receipts. Unsponsored ADRs tend to be less liquid than sponsored ADRs.

Sponsored ADR facilities are created in generally the same manner as
unsponsored facilities, except that the issuer of the deposited securities
enters into a deposit agreement with the depositary. The deposit agreement sets
out the rights and responsibilities of the issuer, the depositary, and the ADR
holders. With sponsored facilities, the issuer of the deposited securities
generally will bear some of the costs relating to the facility (such as dividend
payment fees of the depositary), although ADR holders continue to bear certain
other costs (such as deposit and withdrawal fees). Under the terms of most
sponsored arrangements, depositories agree to distribute notices of shareholder
meetings and voting instructions, and to provide shareholder communications and
other information to the ADR holders at the request of the issuer of the
deposited securities.

FOREIGN SOVEREIGN DEBT. Certain Funds may invest in sovereign debt
obligations issued by foreign governments. To the extent that a Fund invests in
obligations issued by developing or emerging markets, these investments involve
additional risks. Sovereign obligors in developing and emerging market countries
are among the world's largest debtors to commercial banks, other governments,
international financial organizations and other financial institutions. These
obligors have in the past experienced substantial difficulties in servicing
their external debt obligations, which led to defaults on certain obligations
and the restructuring of certain indebtedness. Restructuring arrangements have
included, among other things, reducing and rescheduling interest and principal
payments by negotiating new or amended credit agreements or converting
outstanding principal and unpaid interest to Brady Bonds, and obtaining new
credit for finance interest payments. Holders of certain foreign sovereign debt
securities may be requested to participate in the restructuring of such
obligations and to extend further loans to their issuers. There can be no
assurance that the foreign sovereign debt securities in which a Fund may invest
will not be subject to similar restructuring arrangements or to requests for new
credit which may adversely affect the Fund's holdings. Furthermore, certain
participants in the secondary market for such debt may be directly involved in
negotiating the terms of these arrangements and may therefore have access to
information not available to other market participants.

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FOREIGN COMMERCIAL PAPER

A Fund may invest in commercial paper which is indexed to certain specific
foreign currency exchange rates. The terms of such commercial paper provide that
its principal amount is adjusted upwards or downwards (but not below zero) at
maturity to reflect changes in the exchange rate between two currencies while
the obligation is outstanding. A Fund will purchase such commercial paper with
the currency in which it is denominated and, at maturity, will receive interest
and principal payments thereon in that currency, but the amount or principal
payable by the issuer at maturity will change in proportion to the change (if
any) in the exchange rate between two specified currencies between the date the
instrument is issued and the date the instrument matures. While such commercial
paper entails the risk of loss of principal, the potential for realizing gains
as a result of changes in foreign currency exchange rate enables a Fund to hedge
or cross-hedge against a decline in the U.S. dollar value of investments
denominated in foreign currencies while providing an attractive money market
rate of return. A Fund will purchase such commercial paper for hedging purposes
only, not for speculation. The Funds believe that such investments do not
involve the creation of such a senior security, but nevertheless will establish
a segregated account with respect to its investments in this type of commercial
paper and to maintain in such account cash not available for investment or other
liquid assets having a value equal to the aggregate principal amount of
outstanding commercial paper of this type.

BRADY BONDS

Brady Bonds are debt securities, generally denominated in U.S. dollars,
issued under the framework of the Brady Plan. The Brady Plan is an initiative
announced by former U.S. Treasury Secretary Nicholas F. Brady in 1989 as a
mechanism for debtor nations to restructure their outstanding external
commercial bank indebtedness. In restructuring its external debt under the Brady
Plan framework, a debtor nation negotiates with its existing bank lenders as
well as multilateral institutions such as the International Bank for
Reconstruction and Development (the "World Bank") and the International Monetary
Fund (the "IMF"). The Brady Plan framework, as it has developed, contemplates
the exchange of external commercial bank debt for newly issued bonds known as
"Brady Bonds." Brady Bonds may also be issued in respect of new money being
advanced by existing lenders in connection with the debt restructuring. The
World Bank and/or the IMF support the restructuring by providing funds pursuant
to loan agreements or other arrangements which enable the debtor nation to
collateralize the new Brady Bonds or to repurchase outstanding bank debt at a
discount. Under these arrangements with the World Bank and/or the IMF, debtor
nations have been required to agree to the implementation of certain domestic
monetary and fiscal reforms. Such reforms have included the liberalization of
trade and foreign investment, the privatization of state-owned enterprises and
the setting of targets for public spending and borrowing. These policies and
programs seek to promote the debtor country's economic growth and development.
Investors should also recognize that the Brady Plan only sets forth general
guiding principles for economic reform and debt reduction, emphasizing that
solutions must be negotiated on a case-by-case basis between debtor nations and
their creditors. A Fund's adviser or subadviser may believe that economic
reforms undertaken by countries in connection with the issuance of Brady Bonds
may make the debt of countries which have issued or have announced plans to
issue Brady Bonds an attractive opportunity for investment. However, there can
be no assurance that the adviser or the subadviser's expectations with respect
to Brady Bonds will be realized.

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Agreements implemented under the Brady Plan to date are designed to achieve
debt and debt-service reduction through specific options negotiated by a debtor
nation with its creditors. As a result, the financial packages offered by each
country differ. The types of options have included the exchange of outstanding
commercial bank debt for bonds issued at 100% of face value of such debt which
carry a below-market stated rate of interest (generally known as par bonds),
bonds issued at a discount from the face value of such debt (generally known as
discount bonds), bonds bearing an interest rate which increases over time and
bonds issued in exchange for the advancement of new money by existing lenders.
Regardless of the stated face amount and stated interest rate of the various
types of Brady Bonds, the applicable Funds will purchase Brady Bonds in
secondary markets, as described below, in which the price and yield to the
investor reflect market conditions at the time of purchase. Certain sovereign
bonds are entitled to "value recovery payments" in certain circumstances, which
in effect constitute supplemental interest payments but generally are not
collateralized. Certain Brady Bonds have been collateralized as to principal due
date at maturity (typically 30 years from the date of issuance) by U.S. Treasury
zero coupon bonds with a maturity equal to the final maturity of such Brady
Bonds. The U.S. Treasury bonds purchased as collateral for such Brady Bonds are
financed by the IMF, the World Bank and the debtor nations' reserves. In
addition, interest payments on certain types of Brady Bonds may be
collateralized by cash or high-grade securities in amounts that typically
represent between 12 and 18 months of interest accruals on these instruments
with the balance of the interest accruals being uncollateralized. If an issuer
defaults with respect to collateralized Brady Bonds and as a result the payment
obligations of the issuer are accelerated, the U.S. Treasury zero coupon
obligations held as collateral for the payment of principal will not be
distributed to investors, nor will such obligations be sold and the proceeds
distributed. The collateral will be held by the collateral agent to the
scheduled maturity of the defaulted Brady Bonds, which will continue to be
outstanding, at which time the face amount of the collateral will equal the
principal payments which would have then been due on the Brady Bonds in the
normal course. However, in light of the residual risk of the Brady Bonds and,
among other factors, the history of default with respect to commercial bank
loans by public and private entities of countries issuing Brady Bonds,
investments in Brady Bonds are considered speculative. A Fund may purchase Brady
Bonds with no or limited collateralization, and will be relying for payment of
interest and (except in the case of principal collateralized Brady Bonds)
principal primarily on the willingness and ability of the foreign government to
make payment in accordance with the terms of the Brady Bonds.

REAL ESTATE SECURITIES

Although no Fund will invest in real estate directly, a Fund may invest in
securities of real estate investment trusts ("REITs") and other real estate
industry companies or companies with substantial real estate investments and, as
a result, such Fund may be subject to certain risks associated with direct
ownership of real estate and with the real estate industry in general. These
risks include, among others: possible declines in the value of real estate;
possible lack of availability of mortgage funds; extended vacancies of
properties; risks related to general and local economic conditions;
overbuilding; increases in competition, property taxes and operating expenses;
changes in zoning laws; costs resulting from the clean-up of, and liability to
third parties for damages resulting from, environmental problems; casualty or
condemnation losses; uninsured damages from floods, earthquakes or other natural
disasters; limitations on and variations in rents; and changes in interest
rates.

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REITs are pooled investment vehicles which invest primarily in income
producing real estate or real estate related loans or interests. REITs are
generally classified as equity REITs, mortgage REITs or hybrid REITs. Equity
REITs invest the majority of their assets directly in real property and derive
income primarily from the collection of rents. Equity REITs can also realize
capital gains by selling properties that have appreciated in value. Mortgage
REITs invest the majority of their assets in real estate mortgages and derive
income from the collection of interest payments. Hybrid REITs combine the
investment strategies of Equity REITs and Mortgage REITs. REITs are not taxed on
income distributed to shareholders provided they comply with several
requirements of the Internal Revenue Code, as amended (the "Code").

CONVERTIBLE SECURITIES

Convertible securities are bonds, debentures, notes, preferred stocks, or
other securities that may be converted into or exchanged for a specified amount
of common stock of the same or a different issuer within a particular period of
time at a specified price or formula. Convertible securities have general
characteristics similar to both debt obligations and equity securities. The
value of a convertible security is a function of its "investment value"
(determined by its yield in comparison with the yields of other securities of
comparable maturity and quality that do not have a conversion privilege) and its
"conversion value" (the security's worth, at market value, if converted into the
underlying common stock). The investment value of a convertible security is
influenced by changes in interest rates, the credit standing of the issuer and
other factors. The market value of convertible securities tends to decline as
interest rates increase and, conversely, tends to increase as interest rates
decline. The conversion value of a convertible security is determined by the
market price of the underlying common stock. The market value of convertible
securities tends to vary with fluctuations in the market value of the underlying
common stock and therefore will react to variations in the general market for
equity securities. If the conversion value is low relative to the investment
value, the price of the convertible security is governed principally by its
investment value. Generally, the conversion value decreases as the convertible
security approaches maturity. To the extent the market price of the underlying
common stock approaches or exceeds the conversion price, the price of the
convertible security will be increasingly influenced by its conversion value. A
convertible security generally will sell at a premium over its conversion value
by the extent to which investors place value on the right to acquire the
underlying common stock while holding a fixed income security. While no
securities investments are without risk, investments in convertible securities
generally entail less risk than investments in common stock of the same issuer.

A convertible security entitles the holder to receive interest normally
paid or accrued on debt or the dividend paid on preferred stock until the
convertible security matures or is redeemed, converted, or exchanged.
Convertible securities have unique investment characteristics in that they
generally (i) have higher yields than common stocks, but lower yields than
comparable non-convertible securities, (ii) are less subject to fluctuation in
value than the underlying stock since they have fixed income characteristics,
and (iii) provide the potential for capital appreciation if the market price of
the underlying common stock increases. Most convertible securities currently are
issued by U.S. companies, although a substantial Eurodollar convertible
securities market has developed, and the markets for convertible securities
denominated in local currencies are increasing.

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A convertible security may be subject to redemption at the option of the
issuer at a price established in the convertible security's governing
instrument. If a convertible security held by a Fund is called for redemption,
the Fund will be required to permit the issuer to redeem the security, convert
it into the underlying common stock, or sell it to a third party.

Convertible securities generally are subordinated to other similar but
non-convertible securities of the same issuer, although convertible bonds, as
corporate debt obligations, generally enjoy seniority in right of payment to all
equity securities, and convertible preferred stock is senior to common stock of
the same issuer. Because of the subordination feature, however, convertible
securities typically are rated below investment grade or are not rated.

Certain Funds may invest in convertible preferred stocks that offer
enhanced yield features, such as Preferred Equity Redemption Cumulative Stocks
("PERCS"), which provide an investor, such as a Fund, with the opportunity to
earn higher dividend income than is available on a company's common stock. PERCS
are preferred stocks that generally feature a mandatory conversion date, as well
as a capital appreciation limit, which is usually expressed in terms of a stated
price. Most PERCS expire three years from the date of issue, at which time they
are convertible into common stock of the issuer. PERCS are generally not
convertible into cash at maturity. Under a typical arrangement, after three
years PERCS convert into one share of the issuer's common stock if the issuer's
common stock is trading at a price below that set by the capital appreciation
limit, and into less than one full share if the issuer's common stock is trading
at a price above that set by the capital appreciation limit. The amount of that
fractional share of common stock is determined by dividing the price set by the
capital appreciation limit by the market price of the issuer's common stock.
PERCS can be called at any time prior to maturity, and hence do not provide call
protection. If called early, however, the issuer must pay a call premium over
the market price to the investor. This call premium declines at a preset rate
daily, up to the maturity date.

A Fund may also invest in other classes of enhanced convertible securities.
These include but are not limited to ACES (Automatically Convertible Equity
Securities), PEPS (Participating Equity Preferred Stock), PRIDES (Preferred
Redeemable Increased Dividend Equity Securities), SAILS (Stock Appreciation
Income Linked Securities), TECONS (Term Convertible Notes), QICS (Quarterly
Income Cumulative Securities), and DECS (Dividend Enhanced Convertible
Securities). ACES, PEPS, PRIDES, SAILS, TECONS, QICS, and DECS all have the
following features: they are issued by the company, the common stock of which
will be received in the event the convertible preferred stock is converted;
unlike PERCS they do not have a capital appreciation limit; they seek to provide
the investor with high current income with some prospect of future capital
appreciation; they are typically issued with three or four-year maturities; they
typically have some built-in call protection for the first two to three years;
and, upon maturity, they will necessarily convert into either cash or a
specified number of shares of common stock.

Similarly, there may be enhanced convertible debt obligations issued by the
operating company, whose common stock is to be acquired in the event the
security is converted, or by a different issuer, such as an investment bank.
These securities may be identified by names such as ELKS (Equity Linked
Securities) or similar names. Typically they share most of the salient
characteristics of an enhanced convertible preferred stock but will be ranked as
senior or subordinated debt in the issuer's corporate structure according to the
terms of the debt indenture. There may be additional types of convertible
securities not specifically referred to herein, which may be similar to those
described above in which a Fund may invest, consistent with its goals and
policies.

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An investment in an enhanced convertible security or any other security may
involve additional risks to the Fund. A Fund may have difficulty disposing of
such securities because there may be a thin trading market for a particular
security at any given time. Reduced liquidity may have an adverse impact on
market price and a Fund's ability to dispose of particular securities, when
necessary, to meet the Fund's liquidity needs or in response to a specific
economic event, such as the deterioration in the credit worthiness of an issuer.
Reduced liquidity in the secondary market for certain securities may also make
it more difficult for the Fund to obtain market quotations based on actual
trades for purposes of valuing the fund's portfolio. A Fund, however, intends to
acquire liquid securities, though there can be no assurances that it will always
be able to do so.

Certain Funds may also invest in zero coupon convertible securities. Zero
coupon convertible securities are debt securities which are issued at a discount
to their face amount and do not entitle the holder to any periodic payments of
interest prior to maturity. Rather, interest earned on zero coupon convertible
securities accretes at a stated yield until the security reaches its face amount
at maturity. Zero coupon convertible securities are convertible into a specific
number of shares of the issuer's common stock. In addition, zero coupon
convertible securities usually have put features that provide the holder with
the opportunity to sell the securities back to the issuer at a stated price
before maturity. Generally, the prices of zero coupon convertible securities may
be more sensitive to market interest rate fluctuations than conventional
convertible securities.

WARRANTS

Warrants are securities giving the holder the right, but not the
obligation, to buy the stock of an issuer at a given price (generally higher
than the value of the stock at the time of issuance), on a specified date,
during a specified period, or perpetually. Warrants may be acquired separately
or in connection with the acquisition of securities. Warrants acquired by a Fund
in units or attached to securities are not subject to these restrictions.
Warrants do not carry with them the right to dividends or voting rights with
respect to the securities that they entitle their holder to purchase, and they
do not represent any rights in the assets of the issuer. As a result, warrants
may be considered more speculative than certain other types of investments. In
addition, the value of a warrant does not necessarily change with the value of
the underlying securities, and a warrant ceases to have value if it is not
exercised prior to its expiration date.

PREFERRED STOCK

Preferred stocks, like debt obligations, are generally fixed-income
securities. Shareholders of preferred stocks normally have the right to receive
dividends at a fixed rate when and as declared by the issuer's board of
directors, but do not participate in other amounts available for distribution by
the issuing corporation. Dividends on the preferred stock may be cumulative, and
all cumulative dividends usually must be paid prior to common shareholders
receiving any dividends. Because preferred stock dividends must be paid before
common stock dividends, preferred stocks generally entail less risk than common
stocks. Upon liquidation, preferred stocks are entitled to a specified
liquidation preference, which is generally the same as the par or stated value,
and are senior in right of payment to common stock. Preferred stocks are,
however, equity securities in the sense that they do not represent a liability
of the issuer and, therefore, do not offer as great a degree of protection of
capital or assurance of continued income as investments in corporate debt
securities. Preferred stocks are generally subordinated in right of payment to
all debt obligations and creditors of the issuer, and convertible preferred
stocks may be subordinated to other preferred stock of the same issuer.

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SHORT SELLING OF SECURITIES

In a short sale of securities, a Fund sells stock which it does not own,
making delivery with securities "borrowed" from a broker. The Fund is then
obligated to replace the security borrowed by purchasing it at the market price
at the time of replacement. This price may or may not be less than the price at
which the security was sold by the Fund. Until the security is replaced, the
Fund is required to pay the lender any dividends or interest which accrue during
the period of the loan. In order to borrow the security, the Fund may also have
to pay a fee which would increase the cost of the security sold. The proceeds of
the short sale will be retained by the broker, to the extent necessary to meet
margin requirements, until the short position is closed out.

A Fund will incur a loss as a result of the short sale if the price of the
security increases between the date of the short sale and the date on which the
Fund replaces the borrowed security. A Fund will realize a gain if the security
declines in price between those two dates. The amount of any gain will be
decreased and the amount of any loss will be increased by any interest the Fund
may be required to pay in connection with the short sale. Whether a Fund will
be successful in utilizing a short sale will depend, in part, on a Fund's
adviser's or subadviser's ability to predict correctly whether the price of a
security it borrows to sell short will decrease.

In a short sale, the seller does not immediately deliver the securities
sold and is said to have a short position in those securities until delivery
occurs. A Fund must deposit in a segregated account an amount of cash or liquid
assets equal to the difference between (a) the market value of securities sold
short at the time that they were sold short and (b) the value of the collateral
deposited with the broker in connection with the short sale (not including the
proceeds from the short sale). While the short position is open, the Fund must
maintain on a daily basis the segregated account at such a level that (1) the
amount deposited in it plus the amount deposited with the broker as collateral
equals the current market value of the securities sold short and (2) the amount
deposited in it plus the amount deposited with the broker as collateral is not
less than the market value of the securities at the time they were sold short.

A Fund may engage in short sales, if at the time of the short sale the Fund
owns or has the right to obtain without additional cost an equal amount of the
security being sold short. This investment technique is known as a short sale
"against the box." The Funds do not intend to engage in short sales against the
box for investment purposes. A Fund may, however, make a short sale as a hedge,
when it believes that the price of a security may decline, causing a decline in
the value of a security owned by the Fund (or a security convertible or
exchangeable for such security), or when the Fund wants to sell the security at
an attractive current price. In such a case, any future losses in the Fund's
long position should be offset by a gain in the short position and, conversely,
any gain in the long position should be reduced by a loss in the short position.
The extent to which such gains or losses are reduced will depend upon the amount
of the security sold short relative to the amount the Fund owns. There will be
certain additional transaction costs associated with short sales against the
box, but the Fund will endeavor to offset these costs with the income from the
investment of the cash proceeds of short sales. For tax purposes, a Fund that
enters into a short sale "against the box" may be treated as having made a
constructive sale of an "appreciated financial position," causing the Fund to
realize gain, but not loss.

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RESTRICTED, NON-PUBLICLY TRADED AND ILLIQUID SECURITIES

A Fund may not invest more than 15% (10% for the Gartmore GVIT Money Market
Fund and Gartmore GVIT Money Market Fund II) of its net assets, in the
aggregate, in illiquid securities, including repurchase agreements which have a
maturity of longer than seven days, time deposits maturing in more than seven
days and securities that are illiquid because of the absence of a readily
available market or legal or contractual restrictions on resale or other factors
limiting the marketability of the security. Repurchase agreements subject to
demand are deemed to have a maturity equal to the notice period.

Historically, illiquid securities have included securities subject to
contractual or legal restrictions on resale because they have not been
registered under the Securities Act of 1933, as amended (the "Securities Act"),
securities which are otherwise not readily marketable and repurchase agreements
having a maturity of longer than seven days. Securities which have not been
registered under the Securities Act are referred to as private placements or
restricted securities and are purchased directly from the issuer or in the
secondary market. Unless subsequently registered for sale, these securities can
only be sold in privately negotiated transactions or pursuant to an exemption
from registration. Investment companies do not typically hold a significant
amount of these restricted or other illiquid securities because of the potential
for delays on resale and uncertainty in valuation. Limitations on resale may
have an adverse effect on the marketability of portfolio securities, and an
investment company might be unable to dispose of restricted or other illiquid
securities promptly or at reasonable prices and might thereby experience
difficulty satisfying redemptions within seven days. An investment company might
also have to register such restricted securities in order to dispose of them
resulting in additional expense and delay. Adverse market conditions could
impede such a public offering of securities.

In recent years, however, a large institutional market has developed for
certain securities that are not registered under the Securities Act including
repurchase agreements, commercial paper, foreign securities, municipal
securities and corporate bonds and notes. Institutional investors depend on an
efficient institutional market in which the unregistered security can be readily
resold or on an issuer's ability to honor a demand for repayment. The fact that
there are contractual or legal restrictions on resale to the general public or
to certain institutions may not be indicative of the liquidity of such
investments.

The SEC has adopted Rule 144A which allows for a broader institutional
trading market for securities otherwise subject to restriction on resale to the
general public. Rule 144A establishes a "safe harbor" from the registration
requirements of the Securities Act for resales of certain securities to
qualified institutional buyers.

Any such restricted securities will be considered to be illiquid for
purposes of a Fund's limitations on investments in illiquid securities unless,
pursuant to procedures adopted by the Board of Trustees of the Trust, the Fund's
adviser or subadviser has determined such securities to be liquid because such
securities are eligible for resale pursuant to Rule 144A and are readily
saleable. To the extent that qualified institutional buyers may become
uninterested in purchasing Rule 144A securities, the Fund's level of illiquidity
may increase.

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A Fund may sell over-the-counter ("OTC") options and, in connection
therewith, segregate assets or cover its obligations with respect to OTC options
written by the Fund. The assets used as cover for OTC options written by a Fund
will be considered illiquid unless the OTC options are sold to qualified dealers
who agree that the Fund may repurchase any OTC option it writes at a maximum
price to be calculated by a formula set forth in the option agreement. The cover
for an OTC option written subject to this procedure would be considered illiquid
only to the extent that the maximum repurchase price under the formula exceeds
the intrinsic value of the option.

The applicable subadviser or the adviser will monitor the liquidity of
restricted securities in the portion of a Fund it manages. In reaching liquidity
decisions, the following factors are considered: (A) the unregistered nature of
the security; (B) the frequency of trades and quotes for the security; (C) the
number of dealers wishing to purchase or sell the security and the number of
other potential purchasers; (D) dealer undertakings to make a market in the
security and (E) the nature of the security and the nature of the marketplace
trades (e.g., the time needed to dispose of the security, the method of
soliciting offers and the mechanics of the transfer).

PRIVATE PLACEMENT COMMERCIAL PAPER. Commercial paper eligible for resale
under Section 4(2) of the Securities Act is offered only to accredited
investors. Rule 506 of Regulation D in the Securities Act lists investment
companies as accredited investors.

Section 4(2) paper not eligible for resale under Rule 144A under the
Securities Act shall be deemed liquid if (1) the Section 4(2) paper is not
traded flat or in default as to principal and interest; (2) the Section 4(2)
paper is rated in one of the two highest rating categories by at least two
NRSROs, or if only NRSRO rates the security, it is rated in one of the two
highest categories by that NRSRO; and (3) the adviser believes that, based on
the trading markets for such security, such security can be disposed of within
seven days in the ordinary course of business at approximately the amount at
which the Fund has valued the security.

BORROWING

A Fund may borrow money from banks, limited by each Fund's fundamental
investment restriction (generally, 331/3% of its total assets (including the
amount borrowed)), and may engage in mortgage dollar roll and reverse repurchase
agreements which may be considered a form of borrowing. In addition, a Fund may
borrow up to an additional 5% of its total assets from banks for temporary or
emergency purposes. A Fund will not purchase securities when bank borrowings
exceed 5% of such Fund's total assets; except that a Fund may purchase
securities during such time to the extent only that the Fund's receivables for
securities sold exceeds the amount of such borrowings at the time of purchase.

Each Fund expects that its borrowings will be on a secured basis. In such
situations, either the custodian will segregate the pledged assets for the
benefit of the lender or arrangements will be made with a suitable subcustodian,
which may include the lender. The Funds have established a line-of-credit
("LOC") with their custodian by which they may borrow for temporary or emergency
purposes. The Funds intend to use the LOC to meet large or unexpected
redemptions that would otherwise force a Fund to liquidate securities under
circumstances which are unfavorable to a Fund's remaining shareholders.

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DERIVATIVE INSTRUMENTS

A Fund's adviser or subadviser may use a variety of derivative instruments,
including options, futures contracts (sometimes referred to as "futures"),
options on futures contracts, stock index options, forward currency contracts,
swap and structured contracts, to hedge a Fund's portfolio or for risk
management or for any other permissible purposes consistent with that Fund's
investment objective. Derivative instruments are securities or agreements whose
value is based on the value of some underlying asset (e.g., a security, currency
or index) or the level of a reference index.

Derivatives generally have investment characteristics that are based upon
either forward contracts (under which one party is obligated to buy and the
other party is obligated to sell an underlying asset at a specific price on a
specified date) or option contracts (under which the holder of the option has
the right but not the obligation to buy or sell an underlying asset at a
specified price on or before a specified date). Consequently, the change in
value of a forward-based derivative generally is roughly proportional to the
change in value of the underlying asset. In contrast, the buyer of an
option-based derivative generally will benefit from favorable movements in the
price of the underlying asset but is not exposed to the corresponding losses
that result from adverse movements in the value of the underlying asset. The
seller (writer) of an option-based derivative generally will receive fees or
premiums but generally is exposed to losses resulting from changes in the value
of the underlying asset. Derivative transactions may include elements of
leverage and, accordingly, the fluctuation of the value of the derivative
transaction in relation to the underlying asset may be magnified.

The use of these instruments is subject to applicable regulations of the
SEC, the several options and futures exchanges upon which they may be traded,
and the Commodity Futures Trading Commission ("CFTC").

SPECIAL RISKS OF DERIVATIVE INSTRUMENTS. The use of derivative instruments
involves special considerations and risks as described below. Risks pertaining
to particular instruments are described in the sections that follow.

(1) Successful use of most of these instruments depends upon a Fund's
adviser's or subadviser's ability to predict movements of the overall securities
and currency markets, which requires skills different from those necessary for
predicting changes in the prices of individual securities. There can be no
assurance that any particular strategy adopted will succeed.

(2) There might be imperfect correlation, or even no correlation, between
price movements of an instrument and price movements of investments being
hedged. For example, if the value of an instrument used in a short hedge (such
as writing a call option, buying a put option, or selling a futures contract)
increased by less than the decline in value of the hedged investment, the hedge
would not be fully successful. Such a lack of correlation might occur due to
factors unrelated to the value of the investments being hedged, such as
speculative or other pressures on the markets in which these instruments are
traded. The effectiveness of hedges using instruments on indices will depend on
the degree of correlation between price movements in the index and price
movements in the investments being hedged, as well as, how similar the index is
to the portion of the Fund's assets being hedged in terms of securities
composition.

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(3) Hedging strategies, if successful, can reduce the risk of loss by
wholly or partially offsetting the negative effect of unfavorable price
movements in the investments being hedged. However, hedging strategies can also
reduce opportunity for gain by offsetting the positive effect of favorable price
movements in the hedged investments. For example, if a Fund entered into a short
hedge because a Fund's adviser or subadviser projected a decline in the price of
a security in the Fund's portfolio, and the price of that security increased
instead, the gain from that increase might be wholly or partially offset by a
decline in the price of the instrument. Moreover, if the price of the instrument
declined by more than the increase in the price of the security, a Fund could
suffer a loss.

(4) As described below, a Fund might be required to maintain assets as
"cover," maintain segregated accounts, or make margin payments when it takes
positions in these instruments involving obligations to third parties (i.e.,
instruments other than purchased options). If the Fund were unable to close out
its positions in such instruments, it might be required to continue to maintain
such assets or accounts or make such payments until the position expired or
matured. The requirements might impair the Fund's ability to sell a portfolio
security or make an investment at a time when it would otherwise be favorable to
do so, or require that the Fund sell a portfolio security at a disadvantageous
time. The Fund's ability to close out a position in an instrument prior to
expiration or maturity depends on the existence of a liquid secondary market or,
in the absence of such a market, the ability and willingness of the other party
to the transaction ("counter party") to enter into a transaction closing out the
position. Therefore, there is no assurance that any hedging position can be
closed out at a time and price that is favorable to the Fund.

OPTIONS. A Fund may purchase or write put and call options on securities
and indices, and may purchase options on foreign currencies, and enter into
closing transactions with respect to such options to terminate an existing
position. The purchase of call options serves as a long hedge, and the purchase
of put options serves as a short hedge. Writing put or call options can enable a
Fund to enhance income by reason of the premiums paid by the purchaser of such
options. Writing call options serves as a limited short hedge because declines
in the value of the hedged investment would be offset to the extent of the
premium received for writing the option. However, if the security appreciates to
a price higher than the exercise price of the call option, it can be expected
that the option will be exercised, and the Fund will be obligated to sell the
security at less than its market value or will be obligated to purchase the
security at a price greater than that at which the security must be sold under
the option. All or a portion of any assets used as cover for OTC options written
by a Fund would be considered illiquid to the extent described under "Restricted
and Illiquid Securities" above. Writing put options serves as a limited long
hedge because increases in the value of the hedged investment would be offset to
the extent of the premium received for writing the option. However, if the
security depreciates to a price lower than the exercise price of the put option,
it can be expected that the put option will be exercised, and the Fund will be
obligated to purchase the security at more than its market value.

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The value of an option position will reflect, among other things, the
historical price volatility of the underlying investment, the current market
value of the underlying investment, the time remaining until expiration of the
option, the relationship of the exercise price to the market price of the
underlying investment, and general market conditions. Options that expire
unexercised have no value. Options used by a Fund may include European-style
options, which can only be exercised at expiration. This is in contrast to
American-style options which can be exercised at any time prior to the
expiration date of the option.

A Fund may effectively terminate its right or obligation under an option by
entering into a closing transaction. For example, a Fund may terminate its
obligation under a call or put option that it had written by purchasing an
identical call or put option; this is known as a closing purchase transaction.
Conversely, a Fund may terminate a position in a put or call option it had
purchased by writing an identical put or call option; this is known as a closing
sale transaction. Closing transactions permit the Fund to realize the profit or
limit the loss on an option position prior to its exercise or expiration.

A Fund may purchase or write both OTC options and options traded on foreign
and U.S. exchanges. Exchange-traded options are issued by a clearing
organization affiliated with the exchange on which the option is listed that, in
effect, guarantees completion of every exchange-traded option transaction. OTC
options are contracts between the Fund and the counterparty (usually a
securities dealer or a bank) with no clearing organization guarantee. Thus, when
the Fund purchases or writes an OTC option, it relies on the counter party to
make or take delivery of the underlying investment upon exercise of the option.
Failure by the counter party to do so would result in the loss of any premium
paid by the fund as well as the loss of any expected benefit of the transaction.

A Fund's ability to establish and close out positions in exchange-listed
options depends on the existence of a liquid market. A Fund intends to purchase
or write only those exchange-traded options for which there appears to be a
liquid secondary market. However, there can be no assurance that such a market
will exist at any particular time. Closing transactions can be made for OTC
options only by negotiating directly with the counterparty, or by a transaction
in the secondary market if any such market exists. Although a Fund will enter
into OTC options only with counterparties that are expected to be capable of
entering into closing transactions with a Fund, there is no assurance that such
Fund will in fact be able to close out an OTC option at a favorable price prior
to expiration. In the event of insolvency of the counter party, a Fund might be
unable to close out an OTC option position at any time prior to its expiration.

If a Fund is unable to effect a closing transaction for an option it had
purchased, it would have to exercise the option to realize any profit. The
inability to enter into a closing purchase transaction for a covered call option
written by a Fund could cause material losses because the Fund would be unable
to sell the investment used as a cover for the written option until the option
expires or is exercised.

A Fund may engage in options transactions on indices in much the same
manner as the options on securities discussed above, except that index options
may serve as a hedge against overall fluctuations in the securities markets in
general.

The writing and purchasing of options is a highly specialized activity that
involves investment techniques and risks different from those associated with
ordinary portfolio securities transactions. Imperfect correlation between the
options and securities markets may detract from the effectiveness of attempted
hedging.

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Transactions using OTC options (other than purchased options) expose a Fund
to counter party risk. To the extent required by SEC guidelines, a Fund will not
enter into any such transactions unless it owns either (1) an offsetting
("covered") position in securities, other options, or futures or (2) cash and
liquid obligations with a value sufficient at all times to cover its potential
obligations to the extent not covered as provided in (1) above. A Fund will also
set aside cash and/or appropriate liquid assets in a segregated custodial
account if required to do so by the SEC and CFTC regulations. Assets used as
cover or held in a segregated account cannot be sold while the position in the
corresponding option or futures contract is open, unless they are replaced with
similar assets. As a result, the commitment of a large portion of the Fund's
assets to segregated accounts as a cover could impede portfolio management or
the Fund's ability to meet redemption requests or other current obligations.

SPREAD TRANSACTIONS. A Fund may purchase covered spread options from
securities dealers. Such covered spread options are not presently
exchange-listed or exchange-traded. The purchase of a spread option gives a Fund
the right to put, or sell, a security that it owns at a fixed dollar spread or
fixed yield spread in relationship to another security that the Fund does not
own, but which is used as a benchmark. The risk to a Fund in purchasing covered
spread options is the cost of the premium paid for the spread option and any
transaction costs. In addition, there is no assurance that closing transactions
will be available. The purchase of spread options will be used to protect a Fund
against adverse changes in prevailing credit quality spreads, i.e., the yield
spread between high quality and lower quality securities. Such protection is
only provided during the life of the spread option.

FUTURES CONTRACTS. A Fund may enter into futures contracts, including
interest rate, index, and currency futures and purchase and write (sell) related
options. The purchase of futures or call options thereon can serve as a long
hedge, and the sale of futures or the purchase of put options thereon can serve
as a short hedge. Writing covered call options on futures contracts can serve as
a limited short hedge, and writing covered put options on futures contracts can
serve as a limited long hedge, using a strategy similar to that used for writing
covered options in securities. A Fund's hedging may include purchases of futures
as an offset against the effect of expected increases in securities prices or
currency exchange rates and sales of futures as an offset against the effect of
expected declines in securities prices or currency exchange rates. A Fund may
write put options on futures contracts while at the same time purchasing call
options on the same futures contracts in order to create synthetically a long
futures contract position. Such options would have the same strike prices and
expiration dates. A Fund will engage in this strategy only when a Fund's adviser
or a subadviser believes it is more advantageous to a Fund than is purchasing
the futures contract.

To the extent required by regulatory authorities, a Fund will only enter
into futures contracts that are traded on U.S. or foreign exchanges or boards of
trade approved by the CFTC and are standardized as to maturity date and
underlying financial instrument. These transactions may be entered into for
"bona fide hedging" purposes as defined in CFTC regulations and other
permissible purposes including increasing return and hedging against changes in
the value of portfolio securities due to anticipated changes in interest rates,
currency values and/or market conditions.

A Fund will not enter into futures contracts and related options for other
than "bona fide hedging" purposes for which the aggregate initial margin and
premiums required to establish positions exceed 5% of the Fund's net asset value
after taking into account unrealized profits and unrealized losses on any such
contracts it has entered into. There is no overall limit on the percentage of a
Fund's assets that may be at risk with respect to futures activities. Although
techniques other than sales and purchases of futures contracts could be used to
reduce a Fund's exposure to market, currency, or interest rate fluctuations,
such Fund may be able to hedge its exposure more effectively and perhaps at a
lower cost through using futures contracts.

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A futures contract provides for the future sale by one party and purchase
by another party of a specified amount of a specific financial instrument (e.g.,
debt security) or currency for a specified price at a designated date, time, and
place. An index futures contract is an agreement pursuant to which the parties
agree to take or make delivery of an amount of cash equal to a specified
multiplier times the difference between the value of the index at the close of
the last trading day of the contract and the price at which the index futures
contract was originally written. Transactions costs are incurred when a futures
contract is bought or sold and margin deposits must be maintained. A futures
contract may be satisfied by delivery or purchase, as the case may be, of the
instrument, the currency, or by payment of the change in the cash value of the
index. More commonly, futures contracts are closed out prior to delivery by
entering into an offsetting transaction in a matching futures contract. Although
the value of an index might be a function of the value of certain specified
securities, no physical delivery of those securities is made. If the offsetting
purchase price is less than the original sale price, a Fund realizes a gain; if
it is more, a Fund realizes a loss. Conversely, if the offsetting sale price is
more than the original purchase price, a Fund realizes a gain; if it is less, a
Fund realizes a loss. The transaction costs must also be included in these
calculations. There can be no assurance, however, that a Fund will be able to
enter into an offsetting transaction with respect to a particular futures
contract at a particular time. If a Fund is not able to enter into an offsetting
transaction, that Fund will continue to be required to maintain the margin
deposits on the futures contract.

No price is paid by a Fund upon entering into a futures contract. Instead,
at the inception of a futures contract, the Fund is required to deposit in a
segregated account with its custodian, in the name of the futures broker through
whom the transaction was effected, "initial margin" consisting of cash, U.S.
Government securities or other liquid obligations, in an amount generally equal
to 10% or less of the contract value. Margin must also be deposited when writing
a call or put option on a futures contract, in accordance with applicable
exchange rules. Unlike margin in securities transactions, initial margin on
futures contracts does not represent a borrowing, but rather is in the nature of
a performance bond or good-faith deposit that is returned to a Fund at the
termination of the transaction if all contractual obligations have been
satisfied. Under certain circumstances, such as periods of high volatility, a
Fund may be required by an exchange to increase the level of its initial margin
payment, and initial margin requirements might be increased generally in the
future by regulatory action.

Subsequent "variation margin" payments are made to and from the futures
broker daily as the value of the futures position varies, a process known as
"marking to market." Variation margin does not involve borrowing, but rather
represents a daily settlement of a Fund's obligations to or from a futures
broker. When a Fund purchases an option on a future, the premium paid plus
transaction costs is all that is at risk. In contrast, when a Fund purchases or
sells a futures contract or writes a call or put option thereon, it is subject
to daily variation margin calls that could be substantial in the event of
adverse price movements. If a Fund has insufficient cash to meet daily variation
margin requirements, it might need to sell securities at a time when such sales
are disadvantageous. Purchasers and sellers of futures positions and options on
futures can enter into offsetting closing transactions by selling or purchasing,
respectively, an instrument identical to the instrument held or written.
Positions in futures and options on futures may be closed only on an exchange or
board of trade on which they were entered into (or through a linked exchange).
Although the Funds intend to enter into futures transactions only on exchanges
or boards of trade where there appears to be an active market, there can be no
assurance that such a market will exist for a particular contract at a
particular time.

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Under certain circumstances, futures exchanges may establish daily limits
on the amount that the price of a future or option on a futures contract can
vary from the previous day's settlement price; once that limit is reached, no
trades may be made that day at a price beyond the limit. Daily price limits do
not limit potential losses because prices could move to the daily limit for
several consecutive days with little or no trading, thereby preventing
liquidation of unfavorable positions.

If a Fund were unable to liquidate a futures contract or option on a
futures contract position due to the absence of a liquid secondary market or the
imposition of price limits, it could incur substantial losses, because it would
continue to be subject to market risk with respect to the position. In addition,
except in the case of purchased options, the Fund would continue to be required
to make daily variation margin payments and might be required to maintain the
position being hedged by the future or option or to maintain cash or securities
in a segregated account.

Certain characteristics of the futures market might increase the risk that
movements in the prices of futures contracts or options on futures contracts
might not correlate perfectly with movements in the prices of the investments
being hedged. For example, all participants in the futures and options on
futures contracts markets are subject to daily variation margin calls and might
be compelled to liquidate futures or options on futures contracts positions
whose prices are moving unfavorably to avoid being subject to further calls.
These liquidations could increase price volatility of the instruments and
distort the normal price relationship between the futures or options and the
investments being hedged. Also, because initial margin deposit requirements in
the futures markets are less onerous than margin requirements in the securities
markets, there might be increased participation by speculators in the future
markets. This participation also might cause temporary price distortions. In
addition, activities of large traders in both the futures and securities markets
involving arbitrage, "program trading" and other investment strategies might
result in temporary price distortions.

SWAP AGREEMENTS. A Fund may enter into interest rate, securities index,
commodity, or security and currency exchange rate swap agreements for any lawful
purpose consistent with such Fund's investment objective, such as for the
purpose of attempting to obtain or preserve a particular desired return or
spread at a lower cost to the Fund than if the Fund had invested directly in an
instrument that yielded that desired return or spread. A Fund also may enter
into swaps in order to protect against an increase in the price of, or the
currency exchange rate applicable to, securities that the Fund anticipates
purchasing at a later date. Swap agreements are two-party contracts entered into
primarily by institutional investors for periods ranging from one or more days
to several years. In a standard "swap" transaction, two parties agree to
exchange the returns (or differentials in rates of return) earned or realized on
particular predetermined investments or instruments. The gross returns to be
exchanged or "swapped" between the parties are calculated with respect to a
"notional amount," i.e., the return on or increase in value of a particular
dollar amount invested at a particular interest rate, in a particular foreign
currency, or in a "basket" of securities representing a particular index. Swap
agreements may include interest rate caps, under which, in return for a premium,
one party agrees to make payments to the other to the extent that interest rates
exceed a specified rate, or "cap"; interest rate floors under which, in return
for a premium, one party agrees to make payments to the other to the extent that
interest rates fall below a specified level, or "floor"; and interest rate
collars, under which a party sells a cap and purchases a floor, or vice versa,
in an attempt to protect itself against interest rate movements exceeding given
minimum or maximum levels. "Total return swaps" are contracts in which one
party agrees to make payments of the total return from the underlying asset
during the specified period, in return for payments equal to a fixed or floating
rate of interest or the total return from another underlying asset.

