N-CSRS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:               811-03213

NATIONWIDE VARIABLE INSURANCE TRUST

(Exact name of registrant as specified in charter)

1200 RIVER ROAD, SUITE 1000, CONSHOHOCKEN, PENNSYLVANIA 19428
(Address of principal executive offices)                                             (Zip code)

Eric E. Miller, Esq.
1200 River Road
Suite 1000
Conshohocken, Pennsylvania 19428
(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2007

Date of reporting period: June 30, 2007

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

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

Item 1.  Reports to Stockholders.

NVIT Nationwide Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
11	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
15	Financial Highlights
17	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-NAT (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT Nationwide Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

NVIT Nationwide Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,081.30	$	3.97		0.77%
	Hypothetical	1	$	1,000.00	$	1,020.98	$	3.87		0.77%
Class II	Actual		$	1,000.00	$	1,080.50	$	5.36		1.04%
	Hypothetical	1	$	1,000.00	$	1,019.64	$	5.22		1.04%
Class III	Actual		$	1,000.00	$	1,081.00	$	4.13		0.80%
	Hypothetical	1	$	1,000.00	$	1,020.83	$	4.02		0.80%
Class IV	Actual		$	1,000.00	$	1,081.30	$	4.03		0.78%
	Hypothetical	1	$	1,000.00	$	1,020.93	$	3.92		0.78%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

NVIT Nationwide Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	95.4%
Commercial Paper	0.7%
Other Investments*	5.4%
Liabilities in excess of other assets**	-1.5%
	100.0%

Top Holdings***
Microsoft Corp.	3.6%
Procter & Gamble Co. (The)	3.1%
Bank of America Corp.	3.1%
Cisco Systems, Inc.	2.7%
AT&T, Inc.	2.5%
Intel Corp.	2.0%
Colgate-Palmolive Co.	2.0%
Pfizer, Inc.	1.9%
Exxon Mobil Corp.	1.8%
Merrill Lynch & Co., Inc.	1.5%
Other	75.8%
	100.0%

Top Industries
Diversified Financial Services	9.6%
Oil, Gas & Consumable Fuels	8.8%
Pharmaceuticals	6.4%
Household Products	5.3%
Insurance	5.0%
Software	4.9%
Communications Equipment	4.2%
Semiconductors & Semiconductor Equipment	4.1%
Machinery	3.0%
Multiline Retail	3.0%
Other	45.7%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT Nationwide Fund

Common Stock (95.4%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.2%)
Boeing Co. (The)		124,929	$	12,013,173
Northrop Grumman Corp.		125,212		9,750,258
Raytheon Co.		301,320		16,238,135
United Technologies Corp.		84,500		5,993,585
				43,995,151
Auto Components (0.8%)
B.F. Goodrich Co. (The)		108,300		6,450,348
Goodyear Tire & Rubber Co.*		102,130		3,550,039
Johnson Controls, Inc.		50,000		5,788,500
				15,788,887
Beverages (1.0%)
Coca-Cola Co.		55,100		2,882,281
Constellation Brands, Inc.* (a)		670,750		16,285,810
				19,168,091
Biotechnology (0.3%)
Genzyme Corp.*		26,300		1,693,720
Gilead Sciences, Inc.*		109,000		4,225,930
				5,919,650
Building Products (0.1%)
American Standard Cos., Inc.		27,200		1,604,256
Capital Markets (1.8%)
Credit Suisse Group ADR - CH		91,010		6,458,070
Lehman Brothers Holding, Inc.		225,430		16,799,043
Lloyds TSB Group PLC ADR - GB (a)		157,830		7,058,158
T. Rowe Price Group, Inc.		87,000		4,514,430
				34,829,701
Chemicals (1.0%)
Agrium, Inc.		166,800		7,297,500
E.I. du Pont de Nemours & Co.		68,700		3,492,708
Monsanto Co.		32,900		2,222,066
Syngenta AG ADR - CH		157,500		6,131,475
				19,143,749
Commercial Banks (1.7%)
Allied Irish Banks ADR - IE		34,000		1,868,640
Australia & New Zealand Banking Group Ltd. ADR - AU		21,500		2,647,295
Bank Of Ireland ADR - IE (a)		13,100		1,063,065
Compass Bancshares, Inc.		55,000		3,793,900
Kookmin Bank ADR - KR		59,800		5,245,656
Marshall & Ilsley Corp.		34,400		1,638,472
National Australia Bank Ltd. ADR - AU		12,700		2,187,575
PNC Bank Corp.		121,200		8,675,496
U.S. Bancorp		221,100		7,285,245
Woori Finance Holdings ADR - KR* (a)		2,800		214,172
				34,619,516
Commercial Services & Supplies (0.7%)
Donnelley (R.R.) & Sons Co.		50,600		2,201,606
Manpower, Inc.		94,700		8,735,128
Waste Management, Inc.		75,100		2,932,655
				13,869,389
Communications Equipment (4.2%)
Cisco Systems, Inc.*		1,908,127		53,141,337
Corning, Inc.*		246,000		6,285,300
Harris Corp. (a)		255,500		13,937,525
QUALCOMM, Inc.		195,050		8,463,219
Telefonaktiebolaget LM Ericsson ADR - SE		40,000		1,595,600
				83,422,981
Computers & Peripherals (2.1%)
Hewlett-Packard Co.		617,700		27,561,774
International Business Machines Corp.		128,994		13,576,619
				41,138,393
Construction & Engineering (0.2%)
Fluor Corp.		35,600		3,964,772
Containers & Packaging (0.8%)
Bemis Co.		261,800		8,686,524
Packaging Corp. of America		306,000		7,744,860
				16,431,384
Diversified Financial Services (9.6%)
Bank of America Corp.		1,262,135		61,705,780
Citigroup, Inc.		340,613		17,470,041
Goldman Sachs Group, Inc.		48,600		10,534,050
JP Morgan Chase & Co.		563,743		27,313,349
Merrill Lynch & Co., Inc.		365,500		30,548,490
Moody’s Corp.		120,100		7,470,220
Morgan Stanley		344,681		28,911,842
State Street Corp.		95,400		6,525,360
				190,479,132