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The "notional amount" of the swap agreement is the agreed upon basis for
calculating the obligations that the parties to a swap agreement have agreed to
exchange. Under most swap agreements entered into by a Fund, the obligations of
the parties would be exchanged on a "net basis." Consequently, a Fund's
obligation (or rights) under a swap agreement will generally be equal only to
the net amount to be paid or received under the agreement based on the relative
values of the positions held by each party to the agreement (the "net amount").
A Fund's obligation under a swap agreement will be accrued daily (offset against
amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap
counterparty will be covered by the maintenance of a segregated account
consisting of cash or liquid assets.

Whether a Fund's use of swap agreements will be successful in furthering
its investment objective will depend, in part, on a Fund's adviser's or
subadviser's ability to predict correctly whether certain types of investments
are likely to produce greater returns than other investments. Swap agreements
may be considered to be illiquid. Moreover, a Fund bears the risk of loss of the
amount expected to be received under a swap agreement in the event of the
default or bankruptcy of a swap agreement counterparty. The swaps market is
largely unregulated.

A Fund will enter swap agreements only with counterparties that a Fund's
adviser or subadviser reasonably believes are capable of performing under the
swap agreements. If there is a default by the other party to such a transaction,
a Fund will have to rely on its contractual remedies (which may be limited by
bankruptcy, insolvency or similar laws) pursuant to the agreements related to
the transaction.

STRUCTURED PRODUCTS. A Fund may use structured products to hedge its
portfolio. Structured products generally are individually negotiated agreements
and may be traded over-the-counter. They are organized and operated to
restructure the investment characteristics of the underlying security. This
restructuring involves the deposit with or purchase by an entity, such as a
corporation or trust, of specified instruments (such as commercial bank loans)
and the issuance by that entity of one or more classes of securities
("structured securities") backed by, or representing interests in, the
underlying instruments. The cash flow on the underlying instruments may be
apportioned among the newly issued structured securities to create securities
with different investment characteristics, such as varying maturities, payment
priorities and interest rate provisions, and the extent of such payments made
with respect to structured securities is dependent on the extent of the cash
flow on the underlying instruments.

With respect to structured products, because structured securities
typically involve no credit enhancement, their credit risk generally will be
equivalent to that of the underlying instruments. Investments in structured
securities are generally of a class that is either subordinated or
unsubordinated to the right of payment of another class. Subordinated structured
securities typically have higher yields and present greater risks than
unsubordinated structured securities. Structured securities are typically sold
in private placement transactions, and there is currently no active trading
market for these securities.

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FOREIGN CURRENCY-RELATED DERIVATIVE STRATEGIES - SPECIAL CONSIDERATIONS. A
Fund may use options and futures and options on futures on foreign currencies
and forward currency contracts to hedge against movements in the values of the
foreign currencies in which a Fund's securities are denominated. A Fund may
engage in currency exchange transactions to protect against uncertainty in the
level of future exchange rates and may also engage in currency transactions to
increase income and total return. Such currency hedges can protect against price
movements in a security the Fund owns or intends to acquire that are
attributable to changes in the value of the currency in which it is denominated.
Such hedges do not, however, protect against price movements in the securities
that are attributable to other causes.

A Fund might seek to hedge against changes in the value of a particular
currency when no hedging instruments on that currency are available or such
hedging instruments are more expensive than certain other hedging instruments.
In such cases, a Fund may hedge against price movements in that currency by
entering into transactions using hedging instruments on another foreign currency
or a basket of currencies, the values of which a Fund's adviser or a subadviser
believes will have a high degree of positive correlation to the value of the
currency being hedged. The risk that movements in the price of the hedging
instrument will not correlate perfectly with movements in the price of the
currency being hedged is magnified when this strategy is used.

The value of derivative instruments on foreign currencies depends on the
value of the underlying currency relative to the U.S. dollar. Because foreign
currency transactions occurring in the interbank market might involve
substantially larger amounts than those involved in the use of such hedging
instruments, a Fund could be disadvantaged by having to deal in the odd lot
market (generally consisting of transactions of less than $1 million) for the
underlying foreign currencies at prices that are less favorable than for round
lots.

There is no systematic reporting of last sale information for foreign
currencies or any regulatory requirement that quotations available through
dealers or other market sources be firm or revised on a timely basis. Quotation
information generally is representative of very large transactions in the
interbank market and thus might not reflect odd-lot transactions where rates
might be less favorable. The interbank market in foreign currencies is a global,
round-the-clock market. To the extent the U.S. options or futures markets are
closed while the markets for the underlying currencies remain open, significant
price and rate movements might take place in the underlying markets that cannot
be reflected in the markets for the derivative instruments until they reopen.

Settlement of derivative transactions involving foreign currencies might be
required to take place within the country issuing the underlying currency. Thus,
a Fund might be required to accept or make delivery of the underlying foreign
currency in accordance with any U.S. or foreign regulations regarding the
maintenance of foreign banking arrangements by U.S. residents and might be
required to pay any fees, taxes and charges associated with such delivery
assessed in the issuing country.

Permissible foreign currency options will include options traded primarily
in the OTC market. Although options on foreign currencies are traded primarily
in the OTC market, a Fund will normally purchase OTC options on foreign currency
only when a Fund's adviser or subadviser believes a liquid secondary market will
exist for a particular option at any specific time.

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FORWARD CURRENCY CONTRACTS

A forward currency contract involves an obligation to purchase or sell a
specific currency at a future date, which may be any fixed number of days from
the date of the contract agreed upon by the parties, at a price set at the time
of the contract. These contracts are entered into in the interbank market
conducted directly between currency traders (usually large commercial banks) and
their customers.

At or before the maturity of a forward contract, a Fund may either sell a
portfolio security and make delivery of the currency, or retain the security and
fully or partially offset its contractual obligation to deliver the currency by
purchasing a second contract. If a Fund retains the portfolio security and
engages in an offsetting transaction, the Fund, at the time of execution of the
offsetting transaction, will incur a gain or a loss to the extent that movement
has occurred in forward contract prices.

The precise matching of forward currency contract amounts and the value of
the securities involved generally will not be possible because the value of such
securities, measured in the foreign currency, will change after the foreign
currency contract has been established. Thus, the Fund might need to purchase or
sell foreign currencies in the spot (cash) market to the extent such foreign
currencies are not covered by forward contracts. The projection of short-term
currency market movements is extremely difficult, and the successful execution
of a short-term hedging strategy is highly uncertain.

CURRENCY HEDGING. While the values of forward currency contracts, currency
options, currency futures and options on futures may be expected to correlate
with exchange rates, they will not reflect other factors that may affect the
value of a Fund's investments. A currency hedge, for example, should protect a
Yen-denominated bond against a decline in the Yen, but will not protect a Fund
against price decline if the issuer's creditworthiness deteriorates. Because the
value of a Fund's investments denominated in foreign currency will change in
response to many factors other than exchange rates, a currency hedge may not be
entirely successful in mitigating changes in the value of a Fund's investments
denominated in that currency over time.

A decline in the dollar value of a foreign currency in which a Fund's
securities are denominated will reduce the dollar value of the securities, even
if their value in the foreign currency remains constant. The use of currency
hedges does not eliminate fluctuations in the underlying prices of the
securities, but it does establish a rate of exchange that can be achieved in the
future. In order to protect against such diminutions in the value of securities
it holds, a Fund may purchase put options on the foreign currency. If the value
of the currency does decline, the Fund will have the right to sell the currency
for a fixed amount in dollars and will thereby offset, in whole or in part, the
adverse effect on its securities that otherwise would have resulted. Conversely,
if a rise in the dollar value of a currency in which securities to be acquired
are denominated is projected, thereby potentially increasing the cost of the
securities, a Fund may purchase call options on the particular currency. The
purchase of these options could offset, at least partially, the effects of the
adverse movements in exchange rates. Although currency hedges limit the risk of
loss due to a decline in the value of a hedged currency, at the same time, they
also limit any potential gain that might result should the value of the currency
increase.

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A Fund may enter into foreign currency exchange transactions to hedge its
currency exposure in specific transactions or portfolio positions or, in some
instances, to adjust its currency exposure relative to its benchmark.
Transaction hedging is the purchase or sale of forward currency with respect to
specific receivables or payables of a Fund generally accruing in connection with
the purchase or sale of its portfolio securities. Position hedging is the sale
of forward currency with respect to portfolio security positions. A Fund may not
position hedge to an extent greater than the aggregate market value (at the time
of making such sale) of the hedged securities.

FLOATING AND VARIABLE RATE INSTRUMENTS

Floating or variable rate obligations bear interest at rates that are not
fixed, but vary with changes in specified market rates or indices, such as the
prime rate, or at specified intervals. The interest rate on floating-rate
securities varies with changes in the underlying index (such as the Treasury
bill rate), while the interest rate on variable or adjustable rate securities
changes at preset times based upon an underlying index. Certain of the floating
or variable rate obligations that may be purchased by the Funds may carry a
demand feature that would permit the holder to tender them back to the issuer of
the instrument or to a third party at par value prior to maturity.

Some of the demand instruments purchased by a Fund may not be traded in a
secondary market and derive their liquidity solely from the ability of the
holder to demand repayment from the issuer or third party providing credit
support. If a demand instrument is not traded in a secondary market, the Fund
will nonetheless treat the instrument as "readily marketable" for the purposes
of its investment restriction limiting investments in illiquid securities unless
the demand feature has a notice period of more than seven days in which case the
instrument will be characterized as "not readily marketable" and therefore
illiquid.

Such obligations include variable rate master demand notes, which are
unsecured instruments issued pursuant to an agreement between the issuer and the
holder that permit the indebtedness thereunder to vary and to provide for
periodic adjustments in the interest rate. A Fund will limit its purchases of
floating and variable rate obligations to those of the same quality as it is
otherwise allowed to purchase. A Fund's adviser or subadviser will monitor on an
ongoing basis the ability of an issuer of a demand instrument to pay principal
and interest on demand.

A Fund's right to obtain payment at par on a demand instrument could be
affected by events occurring between the date the Fund elects to demand payment
and the date payment is due that may affect the ability of the issuer of the
instrument or third party providing credit support to make payment when due,
except when such demand instruments permit same day settlement. To facilitate
settlement, these same day demand instruments may be held in book entry form at
a bank other than a Fund's custodian subject to a subcustodian agreement
approved by the Fund between that bank and the Fund's custodian.

SECURITIES OF INVESTMENT COMPANIES

As permitted by the 1940 Act, a Fund may invest up to 10% of its total
assets, calculated at the time of investment, in the securities of other
open-end or closed-end investment companies. No more than 5% of a Fund's total
assets may be invested in the securities of any one investment company nor may
it acquire more than 3% of the voting securities of any other investment
company. However, as described above, each of the GVIT Investor Destinations
Funds may invest up to 100% of its assets in other investment companies. A Fund
will indirectly bear its proportionate share of any management fees paid by an
investment company in which it invests in addition to the advisory fee paid by
the Fund. Some of the countries in which a Fund may invest may not permit direct
investment by outside investors. Investments in such countries may only be
permitted through foreign government-approved or government-authorized
investment vehicles, which may include other investment companies.

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SPDRS AND OTHER EXCHANGE TRADED FUNDS

A Fund may invest in Standard & Poor's Depository Receipts ("SPDRs") and in
shares of other exchange traded funds (collectively, "ETFs"). SPDRs are
interests in unit investment trusts. Such investment trusts invest in a
securities portfolio that includes substantially all of the common stocks (in
substantially the same weights) as the common stocks included in a particular
Standard & Poor's Index such as the S&P 500. SPDRs are traded on the American
Stock Exchange, but may not be redeemed. The results of SPDRs will not match the
performance of the designated S&P Index due to reductions in the SPDRs'
performance attributable to transaction and other expenses, including fees paid
by the SPDR to service providers. SPDRs distribute dividends on a quarterly
basis.

ETF's, including SPDRs, are not actively managed. Rather, an ETF's
objective is to track the performance of a specified index. Therefore,
securities may be purchased, retained and sold by ETFs at times when an actively
managed trust would not do so. As a result, you can expect greater risk of loss
(and a correspondingly greater prospect of gain) from changes in the value of
the securities that are heavily weighted in the index than would be the case if
the ETF was not fully invested in such securities. Because of this, an ETF's
price can be volatile, and a Fund may sustain sudden, and sometimes substantial,
fluctuations in the value of its investment in such ETF.

BANK OBLIGATIONS

Bank obligations that may be purchased by a Fund include certificates of
deposit, banker's acceptances and fixed time deposits. A certificate of deposit
is a short-term negotiable certificate issued by a commercial bank against funds
deposited in the bank and is either interest-bearing or purchased on a discount
basis. A bankers' acceptance is a short-term draft drawn on a commercial bank by
a borrower, usually in connection with an international commercial transaction.
The borrower is liable for payment as is the bank, which unconditionally
guarantees to pay the draft at its face amount on the maturity date. Fixed time
deposits are obligations of branches of U.S. banks or foreign banks which are
payable at a stated maturity date and bear a fixed rate of interest. Although
fixed time deposits do not have a market, there are no contractual restrictions
on the right to transfer a beneficial interest in the deposit to a third party.

Bank obligations may be general obligations of the parent bank or may be
limited to the issuing branch by the terms of the specific obligations or by
government regulation. Bank obligations may be issued by domestic banks
(including their branches located outside the United States), domestic and
foreign branches of foreign banks and savings and loan associations.

EURODOLLAR AND YANKEE OBLIGATIONS. Eurodollar bank obligations are
dollar-denominated certificates of deposit and time deposits issued outside the
U.S. capital markets by foreign branches of U.S. banks and by foreign banks.
Yankee bank obligations are dollar-denominated obligations issued in the U.S.
capital markets by foreign banks.

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Eurodollar and Yankee bank obligations are subject to the same risks that
pertain to domestic issues, notably credit risk, market risk and liquidity risk.
Additionally, Eurodollar (and to a limited extent, Yankee) bank obligations are
subject to certain sovereign risks. One such risk is the possibility that a
sovereign country might prevent capital, in the form of dollars, from flowing
across their borders. Other risks include: adverse political and economic
developments; the extent and quality of government regulation of financial
markets and institutions; the imposition of foreign withholding taxes, and the
expropriation or nationalization of foreign issues. However, Eurodollar and
Yankee bank obligations held in a Fund will undergo the same credit analysis as
domestic issues in which the Fund invests, and will have at least the same
financial strength as the domestic issuers approved for the Fund.

ZERO COUPON SECURITIES, STEP-COUPON SECURITIES, PAY-IN-KIND BONDS ("PIK BONDS")
AND DEFERRED PAYMENT SECURITIES

Zero coupon securities are debt securities that pay no cash income but are
sold at substantial discounts from their value at maturity. Step-coupon
securities are debt securities that do not make regular cash interest payments
and are sold at a deep discount to their face value. When a zero coupon security
is held to maturity, its entire return, which consists of the amortization of
discount, comes from the difference between its purchase price and its maturity
value. This difference is known at the time of purchase, so that investors
holding zero coupon securities until maturity know at the time of their
investment what the expected return on their investment will be. Certain zero
coupon securities also are sold at substantial discounts from their maturity
value and provide for the commencement of regular interest payments at a
deferred date. Zero coupon securities may have conversion features. PIK bonds
pay all or a portion of their interest in the form of debt or equity securities.
Deferred payment securities are securities that remain zero coupon securities
until a predetermined date, at which time the stated coupon rate becomes
effective and interest becomes payable at regular intervals. Deferred payment
securities are often sold at substantial discounts from their maturity value.

Zero coupon securities, PIK bonds and deferred payment securities tend to
be subject to greater price fluctuations in response to changes in interest
rates than are ordinary interest-paying debt securities with similar maturities.
The value of zero coupon securities appreciates more during periods of declining
interest rates and depreciates more during periods of rising interest rates than
ordinary interest-paying debt securities with similar maturities. Zero coupon
securities, PIK bonds and deferred payment securities may be issued by a wide
variety of corporate and governmental issuers. Although these instruments are
generally not traded on a national securities exchange, they are widely traded
by brokers and dealers and, to such extent, will not be considered illiquid for
the purposes of a Fund's limitation on investments in illiquid securities.

Current federal income tax law requires the holder of a zero coupon
security, certain PIK bonds and deferred payment securities acquired at a
discount (such as Brady Bonds) to accrue income with respect to these securities
prior to the receipt of cash payments. Accordingly, to avoid liability for
federal income and excise taxes, a fund may be required to distribute income
accrued with respect to these securities and may have to dispose of portfolio
securities under disadvantageous circumstances in order to generate cash to
satisfy these distribution requirements.

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LOAN PARTICIPATIONS AND ASSIGNMENTS

Loan Participations typically will result in a Fund having a contractual
relationship only with the lender, not with the borrower. A Fund will have the
right to receive payments of principal, interest and any fees to which it is
entitled only from the lender selling the Participation and only upon receipt by
the lender of the payments from the borrower. In connection with purchasing Loan
Participations, a Fund generally will have no right to enforce compliance by the
borrower with the terms of the loan agreement relating to the loan, nor any
rights of set-off against the borrower, and a Fund may not benefit directly from
any collateral supporting the loan in which it has purchased the Participation.
As a result, a Fund will assume the credit risk of both the borrower and the
lender that is selling the Participation. In the event of the insolvency of the
lender selling a Participation, a Fund may be treated as a general creditor of
the lender and may not benefit from any set-off between the lender and the
borrower. A Fund will acquire Loan Participations only if the lender
interpositioned between the Fund and the borrower is determined by the
applicable adviser or subadviser to be creditworthy. When a Fund purchases
Assignments from lenders, the Fund will acquire direct rights against the
borrower on the loan, except that under certain circumstances such rights may be
more limited than those held by the assigning lender.

A Fund may have difficulty disposing of Assignments and Loan
Participations. Because the market for such instruments is not highly liquid,
the Fund anticipates that such instruments could be sold only to a limited
number of institutional investors. The lack of a highly liquid secondary market
may have an adverse impact on the value of such instruments and will have an
adverse impact on the Fund's ability to dispose of particular Assignments or
Loan Participations in response to a specific economic event, such as
deterioration in the creditworthiness of the borrower.

In valuing a Loan Participation or Assignment held by a Fund for which a
secondary trading market exists, the Fund will rely upon prices or quotations
provided by banks, dealers or pricing services. To the extent a secondary
trading market does not exist, the Fund's Loan Participations and Assignments
will be valued in accordance with procedures adopted by the Board of Trustees,
taking into consideration, among other factors: (i) the creditworthiness of the
borrower under the loan and the lender; (ii) the current interest rate; period
until next rate reset and maturity of the loan; (iii) recent prices in the
market for similar loans; and (iv) recent prices in the market for instruments
of similar quality, rate, period until next interest rate reset and maturity.

MORTGAGE DOLLAR ROLLS AND REVERSE REPURCHASE AGREEMENTS

A Fund may engage in reverse repurchase agreements to facilitate portfolio
liquidity, a practice common in the mutual fund industry, or for arbitrage
transactions discussed below. In a reverse repurchase agreement, a Fund would
sell a security and enter into an agreement to repurchase the security at a
specified future date and price. A Fund generally retains the right to interest
and principal payments on the security. Since a Fund receives cash upon entering
into a reverse repurchase agreement, it may be considered a borrowing (see
"Borrowing"). When required by guidelines of the SEC, a Fund will set aside
permissible liquid assets in a segregated account to secure its obligations to
repurchase the security. At the time a Fund enters into a reverse repurchase
agreement, it will establish and maintain a segregated account with an approved
custodian containing liquid securities having a value not less than the
repurchase price (including accrued interest). The assets contained in the
segregated account will be marked-to-market daily and additional assets will be
placed in such account on any day in which the assets fall below the repurchase
price (plus accrued interest). A Fund's liquidity and ability to manage its
assets might be affected when it sets aside cash or portfolio securities to
cover such commitments. Reverse repurchase agreements involve the risk that the
market value of the securities retained in lieu of sale may decline below the
price of the securities the Fund has sold but is obligated to repurchase. In the
event the buyer of securities under a reverse repurchase agreement files for
bankruptcy or becomes insolvent, such buyer or its trustee or receiver may
receive an extension of time to determine whether to enforce the Fund's
obligation to repurchase the securities, and the Fund's use of the proceeds of
the reverse repurchase agreement may effectively be restricted pending such
determination. Reverse repurchase agreements are considered to be borrowings
under the 1940 Act.

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Mortgage dollar rolls are arrangements in which a Fund would sell
mortgage-backed securities for delivery in the current month and simultaneously
contract to purchase substantially similar securities on a specified future
date. While a Fund would forego principal and interest paid on the
mortgage-backed securities during the roll period, the Fund would be compensated
by the difference between the current sales price and the lower price for the
future purchase as well as by any interest earned on the proceeds of the initial
sale. A Fund also could be compensated through the receipt of fee income
equivalent to a lower forward price. At the time the Fund would enter into a
mortgage dollar roll, it would set aside permissible liquid assets in a
segregated account to secure its obligation for the forward commitment to buy
mortgage-backed securities. Depending on whether the segregated assets are cash
equivalents or some other type of security, entering into mortgage dollar rolls
may subject the Fund to additional interest rate sensitivity. If the segregated
assets are cash equivalents that mature prior to the mortgage dollar roll
settlement, there is little likelihood that the sensitivity will increase;
however, if the segregated assets are subject to interest rate risk because they
settle later, then the Fund's interest rate sensitivity could increase.
Mortgage dollar roll transactions may be considered borrowings by the Funds.
(See "Borrowing")

Mortgage dollar rolls and reverse repurchase agreements may be used as
arbitrage transactions in which a Fund will maintain an offsetting position in
investment grade debt obligations or repurchase agreements that mature on or
before the settlement date on the related mortgage dollar roll or reverse
repurchase agreements. Since a Fund will receive interest on the securities or
repurchase agreements in which it invests the transaction proceeds, such
transactions may involve leverage. However, since such securities or repurchase
agreements will be high quality and will mature on or before the settlement date
of the mortgage dollar roll or reverse repurchase agreement, the Fund's adviser
or subadviser believes that such arbitrage transactions do not present the risks
to the Funds that are associated with other types of leverage.

THE NATIONWIDE CONTRACT

Each of the GVIT Investor Destinations Funds (except the GVIT Investor
Destinations Aggressive Fund) currently invests in the Nationwide Contract. The
Nationwide Contract is a fixed interest contract issued and guaranteed by
Nationwide Life Insurance Company ("Nationwide"). This contract has a stable
principal value and will pay each such Fund a fixed rate of interest. The fixed
interest rate must be at least 3.50%, but may be higher. Nationwide will
calculate the interest rate in the same way that it calculates guaranteed
interest rates for similar contracts. Because of the guaranteed nature of the
contract, the Funds will not directly participate in the actual experience of
the assets underlying the contract. Although under certain market conditions a
Fund's performance may be hurt by its investment in the Nationwide Contract, GMF
believes that the stable nature of the Nationwide Contract should reduce a GVIT
Investor Destinations Fund's volatility and overall risk, especially when the
bond and stock markets decline simultaneously.

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CAPITAL PROTECTION AGREEMENT (FOR THE GARTMORE GVIT NATIONWIDE PRINCIPAL
PROTECTED FUND)

The Gartmore GVIT Nationwide Principal Protected Fund has entered into a
Capital Protection Agreement with AIG Financial Products Corp. (the "Capital
Protection Provider"), in order to help ensure that the Fund will be able to
redeem any shareholder's account on the Guarantee Maturity Date at no less than
the Guaranteed Amount. The Guaranteed Amount is the initial value of the
investor's account at the beginning of the Guarantee Period. It may be reduced
under some circumstances described below. An investor's initial purchase amount
will also be decreased by any initial sales charges paid to determine the
investor's Guaranteed Amount. To receive the full Guaranteed Amount at the end
of the Guarantee Period, an investor must automatically reinvest all dividends
and distributions received from the Fund and redeem no shares. In addition to
reductions in the Guaranteed Amount caused by redemptions or taking your
dividends or distributions in cash, an investor's Guaranteed Amount may be
reduced by:

- any extraordinary expenses incurred by the Fund that are not covered
by the Capital Protection Agreement (including, for example, legal
fees or other costs of litigating a claim brought against the Fund);
and
- any reduction in the Fund's net assets because the Fund, Gartmore
Mutual Fund Capital Trust (GMF) (the Fund's investment adviser) or its
other service providers do not perform as required under the Capital
Protection Agreement.

Although the Fund never restricts your ability to redeem your shares or to take
dividends or distributions in cash instead of reinvesting them, you will be
reducing or eliminating the benefit of the Capital Protection if you do so
during the Guarantee Period. As a result, shareholders who redeem during the
Guarantee Period will bear the cost of the Capital Protection Agreement without
receiving any corresponding benefit.

Under the Capital Protection Agreement, if the assets of the Fund do not
meet certain requirements or certain other conditions occur (including
noncompliance with the certain agreed upon investment parameters) prior to the
Guarantee Maturity Date (each, a "Trigger Event", as further described below), a
"Zero Coupon Investment Period" may begin and the Fund may be required to
liquidate its assets in both the Total Return Component (primarily equity
securities) and the Protection Component (primarily high quality debt
securities, which may include a high proportion of zero coupon securities) other
than certain zero coupon U.S. government securities it then holds, and will pay
the proceeds of that liquidation to the Capital Protection Provider. In exchange
for those proceeds, the Capital Protection Provider will deliver to the Fund
zero coupon U.S. government securities with a face amount that, together with
the face amount of any zero coupon U.S. government securities then held by the
Fund, equals at least the aggregate Guaranteed Amount. If the Fund moves into a
Zero Coupon Investment Period, the Fund will be required to hold zero coupon
U.S. government securities to maturity except to the extent that they need to be
sold to cover shareholder redemptions and Fund expenses. At the end of the
Guarantee Period, the Fund will inform the Capital Protection Provider whether
the Fund's net assets are sufficient to pay the aggregate Guaranteed Amounts to
the remaining shareholders. If there are not sufficient assets at that time and
assuming that the Fund's assets have not been reduced by causes other than
fluctuations in the market value of the Fund's assets or by redemptions from the
Fund, the Capital Protection Provider will then pay to the Fund an amount of
cash that, together with the available cash held by the Fund, equals the
aggregate Guaranteed Amount.

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While the Capital Protection Agreement will protect the Fund from any
reductions in the Fund's net asset value that are attributable to fluctuations
in the market value of the Fund's assets, other reductions including, without
limitation, those reductions attributable to acts or omissions of the Fund, GMF
or their representatives that constitute negligence, recklessness, bad faith or
willful misconduct, or to failures to comply with the Fund Allocation Conditions
(conditions which determine the allocation from time to time of the Fund's
assets between the Total Return Component and the Protection Component) or the
Investment Management Guidelines (investment guidelines that determine the
separate composition of each of the Total Return Component and the Protection
Component), including specifying the types of securities, as well as the
countries and sectors in which the Total Return Component and the Protection
Component of the Fund may invest or with their respective statutory obligations
to shareholders to limit dilution resulting from redemption of shares are not
covered by the Capital Protection Agreement.

A "Trigger Event" means that the assets of the Fund do not meet the
requirements of the Capital Protection Agreement on any business day prior to
the Guarantee Maturity Date or the occurrence of any of the following events at
any time before the fifth business day prior to the Guarantee Maturity Date:
(a) a change to the Investment Management Guidelines not approved by the Capital
Protection Provider; (b) any failure by the Investment Adviser to cure a breach
of the Fund Allocation Conditions after receipt of notice of such breach from
the Capital Protection Provider; (c) any failure of the Fund to comply with the
Investment Management Guidelines, unless such failure is cured in accordance
with the Capital Protection Agreement; (d) the termination of, or the failure of
expenses incurred by the Fund to be within the limits set forth in, the Expense
Limitation Agreement; (e) the Fund has incurred expenses or liabilities not
covered by the Expense Limitation Agreement or has incurred other expenses or
liabilities that exceed 5% of the assets of the Fund; (f) an event of default
where the Fund is the defaulting party or a termination event where the Fund is
an affected party under the Capital Protection Agreement; (g) the Investment
Adviser resigns, or the agreement with the Investment Adviser is terminated by
the Board of Trustees, the Fund's shareholders or otherwise, and a successor is
not acceptable to the Capital Protection Provider; (h) the Investment Adviser is
no longer an affiliate of Nationwide Mutual Insurance Company; (i) the
Investment Adviser breaches any obligation it has under the Capital Protection
Agreement to cure a Trigger Event; (j) a breach by the Investment Adviser, the
Fund or the Fund's custodian bank of the Capital Protection Agreement; (k) any
amendment to the constitutive documents of the Fund, or any material change to
the terms of the Fund that is adverse to the interests of the Fund or the
Capital Protection Provider; or (l) any suspension of the calculation of the net
asset value of the Fund or of redemptions of the Fund's, unless cured on the
business day following its occurrence. Once a Trigger Event occurs and unless
the condition causing the Trigger Event can be cured, the Fund may have to
irreversibly invest in zero coupon U.S. government securities for the remainder
of the Guarantee Period and will enter into the "Zero Coupon Investment Period."

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The Trust's Board of Trustees may terminate or amend the terms of the
Capital Protection Agreement at any time without shareholder approval, if the
Board determines in its reasonable judgement that it is in the best interests of
the Fund and its shareholders to do so. To the extent practicable, shareholders
would be given at least 60 days prior written notice of any termination of the
Capital Protection Agreement. In the event of such termination, the Trust's
Board of Trustees would consider reasonable alternatives and seek to act in the
best interests of shareholders. In the event of the termination of the Capital
Protection Agreement, the Fund would not be able to pay your Guaranteed Amount
if and to the extent that the value of your account is less than your Guaranteed
Amount on the Guarantee Maturity Date, unless the Fund is able to replace the
Capital Protection Agreement. Replacement of the Capital Protection Agreement
may entail substantial additional expense to the Fund.

AIG FINANCIAL PRODUCTS CORP. AND AIG, INC. The Capital Protection Provider is a
Delaware corporation. The Capital Protection Provider and its subsidiaries
conduct, primarily as principal, a financial derivative products business. The
Capital Protection Provider also enters into investment contracts and other
structured transactions, and invests in a diversified portfolio of securities.
In the course of conducting its business, the Capital Protection Provider also
engages in a variety of other related transactions. AIG, Inc. (AIG), the Capital
Protection Provider's parent, is also organized as a Delaware corporation. AIG
is a holding company which through its subsidiaries is primarily engaged in a
broad range of insurance and insurance-related activities in the United States
and abroad. AIG's primary activities include both general and life insurance
operations. Other significant activities include financial services, and
retirement savings and asset management. AIG has unconditionally guaranteed the
payment obligations of the Capital Protection Provider arising under the Capital
Protection Agreement.

Since the Capital Protection Provider's payment obligations under the
Capital Protection Agreement are guaranteed by AIG, its parent, a shareholder's
ability to receive the Guaranteed Amount may depend on the financial condition
of the Capital Protection Provider and AIG and their ability to meet their
obligations to the Fund. If the Capital Protection Provider and AIG become
insolvent or their credit deteriorates substantially, the Capital Protection
Provider and AIG may not be able to perform as required by the Capital
Protection Agreement and the related guarantee. In such event, the Fund could
take a variety of actions, including replacing the Capital Protection Agreement.
In such circumstances, shareholders could suffer a loss of principal. During the
Post-Guarantee Period, an investment in the Fund will no longer receive the
benefit of the Capital Protection Agreement.

The following is incorporated by reference herein:

- AIG's audited financial statements included in its Annual Report on
Form 10-K for the year ended December 31, 2001;

- AIG's unaudited financial statements included in its Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2002, June 30, 2002, and
September 30, 2002;

- AIG's current report on Form 8-K dated and filed February 13, 2003;
and

- to the extent filed with the Commission prior to the end of the Fund's
Offering Period, AIG's audited financial statements included in any
Annual Report of AIG on Form 10-K and AIG's unaudited financial
statements included in any Quarterly Reports of AIG on Form 10-Q.

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TEMPORARY INVESTMENTS

Generally each of the Funds will be fully invested in accordance with its
investment objective and strategies. However, pending investment of cash
balances, or if a Fund's adviser (or subadviser) believes that business,
economic, political or financial conditions warrant, a Fund (except the Dreyfus
GVIT Mid Cap Index Fund) may invest without limit in cash or money market cash
equivalents, including: (1) short-term U.S. Government securities; (2)
certificates of deposit, bankers' acceptances, and interest-bearing savings
deposits of commercial banks; (3) prime quality commercial paper; (4) repurchase
agreements covering any of the securities in which the Fund may invest directly;
and (5) subject to regulatory limits, shares of other investment companies that
invest in securities in which the Fund may invest. Should this occur, a Fund
will not be pursuing its investment objective and may miss potential market
upswings. The Dreyfus GVIT Mid Cap Index Fund uses an indexing strategy and
does not attempt to manage market volatility, use defensive strategies or reduce
the effects of any long-term periods of poor stock performance.

INVESTMENT RESTRICTIONS

The following are fundamental investment restrictions for each of the Funds
which cannot be changed without the vote of the majority of the outstanding
shares of the Fund for which a change is proposed. The vote of the majority of
the outstanding securities means the vote of (A) 67% or more of the voting
securities present at such meeting, if the holders of more than 50% of the
outstanding voting securities are present or represented by proxy or (B) a
majority of the outstanding securities, whichever is less.

Each of the Funds:

- May not lend any security or make any other loan except that each Fund may,
in accordance with its investment objective and policies, (i) lend
portfolio securities, (ii) purchase and hold debt securities or other debt
instruments, including but not limited to loan participations and
subparticipations, assignments, and structured securities, (iii) make loans
secured by mortgages on real property, (iv) enter into repurchase
agreements, and (v) make time deposits with financial institutions and
invest in instruments issued by financial institutions, and enter into any
other lending arrangement as and to the extent permitted by the 1940 Act or
any rule, order or interpretation thereunder.

- May not purchase or sell real estate, except that each Fund may (i) acquire
real estate through ownership of securities or instruments and sell any
real estate acquired thereby, (ii) purchase or sell instruments secured by
real estate (including interests therein), and (iii) purchase or sell
securities issued by entities or investment vehicles that own or deal in
real estate (including interests therein).

- May not borrow money or issue senior securities, except that each Fund may
enter into reverse repurchase agreements and may otherwise borrow money and
issue senior securities as and to the extent permitted by the 1940 Act or
any rule, order or interpretation thereunder.

- May not purchase or sell commodities or commodities contracts, except to
the extent disclosed in the current Prospectus or Statement of Additional
Information of such Fund.

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- May not act as an underwriter of another issuer's securities, except to the
extent that each Fund may be deemed an underwriter within the meaning of
the Securities Act in connection with the purchase and sale of portfolio
securities.

In addition, each Fund, except Gartmore GVIT Global Health Sciences Fund, Turner
GVIT Growth Focus Fund, Gartmore GVIT Global Utilities Fund, Gartmore GVIT
Global Financial Services Fund, Gartmore GVIT Asia Pacific Leaders Fund,
Gartmore GVIT European Leaders Fund, Gartmore GVIT U.S. Growth Leaders Fund,
Gartmore GVIT Worldwide Leaders Fund, Gartmore GVIT Nationwide Leaders Fund,
Gartmore GVIT Global Technology and Communications Fund, GVIT Equity 500 Index
Fund and each of the GVIT Investor Destinations Funds:

- May not purchase securities of any one issuer, other than obligations
issued or guaranteed by the U.S. Government, its agencies or
instrumentalities, if, immediately after such purchase, more than 5% of the
Fund's total assets would be invested in such issuer or the Fund would hold
more than 10% of the outstanding voting securities of the issuer, except
that 25% or less of the Fund's total assets may be invested without regard
to such limitations. There is no limit to the percentage of assets that may
be invested in U.S. Treasury bills, notes, or other obligations issued or
guaranteed by the U.S. Government, its agencies or instrumentalities. Each
of the Gartmore GVIT Money Market Fund and Gartmore GVIT Money Market Fund
II will be deemed to be in compliance with this restriction so long as it
is in compliance with Rule 2a-7 under the 1940 Act, as such Rule may be
amended from time to time.

Each Fund, except for Gartmore GVIT Global Health Sciences Fund, Gartmore GVIT
OTC Fund, Gartmore GVIT Global Utilities Fund, Gartmore GVIT Global Technology
and Communications Fund, Gartmore GVIT Global Financial Services Fund, Gartmore
GVIT U.S. Growth Leaders Fund and the GVIT Investor Destinations Funds:

- May not purchase the securities of any issuer if, as a result, more than
25% (taken at current value) of the Fund's total assets would be invested
in the securities of issuers, the principal activities of which are in the
same industry. This limitation does not apply to securities issued by the
U.S. government or its agencies or instrumentalities.

Each of the Gartmore GVIT Growth Fund, Gartmore GVIT Nationwide Fund, Gartmore
GVIT Government Bond Fund, Gartmore GVIT Money Market Fund and Gartmore GVIT
Money Market Fund II may not:

- Purchase securities on margin, but the Trust may obtain such credits as may
be necessary for the clearance of purchases and sales of securities and
except as may be necessary to make margin payments in connection with
derivative securities transactions.

THE GVIT INVESTOR DESTINATIONS FUNDS:

- May not purchase the securities of any issuer if, as a result, 25% or more
than (taken at current value) of the Fund's total assets would be invested
in the securities of the issuers, the principal activities of which are in
the same industry; provided, that a Fund may invest more than 25% of its
total assets in securities of issuers in an industry if the concentration
in an industry is the result of the weighting in a particular industry in
one or more Underlying Funds.

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THE GVIT EQUITY 500 INDEX FUND:

- May not purchase the securities of any issuer if, as a result, 25% or more
than (taken at current value) of the Fund's total assets would be invested
in the securities of issuers, the principal activities of which are in the
same industry; provided, that in replicating the weightings of a particular
industry in its target index, the Fund may invest more than 25% of its
total assets in securities of issuers in that industry.

CONCENTRATION POLICIES

Each of the following Funds invests 25% or more of its assets in the
securities of companies in the same or related industries as described below:

THE GARTMORE GVIT U.S. GROWTH LEADERS FUND

- Will invest 25% or more of its assets in a group of companies in software
and related technology industries.

THE GARTMORE GVIT GLOBAL FINANCIAL SERVICES FUND:

- Will invest 25% or more of its assets in at least one of the following
industry groups: banks and savings and loan institutions and their holding
companies, consumer and industrial finance companies, investment banks,
insurance brokers, securities brokers and investment advisers, real
estate-related companies, leasing companies, and insurance companies, such
as property and casualty and life insurance holding companies.

THE GARTMORE GVIT GLOBAL UTILITIES FUND:

- Will invest 25% or more of its assets in at least one of the following
industry groups: energy sources; maintenance services; companies that
provide infrastructure for utilities; cable television; radio;
telecommunications services; transportation services; and water and
sanitary services.

THE GARTMORE GVIT GLOBAL HEALTH SCIENCES FUND:

- Will invest 25% or more of its assets in at least one of the following
industry groups: health care; pharmaceuticals; biotechnology; medical
supplies; medical services and medical devices.

THE GARTMORE GVIT GLOBAL TECHNOLOGY AND COMMUNICATIONS FUND:

- Shall invest more than 25% of its total assets in the securities of issuers
in technology and/or communications industries. These industries include:
hardware and equipment; information technology; software; consulting and
services; consumer electronics; defense technology; broadcasting; and
communication equipment.

The following are the NON-FUNDAMENTAL operating policies of each of the
Funds, except Gartmore GVIT Nationwide Fund, Gartmore GVIT Growth Fund, Gartmore
GVIT Government Bond Fund, Gartmore GVIT Money Market Fund and Gartmore GVIT
Money Market Fund II, which MAY BE CHANGED by the Board of Trustees of the Trust
WITHOUT SHAREHOLDER APPROVAL:

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Each Fund may not:

- Sell securities short (except for the Dreyfus GVIT Mid Cap Index Fund,
Gartmore GVIT U.S. Growth Leaders Fund, the Gartmore GVIT Nationwide
Leaders Fund, AND THE GARTMORE GVIT U.S. GROWTH LEADERS LONG-SHORT FUND),
unless the Fund owns or has the right to obtain securities equivalent in
kind and amount to the securities sold short or unless it covers such short
sales as required by the current rules and positions of the SEC or its
staff, and provided that short positions in forward currency contracts,
options, futures contracts, options on futures contracts, or other
derivative instruments are not deemed to constitute selling securities
short. The Dreyfus GVIT Mid Cap Index Fund, Gartmore GVIT U.S. Growth
Leaders Fund, Gartmore GVIT Nationwide Leaders Fund, AND THE GARTMORE GVIT
U.S. GROWTH LEADERS LONG-SHORT FUND may only sell securities short in
accordance with the description contained in their respective Prospectuses
or in this SAI.

- Purchase securities on margin, except that the Fund may obtain such
short-term credits as are necessary for the clearance of transactions; and
provided that margin deposits in connection with options, futures
contracts, options on futures contracts, and transactions in currencies or
other derivative instruments shall not constitute purchasing securities on
margin.

- Purchase or otherwise acquire any security if, as a result, more than 15%
of its net assets would be invested in securities that are illiquid. If any
percentage restriction or requirement described above is satisfied at the
time of investment, a later increase or decrease in such percentage
resulting from a change in net asset value will not constitute a violation
of such restriction or requirement. However, should a change in net asset
value or other external events cause a Fund's investments in illiquid
securities including repurchase agreements with maturities in excess of
seven days, to exceed the limit set forth above for such Fund's investment
in illiquid securities, a Fund will act to cause the aggregate amount of
such securities to come within such limit as soon as is reasonably
practicable. In such an event, however, such a Fund would not be required
to liquidate any portfolio securities where a Fund would suffer a loss on
the sale of such securities.

- Purchase securities of other investment companies except in connection with
a merger, consolidation, acquisition, reorganization or offer of exchange,
or as otherwise permitted under the 1940 Act.

- Pledge, mortgage or hypothecate any assets owned by the Fund except as may
be necessary in connection with permissible borrowings or investments and
then such pledging, mortgaging, or hypothecating may not exceed 331/3% of
the Fund's total assets at the time of the borrowing or investment (Except
that the Gartmore GVIT U.S. Growth Leaders Long-Short Fund is not subject
to this restriction).

The following are the NON-FUNDAMENTAL operating policies of the Gartmore
GVIT Growth Fund, Gartmore GVIT Nationwide Fund, Gartmore GVIT Government Bond
Fund, Gartmore GVIT Money Market Fund and Gartmore GVIT Money Market Fund II
which MAY BE CHANGED by the Board of Trustees of the Trust WITHOUT SHAREHOLDER
APPROVAL:

No such Fund may:

- Make short sales of securities.

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- Purchase or otherwise acquire any other securities if, as a result, more
than 15% (10% with respect to the Gartmore GVIT Money Market Fund and
Gartmore GVIT Money Market Fund II) of its net assets would be invested in
securities that are illiquid. If any percentage restriction or requirement
described above is satisfied at the time of investment, a later increase or
decrease in such percentage resulting from a change in net asset value will
not constitute a violation of such restriction or requirement. However,
should a change in net asset value or other external events cause a Fund's
investments in illiquid securities including repurchase agreements with
maturities in excess of seven days, to exceed the limit set forth above for
such Fund's investment in illiquid securities, a Fund will act to cause the
aggregate amount of such securities to come within such limit as soon as is
reasonably practicable. In such event, however, such Fund would not be
required to liquidate any portfolio securities where a Fund would suffer a
loss on the sale of such securities.

- Purchase securities of other investment companies, except (a) in connection
with a merger, consolidation, acquisition or reorganization and (b) to the
extent permitted by the 1940 Act, or any rules or regulations thereunder,
or pursuant to any exemption therefrom.

The following is a NON-FUNDAMENTAL operating policy of each of the Funds
which MAY BE CHANGED by the Board of Trustees of the Trust WITHOUT SHAREHOLDER
APPROVAL:

A Fund will not purchase securities when bank borrowings exceed 5% of the
Fund's total assets; EXCEPT that a Fund may purchase securities during such time
to the extent only that the Fund's receivables for securities sold exceeds the
amount of such borrowings at the time of purchase.

The investment objectives of each of the Funds are not fundamental and may
be changed by the Board of Trustees without shareholder approval.

In addition to the investment restrictions above, each Fund must be
diversified according to Internal Revenue Code requirements. Specifically, at
each tax quarter end, each Fund's holdings must be diversified so that (a) at
least 50% of the market value of its total assets is represented by cash, cash
items (including receivables), U.S. government securities, securities of other
U.S. regulated investment companies, and other securities, limited so that no
one issuer has a value greater than 5% of the value of the Fund's total assets
and that the Fund holds no more than 10% of the outstanding voting securities of
such issuer, and (b) not more than 25% of the value of the Fund's total assets
is invested in the securities (other than those of the U.S. Government or other
U.S. regulated investment companies) of any one issuer or of two or more issuers
which the Fund controls and which are engaged in the same, similar, or related
trades or businesses.

Also, there are four requirements imposed on the Funds under Subchapter L
of the Code because they are used as investment options written variable
insurance products.

1) A Fund may invest no more that 55% of its total assets in one issuer
(including securities issued or guaranteed by the U.S. government or
any of its agencies or instrumentalities);
2) A Fund may invest no more that 70% of its total assets in two issuers
(including securities issued or guaranteed by the U.S. government or
any of its agencies or instrumentalities);
3) A Fund may invest no more that 80% of its total assets in three
issuers (including securities issued or guaranteed by the U.S.
government or any of its agencies or instrumentalities);

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4) A Fund may invest no more that 90% of its total assets in four issuers
(including securities issued or guaranteed by the U.S. government or
any of its agencies or instrumentalities);

Each U.S. government agency or instrumentality shall be treated as a
separate issuer.

PORTFOLIO TURNOVER

The portfolio turnover rate for each Fund is calculated by dividing the
lesser of purchases or sales of portfolio securities for the year by the monthly
average value of the portfolio securities, excluding securities whose maturities
at the time of purchase were one year or less. The table below explains any
significant variation in the Funds' portfolio turnover rate for the fiscal years
ended December 31, 2002 and 2001, or any anticipated variation in the portfolio
turnover rate from that reported for the last fiscal year:

-----------------------------------------------------------------------
FUND 2002 2001
-----------------------------------------------------------------------
Comstock GVIT Value Fund1. . . . . . . . . . . . . . 245.24% 127.03%
-----------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund2 . . . . . . . . 219.84% 140.18%
-----------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund3. . . . 211.21% 0.00%
-----------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund4 . . . . . 764.93% 892.96%
-----------------------------------------------------------------------
Gartmore GVIT Global Utilities Fund3 . . . . . . . . 153.83% 0.00%
-----------------------------------------------------------------------
Gartmore GVIT Investor Destinations Aggressive Fund5 111.74% 10.90%
-----------------------------------------------------------------------
Gartmore GVIT Nationwide Leaders Fund6 . . . . . . . 105.28% 0.00%
-----------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Fund7. . . . . . . 754.41% 9.71%
-----------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund8. . . . . . . . 529.97% 128.06%
-----------------------------------------------------------------------
J.P. Morgan GVIT Balanced Fund9. . . . . . . . . . . 297.08% 181.89%
-----------------------------------------------------------------------
Turner GVIT Growth Focus Fund10. . . . . . . . . . . 906.43% 1256.23%
-----------------------------------------------------------------------

1 Comstock GVIT Value Fund was converted from an equity income fund to a
general equity value fund on May 1, 2002. At the same time, the Fund's
subadviser changed from Federated Investment Counseling to Van Kampen Asset
Management, Inc. The implementation of these changes caused the Fund to
incur a higher portfolio turnover level than is expected in the future.
2 Gartmore GVIT Emerging Market Fund incurred higher portfolio turnover
during the fiscal year ended December 31, 2002 than during the fiscal year
ended December 31, 2001 because of high levels of purchase and redemption
activity by shareholders.
3 The fiscal year ended December 31, 2002 was the first full year of
operations of the Fund (the Fund commenced operation in December 2001). As
a result, there were no purchases and redemptions in the Fund during the
period ended December 31, 2001. The Fund's subadviser, however, is not
limited by portfolio turnover in its management style, and the Fund's
portfolio turnover will fluctuate based on particular market conditions. It
is expected that the portfolio turnover in fiscal 2002 will be more
representative of the portfolio turnover going forward.
4 The portfolio manager for the Gartmore GVIT Global Health Sciences Fund is
not limited by portfolio turnover in his management style, and the Fund's
portfolio turnover will fluctuate based on particular market conditions and
stock valuations. In the fiscal year ended December 31, 2002, the portfolio
manager made fewer changes than he thought necessary in the fiscal 2001,
which was also the first full year of Fund operations.
5 The fiscal year ended December 31, 2002 was the first full year of
operations of the Gartmore GVIT Investor Destinations Aggressive Fund (the
Fund commenced operation in December 2001). As a result, there were not
significant purchases and redemptions in the Fund during the period ended
December 31, 2001. It is expected that the portfolio turnover in fiscal
2002 will be more representative of the portfolio turnover going forward.
6 The fiscal year ended December 31, 2002 was the first full year of
operations of the Gartmore GVIT Nationwide Leaders Fund (the Fund commenced
operation in December 2001). As a result, there were no purchases and
redemptions in the Fund during the period ended December 31, 2001. There
was also a change in the Fund's portfolio manager in fiscal 2002, which
increased the portfolio turnover as the new manager implemented some
changes. It is expected that the portfolio turnover going forward will be
somewhat less than the portfolio turnover in fiscal 2002.

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7 The fiscal year ended December 31, 2002 was the first full year of
operations of the Gartmore GVIT U.S. Growth Leaders Fund (the Fund
commenced operation in December 2001). As a result, there were no
significant purchases and redemptions in the Fund during the period ended
December 31, 2001. The Fund's portfolio manager, however, is not limited by
portfolio turnover in its management style, and the Fund's portfolio
turnover will fluctuate based on particular market conditions. It is
expected that the portfolio turnover in fiscal 2002 will be more
representative of the portfolio turnover going forward.
8 Gartmore GVIT Worldwide Leaders Fund's subadviser was changed early in the
fiscal year ended December 31, 2002 and portfolio turnover increased in
part as a result of implementation of changes by the new subadviser. The
Fund was also impacted by high levels of purchase and redemption activity
by shareholders.
9 Because the subadviser for the JP Morgan GVIT Balanced Fund is not limited
by portfolio turnover in its management style, the Fund's portfolio
turnover will fluctuate based on particular market conditions. In addition,
portfolio turnover in the fiscal year ended December 31, 2002 was higher
than that in the prior year as the subadviser reacted to volatile markets.
10 Because the subadviser for the Turner GVIT Growth Focus Fund is not limited
by portfolio turnover in its management style, the Fund's portfolio
turnover will fluctuate based on particular market conditions. In addition,
portfolio turnover in the fiscal year ended December 31, 2002 was somewhat
lower because the Fund was less affected by frequent purchase and
redemption activity by shareholders than it had been in the prior year.

High portfolio turnover rates will generally result in higher brokerage
expenses, and may increase the volatility of a Fund.

INSURANCE LAW RESTRICTIONS

In connection with the Trust's agreement to sell shares to separate
accounts to fund benefits payable under variable life insurance policies and
variable annuity contracts, GMF and Gartmore Global Asset Management Trust
("GGAMT") (collectively, the "Advisers") and the insurance companies may enter
into agreements, required by certain state insurance departments, under which
the Advisers may agree to use their best efforts to assure and permit insurance
companies to monitor that each Fund of the Trust complies with the investment
restrictions and limitations prescribed by state insurance laws and regulations
applicable to the investment of separate account assets in shares of mutual
funds. If a Fund failed to comply with such restrictions or limitations, the
separate accounts would take appropriate action which might include ceasing to
make investments in the Fund or withdrawing from the state imposing the
limitation. Such restrictions and limitations are not expected to have a
significant impact on the Trust's operations.

MAJOR SHAREHOLDERS

Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance
Company, each located at One Nationwide Plaza, Columbus, Ohio 43215 and
Nationwide Life Insurance Company of America ("NLICA"), located at 1000
Chesterbrook Boulevard, Berwyn, Pennsylvania 19312, are wholly owned by
Nationwide Financial Services, Inc. ("NFS"). Nationwide Life and Annuity
Insurance Company of America, located at 300 Continental Drive, Newark, Delaware
19713, is wholly owned by NLICA. NFS, a holding company, has two classes of
common stock outstanding with different voting rights enabling Nationwide
Corporation (the holder of all outstanding Class B Common Stock) to control NFS.
Nationwide Corporation is also a holding company in the Nationwide Insurance
Enterprise. All of the common stock of Nationwide Corporation is held by
Nationwide Mutual Insurance Company (95.3%) and Nationwide Mutual Fire Insurance
Company (4.7%), each of which is a mutual company owned by its policyholders.
For funds that have not yet commenced operations, it is expected that upon
commencement of the public offering, Gartmore or one of its affiliates will own
all or substantially all of the new fund's shares.

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As of September 23, 2003 the Trustees and Officers of the Trust as a group
owned beneficially less than 1% of the shares of each of the Fund's of the
Trust.

As of September 23, 2003, to the knowledge of the Trust, the following
shareholders held five percent or greater of the shares of the class of a Fund:

PERCENT OF THE
CLASS TOTAL
ASSETS HELD BY
FUND/CLASS NO. OF SHARES THE SHAREHOLDER
-------------------------------------------------------------------------

COMSTOCK GVIT VALUE FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 5807279.402 99.66%

COMSTOCK GVIT VALUE FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 175919.047 99.92%

COMSTOCK GVIT VALUE FUND - CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 3387336.562 68.96%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 1524699.653 31.04%

DREYFUS GVIT INTERNATIONAL
VALUE FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 24060.669 99.55%

DREYFUS GVIT INTERNATIONAL
VALUE FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 55548.675 99.81%

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DREYFUS GVIT INTERNATIONAL
VALUE FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 154811.041 99.93%

DREYFUS GVIT INTERNATIONAL
VALUE FUND - CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 4457057.088 76.07%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR ANNUITY SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 1402054.738 23.93%

DREYFUS GVIT MID CAP INDEX FUND
- CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 26311268.441 98.29%

DREYFUS GVIT MID CAP INDEX FUND
- CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVA7
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 310671.327 92.45%

GREAT WEST LIFE & ANNUITY INS CO
8515 E ORCHARD RD
GREENWOOD VILLAGE CO 80111. . . . . . 21168.559 6.30%

FEDERATED GVIT HIGH INCOME BOND
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 28832087.134 99.13%

GARTMORE GVIT DEVELOPING MARKETS
FUND - CLASS II

AMERICAN SKANDIA LIFE
ASSURANCE CORP
1 CORPORATE DR
SHELTON CT 064846208. . . . . . . . . 13392520.228 95.03%

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GARTMORE GVIT EMERGING MARKETS
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 1849416.774 95.69%

GARTMORE GVIT EMERGING MARKETS
FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVA7
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 566606.312 100.00%

GARTMORE GVIT EMERGING MARKETS
FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 3462218.054 99.31%

GARTMORE GVIT GLOBAL FINANCIAL
SERVICES FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWVLI2
PO BOX 182029
COLUMBUS OH 432182029
110190.567 83.83%
NATIONWIDE PROVIDENT
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 21115.222 16.06%

GARTMORE GVIT GLOBAL FINANCIAL
SERVICES - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
COLUMBUS OH 432182029
34575.533 99.66%
GARTMORE GVIT GLOBAL FINANCIAL
SERVICES - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 801987.754 99.20%

GARTMORE GVIT GLOBAL HEALTH
SCIENCES FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWVLI2
PO BOX 182029
COLUMBUS OH 432182029
363512.846 93.03%
NATIONWIDE PROVIDENT
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 26283.762 6.73%

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GARTMORE GVIT GLOBAL HEALTH
SCIENCES FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 80611.916 99.86%

GARTMORE GVIT GLOBAL HEALTH
SCIENCES FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
NWVA9
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 2819272.508 91.43%

NATIONWIDE LIFE INSURANCE COMPANY
1-32-05
ONE NATIONWIDE PLAZA
COLUMBUS OH 432152220 . . . . . . . . 250499.265 8.12%

GARTMORE GVIT GLOBAL TECHNOLOGY
& COMMUNICATIONS FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 4203287.43 95.21%

GARTMORE GVIT GLOBAL TECHNOLOGY
& COMMUNICATIONS FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 242348.881 99.83%

GARTMORE GVIT GLOBAL TECHNOLOGY
& COMMUNICATIONS FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 7584036.688 99.64%

GARTMORE GVIT GLOBAL UTILITIES
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWVLI2
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 64492.372 98.45%

GARTMORE GVIT GLOBAL UTILITIES
FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 52909.754 99.73%

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GARTMORE GVIT GLOBAL UTILITIES
FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 672710.4 98.89%

GARTMORE GVIT GOVERNMENT BOND
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 135645154.767 96.72%

GARTMORE GVIT GOVERNMENT BOND
FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 1844186.723 100.00%

GARTMORE GVIT GOVERNMENT BOND
FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
NWVA 4
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 289939.196 100.00%

GARTMORE GVIT GOVERNMENT BOND
FUND - CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 2116796.571 56.50%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR ANNUITY SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 1629873.885 43.50%

GARTMORE GVIT GROWTH FUND -CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 24624149.318 97.44%

GARTMORE GVIT GROWTH FUND -CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 2599387.479 70.56%

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NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432192029 . . . . . . . . 1084338.718 29.44%

GARTMORE GVIT INTERNATIONAL
GROWTH FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 1589466.633 98.55%

GARTMORE GVIT INTERNATIONAL
GROWTH FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 912840.843 99.65%

GARTMORE GVIT INVESTOR DESTINATIONS
AGGRESSIVE FUND

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 5895003.063 99.25%

GARTMORE GVIT INVESTOR DESTINATIONS
CONSERVATIVE FUND

NATIONWIDE LIFE INSURANCE COMPANY
NWVA-9
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 16660697.693 99.13%

GARTMORE GVIT INVESTOR DESTINATIONS
MODERATE AGGRESSIVE FUND

NATIONWIDE LIFE INSURANCE COMPANY
NWVA-9
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 19504744.394 99.39%

GARTMORE GVIT INVESTOR DESTINATIONS
MODERATE CONSERVATIVE FUND

NATIONWIDE LIFE INSURANCE COMPANY
NWVA-9
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 20928930.733 99.76%

GARTMORE GVIT INVESTOR DESTINATIONS
MODERATE FUND

NATIONWIDE LIFE INSURANCE COMPANY
NWVA-9
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 40548757.9 99.59%

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GARTMORE GVIT MID CAP GROWTH FUND
- CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 6567838.619 99.21%

GARTMORE GVIT MID CAP GROWTH FUND
- CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 40605.631 99.85%

GARTMORE GVIT MID CAP GROWTH FUND
- CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
NWVA 4
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 15092.782 100.00%

GARTMORE GVIT MID CAP GROWTH
- CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 3338565.25 76.10%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR ANNUITY SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 1048377.858 23.90%

GARTMORE GVIT MONEY MARKET FUND
- CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 1855567127.819 96.40%

GARTMORE GVIT MONEY MARKET FUND
- CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSEANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 68968292.88 57.70%

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NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR ANNUITY SEPARATE ACCOUNT
PO BOX 18029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 50554157.4 42.30%

GARTMORE GVIT MONEY MARKET FUND
- CLASS V

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 343100001.58 85.72%

NATIONWIDE LIFE INSURANCE CO
NWVL-D
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 57157442.8 14.28%

GARTMORE GVIT MONEY MARKET FUND II

NATIONWIDE LIFE INSURANCE COMPANY
NWVA 4
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 142940683.97 100.00%

GARTMORE GVIT NATIONWIDE FUND
- CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWMF
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 138496991.373 94.92%

NATIONWIDE LIFE & ANNUITY INSURANCE
NWVA
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 7411033.758 5.08%

GARTMORE GVIT NATIONWIDE FUND
- CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 358326.047 100.00%

GARTMORE GVIT NATIONWIDE FUND
- CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
NWVA 4
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 176233.145 100.00%

GARTMORE GVIT NATIONWIDE FUND
-CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 15001299.039 88.09%

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NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR ANNUITY SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 2027943.134 11.91%

GARTMORE GVIT NATIONWIDE LEADERS
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWVLI2
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 38406.614 100.00%

GARTMORE GVIT NATIONWIDE LEADERS
FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 702862.946 97.76%

GARTMORE GVIT U.S. GROWTH LEADERS
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWVLI2
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 414987.514 95.20%

GARTMORE GVIT U.S. GROWTH LEADERS
FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVAII
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 129441.512 100.00%

GARTMORE GVIT U.S. GROWTH LEADERS
FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 4138777.451 99.59%

GARTMORE GVIT WORLDWIDE LEADERS
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 3115656.96 99.44%

GARTMORE GVIT WORLDWIDE LEADERS
FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 548317.136 100.00%

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GVIT EQUITY 500 INDEX FUND - CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 24842828.485 68.93%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 11196443.559 31.07%

GVIT SMALL CAP GROWTH FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWVA-9
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 11788364.488 97.21%

GVIT SMALL CAP GROWTH FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVA7
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 501971.015 100.00%

GVIT SMALL CAP GROWTH FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
NWVA 4
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 45508.93 100.00%

GVIT SMALL CAP VALUE FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 60561175.511 98.13%

GVIT SMALL CAP VALUE FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 893350.668 100.00%

GVIT SMALL CAP VALUE FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
NWVA 4
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 60464.477 100.00%

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GVIT SMALL CAP VALUE FUND - CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
C/O IPO PORTFOLIO ACCOUNTING
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 3599229.195 68.50%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 1655170.982 31.50%

GVIT SMALL COMPANY FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
NWVA
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 34539647.75 97.62%

GVIT SMALL COMPANY FUND - CLASS II

NATIONWIDE LIFE INSURANCE COMPANY
NWVA7
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 588337.524 100.00%

GVIT SMALL COMPANY FUND - CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
NWVA 4
PO BOX 182029
COLUMBUS OH 432182029 . . . . . . . . 39113.272 100.00%

GVIT SMALL COMPANY FUND - CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
C/O IPO PORTFOLIO ACCOUNTING
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432192029 . . . . . . . . 1519966.311 69.59%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 664331.265 30.41%

J.P. MORGAN GVIT BALANCED FUND
- CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 19003189.707 98.26%

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JP MORGAN GVIT BALANCE FUND
- CLASS IV

NATIONWIDE LIFE INSURANCE COMPANY
OF AMERICA VAR ANNUITY SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 4130041.926 74.65%

NATIONWIDE LIFE AND ANNUITY COMPANY
OF AMERICA VAR LIFE SEPARATE ACCOUNT
PO BOX 182029
ATTN ROSANNE GATTA
COLUMBUS OH 432182029 . . . . . . . . 1402579.386 25.35%

NATIONWIDE GVIT STRATEGIC VALUE
FUND - CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 1615476.728 96.64%

TURNER GVIT GROWTH FOCUS FUND
- CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA
ATTN PAMELA SMITH
COLUMBUS OH 432152220 . . . . . . . . 1764033.902 98.99%

TURNER GVIT GROWTH FOCUS FUND
- CLASS III

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 2076189.759 100.00%

VAN KAMPEN GVIT MULTI-SECTOR BOND
- CLASS I

NATIONWIDE LIFE INSURANCE COMPANY
PO BOX 182029
C/O IPO PORTFOLIO ACCOUNTING
COLUMBUS OH 432182029 . . . . . . . . 22445906.296 98.41%

To the extent Nationwide Life Insurance Company and its affiliates directly
or indirectly owned, controlled and held power to vote 25% or more of the
outstanding shares of the Funds above, it is deemed to have "control" over
matters which are subject a vote of the Fund's shares.

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TRUSTEES AND OFFICERS OF THE TRUST

MANAGEMENT INFORMATION

TRUSTEES WHO ARE NOT INTERESTED PERSONS (AS DEFINED IN THE 1940 ACT) OF THE
FUNDS

[Enlarge/Download Table]

----------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5) (6)
NAME, ADDRESS, TERM OF PRINCIPAL NUMBER OTHER
AND AGE POSITION(S) OFFICE WITH OCCUPATION(S) OF DIRECTORSHIPS
HELD WITH FUND TRUST- DURING PAST PORTFOLIOS HELD BY
LENGTH 5 YEARS IN FUND TRUSTEE2
OF TIME COMPLEX
SERVED1 OVERSEEN
BY
TRUSTEE
----------------------------------------------------------------------------------------------------------------

Trustee Since Mr. Allen is Chairman, 85 None
Charles E. Allen, July Chief Executive Officer
2000 and President of Graimark
8162 E. Jefferson Ave., Realty Advisors, Inc.
#15B (real estate development,
Detroit, MI 48214 investment and asset
management).
Age 55
----------------------------------------------------------------------------------------------------------------
Paula H.J. . . . . . . . Trustee Since Ms. Cholmondeley is 85 None
Cholmondeley July Vice President and General
2000 Manager of Special
c/o Sappi Fine Paper Products at Sappi Fine
225 Franklin Street Paper North America.
Boston, MA 02110 Prior to 1998, she held
various positions with
Age 56 Owens Corning, including
Vice President and General
Manager of the Residential
Insulation Division (1997
to 1998).
----------------------------------------------------------------------------------------------------------------
C. Brent DeVore. . . . . Trustee Since Dr. DeVore is President 85 None
May of Otterbein College.
111 N. West Street 1998
Westerville, OH 43081

Age 63
----------------------------------------------------------------------------------------------------------------
Robert M. Duncan . . . . Trustee Since Since 1999, Mr. Duncan 85 None
April has worked as an
1397 Haddon Road 1997 arbitration and mediation
Columbus, OH 43209 consultant. From 1996 to
1999, he was Commissioner
Age 76 of the Ohio Elections
Commission.
----------------------------------------------------------------------------------------------------------------
Barbara L. Hennigar. . . Trustee Since Retired; Ms. Hennigar is 85 None
July the former Chairman of
6363 So. Sicily Way 2000 OppenheimerFunds Services
Aurora, CO 80016 and Shareholder Services
Inc. Ms. Hennigar held
Age 67 this position from October
1999 to June 2000. Prior
to that, she served as
President and Chief
Executive Officer of
OppenheimerFunds
Services.
----------------------------------------------------------------------------------------------------------------

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[Enlarge/Download Table]

-------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5) (6)
-------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) TERM OF PRINCIPAL NUMBER OTHER
ADDRESS, HELD WITH OFFICE WITH OCCUPATION(S) OF DIRECTORSHIPS
AND AGE FUND TRUST- DURING PAST PORTFOLIOS HELD BY
LENGTH 5 YEARS IN FUND TRUSTEE2
OF TIME COMPLEX
SERVED1 OVERSEEN
BY
TRUSTEE
-------------------------------------------------------------------------------------------------------------

Thomas J. Kerr, IV . . Trustee Since Dr. Kerr is President 85 None
June Emeritus of Kendall
4890 Smoketalk Lane 1981 College.
Westerville, OH 43081

Age 69
-------------------------------------------------------------------------------------------------------------
Douglas F. Kridler . . Trustee Since Mr. Kridler is the 85 None
September President and Chief
2355 Brixton Road 1997 Executive Officer of
Columbus, OH 43221 the Columbus Foundation
(a foundation which
Age 48 manages over 1,000
individual endowment
funds). Prior to January 31,
2002, Mr. Kridler was the
President of the Columbus
Association for the
Performing Arts and
Chairman of the Greater
Columbus Convention
and Visitors Bureau.
-------------------------------------------------------------------------------------------------------------
David C. Wetmore . . . Trustee Since Mr. Wetmore is the 853 None
May Managing Director of
26 Turnbridge Drive 1998 Updata Capital, Inc.,
Long Cove Plantation a venture capital firm.
Hilton Head, SC 29928

Age 55
-------------------------------------------------------------------------------------------------------------

1 The term of office length is until a trustee resigns or reaches a mandatory
retirement age of 70. The Trust adopted a five-year implementation period
for any Trustee 65 or older as of the adoption of this policy.
2 Directorships held in (1) any other investment companies registered under
the 1940 Act, (2) any company with a class of securities registered
pursuant to Section 12 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act") or (3) any company subject to the requirements of
Section 15(d) of the Exchange Act.
3 Mr. Wetmore serves as an independent member of the Administrative Committee
for The Alphagen Arneb Fund, LLC, The Healthcare Fund LDC, The Statistical
Arbitrage Fund LLC, The Statistical Arbitrage Fund LDC, The Leaders
Long-Short Fund, LLC and The Leaders Long-Short Fund LDC eight private
investment companies (hedge funds) managed by GSA*.

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TRUSTEES WHO ARE INTERESTED PERSONS (AS DEFINED IN THE 1940 ACT) AND OFFICERS OF
THE FUNDS

[Enlarge/Download Table]

---------------------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5) (6)
---------------------------------------------------------------------------------------------------------------
NUMBER OF
TERM OF PORTFOLIOS
OFFICE - PRINCIPAL IN FUND OTHER
NAME, POSITION(S) LENGTH OCCUPATION(S) COMPLEX DIRECTORSHIPS
ADDRESS, HELD WITH OF TIME DURING PAST OVERSEEN HELD BY
AND AGE FUND SERVED1 5 YEARS BY TRUSTEE TRUSTEE2
---------------------------------------------------------------------------------------------------------------

Paul J. Hondros Since Mr. Hondros is President 853 None
Trustee July and Chief Executive Officer
Gartmore Global. . . . and Chairman 2000 of Gartmore Distribution
Investments, Inc. Services, Inc.*, Gartmore
1200 River Road, Investor Services, Inc.*,
Conshohocken, PA Gartmore Morley Capital
19428 Management, Inc.*, Gartmore
Morley Financial Services,
Age 55 Inc.,* NorthPointe Capital,
LLC*, GGAMT*, GGI*,
GMF*, and GSA.* Prior to
that, Mr. Hondros served as
President and Chief Operations
Officer of Pilgrim Baxter
and Associates, Ltd., an
nvestment management firm,
and its affiliated fixed income
investment management arm,
Pilgrim Baxter Value Investors,
Inc. and as Executive Vice
President to the PBHG Funds,
PBHG Insurance Series Funds
and PBHG Adviser Funds.
---------------------------------------------------------------------------------------------------------------
Arden L. Shisler . . . Trustee Since Mr. Shisler is President and 85 None
February Chief Executive Officer of
1356 North Wenger Rd. 2000 K&B Transport, Inc., a trucking
Dalton, OH 44618 firm, Chairman of the Board
for Nationwide Mutual
Age 61 Insurance Company* and a
Director of Nationwide
Financial Services, Inc.*
---------------------------------------------------------------------------------------------------------------
Gerald J. Holland. . . Treasurer Mr. Holland is Senior Vice 85 None
President - Chief Administrative
Gartmore Global Officer for GGI*, GMF* and
Investments, Inc. Since GSA.* From July 2000 to
1200 River Road, March March 2002 he was Senior
Conshohocken, PA 2001 Vice President - Operations
19428 for GGI, GMF and GSA.
Prior to July 2000, he was
Age 52 Vice President for First Data
Investor Services, an
investment company
service provider.
---------------------------------------------------------------------------------------------------------------
Eric E. Miller . . . . Secretary Since Mr. Miller is Senior 85 None
December Vice President, Chief
Gartmore Global 2002 General Counsel for
Investments, Inc. GGI,* GMF,* and GSA*.
1200 River Road Prior to August 2002,
Conshohocken, PA he was a Partner with
19428 Stradley Ronon Stevens
& Young, LLP.
Age 50
---------------------------------------------------------------------------------------------------------------

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N-1A 91st Page of 154 TOC 1st Previous Next ↓Bottom Just 91st
1 The term of office for a Trustee is until a trustee resigns or reaches a
mandatory retirement age of 70. The Trust adopted a five-year
implementation period for any Trustee 65 or older as of the adoption of
this policy. The term of office for an officer is until he resigns or is
replaced.
2 Directorships held in (1) any other investment company registered under the
1940 Act, (2) any company with a class of securities registered pursuant to
Section 12 of the Exchange Act or (3) any company subject to the
requirements of Section 15(d) of the Exchange Act.
3 Mr. Hondros is also an Administrative Committee Member for The Alphagen
Arneb Fund, LLC, The Healthcare Fund LDC, The Statistical Arbitrage Fund
LLC, The Statistical Arbitrage Fund LDC, The Leaders Long-Short Fund, LLC
and The Leaders Long-Short Fund LDC eight private investment companies
(hedge funds) managed by GSA*.
* This position is held with an affiliated person or principal underwriter of
the Funds.

RESPONSIBILITIES OF THE BOARD OF TRUSTEES

The business and affairs of the Trust are managed under the direction of
its Board of Trustees. The Board of Trustees sets and reviews policies regarding
the operation of the Trust, and directs the officers to perform the daily
functions of the Trust.

BOARD OF TRUSTEE COMMITTEES

The Board of Trustees has four standing committees: Audit, Pricing and
Valuation, Nominating and Board Governance and Performance Committees.

The purposes of the Audit Committee are to: (a) oversee the Trust's
accounting and financial reporting policies and practices, its internal controls
and, as appropriate, the internal controls of certain of its service providers;
(b) oversee the quality and integrity of the Trust's financial statements and
the independent audit thereof; (c) ascertain the independence of the Trust's
independent auditors; (d) act as a liaison between the Trust's independent
auditors and the Board; (e) approve the engagement of the Trust's independent
auditors to (i) render audit and non-audit services for the Trust and (ii)
render non-audit services for the Trust's investment advisers (other than a
subadviser whose role is primarily portfolio management and is overseen by
another investment adviser) and certain other entities under common control with
one of the Trust's investment advisers if the engagement relates to the Trust's
operations and financial reporting; and (f) meet and consider the reports of the
Trust's independent auditors. The function of the Audit Committee is oversight;
it is management's responsibility to maintain appropriate systems for accounting
and internal control, and the independent auditors' responsibility to plan and
carry out a proper audit. The independent auditors are ultimately accountable
to the Board and the Audit Committee, as representatives of the Trust's
shareholders. This Committee met 3 times during the past fiscal year and
currently consists of the following Trustees, Mr. Allen, Ms. Cholmondeley and
Mr. Wetmore, each of whom must have a working knowledge of basic finance and
accounting matters and not be interested persons of the Trust, as defined in the
1940 Act.

The purposes of the Pricing and Valuation Committee are to (a) oversee the
implementation and operation of the Trust's Valuation Procedures, applicable to
all of the Trust's portfolio securities; and (b) oversee the implementation and
operation of the Trust's Rule 2a-7 Procedures, applicable to the Trust's money
market fund series. The Pricing and Valuation Committee met 4 times during the
past fiscal year and currently consists of the following Trustees, Ms. Hennigar,
Mr. Kridler and Mr. Shisler.

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N-1A 92nd Page of 154 TOC 1st Previous Next ↓Bottom Just 92nd
The Nominating and Board Governance Committee has the following powers and
responsibilities: (1) selection and nomination of all persons for election or
appointment as Trustees of the Trust (provided that nominees for independent
Trustee are recommended for selection and approval by all of the incumbent
independent Trustees then serving on the Board); (2) periodic review of the
composition of the Board to determine whether it may be appropriate to add
individuals with specific backgrounds, diversity or skill sets; (3) periodic
review of Board governance procedures (including the Board's effectiveness,
Trustee retirement, Trustee investment in the Funds and the process by which the
Trust's principal service providers are evaluated); (4) periodic review of
Trustee compensation; (5) review of the responsibilities and composition of each
Board committee, as necessary; (6) monitoring of the performance of legal
counsel employed by the independent Trustees, supervision of counsel for the
independent Trustees and monitoring of the performance of legal counsel to the
Trust, in consultation with the Trust's management. The Nominating and Board
Governance Committee reports to the full Board with recommendations of any
appropriate changes to the Board. This Committee met 4 times during the past
fiscal year and currently consists of the following Trustees: Dr. DeVore, Mr.
Duncan and Dr. Kerr, each of whom is not an interested person of the Trust, as
defined in the 1940 Act. The Nominating and Board Governance Committee generally
does not consider nominees recommended by shareholders of the Funds.

The functions of the Performance Committee are: (1) in consultation with
management of the Trust, to review the kind, scope and format of, and the time
periods covered by, the investment performance data and related reports provided
to the Board and, if the Committee determines that changes to such data or
reports would be appropriate and practicable, the Committee will work with
management of the Trust to implement any such changes; (2) in consultation with
management of the Trust, to review the investment performance benchmarks and
peer groups used in reports delivered to the Board for comparison of investment
performance of the Funds and, if the Committee determines that changes to such
benchmarks or peer groups would be appropriate, the Committee will work with
management to implement any such change; (3) in consultation with management of
the Trust, to review such other matters that affect performance, including for
example, fee structures, expense ratios, Rule 12b-1 fees, and administrative
service fees as the Committee deems to be necessary and appropriate and will
work with management to implement any recommended changes; and (4) to review and
monitor the performance of the Trust's funds and the fund family, as a whole, in
the manner and to the extent directed by the Board of Trustees, it being the
intention of the Board of Trustees that the ultimate oversight of fund
performance shall remain with the full Board of Trustees. This Committee met 2
times during the past fiscal year and currently consists of the following
Trustees: Ms. Hennigar, Mr. Allen and Mr. Kridler, each of whom is not an
interested person of the Trust, as defined in the 1940 Act.

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OWNERSHIP OF SHARES OF GARTMORE FUNDS AS OF DECEMBER 31, 2002

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----------------------------------------------------------------------------------------------
(1) (2) (3)
----------------------------------------------------------------------------------------------
DOLLAR RANGE OF AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES
EQUITY SECURITIES AND/OR AND/OR SHARES IN ALL REGISTERED INVESTMENT
NAME OF SHARES IN THE FUNDS* COMPANIES OVERSEEN BY TRUSTEE IN FAMILY
TRUSTEE OF INVESTMENT COMPANIES
----------------------------------------------------------------------------------------------

Charles E. Allen, NONE $1 - $10,000
----------------------------------------------------------------------------------------------
Paula H.J.
Cholmondeley . . . . NONE $1 - $10,000
----------------------------------------------------------------------------------------------
C. Brent DeVore. . . NONE OVER $100,000
----------------------------------------------------------------------------------------------
Robert M. Duncan . . NONE OVER $100,000
----------------------------------------------------------------------------------------------
Barbara L. Hennigar. NONE $1 - $10,000
----------------------------------------------------------------------------------------------
Thomas J. Kerr, IV . NONE OVER $100,000
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Douglas F. Kridler.. NONE $10,001 - $50,000
----------------------------------------------------------------------------------------------
David C. Wetmore . . NONE OVER $100,000
----------------------------------------------------------------------------------------------
Paul J. Hondros. . . NONE OVER $100,000
----------------------------------------------------------------------------------------------
Arden L. Shisler . . OVER $100,000 OVER $100,000
----------------------------------------------------------------------------------------------

* Individual investors, like the Trustees, are not eligible to purchase
shares of the Funds directly; accordingly, Trustees are limited in their
ability to own/hold Fund shares. Fund shares are sold to separate accounts
of insurance companies to fund benefits payable under variable insurance
contracts, which may or may not be an appropriate investment for each
individual Trustee.

OWNERSHIP IN THE FUND'S INVESTMENT ADVISERS1, SUBADVISERS2 OR DISTRIBUTOR3 AS OF
DECEMBER 31, 2002

TRUSTEES WHO ARE NOT INTERESTED PERSONS (AS DEFINED IN THE 1940 ACT) OF THE
FUNDS

[Enlarge/Download Table]

-------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5) (6)
-------------------------------------------------------------------------------------------------
NAME OF
NAME OF OWNERS AND RELATIONSHIPS NAME OF TITLE OF CLASS VALUE OF PERCENT
TRUSTEE TO TRUSTEE COMPANY OF SECURITY SECURITIES OF CLASS
-------------------------------------------------------------------------------------------------

Charles E. Allen . . N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------
Paula H.J.
Cholmondeley . . . . N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------
C. Brent DeVore. . . N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------
Robert M. Duncan . . N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------

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Barbara L. Hennigar. N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------
Thomas J. Kerr, IV . N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------
Douglas F. Kridler . N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------
David C. Wetmore . . N/A N/A N/A NONE N/A
-------------------------------------------------------------------------------------------------

1 Investment advisers include Gartmore Mutual Fund Capital Trust and Gartmore
Global Asset Management Trust.
2 Subadvisers include Dreyfus Corporation, Federated Investment Counseling,
Gartmore Global Partners, J.P. Morgan Investment Management Inc., Neuberger
Berman, LLC, Morgan Stanley Investment Management, Inc., SSI Investment
Management, Inc, Strong Capital Management, Turner Investment Partners,
Waddell & Reed Investment Management Company and Van Kampen Asset
Management, Inc.
3 Or any company, other than an investment company, that controls a Fund's
adviser or distributor.

COMPENSATION OF TRUSTEES

The Trustees receive fees and reimbursement for expenses of attending board
meetings from the Trust. Each Adviser, based upon a pro rata share for the Funds
for which it acts as investment adviser, reimburse the Trust for fees and
expenses paid to Trustees who are interested persons of the Trust and who are
employees of an adviser or its affiliates. The Compensation Table below sets
forth the total compensation paid to the Trustees of the Trust, before
reimbursement, for the fiscal year ended December 31, 2002. In addition, the
table sets forth the total compensation to be paid to the Trustees from all the
Gartmore Funds for the fiscal year ended December 31, 2002. Trust officers
receive no compensation from the Trust in their capacity as officers.

The Trust does not maintain any pension or retirement plans for the
Officers or Trustees of the Trust.

[Enlarge/Download Table]

--------------------------------------------------------------------------------------------------
(1) (2) (3) (4) (5)
--------------------------------------------------------------------------------------------------
PENSION
RETIREMENT
AGGREGATE BENEFITS ACCRUED ESTIMATED ANNUAL
NAME OF COMPENSATION AS PART OF BENEFITS UPON TOTAL COMPENSATION
TRUSTEE FROM THE TRUST TRUST EXPENSES RETIREMENT FOR THE COMPLEX*
--------------------------------------------------------------------------------------------------

Charles E. Allen . . $ 25,000 - 0 - - 0 - $ 49,000
--------------------------------------------------------------------------------------------------
Paula H.J.
Cholmondeley . . . . $ 23,000 - 0 - - 0 - $ 45,000
--------------------------------------------------------------------------------------------------
C. Brent DeVore. . . $ 22,000 - 0 - - 0 - $ 43,000
--------------------------------------------------------------------------------------------------
Robert M. Duncan . . $ 22,500 - 0 - - 0 - $ 44,000
--------------------------------------------------------------------------------------------------

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Barbara L. Hennigar. $ 24,000 - 0 - - 0 - $ 48,000
--------------------------------------------------------------------------------------------------
Paul J. Hondros**. . - 0 - - 0 - - 0 - - 0 -
--------------------------------------------------------------------------------------------------
Thomas J. Kerr, IV . $ 23,000 - 0 - - 0 - $ 45,000
--------------------------------------------------------------------------------------------------
Douglas F. Kridler.. $ 26,500 - 0 - - 0 - $ 52,000
--------------------------------------------------------------------------------------------------
Mark L. Lipson***. . - 0 - - 0 - - 0 - - 0 -
--------------------------------------------------------------------------------------------------
Arden L. Shisler . . $ 22,500 - 0 - - 0 - $ 44,000
--------------------------------------------------------------------------------------------------
David C. Wetmore . . $ 24,750 - 0 - - 0 - $ 48,500
--------------------------------------------------------------------------------------------------

* On December 31, 2002, the Fund Complex included two trusts comprised of 79
investment company funds or series.
** Does not receive compensation from the Trust for meeting attendance or
being a Trustee.
*** Mr. Lipson was a Trustee for the Trust from March 13, 2003 until September
16, 2003, when he resigned.

CODE OF ETHICS

Federal law requires the Trust, each of its investment advisers,
subadvisers, and principal underwriter to adopt codes of ethics which govern the
personal securities transactions of their respective personnel. Accordingly,
each such entity has adopted a code of ethics pursuant to which their respective
personnel may invest securities for their personal accounts (including
securities that may be purchased or held by the Trust).