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Diversified Telecommunication Services (3.0%)
AT&T, Inc.		1,197,539	$	49,697,868
Embarq Corp.		47,500		3,010,075
Qwest Communications International, Inc.*		198,300		1,923,510
Windstream Corp.		270,000		3,985,200
				58,616,653
Electric Utilities (1.4%)
Duke Energy Corp.		78,300		1,432,890
Gilead Sciences, Inc.		510,800		14,486,288
Portland General Electric Co. (a)		145,100		3,981,544
Southern Co.		204,430		7,009,905
				26,910,627
Electrical Equipment (0.4%)
Ametek, Inc.		10,000		396,800
Emerson Electric Co.		159,800		7,478,640
				7,875,440
Electronic Equipment & Instruments (0.7%)
Arrow Electronics, Inc.*		181,890		6,990,033
Flextronics International Ltd.*		95,200		1,028,160
Jabil Circuit, Inc.		230,000		5,076,100
				13,094,293
Energy Equipment & Services (2.4%)
ENSCO International, Inc.		64,600		3,941,246
Halliburton Co.		210,000		7,245,000
Helmerich & Payne, Inc. (a)		210,100		7,441,742
Nabors Industries Ltd. - BM*		63,000		2,102,940
Noble Corp. ADR - KY		68,700		6,699,624
Schlumberger Ltd. ADR - NL		44,100		3,745,854
Tidewater, Inc. (a)		237,200		16,812,736
				47,989,142
Entertainment (0.7%)
Walt Disney Co. (The)		412,400		14,079,336
Food & Staples Retailing (1.6%)
CVS/Caremark Corp.		279,500		10,187,775
Kroger Co.		25,600		720,128
Wal-Mart Stores, Inc.		173,900		8,366,329
Walgreen Co.		263,100		11,455,374
				30,729,606
Food Products (1.3%)
Archer-Daniels Midland Co.		277,800		9,192,402
General Mills, Inc.		53,000		3,096,260
PepsiCo, Inc.		201,200		13,047,820
				25,336,482
Health Care Equipment & Supplies (0.6%)
Alcon, Inc. - CH (a)		18,730		2,526,864
AstraZeneca PLC ADR - GB		169,830		9,082,509
				11,609,373
Health Care Providers & Services (2.2%)
Aetna, Inc.		250,950		12,396,930
AmerisourceBergen Corp.		84,000		4,155,480
McKesson Corp.		122,200		7,288,008
UnitedHealth Group, Inc.		226,150		11,565,311
WellPoint, Inc.*		111,150		8,873,104
				44,278,833
Hotels, Restaurants & Leisure (1.0%)
Carnival Corp. - PA		48,000		2,340,960
Hilton Hotels Corp.		13,100		438,457
Marriott International, Inc., Class A		130,000		5,621,200
McDonald’s Corp.		120,400		6,111,504
Sonic Corp.* (a)		70,000		1,548,400
Starwood Hotels & Resorts Worldwide, Inc.		69,900		4,688,193
				20,748,714
Household Durables (0.1%) (a)
Syntax-Brillian Corp.*		474,670		2,335,376
Household Products (5.3%)
Colgate-Palmolive Co.		603,480		39,135,678
Kimberly-Clark Corp.		55,000		3,678,950
Procter & Gamble Co. (The)		1,012,850		61,976,291
				104,790,919
Independent Power Producers & Energy Traders (0.4%)
Dynegy, Inc.*		849,800		8,022,112
Industrial Conglomerates (1.2%)
3M Co.		87,050		7,555,070
Carlisle Cos., Inc. (a)		140,600		6,539,306
General Electric Co.		252,315		9,658,618
				23,752,994

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Nationwide Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Insurance (5.0%)
Allstate Corp.		104,700	$	6,440,097
American International Group, Inc.		176,700		12,374,301
Chubb Corp. (The)		200,100		10,833,414
Hartford Financial Services Group, Inc. (The)		117,400		11,565,074
Lincoln National Corp.		83,700		5,938,515
MetLife, Inc.		258,244		16,651,573
Prudential Financial, Inc.		193,135		18,778,516
Travelers Cos., Inc. (The)		233,900		12,513,650
W.R. Berkley Corp.		127,500		4,148,850
				99,243,990
Internet Software & Services (0.9%)
eBay, Inc.*		311,000		10,007,980
Google, Inc., Class A*		13,950		7,301,151
				17,309,131
IT Services (0.0%)
Fiserv, Inc.*		16,200		920,160
Leisure Equipment & Products (0.7%)
Time Warner, Inc.		688,566		14,487,429
Life Sciences Tools & Services (0.5%)
Thermo Fisher Scientific, Inc.*		205,800		10,643,976
Machinery (3.0%)
Caterpillar, Inc.		89,100		6,976,530
Cummins, Inc.		48,400		4,898,564
Danaher Corp.		28,200		2,129,100
Deere & Co.		95,800		11,566,892
Eaton Corp.		70,000		6,510,000
Illinois Tool Works, Inc.		169,350		9,177,077
Joy Global, Inc. (a)		59,100		3,447,303
Parker Hannifin Corp.		143,450		14,045,189
Terex Corp.*		12,400		1,008,120
				59,758,775
Marine (0.1%) (a)
Omega Navigation Enterprises, Inc.		134,000		2,914,500
Media (0.9%)
Citadel Broadcasting Co. (a)		31,670		204,271
Discovery Holding Co.* (a)		40,000		919,600
Idearc, Inc. (a)		1		18
News Corp.		235,200		4,988,592
Omnicom Group, Inc.		219,360		11,608,531
Viacom, Inc., Class B*		1		42
				17,721,054
Metals & Mining (2.2%)
Alcoa, Inc.		94,700		3,838,191
Allegheny Technologies, Inc.		37,900		3,974,952
Freeport-McMoRan Copper & Gold, Inc., Class B (a)		186,200		15,421,084
Nucor Corp.		183,500		10,762,275
Steel Dynamics, Inc.		45,500		1,906,905
U.S. Steel Corp.		75,200		8,178,000
				44,081,407
Multi-Utilities (1.0%)
Sempra Energy		338,600		20,055,278
Multiline Retail (3.0%)
J.C. Penney Co., Inc.		204,100		14,772,758
Kohl’s Corp.*		122,900		8,729,587
Macy’s, Inc.		349,000		13,883,220
Nordstrom, Inc.		91,900		4,697,928
Target Corp.		267,170		16,992,012
				59,075,505
Oil, Gas & Consumable Fuels (8.8%)
Chesapeake Energy Corp. (a)		223,300		7,726,180
ChevronTexaco Corp.		238,344		20,078,098
ConocoPhillips		370,714		29,101,049
Devon Energy Corp.		118,200		9,253,878
EOG Resources, Inc.		68,100		4,975,386
Exxon Mobil Corp.		422,343		35,426,131
Hess Corp.		147,870		8,718,415
Marathon Oil Corp.		60,836		3,647,727
Murphy Oil Corp.		277,600		16,500,544
Occidental Petroleum Corp.		218,383		12,640,008
Peabody Energy Corp.		91,500		4,426,770
Spectra Energy Corp.		74,800		1,941,808
Sunoco, Inc.		20,100		1,601,568
Valero Energy Corp.		261,100		19,284,846
				175,322,408
Pharmaceuticals (6.4%)
Abbott Laboratories		189,800		10,163,790
Allergan, Inc.		30,080		1,733,811
Eli Lilly & Co.		43,900		2,453,132
Johnson & Johnson		378,491		23,322,616
Merck & Co., Inc.		324,100		16,140,180
Mylan Laboratories, Inc.		277,300		5,044,087

8 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Pharmaceuticals (continued)
Pfizer, Inc.		1,477,190	$	37,771,748
Schering-Plough Corp.		181,500		5,524,860
Wyeth		415,300		23,813,302
				125,967,526
Real Estate Investment Trusts (REITs) (1.0%)
Ashford Hospitality Trust (a)		230,700		2,713,032
First Industrial Realty Trust (a)		21,350		827,526
Host Hotels & Resorts, Inc.		353,200		8,165,984
Lexington Corporate Properties Trust (a)		121,400		2,525,120
Simon Property Group, Inc.		51,400		4,782,256
				19,013,918
Road & Rail (0.9%)
Burlington Northern Santa Fe Corp.		61,150		5,206,311
Norfolk Southern Corp.		49,000		2,575,930
Union Pacific Corp.		89,800		10,340,470
				18,122,711
Semiconductors & Semiconductor Equipment (4.1%)
Altera Corp.		111,200		2,460,856
Applied Materials, Inc.		740,400		14,711,748
Intel Corp.		1,674,189		39,778,731
KLA-Tencor Corp.		48,100		2,643,095
Lam Research Corp.* (a)		78,700		4,045,180
Maxim Integrated Products, Inc.		51,000		1,703,910
MEMC Electronic Materials, Inc.*		54,300		3,318,816
Texas Instruments, Inc.		290,650		10,937,159
Xilinx, Inc.		45,000		1,204,650
				80,804,145
Software (4.9%)
BEA Systems, Inc.* (a)		531,300		7,273,497
Microsoft Corp.		2,418,686		71,278,676
Oracle Corp.*		855,900		16,869,789
Tibco Software, Inc.* (a)		214,000		1,936,700
				97,358,662
Specialty Retail (1.5%)
American Eagle Outfitters Ltd. (a)		197,000		5,055,020
Group 1 Automotive, Inc. (a)		90,600		3,654,804
Lowe’s Cos., Inc.		83,500		2,562,615
Nike, Inc.		94,000		5,479,260
OfficeMax, Inc.		106,700		4,193,310
TJX Cos., Inc.		291,730		8,022,575
				28,967,584
Tobacco (0.7%) (a)
Reynolds American, Inc.		224,724		14,652,005
Wireless Telecommunication Services (1.0%) (a)
Telephone & Data Systems, Inc.		83,500		5,224,595
Vodafone Group PLC ADR - GB		419,137		14,095,577
				19,320,172
Total Common Stocks (Cost $1,790,671,634)				1,890,285,288
Commercial Paper (4.8%) (b)
Consumer Finance (4.8%)
Carrera Capital Finance LLC, 5.48%, 07/02/07	$	49,000,000		48,985,300
Countrywide Home Loans, 5.40%, 07/02/07		3,339,000		3,337,998
PB Finance (Delaware), 5.53%, 07/02/07		10,010,000		10,008,485
Stanfield Victoria Funding, 5.38%, 07/02/07		33,407,000		33,397,015
Total Commercial Paper (Cost $95,741,642)				95,728,798
Securities Held as Collateral for Securities on Loan (5.5%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $107,708,326, collateralized by U.S. Government Agency Mortgages with a market value of $109,812,894	$	107,659,700		107,659,700
Total Investments (Cost $1,994,072,976) (c) — 105.7%				2,093,673,786
Liabilities in excess of other assets — (5.7)%				(111,992,133	)
NET ASSETS — 100.0%			$	1,981,681,653

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Nationwide Fund (Continued)

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	The rate reflected in the Statement of Investments is the effective yield as of June 30, 2007.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
AU	Australia
BM	Bermuda
CH	Switzerland
GB	United Kingdom
IE	Ireland
KR	Korea
KY	Cayman Islands
NL	Netherlands
PA	Panama
SE	Sweden

See accompanying notes to financial statements.

10 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT
			Nationwide Fund
Assets:
Investments, at value (cost $1,886,413,276)*			$	1,986,014,086
Repurchase agreements, at cost and value				107,659,700
		Total Investments		2,093,673,786
Cash				303,317
Interest and dividends receivable				2,552,503
Receivable for capital shares issued				801,865
Prepaid expenses				12,355
		Total Assets		2,097,343,826
Liabilities:
Payable for investments purchased				6,083,067
Payable upon return of securities loaned				107,659,700
Payable for capital shares redeemed				712,947
Accrued expenses and other payables:
	Investment advisory fees			896,413
	Fund administration and transfer agent fees			114,131
	Distribution fees			61,063
	Administrative servicing fees			103,384
	Compliance program costs			13,839
	Other			17,629
		Total Liabilities		115,662,173
Net Assets			$	1,981,681,653
Represented by:
Capital			$	1,721,897,622
Accumulated net investment income				437,736
Accumulated net realized gains from investment transactions				159,745,485
Net unrealized appreciation on investments				99,600,810
Net Assets			$	1,981,681,653
Net Assets:
Class I Shares			$	1,501,660,501
Class II Shares				306,367,346
Class III Shares				2,114,339
Class IV Shares				171,539,467
		Total	$	1,981,681,653
Shares outstanding (unlimited number of shares authorized):
Class I Shares				109,908,589
Class II Shares				22,502,398
Class III Shares				154,518
Class IV Shares				12,557,672
		Total		145,123,177
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	13.66
Class II Shares			$	13.62	(a)
Class III Shares			$	13.68
Class IV Shares			$	13.66

(a)	The NAV reported above represents the traded NAV at June 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
*	Includes value of securities on loan of $105,633,249.

See accompanying notes to financial statements.

 11

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		NVIT
		Nationwide Fund
INVESTMENT INCOME:
Interest income		$	938,118
Dividend income			16,070,482
Income from securities lending			134,338
Foreign tax withholding			(9,556	)
	Total Income		17,133,382
Expenses:
Investment advisory fees			5,334,342
Fund administration and transfer agent fees			565,007
Distribution fees Class II Shares			300,574
Administrative servicing fees Class I Shares			971,600
Administrative servicing fees Class II Shares			179,673
Administrative servicing fees Class III Shares			1,279
Administrative servicing fees Class IV Shares			114,835
Custodian fees			41,547
Trustee fees			44,549
Compliance program costs (Note 3)			2,874
Other			79,561
	Total expenses before earnings credit		7,635,841
Earnings credit (Note 6)			(10,989	)
	Net Expenses		7,624,852
Net Investment Income			9,508,530
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			187,697,259
Net change in unrealized depreciation on investments			(48,536,013	)
Net realized/unrealized gains (losses) on investments			139,161,246
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	148,669,776

See accompanying notes to financial statements.

12 

Statements of Changes in Net Assets

		NVIT Nationwide Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	9,508,530		$	18,496,056
Net realized gains on investment transactions			187,697,259			160,829,063
Net change in unrealized appreciation/depreciation on investments			(48,536,013	)		43,781,755
Change in net assets resulting from operations			148,669,776			223,106,874
Distributions to shareholders from:
Net investment income:
	Class I		(7,201,393	)		(15,756,598	)
	Class II		(1,042,480	)		(1,016,725	)
	Class III		(8,370	)		(14,436	)
	Class IV		(818,551	)		(1,750,451	)
Net realized gains on investments:
	Class I		(70,089,329	)		–
	Class II		(14,076,996	)		–
	Class III		(101,330	)		–
	Class IV		(8,009,930	)		–
Change in net assets from shareholder distributions			(101,348,379	)		(18,538,210	)
Change in net assets from capital transactions			93,944,390			(59,202,504	)
Change in net assets			141,265,787			145,366,160
Net Assets:
Beginning of period			1,840,415,866			1,695,049,706
End of period		$	1,981,681,653		$	1,840,415,866
Accumulated net investment income at end of period		$	437,736		$	–
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	9,006,193		$	8,335,766
	Dividends reinvested		77,290,622			15,756,598
	Cost of shares redeemed		(108,704,600	)		(218,122,841	)
			(22,407,785	)		(194,030,477	)
Class II Shares
	Proceeds from shares issued		101,002,587			150,928,243
	Dividends reinvested		15,119,435			1,016,725
	Cost of shares redeemed		(733,902	)		(2,152,437	)
			115,388,120			149,792,531
Class III Shares
	Proceeds from shares issued		1,120,970			1,154,191
	Dividends reinvested		109,700			14,436
	Cost of shares redeemed		(880,800	)		(1,138,554	)
			349,870			30,073

See accompanying notes to financial statements.

 13

Statements of Changes in Net Assets (Continued)

		NVIT Nationwide Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class IV Shares
	Proceeds from shares issued	$	1,762,306		$	3,855,172
	Dividends reinvested		8,828,458			1,750,451
	Cost of shares redeemed		(9,976,579	)		(20,600,254	)
			614,185			(14,994,631	)
Change in net assets from capital transactions		$	93,944,390		$	(59,202,504	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		657,403			677,225
	Reinvested		5,686,387			1,264,192
	Redeemed		(7,862,099	)		(17,658,704	)
			(1,518,309	)		(15,717,287	)
Class II Shares
	Issued		7,301,911			12,156,768
	Reinvested		1,116,529			80,475
	Redeemed		(52,804	)		(176,853	)
			8,365,636			12,060,390
Class III Shares
	Issued		78,807			89,452
	Reinvested		8,060			1,143
	Redeemed		(65,855	)		(91,482	)
			21,012			(887	)
Class IV Shares
	Issued		126,700			311,095
	Reinvested		649,539			140,403
	Redeemed		(722,754	)		(1,669,408	)
			53,485			(1,217,910	)
Total change in shares			6,921,824			(4,875,694	)

See accompanying notes to financial statements.