INVESTMENT ADVISORY AND OTHER SERVICES

TRUST EXPENSES

The Trust pays the compensation of the Trustees who are not employees of
Gartmore Global Investments, Inc. ("GGI"), or its affiliates, and all expenses,
including governmental fees, interest charges, taxes, membership dues in the
Investment Company Institute allocable to the Trust; investment advisory fees
and any Rule 12b-1 fees; fees under the Trust's Fund Administration Agreement
which includes the expenses of calculating the Funds' net asset values; fees and
expenses of independent certified public accountants, legal counsel, and any
transfer agent, registrar, and dividend disbursing agent of the Trust; expenses
of preparing, printing, and mailing shareholders' reports, notices, proxy
statements, and reports to governmental offices and commissions; expenses
connected with the execution, recording, and settlement of portfolio security
transactions; insurance premiums; fees and expenses of the custodian for all
services to the Trust; expenses of calculating the net asset value of shares of
the Trust; expenses of shareholders' meetings; and expenses relating to the
issuance, registration, and qualification of shares of the Trust. The Advisers
may, from time to time, agree to voluntarily or contractually waive advisory
fees, and if necessary reimburse expenses, in order to limit total operating
expenses for certain Funds and/or classes, as described below. These expense
limitations apply to the classes described; if a particular class is not
referenced, there is no expense limitation for that class.

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INVESTMENT ADVISERS

GMF oversees the management of each of the Funds, other than the Gartmore
GVIT Developing Markets, Gartmore GVIT Emerging Markets, Gartmore GVIT
International Growth, Gartmore GVIT Global Leaders, Gartmore GVIT European
Leaders, Gartmore GVIT Global Small Companies, Gartmore GVIT OTC, Gartmore GVIT
Asia Pacific Leaders, Gartmore GVIT Global Financial Services and Gartmore GVIT
Global Utilities Funds which are managed by GGAMT. GMF and GGAMT (together, the
"Advisers") manage the Funds pursuant to Investment Advisory Agreements with the
Trust (the "Investment Advisory Agreements"). Pursuant to their respective
Investment Advisory Agreements, the Advisers either provide portfolio management
for the Funds directly or hire and monitor subadvisers who are responsible for
daily portfolio management. The Advisers pay the compensation of Mr. Hondros.
The officers of the Trust receive no compensation from the Trust. The Advisers
also pay all expenses incurred by them in providing service under their
respective Investment Advisory Agreements, other than the cost of investments
and the Advisers pay, out of their respective profits, fees to broker-dealers,
trust companies, transfer agents and other financial institutions in exchange
for their selling of shares or for recordkeeping or other services.

The Investment Advisory Agreements also provide that the Advisers shall not
be liable for any act or omission in providing advisory services, or for any
loss arising out of any investment, unless the Adviser has acted with willful
misfeasance, bad faith, or gross negligence in the performance of its duties, or
by reason of the Adviser's reckless disregard of its obligations and duties
under the Agreements. After an initial period of not more than two years, the
Investment Advisory Agreements must be approved each year by the Trust's board
of trustees or by shareholders in order to continue. Each Investment Advisory
Agreement terminates automatically if it is assigned and they may be terminated
without penalty by vote of a majority of the outstanding voting securities, or
by either party, on not less than 60 days written notice. The Agreements
further provide that the Advisers may render similar services to others.

GMF, located at 1200 River Road, Conshohocken, PA 19428, is a wholly owned
subsidiary of Gartmore Global Investments, Inc., a holding company which is a
majority-owned subsidiary of GGAMT, also located at 1200 River Road,
Conshohocken, PA 19428. GGAMT, which is a registered investment adviser, is a
wholly owned subsidiary of Nationwide Corporation. All of the common stock of
Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.3%)
and Nationwide Mutual Fire Insurance Company (4.7%), each of which is a mutual
company owned by its policy holders.

Subject to the supervision of the Advisers and the Trustees, each
subadviser manages a Fund's assets in accordance with such Fund's investment
objective and policies. Each subadviser shall make investment decisions for such
Fund, and in connection with such investment decisions, shall place purchase and
sell orders for securities.

Each subadviser provides investment advisory services to one or more Funds
pursuant to a Subadvisory Agreement. Each of the Subadvisory Agreements
specifically provides that the subadviser shall not be liable for any error of
judgment, or mistake of law, or for any loss arising out of any investment, or
for any act or omission in the execution and management of the Fund, except for
willful misfeasance, bad faith, or gross negligence in the performance of its
duties, or by reason of reckless disregard of its obligations and duties under
such Agreement. After an initial period of not more than two years, each
Subadvisory Agreement must be approved each year by the Trust's board of
trustees or by shareholders in order to continue. Each Subadvisory Agreement
terminates automatically if it is assigned. It may also be terminated without
penalty by vote of a majority of the outstanding voting securities, or by either
party, on not less than 60 days written notice.

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For services provided under the Investment Advisory Agreement, GMF receives
an annual fee paid monthly based on average daily net assets of the applicable
Fund according to the following schedule:

[Enlarge/Download Table]

FUND ASSETS INVESTMENT ADVISORY FEE
-------------------------------------------------------------------------------------------------

Comstock GVIT Value Fund. . . . . . . . $0 up to $50 million 0.80%
50 million up to $250 million 0.65%
250 million up to $500 million 0.60%
500 million and more 0.55%

Dreyfus GVIT International Value Fund . 0 up to $500 million 0.75%
500 million and more 0.70%

Dreyfus GVIT Mid Cap Index Fund . . . . 0 up to $250 million 0.50%
250 million up to $500 million 0.49%
500 million up to $750 million 0.48%
750 million up to $1 billion 0.47%
$1 billion and more 0.45%

Federated GVIT High Income Bond Fund. . $0 up to $50 million 0.80%
50 million up to $250 million 0.65%
250 million up to $500 million 0.60%
500 million and more 0.55%

Gartmore GVIT Global Health Sciences. . All assets 1.00%
Fund

Gartmore GVIT Global Technology and . . All assets 0.98%
Communications Fund

Gartmore GVIT Government Bond Fund. . . $0 up to $1 billion 0.50%
1 billion up to $2 billion 0.475%
2 billion up to $5 billion 0.45%
$5 billion and more 0.40%

Gartmore GVIT Growth Fund . . . . . . . $0 up to $1 billion 0.60%
1 billion up to $2 billion 0.575%
2 billion up to $5 billion 0.55%
$5 billion and more 0.50%

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Gartmore GVIT Investor Destinations:. . All assets 0.13%
Aggressive Fund
Moderately Aggressive Fund
Moderate Fund
Moderately Conservative Fund
Conservative Fund

Gartmore GVIT U.S. Growth Leaders . . . 0 up to $500 million 1.50%
Long-Short Fund . . . . . . . . . . . . 500 million up to $2 billion 1.40%
$2 billion and more 1.35%

Gartmore GVIT Mid Cap Growth Fund . . . 0 up to $200 million 0.75%
200 million and more 0.70%

Gartmore GVIT Money Market Fund . . . . $0 up to $1 billion 0.40%
1 billion up to $2 billion 0.38%
2 billion up to $5 billion 0.36%
$5 billion and more 0.34%

Gartmore GVIT Money Market Fund II. . . $0 up to $1 billion 0.50%
1 billion up to $2 billion 0.48%
2 billion up to $5 billion 0.46%
$5 billion and more 0.44%

Gartmore GVIT Nationwide Fund . . . . . $0 up to $1 billion 0.60%
1 billion up to $2 billion 0.575%
2 billion up to $5 billion 0.55%
$5 billion and more 0.50%

Gartmore GVIT Nationwide Leaders Fund . 0 up to $500 million 0.90%
500 million up to $2 billion 0.80%
$2 billion and more 0.75%

Gartmore GVIT U.S. Growth Leaders Fund1 0 up to $500 million 0.90%
500 million up to $2 billion 0.80%
$2 billion and more 0.75%

Gartmore GVIT Worldwide Leaders Fund. . $0 up to $50 million 1.00%
$50 million and more 0.95%

GVIT Equity 500 Index Fund. . . . . . . All assets 0.24%

GVIT Small Company Fund . . . . . . . . All assets 0.93%

GVIT Small Cap Growth Fund. . . . . . . All assets 1.10%

GVIT Small Cap Value Fund . . . . . . . 0 up to $200 million 0.90%
200 million and more 0.85%

J.P. Morgan GVIT Balanced Fund. . . . . 0 up to $100 million 0.75%
100 million and more 0.70%

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Nationwide GVIT Strategic Value Fund. . All assets 0.90%

Turner GVIT Growth Focus Fund2. . . . . 0 up to $500 million 0.90%
500 million up to $2 billion 0.80%
$2 billion and more 0.75%

Van Kampen GVIT Multi Sector Bond Fund. 0 up to $100 million 0.75%
100 million and more 0.70%

1 The investment advisory fee noted is a base fee and actual fees may be
higher or lower depending on the Fund's performance relative to its
benchmark, the S&P 500 Index. If the Fund outperforms its benchmark by a
set amount, the Fund will pay higher investment advisory fees. Conversely,
if the Fund underperforms its benchmark by a set amount, the Fund will pay
lower fees.
2 Similar to the investment advisory fee for the Gartmore GVIT U.S. Growth
Leaders Fund, the advisory fee at each breakpoint for the Turner GVIT
Growth Focus Fund is a base fee and actual fees may be higher or lower
depending on the Fund's performance relative to its benchmark, the Russell
1000 Growth Index. If the Fund outperforms its benchmark by a set amount,
the Fund will pay higher investment advisory fees. Conversely, if the Fund
underperforms its benchmark by a set amount, the Fund will pay lower fees.

PERFORMANCE FEES - GARTMORE GVIT U.S. GROWTH LEADERS FUND AND TURNER GVIT GROWTH
FUND

As described above and in each Fund's Prospectus, the Gartmore GVIT U.S.
Growth Leaders Fund and the Turner GVIT Growth Fund are subject to base
investment advisory fees that may be adjusted if the Fund out- or under-performs
a stated benchmark over a 36-month period. Set forth below is further
information about the advisory fee arrangements of the Fund:

[Enlarge/Download Table]

FUND BENCHMARK REQUIRED EXCESS BASE ADVISORY HIGHEST POSSIBLE LOWEST POSSIBLE
PERFORMANCE FEE ADVISORY FEE AT ADVISORY FEE AT
EACH BREAK POINT EACH BREAK POINT
-----------------------------------------------------------------------------------------------------------

Gartmore . . . S&P 500 Index 12.0% 0.90% for assets 1.12% 0.68%
GVIT U.S. up to $500 million,
Growth Leaders
Fund
0.80% for assets 0.98% 0.62%
of $500 million
and more but less
than $2 billion,
0.75% for assets of 0.91% 0.59%
$2 billion and more

Turner GVIT. . Russell 1000 12.0% 0.90% for assets 1.12% 0.68%
Growth . . . . Growth Index up to $500 million,
Focus
Fund
0.80% for assets 0.98% 0.62%
of $500 million
and more but less
than $2 billion,
0.75% for assets of 0.91% 0.59%
$2 billion and more

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The performance adjustment works as follows: If the Fund outperforms its
benchmark (the S&P 500 Index for the Gartmore GVIT U.S. Growth Leaders Fund and
the Russell 1000 Growth Index for the Turner GVIT Growth Focus Fund) by more
than 12.0% over a 36 month period, the advisory fees will increase from 0.90% to
1.12% for assets under $500 million. If, however, the Fund underperforms its
benchmark by 12.0% over a 36-month period, the advisory fees would go down to
0.68%. In the event that the Fund outperforms or underperforms its benchmark by
less than 12% over a 36 month period, no adjustment will take place and GMF will
receive the applicable base fee. These performance-based fees will only be
charged once a Fund has been in operation for at least one year, will be
implemented incrementally over the first three years of the Fund's operations
and will comply with all applicable SEC rules.

For the services it provides under its Investment Advisory Agreement with
the Trust, GGAMT receives an annual fee paid monthly based on average daily net
assets of each Fund according to the following schedule:

[Download Table]

FUND ASSETS INVESTMENT ADVISORY FEE
----------------------------------------------------------------------------------

Gartmore GVIT Emerging Markets Fund. . . . . All assets 1.15%
Gartmore GVIT Global Small Companies Fund
Gartmore GVIT Developing Markets Fund

Gartmore GVIT Asia Pacific Leaders Fund. . . All assets 1.00%
Gartmore GVIT International Growth Fund
Gartmore GVIT Global Leaders Fund
Gartmore GVIT European Leaders Fund
Gartmore GVIT OTC Fund
Gartmore GVIT Global Financial Services Fund

Gartmore GVIT Global Utilities Fund. . . . . All assets 0.80%

LIMITATION OF FUND EXPENSES

In the interest of limiting the expenses of those Funds for whom GMF and
GGAMT serve as investment adviser, the Advisers may from time to time waive some
or all of its investment advisory fee or reimburse other fees for any of those
Funds. In this regard, the Advisers have entered into expense limitation
agreements with the Trust on behalf of certain of the Funds (each an "Expense
Limitation Agreement"). Pursuant to the Expense Limitation Agreements, GMF and
GGAMT have agreed to waive or limit their fees and to assume other expenses
(except generally for Rule 12b-1 fees and administrative services fees and other
expenses listed below) to the extent necessary to limit the total annual
operating expenses of each Class of each such Fund as described below. For a few
Funds, however, as noted below, Rule 12b-1 fees and administrative services fees
are not excluded from the expense limitations. Please note that the waiver of
such fees will cause the total return and yield of a Fund to be higher than they
would otherwise be in the absence of such a waiver.

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With respect to Gartmore GVIT Global Technology and Communications Fund,
Turner GVIT Growth Focus Fund, Gartmore GVIT Emerging Markets Fund, Gartmore
GVIT Global Leaders Fund, Gartmore GVIT Global Small Companies Fund, Gartmore
GVIT International Growth Fund, Gartmore GVIT OTC Fund and Gartmore GVIT
Developing Markets Fund, GMF and GGAMT (as applicable) may request and receive
reimbursement from the Funds for the advisory fees waived or limited and other
expenses reimbursed by the Advisers pursuant to the Expense Limitation
Agreements at a later date but no later than three years after a Fund has
commenced operations when the Fund has reached a sufficient asset size to permit
reimbursement to be made without causing the total annual operating expense
ratio of the Fund to exceed the limits set forth below. No reimbursement will be
made to a Fund unless: (i) such Fund's assets exceed $100 million; (ii) the
total annual expense ratio of the Class making such reimbursement is less than
the limit set forth below; and (iii) the payment of such reimbursement is
approved by the Board of Trustees on a quarterly basis. Except as provided for
in the Expense Limitation Agreement, reimbursement of amounts previously waived
or assumed by GMF or GGAMT is not permitted.

With respect to the Comstock GVIT Value Fund, Gartmore GVIT Global Health
Sciences Fund, Gartmore GVIT Investor Destinations Funds, Gartmore GVIT Mid Cap
Growth Fund, Gartmore GVIT Money Market Fund, Gartmore GVIT Nationwide Leaders
Fund, Gartmore GVIT U.S. Growth Leaders Fund, GVIT Equity 500 Index Fund, J.P.
Morgan GVIT Balanced Fund, Gartmore GVIT Asia Pacific Leaders Fund, Gartmore
GVIT European Leaders Fund, Gartmore GVIT Global Financial Services Fund,
Gartmore GVIT Global Utilities Fund, and Gartmore GVIT U.S. Growth Leaders
Long-Short Fund GMF and GGAMT (as applicable) may request and receive
reimbursement from the Funds for the advisory fees waived or limited and other
expenses reimbursed by the Advisers pursuant to the Expense Limitation
Agreements at a later date when a Fund has reached a sufficient asset size to
permit reimbursement to be made without causing the total annual operating
expense ratio of the Fund to exceed the limits set forth below. No reimbursement
will be made to a Fund unless: (i) such Fund's assets exceed $100 million; (ii)
the total annual expense ratio of the Class making such reimbursement is less
than the limit set forth below; (iii) the payment of such reimbursement is
approved by the Board of Trustees on a quarterly basis; and (iv) the payment of
such reimbursement is made no more than three years from the fiscal year in
which the corresponding reimbursement to the Fund was made. Again, except as
provided for in the Expense Limitation Agreement, reimbursement of amounts
previously waived or assumed by GMF or GGAMT is not permitted.

As listed for the Funds below, GMF has agreed contractually to waive
advisory fees and, if necessary, reimburse expenses in order to limit total
annual fund operating expenses, excluding any taxes, interest, brokerage fees,
and extraordinary expenses; in addition, Rule 12b-1 fees and administrative
services fees are also excluded for certain Funds/classes. For Class IV shares,
these expense limitations are effective until at least October 1, 2004, and for
the remaining classes/Funds, these expense limitations are effective until at
least April 30, 2004.

- Comstock GVIT Value Fund to 1.20% for Class II1 shares and 0.95% for
Class IV shares1
- Gartmore GVIT Global Health Sciences Fund to 1.25% for Class I, Class
II and Class III shares
- Gartmore GVIT Global Technology and Communications Fund to 1.25% for
Class I, Class II and Class III shares
- Each of the Gartmore GVIT Investor Destinations Funds to 0.61%1
- Gartmore GVIT Mid Cap Growth Fund to 0.95% for Class IV shares1
- Gartmore GVIT Money Market Fund to 0.55% for Class IV1 and 0.50% for
Class V shares1

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- Gartmore GVIT Nationwide Leaders Fund to 1.10% for Class I, Class II
and Class III shares
- Gartmore GVIT U.S. Growth Leaders Fund to 1.15% for Class I, Class II
and Class III shares
- GVIT Equity 500 Index Fund to 0.28% for Class IV shares1
- J.P. Morgan GVIT Balanced Fund to 0.91% for Class IV shares1
- Turner GVIT Growth Focus Fund to 1.35% for Class I, Class II and Class
III shares
- Gartmore GVIT Nationwide Principal Protected Fund to 1.80% during the
Guarantee Period.2
- Gartmore GVIT U.S. Growth Leaders Long-Short Fund to 1.80% for Class I
and Class II Shares3

1 The expense limits for each of these Funds and/or classes include Rule
12b-1 and administrative services fees.
2 If a Zero Coupon Investment Period begins before the end of the Guarantee
Period, the expenses will be limited to not more than 1.25%. During the
Offering Period the expenses will not exceed 0.85%. The applicable expense
limitations for the Gartmore GVIT Nationwide Principal Protected Fund will
continue until for at least seven years following the commencement of the
Guarantee Period.
3 The expense limitation is effective until ______, 2004.

Until at least April 30, 2004 (unless otherwise noted), GGAMT has agreed
contractually to waive advisory fees and, if necessary, reimburse expenses in
order to limit total annual fund operating expenses, excluding any taxes,
interest, brokerage fees, extraordinary expenses, Rule 12b-1 fees and
administrative services fees, for certain Funds of the Trust as listed below.

- Gartmore GVIT Asia Pacific Leaders Fund to 1.25% for Class I, Class II and
Class III shares
- Gartmore GVIT Developing Markets Fund to 1.35% for Class II shares until at
least April 30, 2005
- Gartmore GVIT Emerging Markets Fund to 1.40% for Class I, Class II and
Class III shares
- Gartmore GVIT European Leaders Fund to 1.25% for Class I, Class II and
Class III shares
- Gartmore GVIT Global Financial Services Fund to 1.25% for Class I, Class II
and Class III shares
- Gartmore GVIT Global Leaders Fund to 1.55% for Class I shares
- Gartmore GVIT Global Small Companies Fund to 1.75% for Class I shares
- Gartmore GVIT Global Utilities Fund to 1.05% for Class I, Class II and
Class III shares
- Gartmore GVIT International Growth Fund to 1.25% for Class I, Class II and
Class III shares
- Gartmore GVIT OTC Fund to 1.60% for Class I shares

INVESTMENT ADVISORY FEES

During the fiscal years ended December 31, 2002, 2001 and 2000, GMF and GGAMT
earned the following fees for investment advisory services:

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GMF INVESTMENT ADVISORY FEES
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------------------------------------------------------
2002 2001 2000
FUND FEES EARNED FEES REIMBURSED FEES EARNED FEES REIMBURSED FEES EARNED1 FEES REIMBURSED
--------------------------------------------------------------------------------------------------------------------------------

Comstock GVIT Value Fund. . . . $ 364,558 $ 2,010 $ 434,663 $ 78,158 $ 284,811 $ 70,388
Dreyfus GVIT Mid Cap Index Fund 1,483,835 9,099 961,813 249,729 163,748 157,855
Federated GVIT High Income
Bond Fund . . . . . . . . . . . 966,761 1,462 737,807 84,812 442,436 115,002
Gartmore GVIT Global Health
Sciences Fund . . . . . . . . . 60,621 283 19,354 95,729 02 1072
Gartmore GVIT Global Technology
and Communications Fund . . . . 127,706 12,725 131,329 89,862 03 44,7273
Gartmore GVIT Government
Bond Fund . . . . . . . . . . . 8,012,931 34,402 5,454,842 799,745 3,275,649 498,191
Gartmore GVIT Growth Fund . . . 1,629,378 5,420 2,540,711 213,289 4,785,143 293,537
Gartmore GVIT Investor
Destinations Aggressive Fund. . 9,565 -- 364 6,6464 -- --
Gartmore GVIT Investor
Destinations Moderately
Aggressive Fund . . . . . . . . 34,531 -- 364 6,6464 -- --
Gartmore GVIT Investor
Destinations Moderate Fund. . . 74,686 -- 364 6,6464 -- --
Gartmore GVIT Investor
Destinations Moderately
Conservative Fund . . . . . . . 44,759 -- 364 6,6464 -- --
Gartmore GVIT Investor
Destinations Conservative
Fund. . . . . . . . . . . . . . 45,578 -- 364 6,6464 -- --
Gartmore GVIT Mid Cap
Growth Fund*. . . . . . . . . . 1,173,289 9,157 1,744,588 352,429 1,551,732 353,987
Gartmore GVIT Money Market Fund 10,905,161 72,552 10,040,104 1,671,437 6,486,295 1,126,343
Gartmore GVIT Money Market
Fund II . . . . . . . . . . . . 301,549 87 35,7705 10,7025 -- --
Gartmore GVIT Nationwide Fund . 8,810,734 30,518 10,408,538 754,192 12,055,797 706,978
Gartmore GVIT Nationwide
Leaders Fund. . . . . . . . . . 62,833 155 3466 7,4336 -- --
Gartmore GVIT U.S. Growth
Leaders Fund. . . . . . . . . . 43,696 -- 1,0326 7,2236 -- --
Gartmore GVIT Worldwide Leaders
Fund. . . . . . . . . . . . . . 466,112 1,585 733,766 70,056 586,716 165,649
GVIT Small Company Fund . . . . 6,168,304 -- 6,856,394 -- 6,677,080 --
GVIT Small Cap Growth Fund. . . 1,273,107 2,361 1,174,969 135,474 488,609 181,698
GVIT Small Cap Value Fund . . . 5,178,959 8,215 4,373,935 498,130 1,514,031 303,376
J.P. Morgan GVIT Balanced Fund. 1,085,968 4,486 975,563 165,741 542,881 159,539
Nationwide GVIT Strategic
Value Fund. . . . . . . . . . . 160,794 27,905 219,175 59,364 146,678 58,778
Turner GVIT Growth Focus
Fund. . . . . . . . . . . . . . 71,189 39 __________ __________ __________ __________
Van Kampen GVIT Multi
Sector Bond Fund. . . . . . . . 1,412,997 7,344 1,179,519 216,127 547,986 179,017
GVIT Equity 500 Index Fund. . . 666,7979 -- 802,1809 -- 838,0969 --
Dreyfus GVIT International
Value Fund. . . . . . . . . . . 501,5889 -- 539,6519 -- 624,8719 --

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GGAMT INVESTMENT ADVISORY FEES
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------------------------------------------------------
2002 2001 2000
--------------------------------------------------------------------------------------------------------------------------------
FUND FEES EARNED FEES REIMBURSED FEES EARNED FEES REIMBURSED FEES EARNED1 FEES REIMBURSED
--------------------------------------------------------------------------------------------------------------------------------

Gartmore GVIT Developing
Markets Fund . . . . . . . . . 1,271,2529 -- 1,180,1349 -- 1,680,4369 --
Gartmore GVIT Emerging
Markets Fund . . . . . . . . . $ 253,775 $ -- $ 100,0638 $ 60,0698 $ -- $ --
Gartmore GVIT Global
Financial Services Fund. . . . 43,474 -- 1,1527 8,3207 -- --
Gartmore GVIT Global Utilities
Fund . . . . . . . . . . . . . 23,520 220 9127 8,3237 -- --
Gartmore GVIT International
Growth Fund. . . . . . . . . . 90,776 2,992 89,2838 99,0278 -- --

1 Fees net of reimbursement.
2 Fund commenced operations on December 29, 2000.
3 Fund commenced operations on June 30, 2000.
4 Funds commenced operations on December 12, 2001.
5 Fund commenced operations on October 2, 2001.
6 Funds commenced operations on December 31, 2001.
7 Funds commenced operations on December 28, 2001.
8 Funds commenced operations on August 30, 2000.
9 Fees paid by the Fund's predecessor to its predecessor investment adviser.
* Fees paid by the Gartmore GVIT Mid Cap Growth Fund prior to the
reorganization of Market Street Mid Cap Growth Portfolio into the Fund.
Market Street Mid Cap Growth Portfolio paid its advisers $303,564, $666,433
and $634,366 for the periods ending December 31, 2000, 2001 and 2002,
respectively.

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The following Funds had not commenced operations as of December 31, 2002,
and thus paid no investment advisory fees: Dreyfus GVIT International Value
Fund, Gartmore GVIT Asia Pacific Leaders Fund, Gartmore GVIT European Leaders
Fund, Gartmore GVIT Global Leaders Fund, Gartmore GVIT OTC Fund, Gartmore GVIT
Global Small Companies Fund, and Gartmore GVIT U.S. Growth Leaders Long-Short
Fund.

SUBADVISERS

The Subadvisers for certain of the Funds advised by the Advisers are as follows:

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FUND SUBADVISER(S)
---------------------------------------------------------------------------------------

Comstock GVIT Value Fund . . . . . . . . Van Kampen Asset Management Inc. ("VKAM")

Federated GVIT High Income Bond Fund . . Federated Investment Counseling ("Federated")

Gartmore GVIT Worldwide Leaders Fund . . Gartmore Global Partners ("GGP")

Dreyfus GVIT Mid Cap Index Fund. . . . . The Dreyfus Corporation ("Dreyfus")

J.P. Morgan Investment Management Inc.
J. P. Morgan GVIT Balanced Fund. . . . . ("J.P. Morgan")

Morgan Stanley Investment Management Inc.
Van Kampen GVIT Multi Sector Bond. . . . ("MSIM"), d.b.a., Van Kampen Asset Management
Fund . . . . . . . . . . . . . . . . . . Inc.

GVIT Small Cap Value Fund. . . . . . . . Dreyfus, and J.P. Morgan

Waddell & Reed Investment Management Company
("WRIMCO") and Neuberger Berman, LLC
GVIT Small Cap Growth Fund . . . . . . . ("Neuberger Berman")

Nationwide Strategic Value Fund. . . . . Strong Capital Management, Inc. ("Strong")

Dreyfus, Neuberger Berman, Strong, WRIMCO
GVIT Small Company Fund. . . . . . . . . and GGP

Turner GVIT Growth Focus Fund. . . . . . Turner Investment Partners, Inc. ("Turner")

GVIT Equity 500 Index Fund . . . . . . . SSgA Funds Management, Inc. ("SSgA")

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Dreyfus GVIT International Value Fund. . Dreyfus
Gartmore GVIT Asia Pacific Leaders Fund,
Gartmore GVIT Developing Markets Fund,
Gartmore GVIT Emerging Markets Fund,
Gartmore GVIT European Leaders Fund,
Gartmore GVIT Global Financial Services
Fund,
Gartmore GVIT Global Leaders Fund,
Gartmore GVIT Global Small Companies . . GGP
Fund,
Gartmore GVIT Global Utilities Fund,
Gartmore GVIT International Growth Fund,
and
Gartmore GVIT OTC Fund

1 J.P. Morgan began service as a subadviser to the Fund on October 1, 2003.
2 WRIMCO began service as a subadviser to the Fund on January 5, 2001.
3 GGP began service as a subadviser to the Fund on August 15, 2001.

VKAM, a wholly-owned subsidiary of Van Kampen Investments Inc. ("Van
Kampen"), is a diversified asset management company that administers more than
three million retail investors accounts, has extensive capabilities for managing
institutional portfolios and had more than $66 billion under management or
supervision, as of December 31, 2002. Van Kampen is an indirect, wholly-owned
subsidiary of Morgan Stanley Dean Witter & Co.

Federated, a Delaware business trust organized on April 11, 1989, is
registered as an investment adviser under the Investment Advisers Act of 1940.
It is a subsidiary of Federated Investors, Inc. Federated and other subsidiaries
of Federated Investors, Inc. serve as investment advisers to number of
investment companies and private accounts. Certain other subsidiaries also
provide administrative services to a number of investment companies. As of
December 31, 2002, Federated had assets under management of approximately $195
billion.

GGP is a partnership owned jointly by Gartmore U.S. Ltd. and Gartmore
Securities Ltd. Gartmore U.S. Ltd. is a wholly-owned subsidiary of Gartmore
Capital Management Ltd. Gartmore Capital Management Ltd. is a wholly owned
subsidiary of and Gartmore Securities Ltd. is almost entirely owned by Gartmore
Investment Management plc. Gartmore Investment Management plc is almost
entirely owned by Asset Management Holdings plc, a holding company, which is a
wholly owned subsidiary of Nationwide UK Holding Company, Ltd, another holding
company, which is a majority owned subsidiary of Nationwide UK Asset Management
Holdings, Ltd., another holding company, which is a wholly owned subsidiary of
Nationwide Asset Management Holdings, Ltd. Nationwide Asset Management Holdings,
Ltd., which is also a holding company, is a wholly owned subsidiary of GGAMT.
GGAMT is a wholly-owned subsidiary of Nationwide Corporation. All of the common
stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company
(95.3%) and Nationwide Mutual Fire Insurance Company (4.7%), each of which is a
mutual company owned by its policy holders.

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Dreyfus, located at 200 Park Avenue, New York, New York 10166, was formed
in 1947. Dreyfus is a wholly-owned subsidiary of Mellon Financial Corporation
("Mellon"), a global financial services company. As of December 31, 2002,
Dreyfus managed or administered approximately over $170 billion in assets.
Mellon is a publicly owned financial services company incorporated under
Pennsylvania law in 1971 and registered under the Federal Bank Holding Company
Act of 1956, as amended. Mellon provides a comprehensive range of financial
products and services in domestic and selected international markets. Mellon is
among the twenty-five largest bank holding companies in the United States based
on total assets. Through its subsidiaries, including Dreyfus, Mellon managed
more than $581 billion in assets as of March 31, 2003. As of December 31, 2002,
various subsidiaries of Mellon provided non-investment services, such as
custodial or administration services, for more than $2.9 trillion in assets.

J.P. Morgan, a wholly owned subsidiary of J.P. Morgan Chase & Co.
Incorporated ("J.P. Morgan Chase") and a corporation organized under the laws of
the State of Delaware, is a registered investment adviser under the 1940 Act.
J.P. Morgan is located at 522 Fifth Avenue, New York, New York 10036. J.P.
Morgan Chase, a bank holding company organized under the laws of the State of
Delaware, was formed from the merger of J.P. Morgan & Co. Incorporated and The
Chase Manhattan Corporation. J.P. Morgan Chase, together with its predecessors,
has been in the banking and investment advisory business for over 100 years and
today, through J.P. Morgan and its other subsidiaries, offers a wide range of
banking and investment and investment management services to governmental,
institutional, corporate and individual clients.

MSIM does business in certain instances, including with respect to the Van
Kampen GVIT Multi Sector Bond Fund, using the name Van Kampen. MSIM is owned by
indirect subsidiaries of Morgan Stanley Dean Witter & Co. and is part of Morgan
Stanley Investment Management ("MS Investment Management"). MSIM provides
investment advisory services to employee benefit plans, endowment funds,
foundations and other institutional investors. As of December 31, 2002, together
with its affiliated asset management companies, MSIM had in excess of $376
billion in assets under management.

WRIMCO acts as investment manager to numerous investment companies and
accounts. As of December 31, 2002, WRIMCO managed over $26 billion in assets.

Neuberger Berman and its predecessor firms and affiliates have specialized
in the management of no-load mutual funds since 1950. Neuberger Berman and its
affiliates manage securities accounts that had approximately $56 billion of
assets as of December 31, 2002. Neuberger Berman is a member of the NYSE and
other principal exchanges and acts as a broker in the purchase and sale of their
securities for that portion of the Fund's portfolio managed by Neuberger Berman.

Strong began conducting business in 1974. Since then, its principal
business has been providing continuous investment supervision for individuals
and institutional accounts. Strong also acts as investment advisor for each of
the mutual funds within the Strong Family of Funds. As of December 31, 2002,
Strong had approximately $39 billion under management. Strong's principal
mailing address is P.O. Box 2936, Milwaukee, Wisconsin 53201. Mr. Richard S.
Strong is the controlling shareholder of Strong.

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Turner was founded in 1990 and is located at 1235 West Lakes Drive, Berwyn,
Pennsylvania 19312. It is a registered investment adviser under the Investment
Advisers Act of 1940. Turner serves as investment adviser to other investment
companies, as well as separate investment portfolios. As of December 31, 2002,
Turner had approximately $8 billion in assets under management.

SSgA is a wholly owned subsidiary of State Street Corporation and is
located at Two International Place, Boston, MA 02110. SSgA manages over $60
billion in assets of U.S. Securities and Exchange Commission registered open-end
investment companies. As of December 31, 2002, State Street Global Advisors
companies, including SSgA, manage over $763 billion in assets, the third largest
total among U.S. investment managers.

Subject to the supervision of the Adviser (GMF or GGAMT, as applicable) and
the Trustees, each of the Subadvisers manages the assets of the Funds as listed
above in accordance with the Fund's investment objectives and policies. Each
Subadviser makes investment decisions for the Fund and in connection with such
investment decisions, places purchase and sell orders for securities. For the
investment management services they provide to the Funds, the Subadvisers
receive annual fees from the Adviser, calculated at an annual rate based on the
average daily net assets of the funds, in the following amounts:

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FUND ASSETS FEE
-------------------------------------------------------------------------------------

Comstock GVIT Value Fund . . . . . . . . . . up to $50 million 0.35%
50 million up to $250 million 0.30%
250 million up to $500 million 0.25%
500 million and more 0.20%

Federated GVIT High Income Bond Fund . . . . up to $50 million 0.40%
50 million up to $250 million, 0.25%
250 million up to $500 million, 0.20%
500 million and more. 0.15%

Gartmore GVIT Worldwide Leaders Fund . . . . up to $50 million 0.60%
$50 million and more 0.55%

Dreyfus GVIT Mid Cap Index Fund. . . . . . . up to $250 million, 0.10%
250 million up to $500 million, 0.09%
500 million up to $750 million, 0.08%
750 million up to $1 billion, 0.07%
$1 billion and more. 0.05%

J. P. Morgan GVIT Balanced Fund. . . . . . . up to $100 million 0.35%
100 million and more 0.30%

Van Kampen GVIT Multi Sector Bond Fund . . . up to $200 million 0.30%
200 million and more 0.25%

GVIT Small Cap Value Fund. . . . . . . . . . up to $200 million 0.50%
200 million and more 0.45%
0.60%

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GVIT Small Cap Growth Fund . . . . . . . . . All assets
Nationwide Strategic Value Fund. . . . . . . up to $500 million 0.50%
500 million and more 0.45%
GVIT Small Company Fund. . . . . . . . . . . All assets 0.60%

Turner GVIT Growth Focus Fund1 . . . . . . . up to $500 million 0.55%
500 million up to $2 billion 0.45%
$2 billion and more 0.40%

GVIT Equity 500 Index Fund . . . . . . . . . up to $200 million 0.025%
200 million up to $700 million 0.02%
700 million and more 0.015%

Dreyfus GVIT International Value Fund. . . . up to $500 million 0.375%
500 million and more 0.30%

Gartmore GVIT Emerging Markets Fund All assets 0.575%
Gartmore GVIT Global Small Companies Fund
Gartmore GVIT Developing Markets Fund

Gartmore GVIT International Growth,. . . . . All assets 0.50%
Gartmore GVIT Global Leaders Fund,
Gartmore GVIT European Leaders Fund,
Gartmore GVIT OTC Fund,
Gartmore GVIT Asia Pacific Leaders Fund and
Gartmore GVIT Global Financial Services Fund

Gartmore GVIT Global Utilities Fund. . . . . All assets 0.40%

1 The subadvisory fee at each breakpoint is a base subadvisory fee and actual
fees may be higher or lower depending on the Fund's performance relative to
its benchmark, the Russell 1000 Growth Index. If the Fund outperforms its
benchmark by a set amount, the Fund will pay lower fees. For a further
description of the fee, see below.

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The following table sets forth the amount GMF1 or GGAMT paid to the Subadvisers
for the fiscal year ended December 31, 2002, 2001 and 2000:

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YEAR ENDED DECEMBER 31,
FUND 2002 2001 2000
-----------------------------------------------------------------------------------------

Comstock GVIT Value Fund . . . . . . . . . . $ 167,461 $212,251 $174,8931

Federated GVIT High Income Bond Fund . . . . 417,985 322,188 249,200

Gartmore GVIT Worldwide Leaders Fund . . . . 278,221 432,9272 438,8002

Dreyfus GVIT Mid Cap Index Fund. . . . . . . 292,941 192,350 64,320

J. P. Morgan GVIT Balanced Fund. . . . . . . 493,986 445,322 326,6133

Van Kampen GVIT Multi Sector Bond Fund . . . 564,919 471,808 303,9844

GVIT Small Cap Value Fund. . . . . . . . . . 2,726,22315 2,282,791 999,500

GVIT Small Cap Growth Fund . . . . . . . . . 627,712 663,0624 365,6214

Nationwide Strategic Value Fund. . . . . . . 89,330 121,7645 114,1425

Gartmore GVIT Mid Cap Growth Fund. . . . . . 651,827 969,215 1,058,731

GVIT Small Company Fund. . . . . . . . . . . 3,610,230 4,257,7906 4,307,7946,7

Turner GVIT Growth Focus Fund. . . . . . . . 43,514 89,9388 09, 10

Gartmore GVIT Emerging Markets Fund. . . . . 126,888 50,03211 N/A

Gartmore GVIT International Growth Fund. . . 45,388 44,64211 0

Gartmore GVIT Global Financial Services Fund 21,737 57612 N/A

Gartmore GVIT Global Utilities Fund. . . . . 11,760 45612 N/A

Dreyfus GVIT International Value Fund. . . . 250,25013 270,14313 312,43513

GVIT Equity 500 Index Fund . . . . . . . . . 65,56713 76,80513 58,90013, 14

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1 Prior to May 1, 2002, Federated was subadviser to the Fund. As a result,
these fees were paid to Federated.
2 Prior to January 2, 2002, J.P. Morgan was the Fund's subadviser. As a
result, these fees were paid to J.P. Morgan.
3 Prior to May 1, 2000, Salomon Brothers Asset Management Inc. ("SBAM") was
the Fund's subadviser. As a result, these fees include amounts paid to
SBAM.
4 Prior to May 1, 2002, MSI acted as a subadviser to the Fund. As a result,
these fees include amounts paid to MSI. Prior to October 1, 2000, Franklin
Advisers, Inc. acted as a subadviser for the Fund. As a result, these fees
include amounts paid to Franklin.
5 Prior to March 12, 2001, Strong had previously subcontracted with Schaefer
Capital Management, Inc. ("Schaefer") to act as the subadviser to the Fund.
Effective March 12, 2001, Strong assumed Schaefer Capital's subadviser
duties. For the years ended December 31, 2000, 2001 (until March 12, 2001),
Strong paid Schaefer subadvisory fees out of the amount it received.
6 Lazard Asset Management ("Lazard") served as a subadviser to the Fund until
August 14, 2001. As a result, these fees include amounts paid to Lazard.
7 Prior to May 1, 2000, Credit Suisse Asset Management, LLC ("Credit Suisse")
served as a subadviser to the Fund. As a result, these fees include amounts
paid to Credit Suisse.
8 With total reimbursements in the amount of $67,618.
9 Net of waivers in the amount of $16,503.
10 The Fund commenced operations on June 30, 2000.
11 The Fund commenced operations on August 30, 2000.
12 The Fund commenced operations on December 18, 2001.
13 Fees paid by the Fund's predecessor to its predecessor investment adviser.
14 Fees paid by the Fund's predecessor to its predecessor investment adviser
for the period February 7, 2000 through December 31, 2000.
15 J.P. Morgan began service as a subadviser to the Fund on October 1, 2003.
As a result, these fees do not include amounts paid to J.P. Morgan.

The remaining Funds had not commenced operations as of December 31, 2002.

MULTI-MANAGER STRUCTURE

The Advisers and the Trust have received from the SEC an exemptive order
for a multi-manager structure which allows the Advisers to hire, replace or
terminate subadvisers without the approval of shareholders; the order also
allows the Advisers to revise a subadvisory agreement without shareholder
approval. If a new subadviser is hired, the change will be communicated to
shareholders within 90 days of such changes, and all changes will be approved by
the Trust's Board of Trustees, including a majority of the Trustees who are not
interested persons of the Trust or the Advisers. The order is intended to
facilitate the efficient operation of the Funds and afford the Trust increased
management flexibility.

The Advisers provide investment management evaluation services to the Funds
principally by performing initial due diligence on prospective Subadvisers for a
Fund and thereafter monitoring the performance of the Subadviser through
quantitative and qualitative analysis as well as periodic in-person, telephonic
and written consultations with the Subadviser. The Advisers have responsibility
for communicating performance expectations and evaluations to the Subadviser and
ultimately recommending to the Trust's Board of Trustees whether the
Subadviser's contract should be renewed, modified or terminated; however, the
Advisers do not expect to recommend frequent changes of subadvisers. The
Advisers will regularly provide written reports to the Trust's Board of Trustees
regarding the results of their evaluation and monitoring functions. Although the
Advisers will monitor the performance of the Subadvisers, there is no certainty
that the Subadvisers or the Funds will obtain favorable results at any given
time.

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SUBADVISER PERFORMANCE FEE - TURNER GVIT GROWTH FOCUS FUND

For the subadvisory services it provides to the Fund, Turner receives a
base subadvisory fee that may be adjusted if a Fund out- or under-performs a
stated benchmark. Set forth below is information about the subadvisory fee
arrangements of the Fund between Turner and GMF:

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Turner Russell 1000 12.0% 0.55% for assets 0.77% 0.33%
GVIT . Growth Index up to $500 million,
Growth
Focus
Fund
0.45% for assets 0.63% 0.27%
of $500 million
and more but less
than $2 billion,
0.40% for assets of 0.56% 0.24%
$ 2 billion and more

In the event that the Fund over-or-underperforms its benchmark by less than
12% over a 36-month period, no adjustment will take place and Turner will
receive the applicable base fee. These performance-based fees will be paid from
the investment advisory fees received by GMF and will be subject to the same
conditions.

CONSIDERATION OF INVESTMENT ADVISORY AGREEMENTS

In determining whether it was appropriate to approve the Investment
Advisory Agreements between each Adviser and the Trust, on behalf of each Fund,
the Board received extensive information, provided by the Advisers, that the
Board believed to be reasonably necessary to conduct its review. The Board
carefully evaluated this information, and was advised with respect to its
deliberations by legal counsel to the Trust, and the trustees who are not
interested persons were also advised by their own independent legal counsel.
The Trustees decided to approve the Investment Advisory Agreements on the basis
of the following considerations, among others:

- The investment advisory fee payable to each Adviser under its
Investment Advisory Agreement, the anticipated costs to the Adviser of
providing these services, the profitability of each Adviser's
relationship with the Funds that it advises (particularly under recent
volatile market conditions), the level of reimbursements being made by
an Adviser and the anticipated duration of such reimbursements, and
the comparability of the fee to fees paid by other similar investment
companies.

- The nature, quality and extent of the investment advisory services
expected to be provided by the Adviser to each of the Funds it advises
and such Funds' historic performance and the comparability of such
Funds' performance to the performance of similar investment companies.

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- The overall quality of the personnel, operations, financial condition,
investment management capabilities, methodologies, and performance of
the Advisers.

- Any ancillary benefits to the Advisers, including soft dollars
received by such Advisers.

In light of the above considerations and such other factors and information
it considered relevant, the Board unanimously determined that the Investment
Advisory Agreements should be continued for each of the Funds and that the
compensation payable under such Investment Advisory Agreements is fair and
reasonable with respect to each such Fund.

With respect to the addition of new Funds to the Investment Advisory
Agreements, the Board has considered similar information, omitting, however,
unavailable Fund profitability information and historic Fund performance
information.

DISTRIBUTOR

Gartmore Distribution Services, Inc. ("GDSI") serves as principal
underwriter for each of the Funds of the Trust in the continuous distribution of
their shares pursuant to a Underwriting Agreement dated as of October 1, 2002
(the "Underwriting Agreement"). Prior to October 1, 2002, Nationwide Securities,
Inc. was the principal underwriter for the Funds. Unless otherwise terminated,
the Underwriting Agreement will continue in effect for the initial term and from
year to year thereafter for successive annual periods, if, as to each Fund, such
continuance is approved at least annually by (i) the Trust's Board of Trustees
or by the vote of a majority of the outstanding shares of that Fund, and (ii)
the vote of a majority of the Trustees of the Trust who are not parties to the
Underwriting Agreement or interested persons (as defined in the 1940 Act) of any
party to the Underwriting Agreement, cast in person at a meeting called for the
purpose of voting on such approval. The Underwriting Agreement may be terminated
in the event of any assignment, as defined in the 1940 Act. GDSI is a
wholly-owned subsidiary of Gartmore Global Asset Management, Inc. ("GGAMI"), a
Delaware holding company. GGAMI is a wholly-owned subsidiary of Gartmore SA
Capital Trust, which is an investment adviser and is wholly-owned by Gartmore
Global Investments, Inc. ("GGI"), a Delaware holding company. GGI is a majority
owned subsidiary of GGAMT. GGAMT is a Delaware business trust that is a
wholly-owned subsidiary of Nationwide Corporation. All of the common stock of
Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.3%)
and Nationwide Mutual Fire Insurance Company (4.7%), each of which is a mutual
company owned by its policyholders.

The following entities or people are affiliates of the Trust and are also
affiliates of GDSI:

Gartmore Mutual Fund Capital Trust
Gartmore Global Asset Management Trust
Gartmore Global Partners
Nationwide Life Insurance Company
Nationwide Life and Annuity Insurance Company
Nationwide Financial Services, Inc.

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Nationwide Corporation
Nationwide Mutual Insurance Company
Paul Hondros
Gerald Holland
Eric Miller

In its capacity as principal underwriter, GDSI solicits orders for the sale
of shares, advertises and pays the costs of advertising, office space and the
personnel involved in such activities. GDSI receives no compensation under the
Underwriting Agreement with the Trust.

DISTRIBUTION PLAN

The Trust, with respect to certain shares of certain Funds, has adopted a
Distribution Plan (the "Plan") under Rule 12b-1 of the 1940 Act. The Plan
permits such Funds to compensate GDSI, as the Funds' principal underwriter, for
expenses associated with the distribution of such Funds' Class II shares or all
of the shares in the case of the Gartmore GVIT Investor Destinations Funds and
Gartmore GVIT Money Market Fund II. Although actual distribution expenses may
be more or less, such Funds, or the applicable class, as indicated below, pay
GDSI an annual fee under the Plan, regardless of expenses, in annual amount that
will not exceed the following amounts:

[Enlarge/Download Table]

Gartmore GVIT Nationwide Fund . . . . . . . . . . . . 0.25% of the average daily
Gartmore GVIT International Growth Fund . . . . . . . net assets of Class II shares
Gartmore GVIT Global Technology . . . . . . . . . . . of each Fund, all of which
and Communications Fund . . . . . . . . . . . will be considered a
Gartmore GVIT Emerging Markets Fund . . . . . . . . . distribution fee.
Gartmore GVIT Global Health Sciences Fund
GVIT Small Cap Growth Fund
GVIT Small Company Fund
Gartmore GVIT Mid Cap Growth Fund
Comstock GVIT Value Fund
Turner GVIT Growth Focus Fund
Dreyfus GVIT Mid Cap Index Fund
GVIT Small Cap Value Fund
Gartmore GVIT Worldwide Leaders Fund
Gartmore GVIT Government Bond Fund
Gartmore GVIT European Leaders Fund
Gartmore GVIT Nationwide Leaders Fund
Gartmore GVIT U.S. Growth Leaders Fund
Gartmore GVIT Asia Pacific Leaders Fund
Gartmore GVIT Global Financial Services Fund
Gartmore GVIT Global Utilities Fund
GVIT Equity 500 Index Fund
Dreyfus GVIT International Value Fund
Gartmore GVIT Developing Markets Fund
Gartmore GVIT U.S. Growth Leaders Long-Short Fund

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Gartmore GVIT Investor Destinations . . . . . . . . . 0.25% of the average daily
Aggressive Fund . . . . . . . . . . . . . . . . . net assets of shares of each
Gartmore GVIT Investor Destinations . . . . . . . . . Fund, all of which will be
Moderately Fund Aggressive Fund . . . . . . . . . considered a distribution fee.
Gartmore GVIT Investor Destinations Moderate Fund
Gartmore GVIT Investor Destinations Moderately
Conservative Fund
Gartmore GVIT Investor Destinations Conservative Fund
Gartmore GVIT Money Market Fund II
Gartmore GVIT Nationwide Principal Protected Fund

During the fiscal year ended December 31, 2002, GDSI earned the following
distribution fees under the Plan1:

----------------------------------------------------------------------------
FUND FEES PAID
----------------------------------------------------------------------------
Comstock GVIT Value Fund . . . . . . . . . . . . . . . . . . . . NA
----------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund. . . . . . . . . . . . . . . . . $ 842
----------------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund. . . . . . . . . . . . . . . $ 852
----------------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund. . . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Global Technology and Communications Fund. . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Global Utilities Fund. . . . . . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Government Bond Fund . . . . . . . . . . . . . . . $ 4,854
----------------------------------------------------------------------------
Gartmore GVIT International Growth Fund. . . . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Aggressive Fund. . . . . . . $ 18,394
----------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately Aggressive Fund . $ 66,407
----------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderate Fund. . . . . . . . $ 143,627
----------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately Conservative Fund $ 86,076
----------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Conservative Fund. . . . . . $ 87,651
----------------------------------------------------------------------------
Gartmore GVIT Mid Cap Growth Fund. . . . . . . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Money Market Fund II . . . . . . . . . . . . . . . $ 150,774
----------------------------------------------------------------------------
Gartmore GVIT Nationwide Fund. . . . . . . . . . . . . . . . . . $ 410
----------------------------------------------------------------------------
Gartmore GVIT Nationwide Leaders Fund. . . . . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Fund . . . . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund . . . . . . . . . . . . . . NA
----------------------------------------------------------------------------
Gartmore GVIT Small Company Fund . . . . . . . . . . . . . . . . $ 2,028
----------------------------------------------------------------------------
Gartmore GVIT Small Cap Growth Fund. . . . . . . . . . . . . . . $ 1,390
----------------------------------------------------------------------------
Gartmore GVIT Small Cap Value Fund . . . . . . . . . . . . . . . $ 984
----------------------------------------------------------------------------
Turner GVIT Growth Focus Fund. . . . . . . . . . . . . . . . . . NA
----------------------------------------------------------------------------

1 The other Funds of the Trust for which GDSI acted as distributor either
have not adopted a Distribution Plan or had not commenced operations as of
December 31, 2002.

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101

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As required by Rule 12b-1, the Plan was approved by the Board of Trustees,
including a majority of the Trustees who are not interested persons of the Trust
and who have no direct or indirect financial interest in the operation of the
Plan (the "Independent Trustees"). The Plan was initially approved by the Board
of Trustees on March 1, 2001. The Plan may be amended from time to time by vote
of a majority of the Trustees, including a majority of the Independent Trustees,
cast in person at a meeting called for that purpose. The Plan may be
terminated as to the applicable shares of a Fund by vote of a majority of the
Independent Trustees, or by vote of a majority of the outstanding shares of that
Class or Fund, as applicable. Any change in the Plan that would materially
increase the distribution cost to the applicable shareholders requires
shareholder approval. The Trustees review quarterly a written report of such
costs and the purposes for which such costs have been incurred. For so long as
the Plan is in effect, selection and nomination of those Trustees who are not
interested persons of the Trust shall be committed to the discretion of such
disinterested persons. All agreements with any person relating to the
implementation of the Plan may be terminated at any time on 60 days' written
notice without payment of any penalty, by vote of a majority of the Independent
Trustees or by a vote of the majority of the outstanding applicable shares. The
Plan will continue in effect for successive one-year periods, provided that each
such continuance is specifically approved (i) by the vote of a majority of the
Independent Trustees, and (ii) by a vote of a majority of the entire Board of
Trustees cast in person at a meeting called for that purpose. The Board of
Trustees has a duty to request and evaluate such information as may be
reasonably necessary for them to make an informed determination of whether the
Plan should be implemented or continued. In addition the Trustees in approving
the Plan as to a Fund must determine that there is a reasonable likelihood that
the Plan will benefit such Fund and its Shareholders.

The Board of Trustees of the Trust believes that the Plan is in the best
interests of the Funds since it encourages Fund growth and maintenance of Fund
assets. As the Funds grow in size, certain expenses, and therefore total
expenses per Share, may be reduced and overall performance per Share may be
improved.

GDSI may enter into, from time to time, Rule 12b-1 Agreements with selected
dealers pursuant to which such dealers will provide certain services in
connection with the distribution of a Fund's Shares including, but not limited
to, those discussed above. From time to time, GDSI or an affiliate of GDSI may
pay additional amounts from its own resources to dealers or other financial
intermediaries for aid in distribution or for aid in providing administrative
services to shareholders.

The Trust has been informed by GDSI that during the fiscal year ended
December 31, 2002, the following expenditures were made using the 12b-1 fees
received by the principal underwriter with respect to the Funds1:

[Download Table]

---------------------------------------------------------------------------------
BROKER-
PROSPECTUS DEALER
PRINTING & COMPENSATION
FUND MAILING2 & COSTS3
---------------------------------------------------------------------------------

Comstock GVIT Value Fund. . . . . . . . . . . . . . . $ 0 $ 0
---------------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund . . . . . . . . . . . 0 848.31
---------------------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund . . . . . . . . . 36.37 815.63
---------------------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund. . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Global Technology and
Communications Fund . . . . . . . . . . . . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Global Utilities Fund . . . . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Government Bond Fund. . . . . . . . . . 708.68 4145.32
---------------------------------------------------------------------------------

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102

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Gartmore GVIT International Growth Fund . . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Aggressive Fund . 920.27 17,473.73
---------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately
Aggressive Fund. . . . . . . . . . . . . . . . . . . 565.24 65,841.76
---------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderate Fund . . 0 143,937.14
---------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately
Conservative Fund . . . . . . . . . . . . . . . . . . 341.58 85,734.42
---------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Conservative Fund 463.00 87,188.00
---------------------------------------------------------------------------------
Gartmore GVIT Mid Cap Growth Fund . . . . . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund II. . . . . . . . . . 11,688.14 139,085.86
---------------------------------------------------------------------------------
Gartmore GVIT Nationwide Fund . . . . . . . . . . . . 80.83 329.17
---------------------------------------------------------------------------------
Gartmore GVIT Nationwide Leaders Fund . . . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Fund. . . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund. . . . . . . . . 0 0
---------------------------------------------------------------------------------
Gartmore GVIT Small Company Fund. . . . . . . . . . . 0 2,050.56
---------------------------------------------------------------------------------
Gartmore GVIT Small Cap Growth Fund . . . . . . . . . 0 1,404.82
---------------------------------------------------------------------------------
Gartmore GVIT Small Cap Value Fund. . . . . . . . . . 0 994.12
---------------------------------------------------------------------------------
Turner GVIT Growth Focus Fund . . . . . . . . . . . . 0 0
---------------------------------------------------------------------------------

1 The other Funds of the Trust for which GDSI acted as distributor either
have not adopted a Distribution Plan or had not commenced operations as of
December 31, 2002.
2 Printing and/or mailing of prospectuses to other than current Fund
shareholders.
3 Broker-dealer compensation and costs were primarily paid to Nationwide
Investment Services Corporation, an affiliate of GDSI and underwriter of
variable insurance contracts, which are offered by the life insurance
company affiliates of NFS.

A Fund may not recoup the amount of unreimbursed expenses in a subsequent
fiscal year and does not generally participate in joint distribution activities
with other Funds. To the extent that certain Funds utilize the remaining Rule
12b-1 fees not allocated to "Broker-Dealer Compensation and Costs" on "Printing
and Mailing" of a prospectus which covers multiple Funds, however, such other
Funds may benefit indirectly from the distribution of the Fund paying the Rule
12b-1 fees.
FUND ADMINISTRATION AND TRANSFER AGENCY SERVICES

Under the terms of a Fund Administration Agreement, GSA provides for
various administrative and accounting services to the Funds, including daily
valuation of the Funds' shares, preparation of financial statements, tax
returns, and regulatory reports, and presentation of quarterly reports to the
Board of Trustees. Gartmore Investor Services, Inc. ("GISI"), a wholly owned
subsidiary of GSA, serves as transfer agent and dividend disbursing agent for
each of the Funds. Both GSA and GISI are located at 1200 River Road,
Conshohocken, Pennsylvania 19428. Beginning December 1, 2001, for the fund
administration and transfer agency services, each Fund pays GSA a combined
annual fee based on the Trust's average daily net assets according to the
following schedule:

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AGGREGATE TRUST FEE
ASSET LEVEL* AS A PERCENTAGE OF NET ASSETS
---------------------------------------------------------------------
up to $1 billion . . . . . . . . . . . 0.13%
1 billion and more up to $3 billion . 0.08%
3 billion and more up to $8 billion . 0.05%
8 billion and more up to $10 billion. 0.04%
10 billion and more up to $12 billion 0.02%
12 billion or more. . . . . . . . . . 0.01%

* The assets of each of the GVIT Investor Destinations Funds are excluded
from the Trust asset level amount in order to calculate this asset based
fee. The GVIT Investor Destinations Funds do not pay any part of this fee.

GSA pays GISI from these fees for its services as the Trust's transfer and
dividend disbursing agent.

During the fiscal year ended December 31, 2002 and the period from December
1, 2001 to December 31, 2001, GSA earned combined fund administration and
transfer agency fees from the Funds as follows:

[Enlarge/Download Table]

PERIOD
ENDED
DECEMBER
2002 2001
FUND EARNED EARNED*
---------------------------------------------------------------------------------------

Comstock GVIT Value Fund . . . . . . . . . . . . . . . . . . . . $ 32,735 $ 2,881
---------------------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund. . . . . . . . . . . . . . . . . 201,480 13,221
---------------------------------------------------------------------------------------
Federated GVIT High Income Bond Fund . . . . . . . . . . . . . . 128,782 6,243
---------------------------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund. . . . . . . . . . . . . . . 18,585 849
---------------------------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund . . . . . . . . . . 5,391 751
---------------------------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund. . . . . . . . . . . . 5,747 139
---------------------------------------------------------------------------------------
Gartmore GVIT Global Technology and Communications Fund. . . . . 10,218 875
---------------------------------------------------------------------------------------
Gartmore GVIT Global Utilities Fund. . . . . . . . . . . . . . . 5,050 741
---------------------------------------------------------------------------------------
Gartmore GVIT Government Bond Fund . . . . . . . . . . . . . . . 1,073,440 71,439
---------------------------------------------------------------------------------------
Gartmore GVIT Growth Fund. . . . . . . . . . . . . . . . . . . . 178,456 19,748
---------------------------------------------------------------------------------------
Gartmore GVIT International Growth Fund. . . . . . . . . . . . . 14,532 484
---------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Aggressive Fund. . . . . . . N/A N/A2
---------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately Aggressive Fund . N/A N/A2
---------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderate Fund. . . . . . . . N/A N/A2
---------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately Conservative Fund N/A N/A2
---------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Conservative Fund. . . . . . N/A N/A2
---------------------------------------------------------------------------------------
Gartmore GVIT Mid Cap Growth Fund. . . . . . . . . . . . . . . . 87,763 9,291
---------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund. . . . . . . . . . . . . . . . . 1,874,325 162,281
---------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund II . . . . . . . . . . . . . . . 39,083 1,8043
---------------------------------------------------------------------------------------
Gartmore GVIT Nationwide Fund. . . . . . . . . . . . . . . . . . 966,598 91,431
---------------------------------------------------------------------------------------
Gartmore GVIT Nationwide Leaders Fund. . . . . . . . . . . . . . 6,031 253
---------------------------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Fund . . . . . . . . . . . . . 4,699 753
---------------------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund . . . . . . . . . . . . . . 33,143 3,880
---------------------------------------------------------------------------------------
GVIT Small Company Fund. . . . . . . . . . . . . . . . . . . . . 455,495 39,879
---------------------------------------------------------------------------------------
GVIT Small Cap Growth Fund . . . . . . . . . . . . . . . . . . . 80,388 7,207
---------------------------------------------------------------------------------------
GVIT Small Cap Value Fund. . . . . . . . . . . . . . . . . . . . 393,726 35,615
---------------------------------------------------------------------------------------
J.P. Morgan GVIT Balanced Fund . . . . . . . . . . . . . . . . . 126,522 8,137
---------------------------------------------------------------------------------------
Nationwide GVIT Strategic Value Fund . . . . . . . . . . . . . . 13,926 1,231
---------------------------------------------------------------------------------------
Turner GVIT Growth Focus Fund. . . . . . . . . . . . . . . . . . 7,046 1,034
---------------------------------------------------------------------------------------
Van Kampen GVIT Multi Sector Bond Fund . . . . . . . . . . . . . 164,653 9,645
---------------------------------------------------------------------------------------
Dreyfus GVIT International Value Fund. . . . . . . . . . . . . . 88,7884 N/A
---------------------------------------------------------------------------------------
Gartmore GVIT Asia Pacific Leaders FundX . . . . . . . . . . . . N/A N/A
---------------------------------------------------------------------------------------

--------------------------------------------------------------------------------
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Gartmore GVIT Developing Markets Fund. . . . . . . . . . . . . . 48,4645 N/A
---------------------------------------------------------------------------------------
Gartmore GVIT European Leaders FundX . . . . . . . . . . . . . . N/A N/A
---------------------------------------------------------------------------------------
Gartmore GVIT Global Leaders FundX . . . . . . . . . . . . . . . N/A N/A
---------------------------------------------------------------------------------------
Gartmore GVIT Global Small Companies FundX . . . . . . . . . . . N/A N/A
---------------------------------------------------------------------------------------
Gartmore GVIT OTC FundX. . . . . . . . . . . . . . . . . . . . . N/A N/A
---------------------------------------------------------------------------------------
GVIT Equity 500 Index Fund . . . . . . . . . . . . . . . . . . . 373,2774 N/A
---------------------------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Long-Short FundX . . . . . . . N/A N/A
---------------------------------------------------------------------------------------

* Reflect the net amount of fees received after all applicable waivers. As
noted above, fund administration and transfer agency fees were combined
effective December 1, 2001. The numbers for 2001 reflect combined fund
administration and transfer agency fees from December 1, 2001 through
December 31, 2001.
1 The Funds commenced operations on December 28, 2001
2 The Funds commenced operations on December 12, 2001.
3 The Funds commenced operations on December 31, 2001.
4 Reflects the amount of fees received paid by the Fund's predecessor.
Effective October 1, 2002, GSA serves as the Fund's administrator. Prior to
October 1, 2002, Provident Mutual Life Insurance Company served as the
Fund's administrator.
5 Reflects the amount of fees paid by the Fund's predecessor. Effective April
28, 2003, GSA serves as the Fund's administrator. Prior to April 28, 2003,
J.P. Morgan Investor Services Co. served as the Fund's administrator.
X As of December 31, 2002, the Funds had not yet commenced operations.

For the period of January 1, 2001 through November 30, 2001 and the fiscal
year ended December 31, 2000, GSI earned the following, under the previous fee
schedule, for fund administration services it provided:

[Enlarge/Download Table]

2001
EARNED
(1/1/01- 2001 2000 2000
FUND 11/30/01)* WAIVED EARNED* WAIVED
-------------------------------------------------------------------------------------------

Gartmore GVIT Nationwide Leaders Fund1 $ -- $ -- $ --- $ ---
Gartmore GVIT U.S. Growth Leaders Fund1. . . . . . N/A N/A N/A N/A
Gartmore GVIT Worldwide Leaders Fund 47,751 --- 52,667 ---
Gartmore GVIT International Growth Fund2 68,630 --- 0 25,000
Gartmore GVIT Emerging Markets Fund2 68,630 --- 5,601 19,399
Gartmore GVIT Global Technology
and Communications Fund3 68,630 --- 0 37,295
Gartmore GVIT Global Financial
Services Fund4 . . . . . . . . . . . . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Global Utilities Fund4 . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Global Health Sciences Fund5 68,630 --- 0 619
Gartmore GVIT Nationwide Fund 742,343 --- 973,697 ---
Gartmore GVIT Growth Fund 196,615 --- 422,949 ---
Gartmore GVIT Government Bond Fund 484,373 --- 377,378 ---
Gartmore GVIT Money Market Fund 1,041,327 --- 881,362 ---
GVIT Small Cap Value Fund 270,559 --- 140,913 ---

--------------------------------------------------------------------------------
105

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GVIT Small Company Fund 380,420 --- 445,045 ---
GVIT Small Cap Growth Fund6 70,506 --- 75,345 ---
Turner GVIT Growth Focus Fund3 68,630 --- 37,295 ---
Comstock GVIT Value Fund 35,405 --- 31,080 ---
Federated GVIT High Income Bond Fund 62,507 --- 48,777 ---
J.P. Morgan GVIT Balanced Fund 83,503 --- 65,560 ---
Dreyfus GVIT Mid Cap Index Fund 120,456 --- 45,025 ---
Gartmore GVIT Mid Cap Growth Fund 125,606 --- 146,884 ---
Van Kampen GVIT Multi Sector Bond Fund 99,729 --- 67,855
Gartmore GVIT Money Market Fund II1 12,340 --- N/A N/A
Gartmore GVIT Investor Destinations
Aggressive Fund7 . . . . . . . . . . . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Investor Destinations
Moderately Aggressive Fund7. . . . . . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Investor Destinations
Moderate Fund7 . . . . . . . . . . . . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Investor Destinations
Moderately Conservative Fund7. . . . . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Investor Destinations
Conservative Fund7 . . . . . . . . . . . . . . . . N/A N/A N/A N/A
Nationwide GVIT Strategic Value Fund 15,725 --- 15,980 ---
Gartmore GVIT Global Leaders FundX . . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Global Small Companies FundX . . . . N/A N/A N/A N/A
Gartmore GVIT OTC FundX. . . . . . . . . . . . . . N/A N/A N/A N/A
Gartmore GVIT European Leaders FundX . . . . . . . N/A N/A N/A N/A
Gartmore GVIT Asia Pacific Leaders FundX . . . . . N/A N/A N/A N/A
Gartmore GVIT Developing Markets Fund8 . . . . . . 38,466 N/A 66,455 N/A
GVIT Equity 500 Index FundX. . . . . . . . . . . . N/A N/A N/A N/A
Dreyfus GVIT International Value FundX . . . . . . N/A N/A N/A N/A
Gartmore GVIT U.S. Growth Leaders Long-Short FundX N/A N/A N/A N/A

* Numbers reflect the net amount of fees received after all applicable
waivers. As noted above, fund administration and transfer agency fees were
combined effective December 1, 2001. The numbers for 2001 reflect fund
administration fees from January 1, 2001 through November 30, 2001.
1 The Funds commenced operations on December 31, 2001.
2 The Funds commenced operations as of August 30, 2000.
3 The Funds commenced operations as of June 30, 2000.
4 The Funds commenced operations on December 28, 2001
5 The Fund commenced operations as of December 29, 2000.
6 The Fund commenced operations on May 1, 1999.
7 The Funds commenced operations on December 12, 2001.
8 Reflects the amount of fees received paid by the Fund's predecessor.
Effective April 28, 2003, GSA serves as the Fund's administrator. Prior to
April 28, 2003, J.P. Morgan Investor Services Co. served as the Fund's
administrator.
X The Funds have not yet commenced operations.

For the period of January 1, 2001 through November 30, 2001 and the fiscal
year ended December 31, 2000, GISI earned the following, under a previous fee
schedule, for the transfer agency services it provided:

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N-1A 121st Page of 154 TOC 1st Previous Next ↓Bottom Just 121st
[Enlarge/Download Table]

2001
EARNED* 2000
FUND (1/1/01 - 11/30/01) EARNED
-------------------------------------------------------------------------------------------------

Gartmore GVIT Nationwide Leaders Fund1 $ --- $ ---
Gartmore GVIT U.S. Growth Leaders Fund1 . . . . . . . . . . . . . N/A N/A
Gartmore GVIT Worldwide Leaders Fund. . . . . . . . . . . . . . . 6,819 7,523
Gartmore GVIT International Growth Fund2. . . . . . . . . . . . . 819 320
Gartmore GVIT Emerging Markets Fund2. . . . . . . . . . . . . . . 740 158
Gartmore GVIT Global Technology and Communications Fund3. . . . . 1,206 456
Gartmore GVIT Global Financial Services Fund4 . . . . . . . . . . N/A N/A
Gartmore GVIT Global Utilities Fund4. . . . . . . . . . . . . . . N/A N/A
Gartmore GVIT Global Health Sciences Fund5. . . . . . . . . . . . 206 2
Gartmore GVIT Nationwide Fund . . . . . . . . . . . . . . . . . . 162,585 218,406
Gartmore GVIT Growth Fund . . . . . . . . . . . . . . . . . . . . 39,302 84,652
Gartmore GVIT Government Bond Fund. . . . . . . . . . . . . . . . 98,683 75,470
Gartmore GVIT Money Market Fund . . . . . . . . . . . . . . . . . 237,232 195,325
GVIT Small Cap Value Fund . . . . . . . . . . . . . . . . . . . . 44,312 20,191
GVIT Small Company Fund . . . . . . . . . . . . . . . . . . . . . 67,196 71,788
GVIT Small Cap Growth Fund. . . . . . . . . . . . . . . . . . . . 9,571 6,093
Turner GVIT Growth Focus Fund3. . . . . . . . . . . . . . . . . . 915 183
Comstock GVIT Value Fund. . . . . . . . . . . . . . . . . . . . . 5,056 4,440
Federated GVIT High Income Bond Fund. . . . . . . . . . . . . . . 8,925 6,967
J.P. Morgan GVIT Balanced Fund. . . . . . . . . . . . . . . . . . 11,923 9,365
Dreyfus GVIT Mid Cap Index Fund . . . . . . . . . . . . . . . . . 17,199 6,431
Gartmore GVIT Mid Cap Growth Fund . . . . . . . . . . . . . . . . 17,953 21,173
Van Kampen GVIT Multi Sector Bond Fund. . . . . . . . . . . . . . 14,240 9,693
Gartmore GVIT Money Market Fund II6 . . . . . . . . . . . . . . . 437 N/A
Gartmore GVIT Investor Destinations Aggressive Fund7. . . . . . . N/A N/A
Gartmore GVIT Investor Destinations Moderately Aggressive Fund7 . N/A N/A
Gartmore GVIT Investor Destinations Moderate Fund7. . . . . . . . N/A N/A
Gartmore GVIT Investor Destinations Moderately Conservative Fund7 N/A N/A
Gartmore GVIT Investor Destinations Conservative Fund7. . . . . . N/A N/A
Nationwide GVIT Strategic Value Fund. . . . . . . . . . . . . . . 2,246 2,283
Gartmore GVIT Global Leaders FundX. . . . . . . . . . . . . . . . N/A N/A
Gartmore GVIT Global Small Companies FundX. . . . . . . . . . . . N/A N/A
Gartmore GVIT OTC FundX . . . . . . . . . . . . . . . . . . . . . N/A N/A
Gartmore GVIT European Leaders FundX. . . . . . . . . . . . . . . N/A N/A
Gartmore GVIT Asia Pacific Leaders FundX. . . . . . . . . . . . . N/A N/A
GVIT Equity 500 Index FundX . . . . . . . . . . . . . . . . . . . N/A N/A

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Dreyfus GVIT International Value FundX. . . . . . . . . . . . . . N/A N/A
Gartmore GVIT U.S. Growth Leaders Long-Short FundX. . . . . . . . N/A N/A

* Numbers reflect the net amount of fees received after all applicable
waivers. As noted above, fund administration and transfer agency fees were
combined effective December 1, 2001. The numbers for 2001 reflect transfer
agency fees from January 1, 2001 through November 30, 2001.
1 The Funds commenced operations on December 31, 2001.
2 The Funds commenced operations as of August 30, 2000.
3 The Funds commenced operations as of June 30, 2000.
4 The Funds commenced operations on December 28, 2001
5 The Fund commenced operations as of December 29, 2000.
6 The Fund commenced operations on October 2, 2002.
7 The Funds commenced operations on December 12, 2001.
X The Funds had not yet commenced operations.

SUB-ADMINISTRATION

GSA has entered into a Services Agreement with BISYS Fund Services Ohio,
Inc. ("BISYS"), and GISI has entered into a Sub-Transfer Agent Agreement with
BISYS, effective November 1, 2001, to provide certain fund administration and
transfer agency services for each of the Funds held beneficially by its
customers. For these services, GSA pays BISYS an annual fee at the following
rates based on the average daily net assets of the aggregate of all the funds of
the Trust that BISYS is providing such services for:

AGGREGATE TRUST FEE
ASSET LEVEL** AS A PERCENTAGE OF NET ASSETS
---------------------------------------------------------------------
up to $1 billion . . . . . . . . . . . 0.10%
1 billion and more up to $3 billion . 0.05%
3 billion and more up to $8 billion . 0.04%
8 billion and more up to $10 billion. 0.02%
10 billion and more up to $12 billion 0.01%
12 billion or more. . . . . . . . . . 0.005%

** The assets of each of the GVIT Investor Destinations Funds are excluded
from the Trust asset level amount in order to calculate this asset based
fee. The GVIT Investor Destinations Funds do not pay any part of this fee.

For the period of January 1, 2001 through October 31, 2001 and the fiscal
year ended December 31, 2000, BISYS earned (under a previous fee schedule)
$6,228,787 and $6,385,351, respectively, for the sub-administration services it
provided and $3,676,394 and $4,182,062 for the sub-transfer agency services it
provided. Effective November 1, 2001, the sub-administration and sub-transfer
agency fees were combined. For the period November 1, 2001 to December 31, 2001
and the fiscal year ended December 31, 2002, BISYS earned $1,803,079 and
$5,960,724 for the combined sub-administration and sub-transfer agency services
it provided, respectively.

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ADMINISTRATIVE SERVICE PLAN

Under the terms of an Administrative Services Plan, each Fund is permitted
to enter Servicing Agreements with servicing organizations who agree to provide
certain administrative support services for the Funds. Such administrative
support services include but are not limited to the following: establishing and
maintaining shareholder accounts, processing purchase and redemption
transactions, arranging for bank wires, performing shareholder sub-accounting,
answering inquiries regarding the Funds, providing periodic statements showing
the account balance for beneficial owners or for Plan participants or contract
holders of insurance company separate accounts, transmitting proxy statements,
periodic reports, updated prospectuses and other communications to shareholders
and, with respect to meetings of shareholders, collecting, tabulating, and
forwarding to the Trust executed proxies and obtaining such other information
and performing such other services as may reasonably be required.

As authorized by the Administrative Services Plan, the Trust has entered
into a Servicing Agreement, effective July 1, 1999, pursuant to which Nationwide
Financial Services, Inc. has agreed to provide certain administrative support
services to the Funds held beneficially by its customers. In consideration for
providing administrative support services, NFS and other entities with which the
Trust may enter into Servicing Agreements (which may include NSI) will receive a
fee, computed at the annual rate of up to 0.25% of the average daily net assets
of the Class I, Class II and Class III shares of the Funds, the annual rate of
up to 0.20% of the average daily net assets of Class IV shares of the Funds and
at the annual rate of up to 0.10% of the average daily net assets of the Class V
shares held by customers of NFS or any such other entity. During the fiscal
years ended December 31, 2002, 2001 and 2000, NFS and its affiliates earned
$13,329,141, $12,276,973 and $11,053,480 in administrative services fees from
the Funds.

CUSTODIAN

JPMorgan Chase Bank, 4 New York Plaza, New York, NY 10008, is the Custodian
for the Funds and makes all receipts and disbursements under a Custodian
Agreement. The Custodian performs no managerial or policy making functions for
the Funds.

LEGAL COUNSEL

Stradley Ronon Stevens & Young, LLP, 2600 Commerce Square, Philadelphia, PA
19103, serves as the Trust's legal counsel.

INDEPENDENT ACCOUNTANTS

PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1700, 2001 Market
Street, Philadelphia, PA 19103-7042, serves as independent accountants for the
Trust.

--------------------------------------------------------------------------------
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BROKERAGE ALLOCATIONS

A Fund's Adviser (or a Subadviser) is responsible for decisions to buy and
sell securities and other investments for the Funds, the selection of brokers
and dealers to effect the transactions and the negotiation of brokerage
commissions, if any. In transactions on stock and commodity exchanges in the
United States, these commission are negotiated, whereas on foreign stock and
commodity exchanges these commissions are generally fixed and are generally
higher than brokerage commissions in the United States. In the case of
securities traded on the over-the-counter markets or for securities traded on a
principal basis, there is generally no commission, but the price includes a
spread between the dealer's purchase and sale price. This spread is the
dealer's profit. In underwritten offerings, the price includes a disclosed,
fixed commission or discount. Most short-term obligations are normally traded
on a "principal" rather than agency basis. This may be done through a dealer
(e.g., a securities firm or bank) who buys or sells for its own account rather
than as an agent for another client, or directly with the issuer.

Except as described below, the primary consideration in portfolio security
transactions is best price and execution of the transaction, i.e., execution at
the most favorable prices and in the most effective manner possible. "Best
price-best execution" encompasses many factors affecting the overall benefit
obtained by the client account in the transaction including, but not necessarily
limited to, the price paid or received for a security, the commission charged,
the promptness, availability and reliability of execution, the confidentiality
and placement accorded the order, and customer service. Both the Advisers and
the Subadvisers have complete freedom as to the markets in and the
broker-dealers through which they seek this result.

Subject to the primary consideration of seeking best price-best execution
and as discussed below, securities may be bought or sold through broker-dealers
who have furnished statistical, research, and other information or services to
Adviser or a Subadviser. In placing orders with such broker-dealers, the Adviser
or Subadviser will, where possible, take into account the comparative usefulness
of such information. Such information is useful to the Adviser or Subadviser
even though its dollar value may be indeterminable, and its receipt or
availability generally does not reduce the Adviser's or Subadviser's normal
research activities or expenses.

Fund portfolio transactions may be effected with broker-dealers who have
assisted investors in the purchase of variable annuity contracts or variable
insurance policies issued by Nationwide Life Insurance Company or Nationwide
Life & Annuity Insurance Company. However, neither such assistance nor sale of
other investment company shares is a qualifying or disqualifying factor in a
broker-dealer's selection, nor is the selection of any broker-dealer based on
the volume of shares sold.

There may be occasions when portfolio transactions for a Fund are executed
as part of concurrent authorizations to purchase or sell the same security for
trusts or other accounts (including other mutual funds) served by the adviser or
Subadviser or by an affiliated company thereof. Although such concurrent
authorizations potentially could be either advantageous or disadvantageous to a
Fund, they are effected only when the adviser or Subadviser believes that to do
so is in the interest of the Fund. When such concurrent authorizations occur,
the executions will be allocated in an equitable manner.

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In purchasing and selling investments for the Funds, it is the policy of
each of the Advisers and Subadvisers to obtain best execution at the most
favorable prices through responsible broker-dealers. The determination of what
may constitute best execution in a securities transaction by a broker involves a
number of considerations, including the overall direct net economic result to
the Fund (involving both price paid or received and any commissions and other
costs paid), the efficiency with which the transaction is effected, the ability
to effect the transaction at all when a large block is involved, the
availability of the broker to stand ready to execute possible difficult
transactions in the future, and the financial strength and stability of the
broker. These considerations are judgmental and are weighed by the Adviser or
Subadviser in determining the overall reasonableness of securities executions
and commissions paid. In selecting broker-dealers, the Adviser or Subadviser
will consider various relevant factors, including, but not limited to, the size
and type of the transaction; the nature and character of the markets for the
security or asset to be purchase or sole; the execution efficiency, settlement
capability, and financial condition of the broker-dealer's firm; the
broker-dealer's execution services rendered on a continuing basis; and the
reasonableness of any commissions.

The Advisers and each Subadviser may cause a Fund to pay a broker-dealer
who furnishes brokerage and/or research services a commission that is in excess
of the commission another broker-dealer would have received for executing the
transaction if it is determined, pursuant to the requirements of Section 28(e)
of the Securities Exchange Act of 1934 that such commission is reasonable in
relation to the value of the brokerage and/or research services provided. Such
research services may include, among other things, analyses and reports
concerning issuers, industries, securities, economic factors and trends,
portfolio strategy, analytic on modeling software, market data fees and
historical market information. Any such research and other information provided
by brokers to an Adviser or Subadviser is considered to be in addition to and
not in lieu of services required to be performed by it under its investment
advisory or subadvisory agreement, as the case may be. The fees paid to the
Advisers and Subadvisers pursuant to their respective investment advisory or
subadvisory agreement are not reduced by reason of its receiving any brokerage
and research services. The research services provided by broker-dealers can be
useful to the Advisers or a Subadviser in serving their other clients. All
research services received from the brokers to whom commission are paid are used
collectively, meaning such services may not actually be utilized in connection
with each client account that may have provided the commission paid to the
brokers providing such services. Subject to the policy of the Advisers and
Subadvisers to obtain best execution at the most favorable prices through
responsible broker-dealers, each also may consider the broker-dealer's sale of
shares of any fund for which it serves as investment adviser, subadviser or
administrator. For the fiscal year ended December 31, 2002, the clients
(including the Funds) of all the affiliated advisers of Gartmore Global
Investments, Inc. ("GGI"), including but not limited to GMF, GSA, GGAMT, and
Gartmore Morley Capital Management, Inc., paid soft dollar commissions in the
total amount of $4,379,309. GGI directs security transactions to brokers
providing brokerage and research services to the benefit of all GGI clients,
including the Funds.