14 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

NVIT Nationwide Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class I Shares
For the year ended December 31, 2002	$	9.89		0.08		(1.79	)		(1.71	)		(0.08	)
For the year ended December 31, 2003	$	8.10		0.08		2.14			2.22			(0.05	)
For the year ended December 31, 2004	$	10.27		0.12		0.88			1.00			(0.14	)
For the year ended December 31, 2005	$	11.13		0.10		0.72			0.82			(0.10	)
For the year ended December 31, 2006	$	11.85		0.14		1.47			1.61			(0.14	)
For the six months ended June 30, 2007 (Unaudited)	$	13.32		0.07		1.01			1.08			(0.07	)
Class II Shares
For the year ended December 31, 2002 (e)	$	8.68		0.04		(0.57	)		(0.53	)		(0.05	)
For the year ended December 31, 2003	$	8.10		0.05		2.15			2.20			(0.04	)
For the year ended December 31, 2004	$	10.26		0.08		0.89			0.97			(0.11	)
For the year ended December 31, 2005	$	11.12		0.07		0.71			0.78			(0.08	)
For the year ended December 31, 2006	$	11.82		0.10		1.48			1.58			(0.12	)
For the six months ended June 30, 2007 (Unaudited)	$	13.28		0.05		1.01			1.06			(0.05	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets		Expenses to
	Net						Net Asset					at End of		Average
	realized			Total			Value, End		Total			Period		Net
	gains			Distributions			of Period		Return (a)			(000s)		Assets (b)
Class I Shares
For the year ended December 31, 2002		–			(0.08	)	$	8.10		(17.35%	)	$	1,252,686		0.83%
For the year ended December 31, 2003		–			(0.05	)	$	10.27		27.51%		$	1,459,917		0.83%
For the year ended December 31, 2004		–			(0.14	)	$	11.13		9.75%		$	1,402,753		0.83%
For the year ended December 31, 2005		–			(0.10	)	$	11.85		7.44%		$	1,506,358		0.83%
For the year ended December 31, 2006		–			(0.14	)	$	13.32		13.63%		$	1,484,346		0.82%
For the six months ended June 30, 2007 (Unaudited)		(0.67	)		(0.74	)	$	13.66		8.13%		$	1,501,661		0.77%
Class II Shares
For the year ended December 31, 2002 (e)		–			(0.05	)	$	8.10		(6.14%	)	$	765		1.07%
For the year ended December 31, 2003		–			(0.04	)	$	10.26		27.23%		$	5,570		1.08%
For the year ended December 31, 2004		–			(0.11	)	$	11.12		9.53%		$	11,210		1.08%
For the year ended December 31, 2005		–			(0.08	)	$	11.82		7.04%		$	24,550		1.08%
For the year ended December 31, 2006		–			(0.12	)	$	13.28		13.40%		$	187,747		1.06%
For the six months ended June 30, 2007 (Unaudited)		(0.67	)		(0.72	)	$	13.62		8.05%		$	306,367		1.04%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002		0.84%		0.84%		0.83%		33.25%
For the year ended December 31, 2003		0.83%		(h)		(h)		129.01%
For the year ended December 31, 2004		1.07%		(h)		(h)		131.43%
For the year ended December 31, 2005		0.88%		(h)		(h)		179.84%
For the year ended December 31, 2006		1.08%		(h)		(h)		222.16%
For the six months ended June 30, 2007 (Unaudited)		1.04%		0.77%		1.04%		197.63%
Class II Shares
For the year ended December 31, 2002 (e)		1.03%		(h)		(h)		33.25%
For the year ended December 31, 2003		0.60%		(h)		(h)		129.01%
For the year ended December 31, 2004		0.95%		(h)		(h)		131.43%
For the year ended December 31, 2005		0.66%		(h)		(h)		179.84%
For the year ended December 31, 2006		0.88%		(h)		(h)		222.16%
For the six months ended June 30, 2007 (Unaudited)		0.79%		1.04%		0.79%		197.63%

[Additional columns below]

[Continued from above table, first column(s) repeated]

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from July 11, 2002 (commencement of operations) through December 31, 2002.

(f)  For the period from May 6, 2002 (commencement of operations) through December 31, 2002.

(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 15

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class III Shares
For the year ended December 31, 2002 (f)	$	9.78		0.05		(1.65	)		(1.60	)		(0.07	)
For the year ended December 31, 2003	$	8.11		0.09		2.13			2.22			(0.05	)
For the year ended December 31, 2004	$	10.28		0.11		0.89			1.00			(0.13	)
For the year ended December 31, 2005	$	11.15		0.09		0.73			0.82			(0.11	)
For the year ended December 31, 2006	$	11.86		0.13		1.49			1.62			(0.14	)
For the six months ended June 30, 2007 (Unaudited)	$	13.34		0.07		1.01			1.08			(0.07	)
Class IV Shares
For the year ended December 31, 2003 (g)	$	8.30		0.05		1.95			2.00			(0.03	)
For the year ended December 31, 2004	$	10.27		0.12		0.88			1.00			(0.14	)
For the year ended December 31, 2005	$	11.13		0.10		0.72			0.82			(0.10	)
For the year ended December 31, 2006	$	11.85		0.14		1.47			1.61			(0.14	)
For the six months ended June 30, 2007 (Unaudited)	$	13.32		0.07		1.01			1.08			(0.07	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets		Expenses to
	Net						Net Asset					at End of		Average
	realized			Total			Value, End		Total			Period		Net
	gains			Distributions			of Period		Return (a)			(000s)		Assets (b)
Class III Shares
For the year ended December 31, 2002 (f)		–			(0.07	)	$	8.11		(16.38%	)	$	399		0.72%
For the year ended December 31, 2003		–			(0.05	)	$	10.28		27.48%		$	870		0.83%
For the year ended December 31, 2004		–			(0.13	)	$	11.15		9.84%		$	847		0.83%
For the year ended December 31, 2005		–			(0.11	)	$	11.86		7.35%		$	1,595		0.83%
For the year ended December 31, 2006		–			(0.14	)	$	13.34		13.71%		$	1,781		0.82%
For the six months ended June 30, 2007 (Unaudited)		(0.67	)		(0.74	)	$	13.68		8.10%		$	2,114		0.80%
Class IV Shares
For the year ended December 31, 2003 (g)		–			(0.03	)	$	10.27		24.17%		$	169,690		0.83%
For the year ended December 31, 2004		–			(0.14	)	$	11.13		9.75%		$	167,051		0.83%
For the year ended December 31, 2005		–			(0.10	)	$	11.85		7.44%		$	162,547		0.83%
For the year ended December 31, 2006		–			(0.14	)	$	13.32		13.63%		$	166,542		0.82%
For the six months ended June 30, 2007 (Unaudited)		(0.67	)		(0.74	)	$	13.66		8.13%		$	171,539		0.78%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class III Shares
For the year ended December 31, 2002 (f)		1.07%		(h)		(h)		33.25%
For the year ended December 31, 2003		0.83%		(h)		(h)		129.01%
For the year ended December 31, 2004		1.05%		(h)		(h)		131.43%
For the year ended December 31, 2005		0.86%		(h)		(h)		179.84%
For the year ended December 31, 2006		1.02%		(h)		(h)		222.16%
For the six months ended June 30, 2007 (Unaudited)		1.00%		0.80%		1.00%		197.63%
Class IV Shares
For the year ended December 31, 2003 (g)		0.85%		(h)		(h)		129.01%
For the year ended December 31, 2004		1.06%		(h)		(h)		131.43%
For the year ended December 31, 2005		0.86%		(h)		(h)		179.84%
For the year ended December 31, 2006		1.09%		(h)		(h)		222.16%
For the six months ended June 30, 2007 (Unaudited)		1.03%		0.78%		1.03%		197.63%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from July 11, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from May 6, 2002 (commencement of operations) through December 31, 2002.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	There were no fee reductions during the period.