The following tables list the amount of brokerage commissions and the
amount of transactions and related commissions paid to brokers providing
research and other services to the subadvisers for the following periods:

--------------------------------------------------------------------------------
111

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[Enlarge/Download Table]

FOR THE YEAR ENDED DECEMBER 31, 2002

TRANSACTIONS RELATED TO
-------------------------------------------------------------------------------------------
BROKERAGE OR RESEARCH SERVICES1
-------------------------------------------------------------------------------------------
FUND COMMISSION $ AMOUNT COMMISSION
-------------------------------------------------------------------------------------------

Gartmore GVIT Nationwide Leaders Fund . . . . . . . $ 15,073 $ 1,336,230 $ 1,291
-------------------------------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Fund. . . . . . . 130,418 11,523,889 22,611
-------------------------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund. . . . . . . . 914,776 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT International Growth Fund . . . . . . 120,297 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund . . . . . . . . 263,189 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Global Technology
and Communications Fund . . . . . . . . . . . . 499,765 13,418,637 21,778
-------------------------------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund. . . . 26,536 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Global Utilities Fund . . . . . . . . 19,835 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund . . . . . 126,252 2,051,311 2,377
-------------------------------------------------------------------------------------------
Gartmore GVIT Nationwide Fund . . . . . . . . . . . 1,730,702 555,536,155 891,400
-------------------------------------------------------------------------------------------
Gartmore GVIT Growth Fund . . . . . . . . . . . . . 1,933,071 290,351,726 492,625
-------------------------------------------------------------------------------------------
Gartmore GVIT Government Bond Fund. . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund . . . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------------
GVIT Small Cap Value Fund . . . . . . . . . . . . . 4,607,990 199,477,200 358,019
-------------------------------------------------------------------------------------------
GVIT Small Company Fund . . . . . . . . . . . . . . 2,268,567 56,056,374 122,480
-------------------------------------------------------------------------------------------
GVIT Small Cap Growth Fund. . . . . . . . . . . . . 459,733 -- --
-------------------------------------------------------------------------------------------
Turner GVIT Growth Focus Fund . . . . . . . . . . . 261,723 -- --
-------------------------------------------------------------------------------------------
Comstock GVIT Value Fund. . . . . . . . . . . . . . 242,669 -- --
-------------------------------------------------------------------------------------------
Federated GVIT High Income Bond Fund. . . . . . . . 22 -- --
-------------------------------------------------------------------------------------------
J.P. Morgan GVIT Balanced Fund. . . . . . . . . . . 112,903 -- --
-------------------------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund . . . . . . . . . . 118,807 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Mid Cap Growth Fund . . . . . . . . . 2,238,775 -- --
-------------------------------------------------------------------------------------------
Van Kampen GVIT Multi Sector Bond Fund. . . . . . . 560 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund II. . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Aggressive Fund 0 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Moderately Aggressive Fund. . . . . . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Moderate Fund . . . . . . . . . . . . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Moderately Conservative Fund. . . . . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Conservative Fund . . . . . . . . . . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------------

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Nationwide GVIT Strategic Value Fund. . . . . . . . 65,648 -- --
-------------------------------------------------------------------------------------------
Gartmore GVIT Global Leaders FundX. . . . . . . . . N/A N/A N/A
-------------------------------------------------------------------------------------------
Gartmore GVIT Global Small Companies FundX. . . . . N/A N/A N/A
-------------------------------------------------------------------------------------------
Gartmore GVIT OTC FundX . . . . . . . . . . . . . . N/A N/A N/A
-------------------------------------------------------------------------------------------
Gartmore GVIT European Leaders FundX. . . . . . . . N/A N/A N/A
-------------------------------------------------------------------------------------------
Gartmore GVIT Asia Pacific Leaders FundX. . . . . . N/A N/A N/A
-------------------------------------------------------------------------------------------
Gartmore GVIT Developing Markets Fund2. . . . . . . 650,906 -- --
-------------------------------------------------------------------------------------------

1 To the extent the Fund is managed by a subadviser, this information has
been provided by the respective Fund's subadvisers, and the information is
believed to be reliable, however, the Funds have not independently verified
it.
2 Reflects the amount of brokerage commissions paid by the Fund's
predecessor.
X The Fund has not yet commenced operations.

[Enlarge/Download Table]

FOR THE YEAR ENDED DECEMBER 31, 2001

TRANSACTIONS RELATED TO
----------------------------------------------------------------------------------------------
BROKERAGE OR RESEARCH SERVICES1
----------------------------------------------------------------------------------------------
FUND COMMISSION $ AMOUNT COMMISSION
----------------------------------------------------------------------------------------------

Gartmore GVIT Nationwide Leaders Fund2 . . . . . . . $ 488 $ $
----------------------------------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Fund2. . . . . . . 1,630 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund . . . . . . . . 279,537 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT International Growth Fund. . . . . . . 99,551 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund. . . . . . . . . 72,797 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Global Technology
and Communications Fund. . . . . . . . . . . . . 145,558 3,399,892 5,993
----------------------------------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund3. . . . 2,449 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Global Utilities Fund3 . . . . . . . . 3,520 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund. . . . . . 21,697 1,673,320 1,942
----------------------------------------------------------------------------------------------
Gartmore GVIT Nationwide Fund. . . . . . . . . . . . 2,615,444 578,826,967 851,570
----------------------------------------------------------------------------------------------
Gartmore GVIT Growth Fund. . . . . . . . . . . . . . 1,685,987 306,190,755 452,943
----------------------------------------------------------------------------------------------
Gartmore GVIT Government Bond Fund . . . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund. . . . . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
GVIT Small Cap Value Fund. . . . . . . . . . . . . . 2,996,661 66,454,430 212,029
----------------------------------------------------------------------------------------------
GVIT Small Company Fund. . . . . . . . . . . . . . . 2,122,835 724,349,996 2,335,097
----------------------------------------------------------------------------------------------
GVIT Small Cap Growth Fund . . . . . . . . . . . . . 198,124 156,978,470 282,170
----------------------------------------------------------------------------------------------
Turner GVIT Growth Focus Fund. . . . . . . . . . . . 221,687 2,408,070 1,960
----------------------------------------------------------------------------------------------

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Comstock GVIT Value Fund . . . . . . . . . . . . . . 96,410 16,225,687 20,966
----------------------------------------------------------------------------------------------
Federated GVIT High Income Bond Fund . . . . . . . . 267 -- --
----------------------------------------------------------------------------------------------
J.P. Morgan GVIT Balanced Fund . . . . . . . . . . . 82,493 -- --
----------------------------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund. . . . . . . . . . . 65,724 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Mid Cap Growth Fund. . . . . . . . . . 2,347,489 2,429,578,645 4,107,903
----------------------------------------------------------------------------------------------
Van Kampen GVIT Multi Sector Bond Fund . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund II4. . . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Aggressive Fund5 0 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Moderately Aggressive Fund5. . . . . . . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Moderate Fund5 . . . . . . . . . . . . . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Moderately Conservative Fund5. . . . . . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations
Conservative Fund5 . . . . . . . . . . . . . . . . . 0 -- --
----------------------------------------------------------------------------------------------
Nationwide GVIT Strategic Value Fund . . . . . . . . 127,268 70,797,569 166,397
----------------------------------------------------------------------------------------------
Gartmore GVIT Global Leaders FundX . . . . . . . . . N/A N/A N/A
----------------------------------------------------------------------------------------------
Gartmore GVIT Global Small Companies FundX . . . . . N/A N/A N/A
----------------------------------------------------------------------------------------------
Gartmore GVIT OTC FundX. . . . . . . . . . . . . . . N/A N/A N/A
----------------------------------------------------------------------------------------------
Gartmore GVIT European Leaders FundX . . . . . . . . N/A N/A N/A
----------------------------------------------------------------------------------------------
Gartmore GVIT Asia Pacific Leaders FundX . . . . . . N/A N/A N/A
----------------------------------------------------------------------------------------------
GVIT Equity 500 Index FundX. . . . . . . . . . . . . N/A N/A N/A
----------------------------------------------------------------------------------------------
Dreyfus GVIT International Value FundX . . . . . . . N/A N/A N/A
----------------------------------------------------------------------------------------------
Gartmore GVIT Developing Markets Fund6 . . . . . . . 756,137 -- --
----------------------------------------------------------------------------------------------

1 To the extent the Fund is managed by a subadviser, this information has
been provided by the respective Fund's subadvisers, and the information is
believed to be reliable, however, the Funds have not independently verified
it.
2 The Funds commenced operations as of December 31, 2001.
3 The Funds commenced operations as of December 28, 2001.
4 The Funds commenced operations as of October 2, 2001.
5 The Funds commenced operations as of December 12, 2001.
6 Reflects the amount of brokerage commissions paid by the Fund's
predecessor.
X The Fund had not yet commenced operations as of December 31, 2001.

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[Enlarge/Download Table]

FOR THE YEAR ENDED DECEMBER 31, 2000
-------------------------------------------------------------------------------------
TRANSACTIONS RELATED TO
-------------------------------------------------------------------------------------
BROKERAGE OR RESEARCH SERVICES1
-------------------------------------------------------------------------------------
FUND COMMISSION $ AMOUNT COMMISSION
-------------------------------------------------------------------------------------

Gartmore GVIT Mid Cap Growth Fund . . . . . . $ 3,333,396 $363,014,518 $ 323,019
-------------------------------------------------------------------------------------
Nationwide GVIT Strategic Value Fund. . . . . 72,533 7,548,638 13,061
-------------------------------------------------------------------------------------
Comstock GVIT Value Fund. . . . . . . . . . . 50,307 -- --
-------------------------------------------------------------------------------------
Federated GVIT High Income Bond Fund. . . . . 0 -- --
-------------------------------------------------------------------------------------
J.P. Morgan GVIT Balanced Fund. . . . . . . . 119,026 -- --
-------------------------------------------------------------------------------------
Van Kampen GVIT Multi Sector Bond Fund. . . . 0 -- --
-------------------------------------------------------------------------------------
GVIT Small Cap Value Fund . . . . . . . . . . 0 104,206,444 336,125
-------------------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund. . . . . 343,746 -- --
-------------------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund . . . . . . . 123,246 -- --
-------------------------------------------------------------------------------------
GVIT Small Cap Growth Fund. . . . . . . . . . 156,285 -- --
-------------------------------------------------------------------------------------
GVIT Small Company Fund2. . . . . . . . . . . 2,281,254 182,649,855 280,636
-------------------------------------------------------------------------------------
Nationwide Income Fund. . . . . . . . . . . . 0 -- --
-------------------------------------------------------------------------------------
Gartmore GVIT Nationwide Fund2. . . . . . . . 5,658,548 -- --
-------------------------------------------------------------------------------------
Gartmore GVIT Growth Fund2. . . . . . . . . . 1,930,966 -- --
-------------------------------------------------------------------------------------
Gartmore GVIT Government Bond Fund. . . . . . 0 -- --
-------------------------------------------------------------------------------------
Turner GVIT Growth Focus Fund3. . . . . . . . 62,510 3,295 5,000
-------------------------------------------------------------------------------------

Gartmore GVIT Global Technology
and Communications Fund2, 3 . . . . . . . 30,950 -- --
-------------------------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund2, 4 2,030 -- --
-------------------------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund2, 5 . . . 14,279 -- --
-------------------------------------------------------------------------------------
Gartmore GVIT International Growth Fund2, 5 . 34,401 -- --
-------------------------------------------------------------------------------------
Gartmore GVIT Global Leaders Fund6. . . . . . N/A N/A N/A
-------------------------------------------------------------------------------------
Gartmore GVIT European Growth Fund6 . . . . . N/A N/A N/A
-------------------------------------------------------------------------------------
Gartmore GVIT Global Small Companies Fund6. . N/A N/A N/A
-------------------------------------------------------------------------------------
Gartmore GVIT OTC Fund6 . . . . . . . . . . . N/A N/A N/A
-------------------------------------------------------------------------------------
Gartmore GVIT Developing Markets Fund7. . . . 1,202,949 -- --
-------------------------------------------------------------------------------------

1 To the extent the Fund is managed by a subadviser, this information has
been provided by the respective Fund's subadvisers, and the information is
believed to be reliable, however, the Funds have not independently verified
it.
2 For the fiscal year ended December 31, 2000, all the affiliated advisers of
Gartmore Global Investments for both Gartmore Variable Insurance Trust and
Gartmore Mutual Funds, including but not limited to GMF, GSA, GGAMT, and
Gartmore Trust Company, received soft dollar commissions of $2,942,454 for
all their advisory clients, including the Funds. This total may include
soft dollar commissions related to these Funds.
3 The Funds commenced operations as of June 30, 2000.
4 The Fund commenced operations as of December 29, 2000.
5 The Funds commenced operations as of August 30, 2000.
6 The Fund had not yet commenced operations.
7 Reflects the amount of brokerage commissions paid by the Fund's
predecessor.

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Under the 1940 Act, "affiliated persons" of a Fund are prohibited from
dealing with it as a principal in the purchase and sale of securities unless an
exemptive order allowing such transactions is obtained from the SEC. However,
each Fund may purchase securities from underwriting syndicates of which a
subadviser or any of its affiliates as defined in the 1940 Act, is a member
under certain conditions, in accordance with Rule 10f-3 under the 1940 Act.

Certain of the Funds contemplate that, consistent with the policy of
obtaining best results, brokerage transactions may be conducted through
"affiliated broker/dealers," as defined in the 1940 Act. Under the 1940 Act,
commissions paid by a Fund to an "affiliated broker/dealer" in connection with a
purchase or sale of securities offered on a securities exchange may not exceed
the usual and customary broker's commission. Accordingly, it is the Funds'
policy that the commissions to be paid to an affiliated broker-dealer must, in
its judgment, be (1) at least as favorable as those that would be charged by
other brokers having comparable execution capability and (2) at least as
favorable as commissions contemporaneously charged by such broker/dealer on
comparable transactions for its most favored unaffiliated customers, except for
accounts for which the affiliated broker/dealer acts as a clearing broker for
another brokerage firm and customers of an affiliated broker/dealer considered
by a majority of the independent trustees not to be comparable to the Fund. The
Fund does not deem it practicable and in its best interests to solicit
competitive bids for commissions on each transaction. However, consideration
regularly is given to information concerning the prevailing level of commissions
charged on comparable transactions by other brokers during comparable periods of
time.

The following table lists the amount of brokerage commissions paid to
affiliated brokers:

-------------------------------------------------------------------
COMMISSIONS
-------------------------------------------------------------------
FUND BROKER 2002 2001 2000
-------------------------------------------------------------------
GVIT Small . . . . Neuberger & Berman $14,458 $35,755 $65,527
Company Fund
-------------------------------------------------------------------
GVIT Small Cap . . Neuberger & Berman $25,742 $18,703 $ 6,355
Growth Fund
-------------------------------------------------------------------
Dreyfus GVIT Mid . Mellon Bank $ 2,729 $ 5,661 $ 566
Cap Index Fund
-------------------------------------------------------------------
J.P. Morgan GVIT Salomon Smith Barney $ 7,178 $ 6,114 $ ---
Balanced Fund
-------------------------------------------------------------------
GVIT Small Lizard Frees $ --- $ 920 $ ---
Company Fund
-------------------------------------------------------------------

During the year ended December 31, 2002, commissions paid by the GVIT Small
Company Fund to Neuberger & Berman represented 0.64% of total commissions paid
by the Fund or 1.02% of the aggregate dollar amount of transactions involving
the payment of commissions. During the year ended December 31, 2002, commissions
paid by the GVIT Small Cap Growth Fund to Neuberger & Berman represented 5.60%
of total commissions paid by the Fund or 4.73% of the aggregate dollar amount of
transactions involving the payment of commissions. During the year ended
December 31, 2002, commissions paid by the Dreyfus GVIT Mid Cap Index Fund to
Mellon Bank represented 2.30% of total commissions paid by the Fund or 1.58% of
the aggregate dollar amount of transactions involving the payment of
commissions. During the year ended December 31, 2002, commissions paid by the
J.P. Morgan GVIT Balanced Fund to Salomon Smith Barney represented 6.36% of
total commissions paid by the Fund or 1.67% of the aggregate dollar amount of
transactions involving the payment of commissions

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During the fiscal year ended December 31, 2002, the following Funds held
investments in securities of their regular broker-dealers:

[Enlarge/Download Table]

APPROXIMATE AGGREGATE VALUE
OF ISSUER'S SECURITIES OWNED BY
THE FUND DURING THE FISCAL YEAR NAME OF
FUND ENDED OCTOBER 31, 2002 BROKER OR DEALER
-------------------------------------------------------------------------------------------------------------------

Comstock GVIT Value Fund . . . . . . . . . . $ 170,250 Goldman Sachs Group, Inc.
-------------------------------------------------------------------------------------------------------------------
337,755 Merrill Lynch & Co., Inc.
-------------------------------------------------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund. . . . . . . 703,728 E*Trade Group, Inc.
-------------------------------------------------------------------------------------------------------------------
1,041,536 Edwards (A.G.), Inc.
-------------------------------------------------------------------------------------------------------------------
1,257,186 Legg Mason, Inc.
-------------------------------------------------------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund 254,265 Merrill Lynch & Co., Inc.
-------------------------------------------------------------------------------------------------------------------
223,552 Morgan Stanley Dean Witter & Co.
-------------------------------------------------------------------------------------------------------------------
Gartmore GVIT Growth Fund. . . . . . . . . . 572,772 Legg Mason, Inc.
-------------------------------------------------------------------------------------------------------------------
Gartmore GVIT International Growth Fund. . . 112,770 Mescal PLC
-------------------------------------------------------------------------------------------------------------------
60,672 Nikko Cordial Corp.
-------------------------------------------------------------------------------------------------------------------
89,930 Nomura Holdings, Inc.
-------------------------------------------------------------------------------------------------------------------
Gartmore GVIT Mid Cap Growth Fund. . . . . . 1,021,680 Bear Stearns Cos., Inc.
-------------------------------------------------------------------------------------------------------------------
426,320 Lehman Brothers Holdings, Inc.
-------------------------------------------------------------------------------------------------------------------
841,266 E*Trade Group, Inc.
-------------------------------------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund. . . . . . . 99,838,255 Bear Stearns Cos., Inc.
-------------------------------------------------------------------------------------------------------------------
39,993,433 Goldman Sachs Group, Inc.
-------------------------------------------------------------------------------------------------------------------
69,960,025 Morgan Stanley Dean Witter & Co.
-------------------------------------------------------------------------------------------------------------------
3,499,866 Salomon Smith Barney Holdings, Inc.
-------------------------------------------------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund . . . . 736,230 Merrill Lynch & Co., Inc.
-------------------------------------------------------------------------------------------------------------------
GVIT Small Company Fund. . . . . . . . . . . 1,286,310 Legg Mason, Inc.
-------------------------------------------------------------------------------------------------------------------
GVIT Small Cap Value . . . . . . . . . . . . 1,866,668 Ameritrade Holdings
-------------------------------------------------------------------------------------------------------------------
3,666,384 E*Trade Group, Inc.
-------------------------------------------------------------------------------------------------------------------
2,234,535 Knight Trading Group, Inc.
-------------------------------------------------------------------------------------------------------------------
3,155,100 Legg Mason, Inc.
-------------------------------------------------------------------------------------------------------------------
J.P. Morgan GVIT Balanced Fund . . . . . . . 110,808 E*Trade Group, Inc.
-------------------------------------------------------------------------------------------------------------------
411,040 Goldman Sachs Group, Inc.
-------------------------------------------------------------------------------------------------------------------
66,410 Lehman Brothers Holdings, Inc.
-------------------------------------------------------------------------------------------------------------------
91,080 Merrill Lynch & Co., Inc.
-------------------------------------------------------------------------------------------------------------------
1,431,537 Morgan Stanley Dean Witter & Co.
-------------------------------------------------------------------------------------------------------------------
549,010 Schwab (Charles) Corp.
-------------------------------------------------------------------------------------------------------------------
Turner GVIT Growth Focus Fund. . . . . . . . 316,169 Schwab (Charles) Corp.
-------------------------------------------------------------------------------------------------------------------
Van Kampen GVIT Multi Sector Bond Fund . . . 405,797 Goldman Sachs Group, Inc.
-------------------------------------------------------------------------------------------------------------------
31,939 Merrill Lynch & Co., Inc.
-------------------------------------------------------------------------------------------------------------------
Comstock GVIT Value Fund . . . . . . . . . . 170,250 Goldman Sachs Group, Inc.
-------------------------------------------------------------------------------------------------------------------
337,755 Merrill Lynch & Co., Inc.
-------------------------------------------------------------------------------------------------------------------

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PURCHASES, REDEMPTIONS AND PRICING OF SHARES

An insurance company purchases shares of the Funds at their net asset value
("NAV") using purchase payments received on variable annuity contracts and
variable life insurance policies issued by separate accounts. These separate
accounts are funded by shares of the Funds. For certain of the Funds, shares may
also be sold to affiliated Funds of Funds.

As described in the Gartmore GVIT Nationwide Principal Protected Fund's
prospectus, except for reinvestment of dividends and distributions, no sales of
Fund shares will be made during the Guarantee Period. Sales will only be
available during the Offering Period and the Post-Guarantee Period.

All investments in the Trust are credited to the shareholder's account in
the form of full and fractional shares of the designated Fund (rounded to the
nearest 1/1000 of a share). The Trust does not issue share certificates.

The NAV per share of the Funds is determined once daily, as of the close of
regular trading on the New York Stock Exchange (generally 4 P.M. Eastern Time)
on each business day the New York Stock Exchange is open for regular trading
(and on such other days as the Board determines). The Trust will not compute NAV
for the Funds on customary national business holidays, including the following:
Christmas Day, New Year's Day, Martin Luther King, Jr. Day, Presidents' Day,
Good Friday, Memorial Day, Independence Day, Labor Day and Thanksgiving Day.

The offering price for orders placed before the close of the New York Stock
Exchange, on each business day the Exchange is open for trading, will be based
upon calculation of the NAV at the close of regular trading on the Exchange. For
orders placed after the close of regular trading on the Exchange, or on a day on
which the Exchange is not open for trading, the offering price is based upon NAV
at the close of the Exchange on the next day thereafter on which the Exchange is
open for trading. The NAV of a share of each Fund on which offering and
redemption prices are based is the NAV of that Fund, divided by the number of
shares outstanding, the result being adjusted to the nearer cent. The NAV of
each Fund is determined by subtracting the liabilities of the Fund from the
value of its assets (chiefly composed of investment securities). The NAV per
share for a class is calculated by adding the value of all securities and other
assets of a Fund allocable to the class, deducting liabilities allocable to that
class, and dividing by the number of that class' shares outstanding.

Securities for which market quotations are readily available are values at
current market value as of Valuation Time. Valuation Time will be as of the
close of regular trading on the New York Stock Exchange (usually 4 P.M. Eastern
Time). Equity securities are valued at the last quoted sale price, or if there
is no sale price, the last quoted bid price provided by an independent pricing
service approved by the Board of Trustees. Securities traded on NASDAQ are
valued at the NASDAQ Official Closing Price. Prices are taken from the primary
market or exchange in which each security trades.

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Debt and other fixed income securities (other than short-term obligations)
are valued at the last quoted bid price and/or by using a combination of daily
quotes and matrix evaluations provided by an independent pricing service, the
use of which has been approved by the Board of Trustees of the Trust.
Short-term debt securities such as commercial paper and U.S. treasury bills,
having a remaining maturity of 60 day or less are considered to be "short-term"
and are valued at amortized cost which approximated market value. The pricing
service activities and results are reviewed by an officer of the Trust.

Securities for which market quotations are not readily available, or for
which an independent pricing service does not provide a value or provided a
value that does not represent fair value in the judgment of the Funds'
investment adviser or designee, are valued at fair value under procedures
approved by the Board of Trustees of the Trust.

The pricing service activities and results are reviewed by an officer of
the Trust. Securities and other assets, for which such market prices are
unavailable or for which an independent pricing service does not provide a value
or provides a value that does not represent fair value in the judgement of the
Fund's investment adviser or its designee, are valued at fair value under
procedures approved by the Trust's Board of Trustees. For the Gartmore GVIT
Money Market Fund and Gartmore GVIT Money Market Fund II, all securities are
valued at amortized cost, which approximates market value, in accordance with
Rule 2a-7 under the 1940 Act.

A separate account redeems shares to make benefit or surrender payments
under the terms of its variable annuity contracts or variable life insurance
policies. Redemptions are processed on any day on which the Trust is open for
business and are effected at NAV next determined after the redemption order, in
proper form, is received by the Trust's transfer agent, GISI.

The Trust may suspend the right of redemption for such periods as are
permitted under the 1940 Act and under the following unusual circumstances: (a)
when the New York Stock Exchange is closed (other than weekends and holidays) or
trading is restricted; (b) when an emergency exists, making disposal of
portfolio securities or the valuation of net assets not reasonably practicable;
or (c) during any period when the SEC has by order permitted a suspension of
redemption for the protection of shareholders.

PERFORMANCE ADVERTISING

The Funds may use past performance in advertisements, sales literature, and
their prospectuses, including calculations of average annual total return,
30-day yield, and seven-day yield, as described below.

CALCULATING YIELD - THE GARTMORE GVIT MONEY MARKET FUND AND GARTMORE GVIT MONEY
MARKET FUND II

Any current yield quotations for the Gartmore GVIT Money Market Fund or the
Gartmore GVIT Money Market Fund II, subject to Rule 482 under the Securities
Act, or Rule 34b-1 under the 1940 Act, shall consist of a seven calendar day
historical yield, carried at least to the nearest hundredth of a percent. The
yield shall be calculated by determining the net change, excluding realized and
unrealized gains and losses, in the value of a hypothetical pre-existing account
having a balance of one share at the beginning of the period, dividing the net
change in account value by the value of the account at the beginning of the base
period to obtain the base period return, and multiplying the base period return
by 365/7 (or 366/7 during a leap year). For purposes of this calculation, the
net change in account value reflects the value of additional shares purchased
with dividends from the original share, and dividends declared on both the
original share and any such additional shares. A Fund's effective yield
represents an animalization of the current seven day return with all dividends
reinvested. Yields for each class may differ due to different fees and expenses
charged on the Class.

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As of June 30, 2003:

The Gartmore GVIT Money Market Fund Class I shares' seven-day current yield
was 0.60%.

The Gartmore GVIT Money Market Fund Class I shares' effective yield was
0.60% (Effective yield represents an animalization of the current seven day
return with all dividends reinvested.)

The Gartmore GVIT Money Market Fund Class IV shares' seven-day current
yield was 0.73%.

The Gartmore GVIT Money Market Fund Class IV shares' effective yield was
0.73%.

The Gartmore GVIT Money Market Fund Class V shares' seven-day current yield
was 0.68%.

The Gartmore GVIT Money Market Fund Class V shares' effective yield was
0.68%.

The Gartmore GVIT Money Market Fund II's seven-day current yield was 0.13%.

The Gartmore GVIT Money Market Fund II's effective yield was 0.13%.

Each Fund's yield will fluctuate daily. Actual yields will depend on
factors such as the type of instruments in each Fund's portfolio, portfolio
quality and average maturity, changes in interest rates, and each Fund's
expenses. There is no assurance that the yield quoted on any given occasion will
remain in effect for any period of time and there is no guarantee that the net
asset value will remain constant. It should be noted that a shareholder's
investment in either Fund is not guaranteed or insured. Yields of other money
market funds may not be comparable if a different base period or another method
of calculation is used.

CALCULATING YIELD (NON-MONEY MARKET FUNDS) AND TOTAL RETURN

The Funds may from time to time advertise historical performance, subject
to Rule 482 under the Securities Act, or Rule 34b-1 under the 1940 Act. An
investor should keep in mind that any return or yield quoted represents past
performance and is not a guarantee of future results. The investment return and
principal value of investments will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost.

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All performance advertisements shall include average annual total return
quotations for the most recent one, five, and ten year periods (or life, if a
Fund has been in operation less than one of the prescribed periods). Average
annual total return represents the rate required each year for an initial
investment to equal the redeemable value at the end of the quoted period. It is
calculated in a uniform manner by dividing the ending redeemable value of a
hypothetical initial payment of $1,000 for a specified period of time, by the
amount of the initial payment, assuming reinvestment of all dividends and
distributions. The one, five, and ten year periods are calculated based on
periods that end on the last day of the calendar quarter preceding the date on
which an advertisement is submitted for publication.

The uniformly calculated average annual total returns for the one, five,
and ten year periods ended June 30, 2003, or the period from inception to June
30, 2003, if less than another time period, are shown below.

[Enlarge/Download Table]

----------------------------------------------------------------------------------------
10 YEARS
FUND* 1 YEAR 5 YEARS OR LIFE
----------------------------------------------------------------------------------------

Comstock GVIT Value Fund-Class I Shares 1. . . . . . . . . -1.24% -3.57% -1.38%
Comstock GVIT Value Fund-Class II Shares 2 . . . . . . . . -1.52% -3.82% -1.64%
Comstock GVIT Value Fund-Class IV Shares 3 . . . . . . . . -1.23% -3.56% -1.38%
----------------------------------------------------------------------------------------
Dreyfus GVIT International Value Fund-Class I Shares 4 . . -10.18% 0.62% 6.68%
Dreyfus GVIT International Value Fund-Class II Shares 4. . -10.46% 0.36% 6.41%
Dreyfus GVIT International Value Fund-Class III Shares 4 . -10.44% 0.56% 6.65%
Dreyfus GVIT International Value Fund-Class IV Shares 4. . -10.27% 0.60% 6.67%
----------------------------------------------------------------------------------------
Dreyfus GVIT Mid Cap Index Fund-Class I Shares 1 . . . . . -1.53% 5.87% 6.65%
Dreyfus GVIT Mid Cap Index Fund-Class II Shares 2. . . . . -1.73% 5.62% 6.38%
Dreyfus GVIT Mid Cap Index Fund-Class III Shares 5 . . . . -1.53% 5.87% 6.65%
----------------------------------------------------------------------------------------
Federated GVIT High Income Bond Fund-Class I Shares1 . . . 17.36% 2.97% 4.01%
Federated GVIT High Income Bond Fund-Class III Shares5 . . 17.36% 2.97% 4.01%
----------------------------------------------------------------------------------------
Gartmore GVIT Developing Markets Fund-Class I Shares 21. . 3.23% -1.00% -3.86%
Gartmore GVIT Developing Markets Fund-Class II Shares 21 . 3.23% -1.00% -3.86%
----------------------------------------------------------------------------------------
Gartmore GVIT Emerging Markets Fund-Class I Shares6. . . . 1.01% N/A -11.74%
Gartmore GVIT Emerging Markets Fund-Class II Shares 2. . . 0.74% N/A -11.95%
Gartmore GVIT Emerging Markets Fund-Class III Shares5. . . 0.85% N/A -11.78%
----------------------------------------------------------------------------------------
Gartmore GVIT Global Financial Services Fund
-Class I Shares7 . . . . . . . . . . . . . . . . . . . . . 3.11% N/A 0.46%
Gartmore GVIT Global Financial Services Fund
-Class II Shares8. . . . . . . . . . . . . . . . . . . . . 2.90% N/A 0.23%
Gartmore GVIT Global Financial Services Fund
-Class III Shares9 . . . . . . . . . . . . . . . . . . . . 3.10% N/A 0.44%
----------------------------------------------------------------------------------------
Gartmore GVIT Global Health Sciences Fund
-Class I Shares10, 11. . . . . . . . . . . . . . . . . . . 18.56% N/A 1.47%
Gartmore GVIT Global Health Sciences Fund
-Class II Shares11 . . . . . . . . . . . . . . . . . . . . 18.34% N/A 1.24%
Gartmore GVIT Global Health Sciences Fund
-Class III Shares 11 . . . . . . . . . . . . . . . . . . . 18.54% N/A 1.50%
----------------------------------------------------------------------------------------
Gartmore GVIT Global Technology and Communications
Fund-Class I Shares 12 . . . . . . . . . . . . . . . . . . 5.99% N/A -32.34%
----------------------------------------------------------------------------------------
Gartmore GVIT Global Technology and Communications
Fund -Class II Shares 2. . . . . . . . . . . . . . . . . . 6.34% N/A -32.27%
Gartmore GVIT Global Technology and Communications
Fund -Class III Shares 5 . . . . . . . . . . . . . . . . . 6.32% N/A -32.18%
----------------------------------------------------------------------------------------

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Gartmore GVIT Global Utilities Fund-Class I Shares 7 . . . 3.23% N/A -11.46%
Gartmore GVIT Global Utilities Fund-Class II Shares8 . . . 3.17% N/A -11.57%
Gartmore GVIT Global Utilities Fund-Class III Shares9. . . 3.39% N/A -11.37%
----------------------------------------------------------------------------------------
Gartmore GVIT Government Bond Fund-Class I Shares. . . . . 9.86% 7.16% 6.93%
Gartmore GVIT Government Bond Fund-Class II Shares2. . . . 9.58% 6.88% 6.66%
Gartmore GVIT Government Bond Fund-Class III Shares 5. . . 10.01% 7.17% 6.94%
Gartmore GVIT Government Bond Fund-Class IV Shares 3 . . . 9.89% 7.16% 6.94%
----------------------------------------------------------------------------------------
Gartmore GVIT Growth Fund-Class I Shares . . . . . . . . . -1.03% -13.23% 3.35%
Gartmore GVIT Growth Fund-Class IV Shares 3. . . . . . . . -1.13% -13.25% 3.34%
----------------------------------------------------------------------------------------
Gartmore GVIT International Growth Fund-Class I Shares 6 . -13.91% N/A -22.24%
Gartmore GVIT International Growth Fund-Class II Shares 2. -14.13% N/A -22.43%
Gartmore GVIT International Growth Fund-Class III Shares 5 -13.73 N/A -22.18%
----------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Aggressive Fund13. . . -2.72% N/A -5.54%
----------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately Aggressive
Fund13 . . . . . . . . . . . . . . . . . . . . . . . . . . -0.85% N/A -3.52%
----------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderate Fund13. . . . 1.71% N/A -1.07%
----------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Moderately
Conservative Fund13. . . . . . . . . . . . . . . . . . . . 3.52% N/A 1.38%
----------------------------------------------------------------------------------------
Gartmore GVIT Investor Destinations Conservative Fund13. . 4.40% N/A 3.03%
----------------------------------------------------------------------------------------
Gartmore GVIT Mid Cap Growth Fund-Class I Shares20 . . . . 5.34% 7.94% 11.17%
Gartmore GVIT Mid Cap Growth Fund-Class II Shares20. . . . 5.12% 7.68% 10.90%
Gartmore GVIT Mid Cap Growth Fund-Class III Shares20 . . . 5.45% 7.96% 11.18%
Gartmore GVIT Mid Cap Growth Fund-Class IV Shares20. . . . 5.34% 7.94% 11.17%
----------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund-Class I Shares . . . . . . 0.96% 3.72% 4.25%
Gartmore GVIT Money Market Fund-Class IV Shares 3. . . . . 0.99% 3.72% 4.25%
Gartmore GVIT Money Market Fund-Class V Shares14 . . . . . 1.02% 3.73% 4.26%
----------------------------------------------------------------------------------------
Gartmore GVIT Money Market Fund II15 . . . . . . . . . . . 0.44% N/A 0.61%
----------------------------------------------------------------------------------------
Gartmore GVIT Nationwide Fund-Class I Shares . . . . . . . -1.31% -2.50% 8.14%
Gartmore GVIT Nationwide Fund-Class II Shares 2. . . . . . -1.41% -2.70% 7.88%
Gartmore GVIT Nationwide Fund-Class III Shares 5 . . . . . -1.13% -2.46% 8.16%
Gartmore GVIT Nationwide Fund-Class IV Shares 3. . . . . . -1.30% -2.50% 8.14%
----------------------------------------------------------------------------------------
Gartmore GVIT Nationwide Leaders Fund-Class I Shares 7 . . -6.89% N/A 0.60%
Gartmore GVIT Nationwide Leaders Fund-Class II Shares 8. . -7.20% N/A 0.30%
Gartmore GVIT Nationwide Leaders Fund-Class III Shares16 . -6.97% N/A 0.55%
----------------------------------------------------------------------------------------
Gartmore GVIT U.S. Growth Leaders Fund-Class I Shares 7. . 18.64% N/A -2.10%
Gartmore GVIT U.S. Growth Leaders Fund-Class II Shares 8 . 18.53% N/A -2.17%
Gartmore GVIT U.S. Growth Leaders Fund-Class III Shares16. 18.99% N/A -1.83%
----------------------------------------------------------------------------------------
Gartmore GVIT Worldwide Leaders Fund-Class I Shares 1. . . -13.39% -5.70% -2.60%
Gartmore GVIT Worldwide Leaders Fund-Class II Shares2. . . -13.61% -5.94% -2.84%
Gartmore GVIT Worldwide Leaders Fund-Class III Shares5 . . -13.51% -5.73% -2.62%
----------------------------------------------------------------------------------------
GVIT Equity 500 Index Fund-Class I Shares 19 . . . . . . . -0.04% N/A -9.50%
GVIT Equity 500 Index Fund-Class II Shares 19. . . . . . . -0.03% N/A -9.73%
GVIT Equity 500 Index Fund-Class IV Shares 19. . . . . . . -0.04% N/A -9.50%
----------------------------------------------------------------------------------------
GVIT Small Company Fund-Class I Shares 18. . . . . . . . . -0.45% 5.81% 11.57%
GVIT Small Company Fund-Class II Shares 2. . . . . . . . . -0.73% 5.55% 11.29%
GVIT Small Company Fund-Class III Shares 5 . . . . . . . . -0.45% 5.81% 11.57%
----------------------------------------------------------------------------------------

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GVIT Small Company Fund-Class IV Shares 3. . . . . . . . . -0.45% 5.81% 11.57%
----------------------------------------------------------------------------------------
GVIT Small Cap Growth Fund-Class I Shares 17 . . . . . . . -4.03% N/A 4.15%
GVIT Small Cap Growth Fund-Class II Shares 2 . . . . . . . -4.21% N/A 3.95%
GVIT Small Cap Growth Fund-Class III Shares 5. . . . . . . -4.55% N/A 4.01%
----------------------------------------------------------------------------------------
GVIT Small Cap Value Fund-Class I Shares 1 . . . . . . . . -0.89% 8.09% 7.56%
GVIT Small Cap Value Fund-Class II Shares2 . . . . . . . . -1.01% 7.85% 7.34%
GVIT Small Cap Value Fund-Class III Shares5. . . . . . . . -0.86% 8.12% 7.59%
GVIT Small Cap Value Fund-Class IV Shares3 . . . . . . . . -0.89% 8.09% 7.56%
----------------------------------------------------------------------------------------
J.P. Morgan GVIT Balanced Fund-Class I Shares 1. . . . . . 4.19% -1.36% 0.21%
J.P. Morgan GVIT Balanced Fund-Class IV Shares 3 . . . . . 4.22% -1.36% 0.22%
----------------------------------------------------------------------------------------
Nationwide GVIT Strategic Value Fund-Class I Shares 1. . . 0.45% -3.38% -2.19%
----------------------------------------------------------------------------------------
Turner GVIT Growth Focus Fund-Class I Shares 12. . . . . . 7.63% N/A -36.67%
Turner GVIT Growth Focus Fund-Class II Shares 2. . . . . . 7.36% N/A -36.83%
Turner GVIT Growth Focus Fund-Class III Shares 5 . . . . . 8.47% N/A -36.50%
----------------------------------------------------------------------------------------
Van Kampen GVIT Multi Sector Bond Fund-Class I Shares 1. . 13.14% 5.36% 5.28%
Van Kampen GVIT Multi Sector Bond Fund
-Class III Shares5 . . . . . . . . . . . . . . . . . . . . 13.14% 5.36% 5.28%
----------------------------------------------------------------------------------------

1 Funds commenced operations on October 31, 1997.
2 These returns are based on the performance of the Class I shares of the
Funds achieved through March 4, 2002 for Gartmore GVIT Emerging Markets
Fund, through March 5, 2002 for GVIT Small Company Fund, through March 7,
2002 for GVIT Small Cap Growth Fund, through May 6, 2002 for Dreyfus GVIT
Mid Cap Index, Gartmore GVIT Nationwide and GVIT Small Cap Value Funds,
through July 8, 2002 for Gartmore GVIT Government Bond Fund, through July
11, 2002 for Gartmore GVIT Nationwide Fund and through June 30, 2003 for
Comstock GVIT Value, Gartmore GVIT Global Technology and Communications,
Gartmore GVIT International Growth, Gartmore GVIT Worldwide Leaders and
Turner Growth Focus Funds, prior to the creation of such Class II shares.
Had Class II shares had the same fee waivers or reimbursements and been in
existence during these periods, such shares' average annual total returns
would have been the same or similar, except as noted below, as what Class I
shares produced. This is because Class II shares invest in, or will invest
in, the same portfolio securities as Class I shares. The returns for Class
II shares have been restated to reflect the additional fees applicable to
Class II shares and are therefore lower than Class I shares.
3 These returns are based on the performance of the Class I shares of the
Fund achieved through June 30, 2003. Excluding the effects of any fee
waivers or reimbursements, average annual total returns are substantially
similar to what Class IV shares would have produced because Class IV shares
invest in the same portfolio securities as Class I shares.
4 These returns through June 30, 2003, are based on the performance of the
Fund's predecessor which is the same as performance for the Class IV shares
and which was achieved prior to the creation of Class I, Class II, and
Class III shares. Class IV shares' average annual total returns reflect the
effect of periodic fee waivers or reimbursements. Had Class I, Class II or
Class III shares had the same fee waivers or reimbursements and been in
existence during these periods, such shares' average annual returns would
have been the same or similar, except as noted below, as what Class IV
shares produced. This is because Class I, Class II and Class III shares
will invest in the same portfolio of securities as Class IV shares and
Class I and Class III shares have the same expenses. Class II share's
annual returns have been restated to reflect the additional fees applicable
to Class II shares and therefore are lower than those of Class I. For Class
III shares, these returns do not reflect the short-term trading fees
applicable to such shares; if these fees were reflected, the annual returns
for Class III shares would have been lower.
5 These returns are based on the performance of the Class I shares of the
Funds achieved through May 2, 2002 for Gartmore GVIT Emerging Markets,
Gartmore GVIT Global Technology and Communications, Gartmore GVIT
International Growth and Turner GVIT Growth Focus Funds, through May 3,
2002 for GVIT Small Cap Value Fund, through May 6, 2002 for GVIT Nationwide
and Dreyfus GVIT Mid Cap Index Funds, through May 20, 2002 for Gartmore
GVIT Government Bond Fund, through July 1, 2002 for GVIT Small Company
Fund, through July 5, 2002 for GVIT Small Cap Growth Fund and through June
30, 2003 for Comstock GVIT Value, Gartmore GVIT Government Bond, Gartmore
GVIT Worldwide Leaders, Van Kampen GVIT Multi Sector Bond and Federated
GVIT High Income Bond Funds are based on the performance of the Class I
shares of the Fund, which was achieved prior to the creation of Class III
shares. Excluding the effects of any fee waivers or reimbursements, Class I
shares average annual total returns are substantially similar to what Class
III shares would have produced because Class III shares invest in, or will
invest in, the same portfolio securities as Class I shares and Class III
shares have the same expenses. The returns for Class III shares do not
reflect the short-term trading fees applicable to Class III shares; if
these fees were reflected, returns would have been lower.