See accompanying notes to financial statements.

16 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Nationwide Fund (the “Fund”), (formerly, “Gartmore GVIT Nationwide Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect

18 

correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(e) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$105,633,249	$	107,659,700

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(g) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(h) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	2,007,217,795	$	119,320,990	$	(32,864,999	)	$	86,455,991

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $250 million		0.600%
On the next $750 million		0.575%
On the next $1 billion		0.550%
On the next $3 billion		0.525%
On $5 billion or more		0.500%

20 

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)), (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc.”) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $1,421,012 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $2,874.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems

 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $3,689,254,960 and sales of $3,741,795,079.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be

22 

recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 23

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

24 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 25

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

26 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 27

Supplemental Information (Unaudited)

A.  Renewal of Investment Advisory Agreement

 (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

28 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the S&P 500 Index, over the one- and three-year periods, while outperforming the benchmark for the five-year period. The Board also considered that performance of the Fund’s Class I shares ranked the Fund in the fourth quintile over the one-year period, the second quintile over the two- and four year period, the third quintile over the three-year period, and the first quintile over the five-year period compared to that of its Lipper-constructed Performance Group. The Board considered that: (i) longer-term relative performance has been strong; (ii) the Fund’s adviser had made changes to the portfolio management team during the year; and (iii) recent performance has shown improvement. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to improve relative performance, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the second quintile. The Board concluded the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on

 29

Supplemental Information (Unaudited) (Continued)

December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast		Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%

30 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%

 31

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT NationwideFund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%

32 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 33

Nationwide NVIT Government Bond Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GB (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide NVIT Government Bond Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Government Bond Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,012.70	$	3.49		0.70%
	Hypothetical	1	$	1,000.00	$	1,021.33	$	3.51		0.70%
Class II	Actual		$	1,000.00	$	1,011.60	$	4.74		0.95%
	Hypothetical	1	$	1,000.00	$	1,020.09	$	4.77		0.95%
Class III	Actual		$	1,000.00	$	1,012.80	$	3.54		0.71%
	Hypothetical	1	$	1,000.00	$	1,021.28	$	3.56		0.71%
Class IV	Actual		$	1,000.00	$	1,012.70	$	3.49		0.70%
	Hypothetical	1	$	1,000.00	$	1,021.33	$	3.51		0.70%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Government Bond Fund

Portfolio Summary

June 30, 2007

Asset Allocation
U.S. Government Sponsored & Agency Obligations	45.3%
Mortgage-Backed Obligations	39.7%
U.S. Treasury Obligations	9.5%
Repurchase Agreements	4.5%
Other Investments*	4.3%
Liabilities in excess of other assets**	-3.3%
	100.0%

Top Holdings***
Federal National Mortgage Association, 5.23%, 01/29/10	9.1%
Federal National Mortgage Association, 5.08%, 05/14/10	5.9%
Federal National Mortgage Association, 4.66%, 05/01/13	4.7%
Federal Home Loan Mortgage Corporation, 5.75%, 05/23/11	4.3%
Federal Home Loan Bank, 5.25%, 11/03/09	4.3%
Federal National Mortgage Association, 5.63%, 11/15/21	4.1%
Federal National Mortgage Association, 5.30%, 01/12/10	3.4%
Federal National Mortgage Association, 5.69%, 09/01/36	3.4%
U.S. Treasury Bonds, 5.50%, 08/15/28	2.6%
Federal National Mortgage Association, 4.90%, 07/01/35	2.6%
Other	55.6%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Government Bond Fund

U.S. Government Sponsored & Agency Obligations (45.3%)
		Principal
		Amount		Value
Federal Farm Credit Bank
	5.00%, 03/03/14	$	12,146,000	$	11,893,582
	4.55%, 03/04/15		25,475,000		24,127,092
Federal Home Loan Bank
	5.91%, 04/07/09		6,860,000		6,946,601
	5.25%, 11/03/09		50,000,000		49,906,300
	5.00%, 03/14/14 (a)		17,925,000		17,549,436
Federal Home Loan Mortgage Corporation
	5.75%, 05/23/11		50,000,000		50,119,150
	5.65%, 02/14/12		25,000,000		24,894,250
	5.60%, 09/26/13		25,000,000		24,848,300
	4.80%, 12/18/13		8,350,000		8,091,768
Federal National Mortgage Association
	5.00%, 01/23/09		15,000,000		14,946,300
	5.30%, 01/12/10		40,000,000		40,000,240
	5.23%, 01/29/10		106,515,000		106,243,493
	8.20%, 03/10/16		10,000,000		11,891,290
	Pool #383452
	6.68%, 05/01/16		3,597,757		3,701,615
	6.62%, 06/01/16		10,658,134		11,296,889
	5.63%, 11/15/21 (a)		50,000,000		48,716,750
	Series 2003-66, Class AP
	3.50%, 11/25/32		2,344,818		2,125,609
Financing Corporation
	10.70%, 10/06/17		6,535,000		9,182,551
	9.65%, 11/02/18		8,740,000		11,782,473
Government Loan Trust 0.00%, 04/01/15			6,072,000		4,031,298
Housing & Urban Development, 7.08%, 08/01/16			9,000,000		9,011,016
Lightship Tankers LLC, 6.50%, 06/14/24			28,450,365		30,307,036
Overseas Private Investment Corp., 5.86%, 09/20/07			8,632,326		9,399,480
Total U.S. Government Sponsored & Agency Obligations (Cost $534,351,913)					531,012,519

Mortgage-Backed Obligations (39.7%)
		Principal
		Amount		Value
Federal Home Loan Mortgage Corporation
	8.00%, 11/01/08		1,045		1,047
	5.50%, 09/15/10		3,451,247		3,447,852
	5.50%, 08/15/13		5,726,498		5,717,140
	5.50%, 07/15/17		7,090,438		7,054,311
	5.50%, 10/15/17		18,750,000		18,589,155
	5.50%, 10/15/17		14,331,348		14,274,418
	5.50%, 01/15/20		8,000,000		7,946,599
	5.50%, 05/15/34		12,333,715		12,253,901
	5.31%, 06/01/35 (b)		22,350,327		22,755,963
Federal National Mortgage Association
	5.70%, 01/01/09		4,438,542		4,428,675
	7.41%, 04/01/10		13,994,150		14,647,834
	5.08%, 05/14/10		70,000,000		69,587,910
	5.50%, 09/25/11		6,215,000		6,248,042
	4.66%, 05/01/13		57,473,679		55,346,372
	5.60%, 09/01/18		11,186,039		11,188,542
	5.56%, 12/01/21		11,400,000		11,424,246
	5.00%, 07/25/23		6,000,000		5,530,028
	7.00%, 08/25/23		4,693,066		4,839,995
	5.50%, 04/25/24		12,486,462		12,207,665
	6.43%, 02/17/30		248,440		247,903
	4.99%, 09/01/34 (b)		14,793,824		14,585,140
	4.71%, 04/01/35		8,856,042		8,742,341
	4.74%, 04/01/35 (b)		15,571,560		15,168,557
	4.80%, 05/01/35 (b)		13,542,654		13,186,774
	4.89%, 05/01/35		18,760,982		18,287,780
	5.24%, 05/01/35 (b)		10,444,885		10,283,182
	4.90%, 07/01/35 (b)		31,099,082		30,350,338
	6.00%, 04/18/36		9,822,000		9,688,833
	6.31%, 08/01/36		8,425,224		8,708,974
	5.69%, 09/01/36 (b)		39,260,514		39,612,358
Vendee Mortgage Trust, Series 1996-2, 6.75%, 06/15/26			9,058,220		9,287,792
Total Mortgage-Backed Obligations (Cost $468,518,135)					465,639,667

6 

U.S. Treasury Obligations (9.5%)(a)
		Principal
		Amount		Value
U.S. Treasury Bonds, 5.50%, 08/15/28 (a)		$	30,000,000	$	31,122,660
U.S. Treasury Inflation Protected Bonds, 1.88%, 07/15/15			30,000,000		30,124,710
U.S. Treasury Note
	4.50%, 03/31/12		25,000,000		24,542,975
	5.13%, 05/15/16		25,000,000		25,140,625
Total U.S. Treasury Obligations (Cost $111,796,619)					110,930,970
Repurchase Agreements (4.5%)(b)
Nomura Securities, 5.26% dated 06/29/07, due 07/02/07, Repurchase price $53,386,422, collateralized by U.S. Government Agency Mortgages with a market value of $54,430,292			53,363,031		53,363,031

Securities Held as Collateral for Securities on Loan (4.3%)
	Principal
	Amount		Value
Morgan Stanley Repurchase Agreement, 5.42% dated 06/29/07, due 07/02/07, Repurchase price $50,235,228, collateralized by U.S. Government Agency Mortgages with a market value of $51,216,800		50,212,549		50,212,549
Total Investments (Cost $1,218,242,247) (c) — 103.3%				1,211,158,736
Liabilities in excess of other assets — (3.3)%				(39,078,325	)
NET ASSETS — 100.0%			$	1,172,080,411

(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

 7

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Government Bond Fund
Assets:
Investments, at value (cost $1,114,666,667)*			$	1,107,583,156
Repurchase agreements, at cost and value				103,575,580
		Total Investments		1,211,158,736
Interest and dividends receivable				11,640,468
Receivable for capital shares issued				976,877
Prepaid expenses				12,552
		Total Assets		1,223,788,633
Liabilities:
Payable upon return of securities loaned				50,212,549
Payable for capital shares redeemed				805,593
Accrued expenses and other payables:
	Investment advisory fees			456,013
	Fund administration and transfer agent fees			78,445
	Distribution fees			2,892
	Administrative servicing fees			84,656
	Compliance program costs			14,873
	Other			53,201
		Total Liabilities		51,708,222
Net Assets			$	1,172,080,411
Represented by:
Capital			$	1,192,837,820
Accumulated net investment income				1,052,725
Accumulated net realized losses from investment transactions				(14,726,623	)
Net unrealized depreciation on investments				(7,083,511	)
Net Assets			$	1,172,080,411
Net Assets:
Class I Shares			$	1,105,966,276
Class II Shares				14,069,286
Class III Shares				16,840,314
Class IV Shares				35,204,535
		Total	$	1,172,080,411
Shares outstanding (unlimited number of shares authorized):
Class I Shares				98,419,579
Class II Shares				1,255,622
Class III Shares				1,498,412
Class IV Shares				3,133,295
		Total		104,306,908
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	11.24
Class II Shares			$	11.20	(a)
Class III Shares			$	11.24
Class IV Shares			$	11.23	(a)

(a)	The NAV reported above represents the traded NAV at June 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.
*	Includes value of securities on loan of $125,500,511.

See accompanying notes to financial statements.

8 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Government
		Bond Fund
INVESTMENT INCOME:
Interest income		$	30,226,240
Income from securities lending			77,717
	Total Income		30,303,957
Expenses:
Investment advisory fees			2,737,500
Fund administration and transfer agent fees			352,666
Distribution fees Class II Shares			17,714
Administrative servicing fees Class I Shares			744,718
Administrative servicing fees Class II Shares			9,843
Administrative servicing fees Class III Shares			11,246
Administrative servicing fees Class IV Shares			23,815
Custodian fees			40,550
Trustee fees			26,465
Compliance program costs (Note 3)			7,829
Other			76,798
	Total expenses before earnings credit		4,049,144
Earnings credit (Note 6)			(14,357	)
	Net Expenses		4,034,787
Net Investment Income			26,269,170
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses on investment transactions			(6,621,181	)
Net change in unrealized depreciation on investments			(5,405,777	)
Net realized/unrealized gains (losses) on investments			(12,026,958	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	14,242,212

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets

		Nationwide NVIT Government Bond Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	26,269,170		$	46,791,958
Net realized losses on investment transactions			(6,621,181	)		(5,728,146	)
Net change in unrealized depreciation on investments			(5,405,777	)		(4,645,687	)
Change in net assets resulting from operations			14,242,212			36,418,125
Distributions to shareholders from:
Net investment income:
	Class I		(24,618,135	)		(43,698,310	)
	Class II		(300,445	)		(572,230	)
	Class III		(367,979	)		(516,724	)
	Class IV		(784,857	)		(1,501,214	)
Net realized gains on investments:
	Class I		–			(8,191,701	)
	Class II		–			(116,493	)
	Class III		–			(91,621	)
	Class IV		–			(286,189	)
Change in net assets from shareholder distributions			(26,071,416	)		(54,974,482	)
Change in net assets from capital transactions			52,367,798			(33,047,295	)
Change in net assets			40,538,594			(51,603,652	)
Net Assets:
Beginning of period			1,131,541,817			1,183,145,469
End of period		$	1,172,080,411		$	1,131,541,817
Accumulated net investment income at end of period		$	1,052,725		$	854,971
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	112,968,756		$	140,608,879
	Dividends reinvested		24,618,038			51,889,883
	Cost of shares redeemed		(88,423,626	)		(224,541,127	)
			49,163,168			(32,042,365	)
Class II Shares
	Proceeds from shares issued		348,001			722,519
	Dividends reinvested		300,445			688,721
	Cost of shares redeemed		(912,518	)		(2,461,231	)
			(264,072	)		(1,049,991	)
Class III Shares
	Proceeds from shares issued		6,364,362			9,053,579
	Dividends reinvested		367,979			608,344
	Cost of shares redeemed		(2,841,930	)		(6,936,325	)
			3,890,411			2,725,598

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Government Bond Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class IV Shares
	Proceeds from shares issued	$	1,516,807		$	3,006,094
	Dividends reinvested		784,857			1,787,398
	Cost of shares redeemed		(2,723,373	)		(7,474,029	)
			(421,709	)		(2,680,537	)
Change in net assets from capital transactions		$	52,367,798		$	(33,047,295	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		9,893,149			12,340,128
	Reinvested		2,177,265			4,599,476
	Redeemed		(7,761,266	)		(19,695,341	)
			4,309,148			(2,755,737	)
Class II Shares
	Issued		30,577			63,762
	Reinvested		26,641			61,228
	Redeemed		(80,253	)		(216,427	)
			(23,035	)		(91,437	)
Class III Shares
	Issued		555,521			795,336
	Reinvested		32,535			53,887
	Redeemed		(249,474	)		(608,404	)
			338,582			240,819
Class IV Shares
	Issued		133,365			263,287
	Reinvested		69,413			158,474
	Redeemed		(239,108	)		(656,078	)
			(36,330	)		(234,317	)
Total change in shares			4,588,365			(2,840,672	)

See accompanying notes to financial statements.