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6 Funds commenced operations on August 30, 2000.
7 These returns through May 9, 2002 for Gartmore GVIT Nationwide Leaders
Fund, through May 10, 2002 for Gartmore GVIT Global Financial Services and
Gartmore GVIT Global Utility Funds and through June 3, 2002 for Gartmore
GVIT Growth Leaders Fund are based on the performance of the Class III
shares of the Funds which was achieved prior to the creation of Class I
shares. Excluding the effects of any fee waivers or reimbursements, Class
III shares' average annual total returns, except as noted below, are
substantially similar to what Class I shares would have produced because
Class I shares invest in the portfolio of securities as Class III shares.
8 These returns through June 30, 2003 are based on the performance of the
Class III shares of the Fund which was achieved prior to the creation of
Class II shares. Excluding the effects of any fee waivers or
reimbursements, Class III shares' average annual total returns, except as
noted below, are substantially similar to what Class II shares would have
produced because Class II shares invest in the portfolio of securities as
Class III shares. The returns for Class II shares have been restated to
reflect the additional fees applicable to Class II shares.
9 Funds commenced operations on December 28, 2001. The returns do not reflect
the short-term trading fees applicable to Class III shares; if these fees
were reflected, returns would have been lower.
10 Fund commenced operations on December 29, 2000.
11 These returns through June 30, 2003 for Class II shares are based initially
on the performance for Class I shares of the Fund, from December 29, 2000
to December 28, 2001 and on the performance of Class III shares for the
remainder of that period, which was achieved prior to the creation of Class
II shares. The returns for Class I shares from December 28, 2001 until May
6, 2002 are based on the performance of Class III shares because there were
no Class I shares outstanding during that period. The returns for Class III
shares from December 29, 2000 until December 28, 2001 are based on the
performance of Class I shares prior to the creation of Class II shares.
Excluding the effects of any fee waivers or reimbursements, average annual
total returns, except as noted below, are substantially similar to what
shares of a class would have produced because all classes of shares invest
in, or will invest in the same portfolio of securities. For Class II
shares, these returns have been restated to reflect the additional fees
applicable to such shares, these returns do not reflect the short-term
trading fees applicable to such shares; if these fees were reflected, the
annual returns for Class III shares would have been lower. If these fees
were reflected, returns would be less than those shown.
12 Funds commenced operations on June 30, 2000.
13 Funds commenced operations on December 12, 2001.
14 These returns are based on the performance of the Class I shares of the
Fund achieved through October 21, 2002, prior to the creation of Class V
shares. Excluding the effects of any fee waivers or reimbursements, average
annual total returns are substantially similar to what Class V shares would
have produced because Class V shares invest in the same portfolio
securities as Class I shares.
15 Fund commenced operations on October 2, 2001.
16 Funds commenced operations on December 31, 2001.
17 Fund commenced operations on May 1, 1999.
18 Fund commenced operations on October 23, 1995. The existing shares of the
Fund were designated Class I shares as of May 1, 2001
19 These returns through April 27, 2003, are based on the performance of the
Fund's predecessor, which is the same as performance for the Class IV
shares and which was achieved prior to the creation of Class I and Class II
shares. Class IV shares' average annual total returns reflect the effect of
periodic fee waivers or reimbursements. Had Class I shares or Class II
shares had the same fee waivers or reimbursements and been in existence
during these periods, such shares' average annual returns would have been
the same or similar, except as noted below, as what Class IV shares
produced. This is because Class I shares and Class II shares invest in, or
will invest in, the same portfolio of securities as Class IV shares and
have similar expenses before any fee waivers or reimbursements. Class II
share's annual returns have been restated to reflect the additional fees
applicable to Class II shares and therefore are lower than those of Class
IV.
20 These returns through April 27, 2003, are based on the performance of the
Market Street Mid Cap Growth Portfolio which is the same as performance for
the Class IV shares and which was achieved prior to the acquisition of the
Portfolio's assets and restatement of the performance of Class I, Class II,
Class III shares. Class IV shares' average annual total returns reflect the
effect of periodic fee waivers or reimbursements. Had Class I, Class II or
Class III shares had the same fee waivers or reimbursements and operated as
part of the Portfolio during these periods, such shares' average annual
returns would have been the same or similar, except as noted below, as what
Class IV shares produced. This is because Class I, Class II and Class III
shares invest in the same portfolio of securities as Class IV shares and
Class I shares and Class III shares have similar expenses before any fee
waivers or reimbursements. Class II share's annual returns have been
restated to reflect the additional fees applicable to Class II shares and
therefore are lower than those of Class IV. For III shares, these returns
do not reflect the short-term trading fees applicable to such shares; if
these fees were reflected, the annual returns for III shares would have
been lower.
21 These returns through June 22, 2003 are based on the performance of the
Montgomery Variable Series: Emerging Markets Fund which is the same as
performance for the Class II shares and which was achieved prior to the
acquisition of the Montgomery Variable Series: Emerging Markets Fund's
assets and restatement of the performance of Class I shares and do not
reflect the lower expenses of Class I shares. Had Class I shares had the
same fee waivers or reimbursements and operated as part of the Montgomery
Variable Series: Emerging Markets Fund during these periods, such shares'
average annual returns would have been similar as what Class II shares
produced. This is because Class I shares invest in the same portfolio of
securities as Class II shares

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* As of June 30, 2003, the following Funds have not yet commenced operations:
Gartmore GVIT Asia Pacific Leaders Fund, Gartmore GVIT Developing Markets
Fund, Gartmore GVIT European Leaders Fund, Gartmore GVIT Global Leaders
Fund, Gartmore GVIT Global Small Companies Fund, Gartmore GVIT OTC Fund and
Gartmore GVIT Nationwide Principal Protected Fund.

On April 28, 2003, the Market Street International Portfolio
("International Portfolio"), Mid Cap Growth and the Market Street Equity 500
Index Portfolio were reorganized into the Dreyfus GVIT International Value Fund,
Gartmore GVIT Mid Cap Growth Fund and GVIT Equity 500 Index Fund ("Equity 500
Portfolio"), respectively and the performance shown above reflects the returns
for the predecessor funds through April 27, 2003. From the International
Portfolio's inception on November 1,1991 until October 1, 2002, Market Street
Investment Management Company ("MSIM") served as its investment adviser and The
Dreyfus Corporation served as its subadviser. From the Equity 500 Portfolio's
inception on February 7, 2000 until October 1, 2002, MSIM served as its
investment adviser and SSgA Funds Management, Inc. served as its subadviser. On
October 1, 2002, GMF replaced MSIM as the investment adviser for the
International Portfolio and the Equity 500 Portfolio. The Dreyfus GVIT
International Value Fund and the GVIT Equity 500 Index Fund are managed in a
substantially similar manner as the International Portfolio and the Equity 500
Portfolio were, and there have been no material changes to the objectives and
strategies.

On June 23, 2003, the Montgomery Variable Series: Emerging Markets Fund
("Montgomery Emerging Markets Fund") was reorganized into the Gartmore GVIT
Developing Markets Fund and the performance shown above reflects the returns for
the predecessor fund through June 22, 2003. From the Montgomery Emerging
Markets Fund's inception on February 2, 1996 until January 18, 2003, Montgomery
Asset Management, LLC ("MAM") served as its investment adviser. On January 18,
2003, GGAMT replaced MAM as the investment adviser for the Montgomery Emerging
Markets Fund. The Gartmore GVIT Developing Markets Fund is managed in a
substantially similar manner as the Montgomery Emerging Markets Fund was, and
there have been no material changes to the objectives and strategies.

Certain Funds may also from time to time advertise a uniformly calculated
yield quotation. This yield is calculated by dividing the net investment income
per share earned during a 30-day base period by the maximum offering price per
share on the last day of the period, and annualizing the results, assuming
reinvestment of all dividends and distributions. This yield formula uses the
average number of shares entitled to receive dividends, provides for semi-annual
compounding of interest, and includes a modified market value method for
determining amortization. The yield will fluctuate, and there is no assurance
that the yield quoted on any given occasion will remain in effect for any period
of time. The uniformly calculated yields for the 30-day period ended June 30,
2003 were as follows [to be updated]:

FUND 30-DAY YIELD
----------------------------------------------------------------------------
Federated GVIT High Income Bond Fund-Class I shares . . . . . 6.72%
Federated GVIT High Income Bond Fund-Class III shares1. . . . 6.72%
J.P. Morgan GVIT Balanced Fund-Class I shares . . . . . . . . 1.12%
J.P. Morgan GVIT Balanced Fund-Class IV shares1 . . . . . . . 1.37%

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Van Kampen GVIT Multi Sector Bond Fund-Class I shares . . . . 3.09%
Van Kampen GVIT Multi Sector Bond Fund-Class III shares1. . . 3.09%
Gartmore GVIT Government Bond Fund-Class I shares . . . . . . 3.09%
Gartmore GVIT Government Bond Fund- Class IV shares1. . . . . 3.14%

1 Class III and Class IV shares' yields are based on the yields of the Class
I shares of the Fund achieved through April 27, 2003, prior to the creation
of Class III and Class IV shares.

ADDITIONAL INFORMATION

DESCRIPTION OF SHARES

The Amended Declaration of Trust permits the Trustees to issue an unlimited
number of full and fractional shares of beneficial interest of each Fund and to
divide or combine such shares into a greater or lesser number of shares without
thereby exchanging the proportionate beneficial interests in the Trust. Each
share of a Fund represents an equal proportionate interest in that Fund with
each other share. The Trust reserves the right to create and issue a number of
different funds and currently has authorized 40 separate funds. Shares of each
Fund would participate equally in the earnings, dividends, and assets of that
particular fund. Upon liquidation of a Fund, shareholders are entitled to share
pro rata in the net assets of such Fund available for distribution to
shareholders.

The Trust is authorized to offer the following series of shares of
beneficial interest, without par value and with the various classes listed:

[Enlarge/Download Table]

SERIES SHARE CLASSES
--------------------------------------------------------------------------------------------------------

Comstock GVIT Value Fund . . . . . . . . . . . . . . . . . . . . Class I, Class II, Class IV
Dreyfus GVIT International Value Fund. . . . . . . . . . . . . . Class I, Class II, Class III, Class IV
Dreyfus GVIT Mid Cap Index Fund. . . . . . . . . . . . . . . . . Class I, Class II, Class III
Federated GVIT High Income Bond Fund . . . . . . . . . . . . . . Class I, Class III
Gartmore GVIT Asia Pacific Leaders Fund. . . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT Developing Markets Fund. . . . . . . . . . . . . . Class I, Class II
Gartmore GVIT Emerging Markets Fund. . . . . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT European Leaders Fund. . . . . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT Global Financial Services Fund . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT Global Health Sciences Fund. . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT Global Leaders Fund. . . . . . . . . . . . . . . . Class I
Gartmore GVIT Global Small Companies Fund. . . . . . . . . . . . Class I
Gartmore GVIT Global Technology and Communications Fund. . . . . Class I, Class II, Class III
Gartmore GVIT Global Utilities Fund. . . . . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT Government Bond Fund . . . . . . . . . . . . . . . Class I, Class II, Class III, Class IV
Gartmore GVIT Growth Fund. . . . . . . . . . . . . . . . . . . . Class I, Class IV
Gartmore GVIT International Growth Fund. . . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT Investor Destinations Aggressive Fund. . . . . . . No Class Designation
Gartmore GVIT Investor Destinations Moderately Aggressive Fund . No Class Designation
Gartmore GVIT Investor Destinations Moderate Fund. . . . . . . . No Class Designation
Gartmore GVIT Investor Destinations Moderately Conservative Fund No Class Designation

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Gartmore GVIT Investor Destinations Conservative Fund. . . . . . No Class Designation
Gartmore GVIT U.S. Growth Leaders Long-Short Fund. . . . . . . . Class I, Class II
Gartmore GVIT Mid Cap Growth Fund. . . . . . . . . . . . . . . . Class I, Class II, Class III, Class IV
Gartmore GVIT Money Market Fund. . . . . . . . . . . . . . . . . Class I, Class IV, Class V
Gartmore GVIT Money Market Fund II . . . . . . . . . . . . . . . No Class Designation
Gartmore GVIT Nationwide Fund. . . . . . . . . . . . . . . . . . Class I, Class II, Class III, Class IV
Gartmore GVIT Nationwide Leaders Fund. . . . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT OTC Fund . . . . . . . . . . . . . . . . . . . . . Class I
Gartmore GVIT Nationwide Principal Protection Fund . . . . . . . No Class Designation
Gartmore GVIT U.S. Growth Leaders Fund . . . . . . . . . . . . . Class I, Class II, Class III
Gartmore GVIT Worldwide Leaders Fund . . . . . . . . . . . . . . Class I, Class II, Class III
GVIT Equity 500 Index Fund . . . . . . . . . . . . . . . . . . . Class I, Class II, Class IV
GVIT Small Company Fund. . . . . . . . . . . . . . . . . . . . . Class I, Class II, Class III, Class IV
GVIT Small Cap Growth Fund . . . . . . . . . . . . . . . . . . . Class I, Class II, Class III
GVIT Small Cap Value Fund. . . . . . . . . . . . . . . . . . . . Class I, Class II, Class III, Class IV
J.P. Morgan GVIT Balanced Fund . . . . . . . . . . . . . . . . . Class I, Class IV
Nationwide GVIT Strategic Value Fund . . . . . . . . . . . . . . Class I
Turner GVIT Growth Focus Fund. . . . . . . . . . . . . . . . . . Class I, Class II, Class III
Van Kampen GVIT Multi Sector Bond Fund . . . . . . . . . . . . . Class I, Class III

You have an interest only in the assets of the shares of the Fund which you
own. Shares of a particular class are equal in all respects to the other shares
of that class. In the event of liquidation of a Fund, shares of the same class
will share pro rata in the distribution of the net assets of such Fund with all
other shares of that class. All shares are without par value and when issued and
paid for, are fully paid and nonassessable by the Trust. Shares may be exchanged
or converted as described in this Statement of Additional Information and in the
Prospectus but will have no other preference, conversion, exchange or preemptive
rights.

VOTING RIGHTS

Shareholders are entitled to one vote for each share held. Shareholders may
vote in the election of Trustees and on other matters submitted to meetings of
shareholders. Generally, amendment may not be made to the Amended Declaration of
Trust without the affirmative vote of a majority of the outstanding voting
securities of the Trust. The Trustees may, however, further amend the Amended
Declaration of Trust without the vote or consent of shareholders to:

(1) designate series of the Trust; or

(2) change the name of the Trust; or

(3) apply any omission, cure, correct, or supplement any ambiguous,
defective, or inconsistent provision to conform the Amended Declaration of Trust
to the requirements of applicable federal laws or regulations if they deem it
necessary.

Shares have no pre-emptive or conversion rights. Shares, when issued, are
fully paid and nonassessable. In regard to termination, sale of assets, or
change of investment restrictions, the right to vote is limited to the holders
of shares of the particular Fund affected by the proposal. However, shares of
all Funds vote together, and not by Fund, in the election of Trustees. If an
issue must be approved by a majority as defined in the 1940 Act, a "majority of
the outstanding voting securities" means the lesser of (i) 67% or more of the
shares present at a meeting when the holders of more than 50% of the outstanding
shares are present or represented by proxy, or (ii) more than 50% of the
outstanding shares. For the election of Trustees only a plurality is required.

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SHAREHOLDER INQUIRIES

All inquiries regarding the Trust should be directed to the Trust at the
telephone number or address shown on the cover page of this Prospectus.

TAX STATUS

ELECTION TO BE TAXED AS A REGULATED INVESTMENT COMPANY. Each Fund
(including each Underlying Fund of GVIT Investors Destinations Funds) has
elected to be treated as a regulated investment company under Subchapter M of
the Internal Revenue Code (the "Code"). Each Fund (including each Underlying
Fund of GVIT Investors Destinations Funds) has qualified as a regulated
investment company for its most recent fiscal year and intends to continue to
qualify during the current fiscal year. As a regulated investment company, a
Fund generally pays no federal income tax on the income and gain it distributes.
The Board of Trustees reserves the right not to maintain the qualification of a
Fund as a regulated investment company if it determines such a course of action
to be beneficial to shareholders. In such case, the Fund will be subject to
federal, and possibly state, corporate taxes on its taxable income and gain.

DIVERSIFICATION REQUIREMENTS. Each Fund (including each Underlying Fund of
GVIT Investors Destinations Funds) intends to comply with the diversification
requirements of section 817(h) of the Code relating to the tax-deferred status
of variable accounts that are based on insurance company separate accounts. If
these requirements are not met, or under other limited circumstances, it is
possible that the contract holders, rather than the separate accounts, will be
treated for federal income tax purposes as the taxable owners of the assets held
by the separate accounts.

OTHER TAX CONSEQUENCES

EFFECT OF FOREIGN INVESTMENTS ON DISTRIBUTIONS. Certain Funds (including
the Underlying Funds of GVIT Investors Destinations Funds) may invest in foreign
securities and may be subject to foreign withholding taxes on income from those
securities that may reduce distributions.

Most foreign exchange gain realized on the sale of debt securities is
treated as ordinary income by the Funds. Similarly, foreign exchange loss
realized on the sale of debt securities generally is treated as ordinary loss.

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EXCISE TAX DISTRIBUTION REQUIREMENTS. To avoid federal excise taxes, the Code
requires a Fund to make certain minimum distributions by December 31 of
each year. Federal excise taxes will not apply to a Fund in a given
calendar year, however, if all of its shareholders at all times during the
calendar year are segregated asset accounts of life insurance companies
where the shares are held in connection with variable products.

THE FOLLOWING PARAGRAPH ONLY APPLIES TO THE GARTMORE GVIT MONEY MARKET FUND AND
THE GARTMORE GVIT MONEY MARKET FUND II:

Maintaining a $1 share price. Gain and loss on the sale of portfolio
securities and unrealized appreciation or depreciation in the value of these
securities may require the Gartmore GVIT Money Market Fund or the Gartmore GVIT
Money Market Fund II to adjust distributions to maintain its respective $1 share
price. These procedures may result in under- or over-distributions by the Fund
of its respective net investment income.

TAX CONSEQUENCES TO SHAREHOLDERS

Since shareholders of the Funds will be the insurance company separate
accounts, no discussion is included herein concerning federal income tax
consequences for the holders of the contracts. For information concerning the
federal income tax consequences to any such holder, see the prospectus relating
to the applicable contract.

FINANCIAL STATEMENTS

The Report of Independent Accountants and Financial Statements of the Trust
for the period ended December 31, 2002 included in the Trust's Annual Report and
the Financial Statements of the Trust for the period ended June 30, 2003
included in the Trust's Semi-Annual Report are incorporated herein by reference.
Copies of the Annual Report and Semi-Annual Report are available without charge
upon request by writing the Trust or by calling toll free 1-800-848-6331.

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APPENDIX A

DEBT RATINGS

STANDARD & POOR'S DEBT RATINGS

A Standard & Poor's corporate or municipal debt rating is a current assessment
of the creditworthiness of an obligor with respect to a specific obligation.
This assessment may take into consideration obligors such as guarantors,
insurers, or lessees.

The debt rating is not a recommendation to purchase, sell, or hold a security,
inasmuch as it does not comment as to market price or suitability for a
particular investor. The ratings are based on current information furnished by
the issuer or obtained by Standard & Poor's from other sources it considers
reliable. Standard & Poor's does not perform an audit in connection with any
rating and may, on occasion, rely on unaudited financial information. The
ratings may be changed, suspended, or withdrawn as a result of changes in, or
unavailability of, such information, or for other circumstances.

The ratings are based, in varying degrees, on the following considerations:

1. Likelihood of default - capacity and willingness of the obligor as to
the timely payment of interest and repayment of principal in
accordance with the terms of the obligation.

2. Nature of and provisions of the obligation.

3. Protection afforded by, and relative position of, the obligation in
the event of bankruptcy, reorganization, or other arrangement under
the laws of bankruptcy and other laws affecting creditors' rights.

INVESTMENT GRADE

AAA- Debt rated 'AAA' has the highest rating assigned by Standard & Poor's.
Capacity to pay interest and repay principal is extremely strong.

AA- Debt rated 'AA' has a very strong capacity to pay interest and repay
principal and differs from the highest rated issues only in small degree.

A- Debt rated 'A' has a strong capacity to pay interest and repay principal
although it is somewhat more susceptible to the adverse effects of changes
in circumstances and economic conditions than debt in higher rated
categories.

BBB- Debt rated 'BBB' is regarded as having an adequate capacity to pay interest
and repay principal. Whereas it normally exhibits adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and repay principal
for debt in this category than in higher rated categories.

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SPECULATIVE GRADE

Debt rated 'BB', 'B', 'CCC', 'CC' and 'C' is regarded as having predominantly
speculative characteristics with respect to capacity to pay interest and repay
principal. 'BB' indicates the least degree of speculation and 'C' the highest.
While such debt will likely have some quality and protective characteristics,
these are outweighed by large uncertainties or major risk exposures to adverse
conditions.

BB- Debt rated 'BB' is less i vulnerable to default than other speculative
issues. However, it faces major ongoing uncertainties or exposure to
adverse business, financial, or economic conditions which could lead to
inadequate capacity to meet timely interest and principal payments.

B- Debt rated 'B' has a greater vulnerability to default than obligations
rated BB but currently has the capacity to meet interest payments and
principal repayments. Adverse business, financial, or economic conditions
will likely impair capacity or willingness to pay interest and repay
principal.

CCC- Debt rated 'CCC' is currently vulnerable to default, and is dependent upon
favorable business, financial, and economic conditions to meet timely
payment of interest and repayment of principal. In the event of adverse
business, financial, or economic conditions, it is not likely to have the
capacity to pay interest and repay principal.

CC- Debt rated 'CC' typically is currently highly vulnerable to nonpayment.

C- Debt rated 'C' signifies that a bankruptcy petition has been filed, but
debt service payments are continued.

D- Debt rated 'D' is in payment default. The 'D' rating category is used when
interest payments or principal payments are not made on the date due even
if the applicable grace period has not expired, unless Standard & Poor's
believes that such payments will be made during such grade period. The 'D'
rating also will be used upon the filing of a bankruptcy petition if debt
service payments are jeopardized.

MOODY'S LONG-TERM DEBT RATINGS

Aaa- Bonds which are rated Aaa are judged to be of the best quality. They carry
the smallest degree of investment risk and are generally referred to as
"gilt edged." Interest payments are protected by a large or by an
exceptionally stable margin and principal is secure. While the various
protective elements are likely to change, such changes as can be visualized
are most unlikely to impair the fundamentally strong position of such
issues.

Aa- Bonds which are rated Aa are judged to be of high quality by all standards.
Together with the Aaa group they comprise what are generally known as high
grade bonds. They are rated lower than the best bonds because margins of
protection may not be as large as in Aaa securities or fluctuation of
protective elements may be of greater amplitude or there may be other
elements present which make the long-term risk appear somewhat larger than
in Aaa securities.

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A- Bonds which are rated A possess many favorable investment attributes and
are to be considered as upper-medium grade obligations. Factors giving
security to principal and interest are considered adequate, but elements
may be present which suggest a susceptibility to impairment some time in
the future.

Baa- Bonds which are rated Baa are considered as medium-grade obligations (i.e.,
they are neither highly protected nor poorly secured). Interest payments
and principal security appear adequate for the present but certain
protective elements may be lacking or may be characteristically unreliable
over any great length of time. Such bonds lack outstanding investment
characteristics and in fact have speculative characteristics as well.

Ba- Bonds which are rated Ba are judged to have speculative elements; their
future cannot be considered well-assured. Often the protection of interest
and principal payments may be very moderate, and thereby not well
safeguarded during both good and bad times over the future. Uncertainty of
position characterizes bonds in this class.

B- Bonds which are rated B generally lack characteristics of the desirable
investment. Assurance of interest and principal payments or of maintenance
of other terms of the contract over any long period of time may be small.

Caa- Bonds which are rated Caa are of poor standing. Such issues may be in
default or there may be present elements of danger with respect to
principal or interest.

Ca- Bonds which are rated Ca represent obligations which are speculative in a
high degree. Such issues are often in default or have other marked
shortcomings.

C- Bonds which are rated C are the lowest rated class of bonds, and issues so
rated can be regarded as having extremely poor prospects of ever attaining
any real investment standing.

STATE AND MUNICIPAL NOTES

Excerpts from Moody's Investors Service, Inc., description of state and
municipal note ratings:

MIG-1- Notes bearing this designation are of the best quality, enjoying strong
protection from established cash flows of funds for their servicing from
established and board-based access to the market for refinancing, or
both.

MIG-2- Notes bearing this designation are of high quality, with margins of
protection ample although not so large as in the preceding group.

MIG-3- Notes bearing this designation are of favorable quality, with all
security elements accounted for but lacking the strength of the
preceding grade. Market access for refinancing, in particular, is likely
to be less well established.

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FITCH IBCA INFORMATION SERVICES, INC. BOND RATINGS

Fitch investment grade bond ratings provide a guide to investors in determining
the credit risk associated with a particular security. The ratings represent
Fitch's assessment of the issuer's ability to meet the obligations of a specific
debt issue or class of debt in a timely manner.

The rating takes into consideration special features of the issue, its
relationship to other obligations of the issuer, the current and prospective
financial condition and operating performance of the issuer and any guarantor,
as well as the economic and political environment that might affect the issuer's
future financial strength and credit quality.

Fitch ratings do not reflect any credit enhancement that may be provided by
insurance policies or financial guaranties unless otherwise indicated.

Bonds that have the same rating are of similar but not necessarily identical
credit quality since the rating categories do not fully reflect small
differences in the degrees of credit risk.

Fitch ratings are not recommendations to buy, sell, or hold any security.
ratings do not comment on the adequacy of market price, the suitability of any
security for a particular investor, or the tax-exempt nature or taxability of
payments made in respect of any security.

Fitch ratings are based on information obtained from issuers, other obligors,
underwriters, their experts, and other sources Fitch believes to be reliable.
Fitch does not audit or verify the truth or accuracy of such information.
Ratings may be changed, suspended, or withdrawn as a result of changes in, or
the unavailability of, information or for other reasons.

AAA Bonds considered to be investment grade and represent the lowest
expectation of credit risk. The obligor has an exceptionally strong
capacity for timely payment of financial commitments, a capacity that is
highly unlikely to be adversely affected by foreseeable events.

AA Bonds considered to be investment grade and of very high credit quality.
This rating indicates a very strong capacity for timely payment of
financial commitments, a capacity that is not significantly vulnerable to
foreseeable events.

A Bonds considered to be investment grade and represent a low expectation of
credit risk. This rating indicates a strong capacity for timely payment of
financial commitments. This capacity may, nevertheless, be more vulnerable
to changes in economic conditions or circumstances than long term debt with
higher ratings.

BBB Bonds considered to be in the lowest investment grade and indicates that
there is currently low expectation of credit risk. The capacity for timely
payment of financial commitments is considered adequate, but adverse
changes in economic conditions and circumstances are more likely to impair
this capacity.

BB Bonds are considered speculative. This rating indicates that there is a
possibility of credit risk developing, particularly as the result of
adverse economic changes over time; however, business or financial
alternatives may be available to allow financial commitments to be met.
Securities rated in this category are not investment grade.

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B Bonds are considered highly speculative. This rating indicates that
significant credit risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for
continued payment is contingent upon a sustained, favorable business and
economic environment.

CCC, Bonds are considered a high default risk. Default is a real possibility.
CC Capacity for meeting financial commitments is solely reliant upon
and sustained, favorable business or economic developments. A 'CC' rating
C indicates that default of some kind appears probable. 'C' rating signal
imminent default.

DDD, Bonds are in default. Such bonds are not meeting current obligations and
DD are extremely speculative. 'DDD' designates the highest potential for
and recovery of amounts outstanding on any securities involved and 'D'
D represents the lowest potential for recovery.

SHORT-TERM RATINGS

STANDARD & POOR'S COMMERCIAL PAPER RATINGS

A Standard & Poor's commercial paper rating is a current assessment of the
likelihood of timely payment of debt considered short-term in the relevant
market.

Ratings are graded into several categories, ranging from 'A-1' for the highest
quality obligations to 'D' for the lowest. These categories are as follows:

A-1 This highest category indicates that the degree of safety regarding timely
payment is strong. Those issues determined to possess extremely strong
safety characteristics are denoted with a plus sign (+) designation.

A-2 Capacity for timely payment on issues with this designation is
satisfactory. However, the relative degree of safety is not as high as for
issues designated 'A-1'.

A-3 Issues carrying this designation have adequate capacity for timely payment.
They are, however, more vulnerable to the adverse effects of changes in
circumstances than obligations carrying the higher designations.

B Issues rated 'B' are regarded as having only speculative capacity for
timely payment.

C This rating is assigned to short-term debt obligations with doubtful
capacity for payment.

D Debt rated 'D' is in payment default. the 'D' rating category is used when
interest payments or principal payments are not made on the date due, even
if the applicable grace period has not expired, unless Standard & Poor's
believes that such payments will be made during such grade period.

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STANDARD & POOR'S NOTE RATINGS

An S&P note rating reflects the liquidity factors and market-access risks unique
to notes. Notes maturing in three years or less will likely receive a note
rating. Notes maturing beyond three years will most likely receive a long-term
debt rating.

The following criteria will be used in making the assessment:

1. Amortization schedule - the larger the final maturity relative to
other maturities, the more likely the issue is to be treated as a
note.

2. Source of payment - the more the issue depends on the market for its
refinancing, the more likely it is to be considered a note.

Note rating symbols and definitions are as follows:

SP-1 Strong capacity to pay principal and interest. Issues determined to possess
very strong capacity to pay principal and interest are given a plus (+)
designation.

SP-2 Satisfactory capacity to pay principal and interest, with some
vulnerability to adverse financial and economic changes over the term of
the notes.

SP-3 Speculative capacity to pay principal and interest.

MOODY'S SHORT-TERM RATINGS

Moody's short-term debt ratings are opinions on the ability of issuers to repay
punctually senior debt obligations. These obligations have an original maturity
not exceeding one year, unless explicitly noted. Moody's employs the following
three designations, all judged to be investment grade, to indicate the relative
repayment capacity of rated issuers:

Issuers rated Prime-1 (or supporting institutions) have a superior capacity for
repayment of senior short-term debt obligations. Prime-1 repayment capacity will
normally be evidenced by the following characteristics: (I) leading market
positions in well established industries, (II) high rates of return on funds
employed, (III) conservative capitalization structures with moderate reliance on
debt and ample asset protection, (IV) broad margins in earnings coverage of
fixed financial charges and high internal cash generation, and (V) well
established access to a range of financial markets and assured sources of
alternative liquidity.

Issuers rated Prime-2 (or supporting institutions) have a strong capacity for
repayment of short-term promissory obligations. This will normally be evidenced
by many of the characteristics cited above, but to a lesser degree. Earnings
trends and coverage ratios, while sound, will be more subject to variation.
Capitalization characteristics, while still appropriate, may be more affected by
external conditions. Ample alternate liquidity is maintained.

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Issuers rated Prime-3 (or supporting institutions) have an acceptable capacity
for repayment of short-term promissory obligations. The effect of industry
characteristics and market composition may be more pronounced. Variability in
earnings and profitability may result in changes in the level of debt protection
measurements and may require relatively high financial leverage. Adequate
alternate liquidity is maintained.

Issuers rated Not Prime do not fall within any of the prime rating categories.

MOODY'S NOTE RATINGS

MIG 1/VMIG 1 This designation denotes best quality. There is present strong
protection by established cash flows, superior liquidity support
or demonstrated broad based access to the market for
refinancing.

MIG 2/VMIG 2 This designation denotes high quality. Margins of protection are
ample although not so large as in the preceding group.

MIG 3/VMIG 3 This designation denotes favorable quality. All security elements
are accounted for but there is lacking the undeniable strength
of the preceding grades. Liquidity and cash flow protection may
be narrow and market access for refinancing is likely to be less
well established.

MIG 4/VMIG 4 This designation denotes adequate quality. Protection commonly
regarded as required of an investment security is present and
although not distinctly or predominantly speculative, there is
specific risk.

SG This designation denotes speculative quality. Debt instruments in this
category lack margins of protection.

FITCH'S SHORT-TERM RATINGS

Fitch's short-term ratings apply to debt obligations that are payable on demand
or have original maturities of up to three years, including commercial paper,
certificates of deposit, medium-term notes, and municipal and investment notes.

The short-term rating places greater emphasis than a long-term rating on the
existence of liquidity necessary to meet the issuer's obligations in a timely
manner.

F-1+ Exceptionally strong credit quality. Issues assigned this rating are
regarded as having the strongest degree of assurance for timely payment.

F-1 Very strong credit quality. Issues assigned this rating reflect an
assurance of timely payment only slightly less in degree than issues rated
F-1+.

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F-2 Good credit quality. Issues assigned this rating have a satisfactory degree
of assurance for timely payment but the margin of safety is not as great as
for issues assigned F-1+ and F-1 ratings.

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PART C

OTHER INFORMATION

ITEM 23. EXHIBITS

(a) Amended Declaration of Trust dated March 13, 2003, of the Registrant
previously filed with Post-Effective Amendment No. 62 to the Registration
Statement on Form N-1A on April 28, 2003 and herein incorporated by
reference.

(b) Amended Bylaws dated August 25, 1983, as amended January 25, 2002, of the
Registrant previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(c) Article VI of the Amended Declaration of Trust and Article III of the
Amended Bylaws incorporated by reference to Exhibit (a) and (b),
respectively, hereto, define the rights of holders of shares.

(d) (1) Investment Advisory Agreement dated November 1, 1997 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust) and Nationwide Advisory Services, Inc. previously filed with
Post- Effective Amendment No. 55 to the Registration Statement on Form
N-1A on October 15, 2002 and herein incorporated by reference.

(a) Amendment dated September 1, 1999 to Investment Advisory
Agreement among Nationwide Separate Account Trust (now known as
Gartmore Variable Insurance Trust), Nationwide Advisory Services,
Inc. and Villanova Mutual Fund Capital Trust (now known as
Gartmore Mutual Fund Capital Trust) previously filed with
Post-Effective Amendment No. 55 to the Registration Statement on
Form N-1A on October 15, 2002 and herein incorporated by
reference.

(b) Amended Exhibit A effective May 1, 2001 to the Investment
Advisory Agreement among Nationwide Separate Account Trust (now
known as Gartmore Variable Insurance Trust) and Villanova Mutual
Fund Capital Trust (now known as Gartmore Mutual Fund Capital
Trust) previously filed with Post-Effective Amendment No. 55 to
the Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(c) Amended Exhibit A dated December 1, 2001 to the Investment
Advisory Agreement among Nationwide Separate Account Trust (now
known as Gartmore Variable Insurance Trust) and Villanova Mutual
Fund Capital Trust (now known as Gartmore Mutual Fund Capital
Trust) previously filed with Post-Effective Amendment No. 51 to
the Registration Statement on Form N-1A on March 1, 2002, and
herein incorporated by reference.

(d) Form of Amended Exhibit A dated _____ to the Investment Advisory
Agreement between Gartmore Variable Insurance Trust and Gartmore
Mutual Fund Capital Trust previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(2) Investment Advisory Agreement dated August 30, 2000 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust) and Villanova Global Asset Management Trust ("VGAMT") (now
known as Gartmore Global Asset Management Trust) previously filed with
Post-Effective Amendment No. 55 to the Registration Statement on Form
N-1A on October 15, 2002 and herein incorporated by reference.

(a) Amended Exhibit A dated December 27, 2000 to the Investment
Advisory Agreement between Nationwide Separate Account Trust (now
known as Gartmore Variable Insurance Trust) and VGAMT previously
filed with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(b) Amended Exhibit A dated December 18, 2001 to the Investment
Advisory Agreement between Nationwide Separate Account Trust (now
known as Gartmore Variable Insurance Trust) and VGAMT previously
filed with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(c) Amended Exhibit A dated April 28, 2003 to the Investment Advisory
Agreement between Nationwide Separate Account Trust (now known as
Gartmore Variable Insurance Trust) and VGAMT (now known as
Gartmore Global Asset Management Trust) filed with Post-Effective
Amendment No. 64 to the Registration Statement on Form N-1A on
July 17, 2003 and herein incorporated by reference.

(3) Subadvisory Agreements for the GVIT Small Company Fund.

(a) Subadvisory Agreement dated October 20, 1995 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Nationwide Financial Services, Inc. and The Dreyfus
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(1) Amendment dated September 1, 1999 to Subadvisory Agreement
among Nationwide Separate Account Trust (now known as
Gartmore Variable Insurance Trust), Nationwide Advisory
Services, Inc., Villanova Mutual Fund Capital Trust (now
known as Gartmore Variable Mutual Fund Capital Trust) and
The Dreyfus Corporation previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A
on October 15, 2002 and herein incorporated by reference.

(b) Subadvisory Agreement dated October 20, 1995 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Nationwide Financial Services, Inc. and Neuberger &
Berman, L.P. (now known as Neuberger Berman LLC) previously filed
with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(1) Amendment dated September 1, 1999 to Subadvisory Agreement
among Nationwide Separate Account Trust (now known as
Gartmore Variable Insurance Trust), Nationwide Advisory
Services, Inc., Villanova Mutual Fund Capital Trust (now
known as Gartmore Variable Mutual Fund Capital Trust) and
Neuberger & Berman, L.P. (now known as Neuberger Berman LLC
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(c) Subadvisory Agreement dated October 20, 1995 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Nationwide Advisory Services, Inc., Villanova Mutual Fund
Capital Trust (now know as Gartmore Mutual Fund Capital Trust)
and Strong Capital Management, Inc. previously filed with
Post-Effective Amendment No. 55 to the Registration Statement on
Form N-1A on October 15, 2002 and herein incorporated by
reference.

(1) Amendment dated September 1, 1999 among Nationwide Separate
Account Trust (now known as Gartmore Variable Insurance
Trust), Villanova Mutual Fund Capital Trust (now know as
Gartmore Mutual Fund Capital Trust) and Strong Capital
Management, Inc. previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A
on October 15, 2002 and herein incorporated by reference.

(d) Subadvisory Agreement dated October 1, 2000, as amended January
5, 2001 among Nationwide Separate Account Trust (now known as
Gartmore Variable Insurance Trust), Villanova Mutual Fund Capital
Trust (now known as Gartmore Variable Mutual Fund Capital Trust)
and Waddell & Reed Investment Management Company previously filed
with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(e) Subadvisory Agreement dated August 15, 2001 with Gartmore Global
Partners previously filed with Post-Effective Amendment No. 55 to
the Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(4) Subadvisory Agreements for GVIT Small Cap Growth Fund.

(a) Subadvisory Agreements dated May 1, 1999 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Nationwide Advisory Services, Inc. and Neuberger Berman,
LLC for the Nationwide Small Cap Growth Fund (now known as GVIT
Small Cap Growth Fund) previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(1) Amendment dated September 1, 1999 to the Subadvisory
Agreement among Nationwide Separate Account Trust (now known
as Gartmore Variable Insurance Trust), Nationwide Advisory
Services, Inc., Villanova Mutual Fund Capital Trust (now
known as Gartmore Variable Mutual Fund Capital Trust) and
Neuberger Berman, LLC previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A
on October 15, 2002 and herein incorporated by reference.

(b) Subadvisory Agreement dated October 1, 2000 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Villanova Mutual Fund Capital Trust (now known as
Gartmore Variable Mutual Fund Capital Trust) and Waddell & Reed
Investment Management Company for the Nationwide Small Cap Growth
Fund (now known as GVIT Small Cap Growth Fund) previously filed
with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(5) Subadvisory Agreements for the other subadvised funds.

(a) Subadvisory Agreement dated October 31, 1997 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Nationwide Advisory Services, Inc. and Strong Capital
Management, Inc. for the Strong NSAT Mid Cap Growth Fund (now
known as the Strong GVIT Mid Cap Growth Fund previously filed
with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(1) Amendment dated September 1, 1999 to the Subadvisory
Agreement Nationwide Separate Account Trust (now known as
Gartmore Variable Insurance Trust), Nationwide Advisory
Services, Inc., Villanova Mutual Fund Capital Trust (now
known as Gartmore Variable Mutual Fund Capital Trust) and
Strong Capital Management, Inc. previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(b) Subadvisory Agreement dated August 9, 2001 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Villanova Mutual Fund Capital Trust (now know as Gartmore
Mutual Fund Capital Trust) and Strong Capital Management, Inc.
for the Nationwide Strategic Value Fund (now known as Nationwide
GVIT Strategic Value Fund) previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(c) Subadvisory Agreement dated October 31, 1997 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Nationwide Advisory Services, Inc. and Federated
Investment Counseling for the Federated GVIT Equity Income Fund
(now known as Comstock GVIT Value Fund) and Federated NSAT High
Income Bond Fund (now known as Federated GVIT High Income Bond
Fund) previously filed with Post-Effective Amendment No. 55 to
the Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(1) Amendment dated September 1, 1999 to the Subadvisory
Agreement among Nationwide Separate Account Trust (now known
as Gartmore Variable Insurance Trust), Nationwide Advisory
Services, Inc., Villanova Mutual Fund Capital Trust (now
know as Gartmore Mutual Fund Capital Trust) and Federated
Investment Counseling previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A
on October 15, 2002 and herein incorporated by reference.

(d) Subadvisory Agreement dated October 31, 1997 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Nationwide Advisory Services, Inc. and The Dreyfus
Corporation for the Nationwide Small Cap Value Fund (now known as
GVIT Small Cap Value Fund) previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(1) Amendment dated September 1, 1999 to the Subadvisory
Agreement among Nationwide Separate Account Trust (now known
as Gartmore Variable Insurance Trust), Nationwide Advisory
Services, Inc., Villanova Mutual Fund Capital Trust (now
know as Gartmore Mutual Fund Capital Trust) and The Dreyfus
Corporation previously filed with Post-Effective Amendment
No. 55 to the Registration Statement on Form N-1A on October
15, 2002 and herein incorporated by reference.

(e) Subadvisory Agreement dated September 24, 1999 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Villanova Mutual Fund Capital Trust (now known as
Gartmore Mutual Fund Capital Trust) and The Dreyfus Corporation
for the Dreyfus NSAT Mid Cap Index Fund (now known as Dreyfus
GVIT Mid Cap Index Fund) previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(f) Subadvisory Agreement dated May 5, 2000 among Nationwide Separate
Account Trust (now known as Gartmore Variable Insurance Trust),
Villanova Mutual Fund Capital Trust (now known as Gartmore Mutual
Fund Capital Trust) and Turner Investment Partners, Inc. for the
Turner NSAT Growth Focus Fund (Now known as Turner GVIT Growth
Focus Fund) previously filed with Post-Effective Amendment No. 55
to the Registration Statement on Form N-1A on October 15, 2002
and herein incorporated by reference.