 11

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Government Bond Fund

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class I Shares
For the year ended December 31, 2002	$	11.66		0.53		0.72			1.25		(0.53	)
For the year ended December 31, 2003 (g)	$	12.28		0.50		(0.25	)		0.25		(0.38	)
For the year ended December 31, 2004	$	12.13		0.47		(0.08	)		0.39		(0.66	)
For the year ended December 31, 2005	$	11.62		0.43		(0.06	)		0.37		(0.43	)
For the year ended December 31, 2006	$	11.54		0.48		(0.11	)		0.37		(0.47	)
For the six months ended June 30, 2007 (Unaudited)	$	11.35		0.25		(0.11	)		0.14		(0.25	)
Class II Shares
Period ended December 31, 2002 (e)	$	11.88		0.18		0.55			0.73		(0.26	)
For the year ended December 31, 2003 (g)	$	12.26		0.47		(0.25	)		0.22		(0.36	)
For the year ended December 31, 2004	$	12.10		0.44		(0.08	)		0.36		(0.63	)
For the year ended December 31, 2005	$	11.59		0.40		(0.06	)		0.34		(0.40	)
For the year ended December 31, 2006	$	11.51		0.45		(0.11	)		0.34		(0.44	)
For the six months ended June 30, 2007 (Unaudited)	$	11.32		0.24		(0.12	)		0.12		(0.24	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Ratio of
											Net Assets		Expenses to
	Net						Net Asset				at End of		Average
	realized			Total			Value, End		Total		Period		Net
	gains			Distributions			of Period		Return (a)		(000s)		Assets (b)
Class I Shares
For the year ended December 31, 2002		(0.10	)		(0.63	)	$	12.28		10.98%	$	1,982,676		0.73%
For the year ended December 31, 2003 (g)		(0.02	)		(0.40	)	$	12.13		2.00%	$	1,488,089		0.73%
For the year ended December 31, 2004		(0.24	)		(0.90	)	$	11.62		3.26%	$	1,222,615		0.73%
For the year ended December 31, 2005		(0.02	)		(0.45	)	$	11.54		3.26%	$	1,117,512		0.73%
For the year ended December 31, 2006		(0.09	)		(0.56	)	$	11.35		3.34%	$	1,067,945		0.73%
For the six months ended June 30, 2007 (Unaudited)		–			(0.25	)	$	11.24		1.27%	$	1,105,966		0.70%
Class II Shares
Period ended December 31, 2002 (e)		(0.09	)		(0.35	)	$	12.26		6.16%	$	10,111		0.97%
For the year ended December 31, 2003 (g)		(0.02	)		(0.38	)	$	12.10		1.77%	$	20,998		0.98%
For the year ended December 31, 2004		(0.24	)		(0.87	)	$	11.59		3.01%	$	17,643		0.98%
For the year ended December 31, 2005		(0.02	)		(0.42	)	$	11.51		3.01%	$	15,765		0.98%
For the year ended December 31, 2006		(0.09	)		(0.53	)	$	11.32		3.00%	$	14,470		0.98%
For the six months ended June 30, 2007 (Unaudited)		–			(0.24	)	$	11.20		1.16%	$	14,069		0.95%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
	Ratio of Net		Ratio of		Investment
	Investment		Expenses		Income
	Income		(Prior to		(Prior to
	to Average		Reimbursements)		Reimbursements)
	Net		to Average		to Average		Portfolio
	Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002		4.53%		0.73%		4.53%		49.00%
For the year ended December 31, 2003 (g)		4.12%		(h)		(h)		40.46%
For the year ended December 31, 2004		3.75%		(h)		(h)		69.37%
For the year ended December 31, 2005		3.65%		(h)		(h)		87.79%
For the year ended December 31, 2006		4.16%		(h)		(h)		93.01%
For the six months ended June 30, 2007 (Unaudited)		4.58%		0.70%		4.58%		49.96%
Class II Shares
Period ended December 31, 2002 (e)		3.93%		(h)		(h)		49.00%
For the year ended December 31, 2003 (g)		3.85%		(h)		(h)		40.46%
For the year ended December 31, 2004		3.50%		(h)		(h)		69.37%
For the year ended December 31, 2005		3.40%		(h)		(h)		87.79%
For the year ended December 31, 2006		3.91%		(h)		(h)		93.01%
For the six months ended June 30, 2007 (Unaudited)		4.33%		0.95%		4.33%		49.96%

[Additional columns below]

[Continued from above table, first column(s) repeated]

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from July 8, 2002 (commencement of operations) through December 31, 2002.

(f)  For the period from May 20, 2002 (commencement of operations) through December 31, 2002.

(g)	Net investment income (loss) is based on average shares outstanding during the period.
(h)	There were no fee reductions during the period.

(i)  For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class III Shares
Period ended December 31, 2002 (f)	$	11.75		0.36		0.67			1.03		(0.41	)
For the year ended December 31, 2003 (g)	$	12.27		0.50		(0.24	)		0.26		(0.37	)
For the year ended December 31, 2004 (g)	$	12.14		0.46		(0.07	)		0.39		(0.66	)
For the year ended December 31, 2005	$	11.63		0.40		(0.04	)		0.36		(0.43	)
For the year ended December 31, 2006	$	11.54		0.47		(0.10	)		0.37		(0.47	)
For the six months ended June 30, 2007 (Unaudited)	$	11.35		0.23		(0.09	)		0.14		(0.25	)
Class IV Shares
Period ended December 31, 2003 (i)	$	12.29		0.34		(0.24	)		0.10		(0.26	)
For the year ended December 31, 2004	$	12.13		0.46		(0.07	)		0.39		(0.66	)
For the year ended December 31, 2005	$	11.62		0.43		(0.07	)		0.36		(0.43	)
For the year ended December 31, 2006	$	11.53		0.48		(0.10	)		0.38		(0.47	)
For the six months ended June 30, 2007 (Unaudited)	$	11.35		0.26		(0.13	)		0.13		(0.25	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Ratio of
											Net Assets		Expenses to
	Net						Net Asset				at End of		Average
	realized			Total			Value, End		Total		Period		Net
	gains			Distributions			of Period		Return (a)		(000s)		Assets (b)
Class III Shares
Period ended December 31, 2002 (f)		(0.10	)		(0.51	)	$	12.27		8.84%	$	7,625		0.73%
For the year ended December 31, 2003 (g)		(0.02	)		(0.39	)	$	12.14		2.11%	$	4,369		0.73%
For the year ended December 31, 2004 (g)		(0.24	)		(0.90	)	$	11.63		3.27%	$	6,854		0.73%
For the year ended December 31, 2005		(0.02	)		(0.45	)	$	11.54		3.18%	$	10,604		0.73%
For the year ended December 31, 2006		(0.09	)		(0.56	)	$	11.35		3.35%	$	13,164		0.72%
For the six months ended June 30, 2007 (Unaudited)		–			(0.25	)	$	11.24		1.28%	$	16,840		0.71%
Class IV Shares
Period ended December 31, 2003 (i)		–			(0.26	)	$	12.13		0.84%	$	43,244		0.70%
For the year ended December 31, 2004		(0.24	)		(0.90	)	$	11.62		3.27%	$	41,019		0.73%
For the year ended December 31, 2005		(0.02	)		(0.45	)	$	11.53		3.17%	$	39,264		0.73%
For the year ended December 31, 2006		(0.09	)		(0.56	)	$	11.35		3.34%	$	35,962		0.73%
For the six months ended June 30, 2007 (Unaudited)		–			(0.25	)	$	11.23		1.27%	$	35,205		0.70%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
	Ratio of Net		Ratio of		Investment
	Investment		Expenses		Income
	Income		(Prior to		(Prior to
	to Average		Reimbursements)		Reimbursements)
	Net		to Average		to Average		Portfolio
	Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class III Shares
Period ended December 31, 2002 (f)		4.12%		(h)		(h)		49.00%
For the year ended December 31, 2003 (g)		4.10%		(h)		(h)		40.46%
For the year ended December 31, 2004 (g)		3.72%		(h)		(h)		69.37%
For the year ended December 31, 2005		3.66%		(h)		(h)		87.79%
For the year ended December 31, 2006		4.21%		(h)		(h)		93.01%
For the six months ended June 30, 2007 (Unaudited)		4.58%		0.71%		4.58%		49.96%
Class IV Shares
Period ended December 31, 2003 (i)		4.07%		(h)		(h)		40.46%
For the year ended December 31, 2004		3.74%		(h)		(h)		69.37%
For the year ended December 31, 2005		3.65%		(h)		(h)		87.79%
For the year ended December 31, 2006		4.16%		(h)		(h)		93.01%
For the six months ended June 30, 2007 (Unaudited)		4.58%		0.70%		4.58%		49.96%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from July 8, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from May 20, 2002 (commencement of operations) through December 31, 2002.
(g)	Net investment income (loss) is based on average shares outstanding during the period.
(h)	There were no fee reductions during the period.
(i)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Government Bond Fund (the “Fund”), (formerly, “Gartmore GVIT Government Bond Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