(g) Subadvisory Agreement dated May 1, 2000 among Nationwide Separate
Account Trust (now known as Gartmore Variable Insurance Trust),
Villanova Mutual Fund Capital Trust (now known as Gartmore Mutual
Fund Capital Trust) and J.P. Morgan Investment Management Inc.
for the J.P. Morgan NSAT Balanced Fund (Now known as J.P. Morgan
GVIT Balanced Fund) previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(h) Subadvisory Agreement dated May 1, 2000 among Nationwide Separate
Account Trust (now known as Gartmore Variable Insurance Trust),
Villanova Mutual Fund Capital Trust (now known as Gartmore Mutual
Fund Capital Trust) and Miller Anderson & Sherrerd, LLP (now
known as Morgan Stanley Investments, LP) for the MAS NSAT Multi
Sector Bond Fund (now known as MAS GVIT Multi Sector Bond Fund)
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(i) Subadvisory Agreement dated August 30, 2000 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Villanova Global Asset Management Trust (now known as
Gartmore Global Asset Management Trust) and Gartmore Global
Partners ("GGP") for the Gartmore NSAT Emerging Markets Fund,
Gartmore NSAT International Growth Fund, Gartmore NSAT Global
Leaders Fund, Gartmore NSAT European Leaders Fund and Gartmore
NSAT Global Small Companies Fund (now known as Gartmore GVIT
Emerging Markets Fund, Gartmore GVIT International Growth Fund,
Gartmore GVIT Global Leaders Fund, Gartmore GVIT European Leaders
Fund and Gartmore GVIT Global Small Companies Fund), previously
filed with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(1) Amended Exhibit A dated December 3, 2001 to the Subadvisory
Agreement among Nationwide Separate Account Trust (now known
as Gartmore Variable Insurance Trust), Villanova Global
Asset Management Trust (now known as Gartmore Global Asset
Management Trust) and GGP adding Gartmore NSAT OTC Fund,
Gartmore NSAT Global Utilities Fund, Gartmore NSAT Global
Financial Services Fund and Gartmore NSAT Asia Pacific
Leaders Fund (now known as Gartmore GVIT OTC Fund, Gartmore
GVIT Global Utilities Fund, Gartmore GVIT Global Financial
Services Fund and Gartmore GVIT Asia Pacific Leaders Fund)
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(2) Amended Exhibit A dated June 20, 2003 to the Subadvisory
Agreement among Nationwide Separate Account Trust (now known
as Gartmore Variable Insurance Trust), Villanova Global
Asset Management Trust (now known as Gartmore Global Asset
Management Trust) and GGP for the Gartmore GVIT Emerging
Markets Fund, Gartmore GVIT International Growth Fund,
Gartmore GVIT Global Leaders Fund, Gartmore GVIT European
Leaders Fund, Gartmore GVIT Global Small Companies Fund,
Gartmore GVIT OTC Fund, Gartmore GVIT Global Financial
Services Fund, Gartmore GVIT Global Utilities Fund Gartmore
GVIT Asia Pacific Leaders Fund, and Gartmore GVIT Developing
Markets Fund filed with Post-Effective Amendment No. 64 to
the Registration Statement on Form N-1A on July 17, 2003 and
herein incorporated by reference.

(j) Subadvisory Agreement dated August 15, 2001 among Nationwide
Separate Account Trust (now known as Gartmore Variable Insurance
Trust), Villanova Global Asset Management Trust (now known as
Gartmore Global Asset Management Trust) and GGP for the
Nationwide Small Company Fund (now known as GVIT Small Company
Fund) previously filed with Post-Effective Amendment No. 55 to
the Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(1) Amendment Exhibit A dated January 2, 2002 to the Subadvisory
Agreement among Nationwide Separate Account Trust (now known
as Gartmore Variable Insurance Trust), Villanova Global
Asset Management Trust (now known as Gartmore Global Asset
Management Trust) and Gartmore Global Partners for the
Nationwide Global 50 Fund (now known as Gartmore GVIT
Worldwide Leaders Fund) previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A
on October 15, 2002 and herein incorporated by reference.

(k) Subadvisory Agreement dated May 1, 2002 among Gartmore Variable
Insurance Trust, Gartmore Mutual Fund Capital Trust and Van
Kampen Asset Management, Inc. for the Comstock GVIT Value Fund
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(l) Form of Subadvisory Agreement dated _______ among Gartmore
Variable Insurance Trust, Gartmore Mutual Fund Capital Trust and
The Dreyfus Corporation for the Dreyfus GVIT International Value
Fund previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(m) Form of Subadvisory Agreement dated _______ among Gartmore
Variable Insurance Trust, Gartmore Mutual Fund Capital Trust and
SSgA Funds Management, Inc. for the GVIT Equity 500 Index
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(e) Underwriting Agreement dated May 1, 2001 between Nationwide Separate
Account Trust (now known as Gartmore Variable Insurance Trust) and
Nationwide Advisory Services, Inc. previously filed with
Post-Effective Amendment No. 55 to the Registration Statement on Form
N-1A on October 15, 2002 and herein incorporated by reference.

(1) Amended Schedule A dated December 1, 2001 to the Underwriting
Agreement between Nationwide Separate Account Trust (now known as
Gartmore Variable Insurance Trust) and Nationwide Advisory
Services, Inc. / Gartmore Distribution Services, Inc. previously
filed with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(2) Underwriting Agreement dated October 1, 2002 between Gartmore
Variable Insurance Trust and Gartmore Distribution Services, Inc.
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(3) Form of Amended Schedule A dated ________ to the Underwriting
Agreement between Gartmore Variable Insurance Trust and Gartmore
Distribution Services, Inc previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(f) Not applicable.

(g) (1) Custody Agreement dated April 17, 1991 between Nationwide
Separate Trust Account (now known as Gartmore Variable Insurance
Trust) and Fifth Third Bank previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.
(a) Addendum dated October 20, 1995 to Custody Agreement between
Nationwide Separate Trust Account (now known as Gartmore
Variable Insurance Trust) and Fifth Third Bank previously
filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(b) Exhibit A to Custody Agreement dated December 27, 2000
between Nationwide Separate Trust Account (now known as
Gartmore Variable Insurance Trust) and Fifth Third Bank
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(c) Amendment dated June 29, 2001 to Custody Agreement between
Nationwide Separate Trust Account (now known as Gartmore
Variable Insurance Trust) and Fifth Third Bank previously
filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(d) Exhibit A to Custody Agreement dated October 1, 2002 between
Gartmore Variable Insurance Trust and Fifth Third Bank
previously filed with Post-Effective Amendment No. 56 to the
Registration Statement on Form N-1A on November 5, 2002 and
herein incorporated by reference.

(2) Custody Agreement dated April 4, 2003 between Gartmore Variable
Insurance Trust and JPMorgan Chase Bank previously filed with
Post-Effective Amendment No. 62 to the Registration Statement on
Form N-1A on April 28, 2003 and herein incorporated by reference.

(h) (1) Fund Administration Agreement dated November 1, 1997 between
Nationwide Separate Account Trust (renamed Gartmore Variable
Insurance Trust) and Nationwide Advisory Services, Inc. for the
Funds previously filed with Post-Effective Amendment No. 55 to
the Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(a) Amendment dated September 1, 1999 to Fund Administration
Agreement among Nationwide Separate Account Trust (renamed
Gartmore Variable Insurance Trust), Nationwide Advisory
Services, Inc. and Villanova SA Capital Trust previously
filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(b) Amended Exhibit A dated May 31, 2000 to the Fund
Administration Agreement previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(c) Amended Exhibit A dated December 1, 2001 to the Fund
Administration Agreement previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(d) Form of Amended Exhibit A dated _________ to the Fund
Administration Agreement previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(2) Transfer and Dividend Disbursing Agent Agreement dated November
1, 1981 between Nationwide Separate Account Money Market Trust
(renamed Nationwide Separate Account Trust and now known as
Gartmore Variable Insurance Trust) and Heritage Financial
Services, Inc. previously filed with Post-Effective Amendment No.
55 to the Registration Statement on Form N-1A on October 15, 2002
and herein incorporated by reference.

(a) Amendment dated September 3, 1982 to Transfer and Dividend
Disbursing Agent Agreement between Nationwide Separate
Account Trust (now known as Gartmore Variable Insurance
Trust) and Heritage Financial Services, Inc. (now known as
Nationwide Investor Services, Inc.) previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(b) Amendment dated May 1, 1999 to Transfer and Dividend
Disbursing Agent Agreement between Nationwide Separate
Account Trust (now known as Gartmore Variable Insurance
Trust) and Nationwide Investors Services, Inc. previously
filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(c) Amended Exhibit A dated May 1, 2000 to the Transfer and
Dividend Disbursing Agent Agreement between Nationwide
Separate Account Trust (now known as Gartmore Variable
Insurance Trust) and Nationwide Investors Services, Inc.
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(d) Amended Exhibit A dated December 1, 2001 to the Transfer and
Dividend Disbursing Agent Agreement between Nationwide
Separate Account Trust (now known as Gartmore Variable
Insurance Trust) and Nationwide Investors Services, Inc.
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(e) Form of Amended Exhibit A dated _________ to the Transfer
and Dividend Disbursing Agent Agreement between Gartmore
Variable Insurance Trust and Gartmore Investor Services
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(3) Administrative Services Plan dated November 1, 1999 & Form of
Servicing Agreement previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A on
October 15, 2002 and herein incorporated by reference.

(a) Amendment dated May 31, 2000 to Administrative Services Plan
previously filed with Post-Effective Amendment No. 43 to the
Registration Statement on Form N-1A on May 1, 2001, and
herein incorporated by reference.

(b) Amended Exhibit A dated October 2, 2001 to the
Administrative Services Plan previously filed with
Post-Effective Amendment No. 51 to the Registration
Statement on Form N-1A on March 1, 2002, and herein
incorporated by reference.

(c) Form of Amended Exhibit A dated _________ to the
Administrative Services Plan previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(4) Expense Limitation Agreement effective May 31, 2000 between the
Nationwide Separate Account Trust (now known as Gartmore Variable
Insurance Trust) and Villanova Mutual Fund Capital Trust (now
known as Gartmore Mutual Fund Capital Trust) previously filed
with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(a) Amended Exhibit A to Expense Limitation Agreement amended
December 12, 2001, between the Nationwide Separate Account
Trust (now known as Gartmore Variable Insurance Trust) and
Villanova Mutual Fund Capital Trust previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(b) Amended Exhibit A to Expense Limitation Agreement amended
July 1, 2002, between the Nationwide Separate Account Trust
(now known as Gartmore Variable Insurance Trust) and
Villanova Mutual Fund Capital Trust (now known as Gartmore
Mutual Fund Capital Trust) previously filed with
Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(c) Expense Limitation Agreement dated ________ between Gartmore
Variable Insurance Trust and Gartmore Mutual Fund Capital
Trust previously filed with Post-Effective Amendment No. 55
to the Registration Statement on Form N-1A on October 15,
2002 and herein incorporated by reference.

(d) Expense Limitation Agreement dated October 15, 2002 between
Gartmore Variable Insurance Trust and Gartmore Mutual Fund
Capital Trust previously filed with Post-Effective Amendment
No. 55 to the Registration Statement on Form N-1A on October
15, 2002 and herein incorporated by reference.

(1) Amended Exhibit A to Expense Limitation Agreement dated
________ between Gartmore Variable Insurance Trust and
Gartmore Mutual Fund Capital Trust previously filed
with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002
and herein incorporated by reference.

(5) Expense Limitation Agreement effective December 27, 2000 between
the Nationwide Separate Account Trust (now known as Gartmore
Variable Insurance Trust) and Villanova Global Asset Management
Trust (now known as Gartmore Global Asset Management Trust)
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and
herein incorporated by reference.

(a) Amended Exhibit A to Expense Limitation Agreement dated
September 1, 2000, as amended December 1, 2001, between the
Nationwide Separate Account Trust (now known as Gartmore
Variable Insurance Trust) and Villanova Global Asset
Management Trust (now known as Gartmore Global Asset
Management Trust previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A
on October 15, 2002 and herein incorporated by reference.

(b) Amended Exhibit A to Expense Limitation Agreement dated
September 1, 2000, as amended July 1, 2002, between the
Nationwide Separate Account Trust (now known as Gartmore
Variable Insurance Trust) and Villanova Global Asset
Management Trust (now known as Gartmore Global Asset
Management Trust) previously filed with Post-Effective
Amendment No. 55 to the Registration Statement on Form N-1A
on October 15, 2002 and herein incorporated by reference.

(6) Form of Capital Protection Agreement for the Gartmore GVIT
Principal Protected Fund previously filed previously filed with
Post-Effective Amendment No. 60 to the Registration Statement on
Form N-1A on February 14, 2003 and herein incorporated by
reference.

(7) Service Agreement effective November 1, 2001 between Gartmore SA
Capital Trust and BISYS Fund Services Ohio, Inc. is filed
herewith as Exhibit 23(h)(7).

(i) Opinion and consent of counsel to be filed by Post-Effective
Amendment

(j) (1) Consent of PricewaterhouseCoopers LLP ("PwC") previously filed with
Post-Effective Amendment No. 62 to the Registration Statement on Form
N-1A on April 28, 2003 and herein incorporated by reference.
..
(2) Consent of PwC, independent accountants for American International
Group, Inc. ("AIG"), (in connection with PwC's report dated April 1,
2002, relating to the financial statements of AIG which: (i) appear in
AIG's Annual Report on Form 10-K for the year ended December 31, 2001
and (ii) are incorporated by reference into the Statement of
Additional Information for the Trust), dated February 14, 2003
previously filed previously filed with Post-Effective Amendment No. 60
to the Registration Statement on Form N-1A on February 14, 2003 and
herein incorporated by reference.

(k) Not applicable.

(l) Not applicable.

(m) Distribution Plan under Rule 12b-1 effective December 1, 2001 previously
filed with Post-Effective Amendment No. 51to the Registration Statement on
Form N-1A on March 1, 2002, and herein incorporated by reference.

(1) Distribution Plan under Rule 12b-1 effective May 1, 2002 previously
filed with Post-Effective Amendment No. 55 to the Registration
Statement on Form N-1A on October 15, 2002 and herein incorporated by
reference.

(2) Form of Distribution Plan under Rule 12b-1 effective ___________
previously filed with Post-Effective Amendment No. 55 to the
Registration Statement on Form N-1A on October 15, 2002 and herein
incorporated by reference.

(n) Rule 18f-3 Plan effective December 1, 2001 previously filed with
Post-Effective Amendment No. 51 to the Registration Statement on Form N-1A
on March 1, 2002, and herein incorporated by reference.

(1) Rule 18f-3 Plan effective May 1, 2002 previously filed with
Post-Effective Amendment No. 55 to the Registration Statement on Form
N-1A on October 15, 2002 and herein incorporated by reference.

(2) Form of Rule 18f-3 Plan effective ______ previously filed with
Post-Effective Amendment No. 55 to the Registration Statement on Form
N-1A on October 15, 2002 and herein incorporated by reference.

(p) (1) Code of Ethics dated March 23, 2000 for Nationwide Family of Funds
previously filed with Post-Effective Amendment No. 34 to the
Registration Statement on Form N-1A on March 24, 2000, and herein
incorporated by reference.

(2) Code of Ethics dated November 29, 2001 for Gartmore Mutual Fund
Capital Trust, Gartmore SA Capital Trust, NorthPointe Capital LLC,
Gartmore Global Asset Management Trust, Gartmore Morley Capital
Management, Inc. and Gartmore Trust Company previously filed with
Post-Effective Amendment No. 51 to the Registration Statement on Form
N-1A on March 1, 2002, and herein incorporated by reference.

(3) Code of Ethics dated March 23, 2000 for Nationwide Advisory Services,
Inc. previously filed with Post-Effective Amendment No. 34 to the
Registration Statement on Form N-1A on March 24, 2000, and herein
incorporated by reference.

(4) Federated Investment Counseling Code of Ethics for Access Persons
dated January 1, 2000 previously filed with Post-Effective Amendment
No. 43 to the Registration Statement on Form N-1A on May 1, 2001, and
herein incorporated by reference.

(5) (a) Gartmore Global Partners Personal Dealing (Personal Securities
Transactions) dated March 2000 previously filed with Post-
Effective Amendment No. 43 to the Registration Statement on Form
N-1A on May 1, 2001, and herein incorporated by reference.

(b) Gartmore Global Partners Personal Securities Trading Guidelines -
London and Tokyo dated March 2000 previously filed with
Post-Effective Amendment No. 43 to the Registration Statement on
Form N-1A on May 1, 2001, and herein incorporated by reference.

(6) J.P. Morgan Investment Management, Inc. Code of Ethics previously
filed with Post-Effective Amendment No. 43 to the Registration
Statement on Form N-1A on May 1, 2001, and herein incorporated by
reference.

(7) MAS Funds and Miller Anderson & Sherrerd, LLP ("MAS") (now known as
Morgan Stanley Investments, LP) and MAS Fund Distribution, Inc. Code
of Ethics previously filed with Post-Effective Amendment No. 43 to the
Registration Statement on Form N-1A on May 1, 2001, and herein
incorporated by reference.

(8) Neuberger Berman Management, Inc. and Neuberger Berman, LLC ("NB")
Code of Ethics Amended and Restated August 1, 2000 previously filed
with Post-Effective Amendment No. 43 to the Registration Statement on
Form N-1A on May 1, 2001, and herein incorporated by reference.

(9) Turner Investment Partners, Inc. Personal Trading Policy/Code of
Ethics dated February 17, 2000 previously filed with Post-Effective
Amendment No. 43 to the Registration Statement on Form N-1A on May 1,
2001, and herein incorporated by reference.

(10) The Strong Family of Mutual Funds, Strong Capital Management Inc.,
Strong Investments, Inc., and Flint Prairie, L.L.C. Code of Ethics for
Access Persons dated April 5, 2001, previously filed with
Post-Effective Amendment No. 44 to the Registration Statement on Form
N-1A on June 7, 2001, and herein incorporated by reference.

(11) Waddell & Reed Financial, Inc., Waddell & Reed, Inc., Waddell & Reed
Investment Management Company, Austin, Calvert & Flavin, Inc.,
Fiduciary Trust Company of New Hampshire, Waddell & Reed Advisors
Funds, W&R Funds, Inc., and Target/United Funds, Inc. Code of Ethics
as revised May 17, 2000, previously filed with Post-Effective
Amendment No. 43 to the Registration Statement on Form N-1A on May 1,
2001, and herein incorporated by reference.

(12) Morgan Stanley Dean Witter & Co., indirect parent of Van Kampen Asset
Management, Inc., Code of Ethics, dated January 29, 2001, previously
filed with Post-Effective Amendment No. 52 to the Registration
Statement on Form N-1A on April 30, 2002, and herein incorporated by
reference.

(q) Power of Attorney for Charles E. Allen, Paula H.J. Cholmondeley, C. Brent
Devore, Robert M. Duncan, Barbara Hennigar, Gerald J. Holland, Paul J.
Hondros, Thomas J. Kerr, IV, Douglas Kridler, Mark L. Lipson, Arden L.
Shisler, David C. Wetmore and dated March 13, 2003, previously filed with
Post-Effective Amendment No. 62 to the Registration Statement on Form N-1A
on April 28, 2003, and herein incorporated by reference.

ITEM 24. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT

No person is presently controlled by or under common control with Registrant.

ITEM 25. INDEMNIFICATION

Indemnification provisions for officers, directors and employees of Registrant
are set forth in Article X, Section 2 of the Declaration of Trust. See Item
23(a) above.

ITEM 26. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER

(a) Gartmore Mutual Fund Capital Trust, ("GMF"), an investment adviser of
the Trust, also serves as investment adviser to Gartmore Mutual Funds.
The Directors of Gartmore Global Investments, Inc., GMF's managing
unitholder and the officers of GMF are as follows:

Joseph J. Gasper, Director and President and Chief Operating Officer
--------------------------------------------------
Nationwide Life Insurance Company
Nationwide Life and Annuity Insurance Company
Nationwide Financial Services, Inc.

Director and Chairman of the Board
----------------------------------
Nationwide Investment Services Corp

Director and Vice Chairman
--------------------------
Gartmore Global Investments, Inc.
Nationwide Global Holdings, Inc.

Director
--------
Leben Direkt Insurance Company

Donna A. James, Director and Executive Vice President
-----------------------------
Gartmore Global Investments, Inc.

Executive Vice President
Chief Administrative Officer
----------------------------
Nationwide Mutual Insurance Company
Nationwide Financial Services Inc.

W. G. Jurgensen, Chief Executive Officer and Director
------------------------------------
Nationwide Mutual Insurance Company
Nationwide Financial Services, Inc.
Cal Farm Insurance Company
Farmland Mutual Insurance Company
Nationwide Mutual Fire Insurance Company
Nationwide Property and Casualty Insurance Company

Chairman and Chief Executive Officer - Nationwide
--------------------------------------
Nationwide General Insurance Company
Nationwide Indemnity Company
Nationwide Investment Services Corporation

Director
------------------------------------
Gartmore Global Investments, Inc.

Chairman
---------------------
Nationwide Securities, Inc.

Michael C. Keller, Director, Executive Vic President - Chief Information
Officer
-----------------------------------------
Nationwide Mutual Insurance Company
Nationwide Mutual Fire Insurance Company
Nationwide Financial Services, Inc.

Director
--------------------------------------
Gartmore Global Investments, Inc.

Paul J. Hondros, Director, President and Chief Executive Officer
-----------------------------------------
Gartmore Investors Services, Inc.
NorthPointe Capital, LLC
Gartmore Global Investments, Inc.
Gartmore Morley Financial Services, Inc.
Gartmore Distribution Services, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust

Chairman and Chief Executive Officer
--------------------------------------
Gartmore Mutual Funds
Gartmore Variable Insurance Trust

Robert A. Rosholt, Executive Vice President - Chief Financial Officer
----------------------------------------
Nationwide Mutual Insurance Company
Nationwide Mutual Fire Insurance Company
Nationwide Life Insurance Company
Nationwide Life and Annuity Insurance Company
Nationwide Financial Services, Inc.
Nationwide Investment Services Corporation

Executive Vice President, Chief Financial Officer and Director
------------------------------
Nationwide Global Holdings, Inc.
Nationwide Securities, Inc.

Executive Vice President and Director
------------------------------
Gartmore Global Investments, Inc.

Director
--------
NGH Luxembourg, S.A.

Young D. Chin, Executive Vice President - Global CIO - Equities
----------------------------------------------
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Investments, Inc.
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Kevin S. Crossett, Vice President - Associate General Counsel
----------------------------------------
Nationwide Mutual Insurance Company
Nationwide Mutual Fire Insurance Company
Nationwide Life Insurance Company
Nationwide Life and Annuity Insurance Company

Christopher P. Donigan, Vice President - Human Resources
------------------------------
Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Glenn W. Soden, Associate Vice President and Secretary
--------------------------------------
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Investments, Inc.
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Carol L. Dove, Assistant Treasurer
-------------------
Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Michael D. Maier, Assistant Treasurer
-------------------
Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

John F. Delaloye, Assistant Secretary
-------------------
Gartmore Mutual Fund Capital Trust
Gartmore Global Investments, Inc.
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Gerald J. Holland, Senior Vice President and Chief Administrative Officer
--------------------------------
Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Treasurer and Chief Financial Officer
---------
Gartmore Mutual Funds
Gartmore Variable Insurance Trust

Thomas M. Sipp, Vice President
------------------------------------
Gartmore Global Investments, Inc.
Vice President and Treasurer
------------------------------------
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Mutual Fund Capital Trust
Gartmore Distribution Services, Inc.

Donald J. Pepin, Senior Vice President - Sales
------------------------------------
Gartmore Distribution Services, Inc.
Gartmore Global Investments, Inc.
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust

Mary Lou Vitale, Senior Vice President Product Development
--------------------------------
Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Michael A. Krulikowski, Vice President and Chief Compliance Officer
--------------------------------
Gartmore Distribution Services, Inc.
Gartmore Global Investments, Inc.
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
NorthPointe Capital, LLC

Daniel J. Murphy, Assistant Treasurer
--------------------------------
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Eric E. Miller, Senior Vice President - Chief Legal Counsel
----------------------------------------
Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
NorthPointe Capital, LLC
Gartmore Morley Financial Services, Inc.
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Secretary
---------
Gartmore Mutual Funds
Gartmore Variable Insurance Trust

Richard Fonash, Vice President
--------------------------------
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Thomas E. Barnes, Vice President
--------------------------------
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.

Mary E. Kennedy, Executive Vice President,
Chief Financial Officer - Gartmore Group
--------------------------------
Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.
NorthPointe Capital
Gartmore Morley Financial Services, Inc.

Except as otherwise noted, the principal business address of any company with
which any person specified above is connected in the capacity of director,
officer, employee, partner or trustee is One Nationwide Plaza, Columbus, Ohio
43215, except for the following companies:

Gartmore Global Investments, Inc.
Gartmore Mutual Fund Capital Trust
Gartmore SA Capital Trust
Gartmore Global Asset Management Trust
Gartmore Distribution Services, Inc.
1200 River Road
Conshohocken, Pennsylvania 19428

NorthPointe Capital, LLC
Columbia Center One
10th Floor, Suite 1000
201 West Big Beaver Road
Troy, Michigan 48084

Gartmore Morley Financial Services, Inc.
5665 S. W. Meadows Rd. , Suite 400
Lake Oswego, Oregon 97035

(b) Gartmore Global Asset Management Trust ("GGAMT"), an investment
adviser of the Trust, also serves as an investment adviser to Gartmore
Variable Insurance Trust. The Directors of Nationwide Corporation
("NC"), GGAMT's managing unit holder and the officers of GGAMT are as
follows (see(a) above for additional information on their other
employment):

Directors of NC
----------------
Lewis J. Alphin Fred C. Finney
James B. Bachmann W. G. Jurgensen
A. I. Bell David O. Miller
Timothy J. Corcoran Lydia M. Marshall
Yvonne M. Curl Ralph M. Paige
Kenneth D. Davis James F. Patterson
Keith W. Eckel Arden L. Shisler
Willard J. Engel Robert L. Stewart

Officers of GGAMT

President and Chief Executive Officer Paul J. Hondros
Vice President and Treasurer Thomas M. Sipp
Associate Vice President and Secretary Thomas E. Barnes
Senior Vice President, Chief Counsel Eric E. Miller
Assistant Secretary John F. Delaloye
Assistant Treasurer Carol L. Dove
Assistant Treasurer Michael D. Maier
Executive Vice President, Global CIO - Equities Young D. Chin
Senior Vice President Gerald J. Holland
Senior Vice President Mary Lou Vitale
Vice President Christopher P. Donigan
Vice President and Chief Compliance Officer Michael A. Krulikowski
Assistant Treasurer Daniel J. Murphy
Vice President Richard F. Fonash
Executive Vice President, Chief Financial
Officer - Gartmore Group Mary E. Kennedy
Senior Vice President - Distribution Wilson Santos

(1) The Dreyfus Corporation

The Dreyfus Corporation ("Dreyfus") acts as subadviser to the
GVIT Small Company Fund, the GVIT Small Cap Value Fund, the
Dreyfus GVIT International Value Fund and the Dreyfus GVIT Mid
Cap Index Fund and as adviser or subadviser to a number of other
registered investment companies. The list required by this Item
26 of officers and directors of Dreyfus, together with
information as to their other business, profession, vocation or
employment of a substantial nature during the past two years, is
incorporated by reference to Schedule A and D of Form ADV filed
by Dreyfus (SEC File No. 801-8147).

(2) Neuberger Berman, LLC

Neuberger Berman, LLC ("Neuberger Berman") acts as subadviser to
the GVIT Small Company Fund and the GVIT Small Cap Growth Fund
and investment adviser or subadviser to a number of other
registered investment companies. The list required by this Item
26 of officers and directors of Neuberger Berman, together with
information as to their other business, profession, vocation or
employment of a substantial nature during the past two years, is
incorporated by reference to Schedules A and D of Form ADV filed
by Neuberger Berman (SEC File No. 801-3908).

(3) Strong Capital Management, Inc.

Strong Capital Management, Inc. ("Strong"), acts as subadviser to
the GVIT Small Company Fund and the Nationwide GVIT Strategic
Value Fund and investment adviser or subadviser to a number of
other registered investment companies. The list required by this
Item 26 of officers and directors of Strong, together with
information as to their other business, profession, vocation or
employment of a substantial nature during the past two years, is
incorporated by reference to Schedules A and D of Form ADV filed
by Strong (SEC File No. 801-10724).

(4) SSgA Fund Management, Inc.

SSgA Fund Management, Inc. ("SSgA") acts as subadviser to the
GVIT Equity 500 Index Fund and as investment adviser or
subadviser to a number of other registered investment companies.
The list required by Item 26 of Officers and directors of SSgA,
together with information as to their other business, profession,
vocation or employment of a substantial nature during the past
two years is incorporated by reference to Schedule A and D of
Form ADV filed by SSgA (SEC File No. 801-60103).

(5) Federated Investment Counseling, acts as subadviser to the
Federated GVIT High Income Bond Fund, and is a registered
investment adviser under the Investment Advisers Act of 1940. It
is a subsidiary to Federated Investors. The subadvisor serves as
investment adviser to a number of investment companies and
private accounts. The list required by Item 26 of Officers and
directors of Federated Investment Counseling, together with
information as to their other business, profession, vocation or
employment of a substantial nature during the past two years is
incorporated by reference to Schedule A and D of Form ADV filed
by Federated Investment Counseling (SEC File No. 801-34611).

(6) J.P. Morgan Investment Management, Inc. ("JPMIM"), a registered
investment adviser, and a wholly owned subsidiary of J. P. Morgan
& Co. Incorporated, act as subadviser to the J. P. Morgan GVIT
Balanced Fund. JPMIM manages employee benefit plans for
corporations and unions. JPMIM also provides investment
management services for a broad spectrum of other institutional
investors, including foundations, endowments, sovereign
governments, and insurance companies.

To the knowledge of the Registrant, none of the directors or
executive officers of JPMIM is or has been in the past two fiscal
years engaged in any other business or profession, vocation or
employment of a substantial nature, except that certain officers
and directors of JPMIM also hold various positions with, and
engage in business for, J.P. Morgan & Co. Incorporated or Morgan
Guaranty Trust Company of New York, a New York trust company
which is also a wholly owned subsidiary of J.P. Morgan & Co.
Incorporated.

(7) Morgan Stanley Investments LP act as subadviser to the Van Kampen
GVIT Multi Sector Bond Fund (formerly MAS GVIT Multi Sector Bond
Fund). The list required by this Item 26 of the officers and
directors of Morgan Stanley Investments LP ("MSI"), together with
information as to any other business, profession, vocation or
employment of a substantial nature engaged in by such officers
and directors during the past two years is incorporated by
reference to Schedule A and D of Form ADV filed by MSI pursuant
to the Investment Advisers Act of 1940 (SEC File No. 801-10437).

(8) Turner Investment Partners, Inc. ("Turner") acts as subadviser to
the Turner GVIT Growth Focus Fund. The list required by this Item
26 of the officers and directors of Turner, together with
information as to any other business, profession, vocation or
employment of a substantial nature engaged in by such officers
and directors during the past two years is incorporated by
reference to Schedule A & D of Form ADV filed by Turner pursuant
to the Investment Advisers Act of 1940 (SEC File No. 801-36220).

(9) Gartmore Global Partners ("Gartmore") acts as subadviser to the
Gartmore GVIT Emerging Markets Fund, the Gartmore GVIT
International Growth Fund, the Gartmore GVIT Global Leaders Fund,
the Gartmore GVIT Global Small Companies, the Gartmore GVIT
European Leaders Fund, the Gartmore GVIT OTC Fund, the Gartmore
GVIT Asia Pacific Leaders Fund, the Gartmore GVIT Global
Financial Services Fund, the Gartmore GVIT Global Utilities Fund,
the GVIT Small Company Fund and the Gartmore GVIT Worldwide
Leaders Fund, and as investment adviser to certain other clients.
The list required by this Item 26 of the officers and directors
of Gartmore, together with information as to their other
business, profession, vocation or employment of a substantial
nature during the past two years, is incorporated by reference to
Schedules A and D of Form ADV filed by Gartmore pursuant to the
Investment Advisers Act of 1940 (SEC File No. 801-48811).

(10) Waddell & Reed Investment Management Company ("WRIMCO") acts as
subadviser to the GVIT Small Cap Growth Fund and the GVIT Small
Company Fund. The list required by this Item 26 of the officers
and directors of WRIMCO, together with information as to any
other business, profession, vocation or employment of a
substantial nature during the past two years, is incorporated by
reference to Schedules A and D of Form ADV filed by WRIMCO (Sec
File No. 811-40372).

(12) Van Kampen Asset Management, Inc. ("VKAM") acts as subadviser to
the Comstock GVIT Value Fund. The list required by this Item 26
of the officers and directors of VKAM, together with information
as to any other business, profession, vocation or employment of a
substantial nature during the past two years, is incorporated by
reference to Schedules A and D of Form ADV filed by VKAM (Sec
File No. 801-1669).

ITEM 27. PRINCIPAL UNDERWRITERS

(a) Gartmore Mutual Funds

(b) Gartmore Distribution Services, Inc.

[Enlarge/Download Table]

TITLE WITH
NAME: ADDRESS: TITLE WITH GDSI: REGISTRANT:
-----------------------------------------------------------------------------------------

Paul J. Hondros . . . . 1200 River Road President and Chief Chairman
Conshohocken PA 19428 Executive Officer
Young D. Chin . . . . . 1200 River Road Executive Vice President - n/a
Conshohocken PA 19428 Global CIO - Equities
Gerald J. Holland . . . 1200 River Road Senior Vice President and Treasurer
Conshohocken PA 19428 Chief Administrative Officer
Donald J. Pepin, Jr.. . 1200 River Road Senior Vice President - n/a
Conshohocken PA 19428 Sales
Mary Lou Vitale . . . . 1200 River Road Senior Vice President - Assistant
Conshohocken PA 19428 Product Development Treasurer
Eric E. Miller. . . . . 1200 River Road Senior Vice President - Secretary
Conshohocken PA 19428 Chief Counsel
Christopher P. Donigan 1200 River Road Vice President - Human n/a
Conshohocken PA 19428 Resources
Thomas M. Sipp. . . . . 1200 River Road Vice President and n/a
Conshohocken PA 19428 Treasurer
Glenn W. Soden. . . . . 1200 River Road Associate Vice President n/a
Conshohocken PA 19428 and Secretary
John F. Delaloye. . . . 1200 River Road Assistant Secretary n/a
Conshohocken PA 19428
Carol L. Dove . . . . . One Nationwide Plaza Assistant Treasurer n/a
Columbus, OH 43215
Michael D. Maier. . . . One Nationwide Plaza Assistant Treasurer n/a
Columbus, OH 43215
Daniel J. Murphy. . . . One Nationwide Plaza Assistant Treasurer n/a
Columbus, OH 43215
Michael A. Krulikowski. 1200 River Road Vice President and Assistant
Conshohocken PA 19428 Chief Compliance Officer Secretary
Steven P. Sorenson. . . 1200 River Road Senior Vice President n/a
Conshohocken PA 19428
Richard F. Fonash . . . 1200 River Road Vice President n/a
Conshohocken PA 19428
Anthony R. Costa. . . . 1200 River Road Vice President n/a
Conshohocken PA 19428
Thomas E. Barnes. . . . One Nationwide Plaza Vice President and n/a
Columbus, OH 43215 Assistant Secretary
Mary E. Kennedy . . . . 1200 River Road Executive Vice President - n/a
Conshohocken PA 19428 Chief Financial Officer -
Gartmore Group

ITEM 28. LOCATION OF ACCOUNTS AND RECORDS

BISYS
3435 Stelzer Road
Columbus, OH 43219

ITEM 29. MANAGEMENT SERVICES

Not applicable.

ITEM 30. UNDERTAKINGS

Not applicable.
--------------------------------------------------------------------------------

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and
the Investment Company Act of 1940, as amended, Gartmore Variable Insurance
Trust has duly caused this Post-Effective Amendment No. 66, No. 67,
respectively, to this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Columbus, and State of
Ohio, on this twenty-ninth day of September, 2003.

GARTMORE VARIABLE INSURANCE TRUST

By: /s/ ELIZABETH A. DAVIN
Elizabeth A. Davin, Assistant Secretary

PURSUANT TO THE REQUIREMENT OF THE SECURITIES ACT OF 1933, THIS
POST-EFFECTIVE AMENDMENT NO. 66 TO THE REGISTRATION STATEMENT HAS BEEN SIGNED
BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES INDICATED ON THE TWENTY-NINTH
DAY OF SEPTEMBER, 2003.

Signature & Title

Principal Executive Officer

PAUL J. HONDROS*
------------------------------------------
Paul J. Hondros, Trustee and Chairman

Principal Accounting and Financial Officer

GERALD J. HOLLAND*
------------------------------------------
Gerald J. Holland, Treasurer

CHARLES E. ALLEN*
------------------------------------------
Charles E. Allen, Trustee

PAULA H.J. CHOLMONDELEY*
------------------------------------------
Paula H.J. Cholmondeley, Trustee

C. BRENT DEVORE*
------------------------------------------
C. Brent Devore, Trustee

ROBERT M. DUNCAN*
------------------------------------------
Robert M. Duncan, Trustee

BARBARA HENNIGAR*
------------------------------------------
Barbara Hennigar, Trustee

THOMAS J. KERR, IV*
------------------------------------------
Thomas J. Kerr, IV, Trustee

DOUGLAS F. KRINDLER*
------------------------------------------
Douglas F. Kridler, Trustee

ARDEN L. SHISLER*
------------------------------------------
Arden L. Shisler, Trustee

DAVID C. WETMORE*
------------------------------------------
David C. Wetmore, Trustee

*BY:
/s/ ELIZABETH A. DAVIN
Elizabeth A. Davin, Attorney-In Fact
--------------------------------------------------------------------------------

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EXHIBIT LIST

EXHIBIT ITEM
23(h)(7) Service Agreement effective November 1, 2001
between Gartmore SA Capital Trust and
BISYS Funds Services Ohio, Inc.
--------------------------------------------------------------------------------

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-1A’ Filing	Date	First	Last	Other Filings

	4/30/05	102
	1/1/05	37
	10/1/04	101		497
	4/30/04	101	102
	10/1/03	106	111	485BPOS
	9/30/03	9	14	485BPOS
Filed on:	9/29/03	1
	9/23/03	76
	9/16/03	95
	7/17/03	2	152	485APOS
	7/9/03	14		497
	6/30/03	14	143	485BPOS, 497, N-CSRS, NSAR-A
	6/23/03	14	139	485BPOS
	6/22/03	138	139
	6/20/03	152		497J
	5/23/03	14
	4/30/03	14
	4/28/03	14	152	485BPOS, N-14/A
	4/27/03	138	140
	4/4/03	152
	3/31/03	107
	3/13/03	95	152
	2/14/03	152		485APOS
	2/13/03	68
	1/18/03	139
	12/31/02	74	143	24F-2NT, 497, N-30D, NSAR-B, NSAR-B/A
	11/5/02	152		485APOS
	10/31/02	131
	10/21/02	138		497, PRE 14A
	10/15/02	152		485BPOS
	10/2/02	122
	10/1/02	113	152
	9/30/02	68
	7/11/02	137
	7/8/02	137
	7/5/02	137
	7/1/02	137	152	497
	6/30/02	68		N-30D, NSAR-A
	6/3/02	138
	5/20/02	137
	5/10/02	138
	5/9/02	138
	5/6/02	137	138
	5/3/02	137		497, 497J
	5/2/02	137
	5/1/02	74	152
	4/30/02	152		485BPOS
	4/1/02	152
	3/31/02	68
	3/7/02	137
	3/5/02	137
	3/4/02	137
	3/1/02	152		485APOS
	1/31/02	89
	1/25/02	152		497
	1/2/02	111	152	497
	1/1/02	37
	12/31/01	68	152	24F-2NT, N-30D, NSAR-B
	12/28/01	104	138
	12/18/01	111	152
	12/12/01	104	152
	12/3/01	152
	12/1/01	117	152
	11/30/01	119	122
	11/29/01	152
	11/1/01	122	154
	10/31/01	122
	10/2/01	104	152
	8/15/01	106	152
	8/14/01	111
	8/9/01	152		497
	6/29/01	152
	6/7/01	152		485APOS
	5/1/01	152		485BPOS
	4/5/01	152
	3/12/01	111		497
	3/1/01	116		NSAR-B/A
	1/29/01	152
	1/5/01	106	152	497
	1/1/01	119	122
	12/31/00	102	129	24F-2NT, N-30D, NSAR-A, NSAR-B/A, PRE 14C
	12/29/00	104	138
	12/27/00	152		DEF 14C
	10/1/00	111	152
	9/1/00	152		N-30D
	8/30/00	104	152
	8/1/00	152
	6/30/00	104	138	N-30D, NSAR-A
	5/31/00	152
	5/17/00	152
	5/5/00	152
	5/1/00	111	152	485BPOS
	3/24/00	152		485APOS
	3/23/00	152
	2/17/00	152
	2/7/00	111	139
	1/1/00	152
	11/1/99	152
	9/24/99	152		485BPOS
	9/1/99	152		497, N-30D
	7/1/99	123		497
	5/1/99	120	152
	11/1/97	152
	10/31/97	137	152
	2/2/96	139
	10/23/95	138
	10/20/95	152
				List all Filings

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Filing Submission 0000936329-03-000184 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Nationwide Variable Insurance Trust – ‘N-1A’ on 9/29/03

On: Monday, 9/29/03, at 4:37pm ET · Accession #: 936329-3-184 · File #: 333-109239

Registration Statement of an Open-End Management Investment Company — Form N-1AFiling Table of Contents

N-1A — #24430-Gvit-SubmissionDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Registration Statement of an Open-End Management Investment Company — Form N-1A
Filing Table of Contents

N-1A — #24430-Gvit-Submission
Document Table of Contents