14 

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(d) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(e) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$125,500,511	$	127,539,652*

*  Includes $77,327,103 in the form of U.S. Government Securities, interest rates ranging from 0.00% to 9.50% and maturity dates range from 07/02/07 to 01/25/48.

(f) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared daily and paid monthly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(g) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

16 

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	1,218,425,195	$	2,534,812	$	(9,801,271	)	$	(7,266,459	)

(h) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following fee schedule:

Fee Schedule	Fees
Up to $250 million		0.500%
Next $750 million		0.475%
Next $1 billion		0.450%
Next $3 billion		0.425%
$5 billion or more		0.400%

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC ((formerly, Gartmore Investor Services, Inc. (“GISI”))(“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc.”) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $861,002 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $7,829.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $2,329.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $820,528,314 and sales of $511,732,399.

For the six months ended June 30, 2007, the Fund had purchases of $677,287,654 and sales of $282,777,999 of U.S. Government securities.

18 

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

20 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

 (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 25

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

 (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had outperformed its benchmark, the Merrill Lynch Master Index, for the one- and three-year periods, and underperformed the Fund’s benchmark for the five-year period. The Board also considered that the performance of the Fund’s Class I shares ranked in the second quintile of its Lipper-constructed Peer Group over the one-year period and ranked in the first quintile over the two-, three-, four-, and five-year periods reported. The Board found that performance has been very good for all periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that performance had been relatively good for all periods presented and the nature, extent, and quality of the services provided to the Fund will benefit Fund shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the first quintile. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors discussed.

The Board considered that the Fund’s adviser had reported a pre-tax profit for its investment advisory services during the twelve month periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser, in connection with the operation of the Fund and concluded the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA

26 

will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast		Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%

 27

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%

28 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT NationwideFund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%

 29

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

30 

Nationwide NVIT Growth Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GR (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide NVIT Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Growth Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,116.20	$	4.46		0.85%
	Hypothetical	1	$	1,000.00	$	1,020.58	$	4.27		0.85%
Class IV	Actual		$	1,000.00	$	1,115.30	$	4.46		0.85%
	Hypothetical	1	$	1,000.00	$	1,020.58	$	4.27		0.85%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Growth Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	100.0%
Other Investments*	4.9%
Liabilities in excess of other assets**	-4.9%
	100.0%

Top Holdings
Microsoft Corp.	3.5%
Cisco Systems, Inc.	3.5%
Intel Corp.	2.7%
Google, Inc., Class A	2.3%
Hewlett-Packard Co.	2.0%
Boeing Co. (The)	1.8%
QUALCOMM, Inc.	1.8%
Comcast Corp., Class A	1.7%
Wyeth	1.6%
Apple, Inc.	1.6%
Other	77.5%
	100.0%

Top Industries
Pharmaceuticals	7.2%
Semiconductors & Semiconductor Equipment	7.2%
Communications Equipment	6.8%
Software	6.2%
Aerospace & Defense	5.7%
Computers & Peripherals	5.7%
Internet Software & Services	4.4%
Biotechnology	4.1%
Oil, Gas & Consumable Fuels	3.6%
Diversified Financial Services	3.6%
Other	45.5%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Growth Fund

Common Stock (100.0%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (5.7%)
Boeing Co. (The)		39,670	$	3,814,667
Honeywell International, Inc.		20,880		1,175,126
Precision Castparts Corp.		12,230		1,484,233
Raytheon Co.		23,150		1,247,553
Rockwell Collins, Inc.		37,470		2,646,881
Spirit Aerosystems Holdings, Inc., Class A*		20,890		753,085
United Technologies Corp.		12,450		883,079
				12,004,624
Air Freight & Logistics (1.1%)
C.H. Robinson Worldwide, Inc.		20,000		1,050,400
FedEx Corp.		11,700		1,298,349
				2,348,749
Auto Components (1.1%)
Johnson Controls, Inc.		19,930		2,307,296
Beverages (1.0%)
Coca-Cola Co.		29,090		1,521,698
Pepsi Bottling Group, Inc. (The)		15,500		522,040
				2,043,738
Biotechnology (4.1%)
Celgene Corp.*		27,660		1,585,748
Cephalon, Inc.*		6,790		545,848
Genentech, Inc.*		13,300		1,006,278
Genzyme Corp.*		25,180		1,621,592
Gilead Sciences, Inc.*		77,350		2,998,859
Pharmion Corp.* (a)		29,130		843,314
				8,601,639
Capital Markets (1.4%)
Lehman Brothers Holding, Inc.		21,790		1,623,791
Northern Trust Corp.		19,620		1,260,389
				2,884,180
Chemicals (2.2%)
Air Products & Chemicals, Inc.		19,250		1,547,123
Monsanto Co.		45,730		3,088,604
				4,635,727
Commercial Services & Supplies (0.2%)
Pitney Bowes, Inc.		9,000		421,380
Communications Equipment (7.2%)
American Tower Corp.*		22,000		924,000
Cisco Systems, Inc.*		263,610		7,341,538
Corning, Inc.*		81,970		2,094,334
Foundry Networks, Inc.* (a)		62,660		1,043,916
QUALCOMM, Inc.		84,960		3,686,414
				15,090,202
Computers & Peripherals (5.7%)
Apple, Inc.*		27,700		3,380,508
Diebold, Inc. (a)		7,680		400,896
Hewlett-Packard Co.		94,450		4,214,359
International Business Machines Corp.		18,100		1,905,025
Research In Motion*		8,800		1,759,912
Western Digital Corp.*		13,700		265,095
				11,925,795
Construction & Engineering (0.1%)
Fluor Corp.		2,400		267,288
Consumer Finance (0.6%)
American Express Co.		20,380		1,246,848
Diversified Financial Services (3.6%)
Chicago Mercantile Exchange Holdings, Inc.		3,050		1,629,798
Franklin Resources, Inc.		13,770		1,824,112
Goldman Sachs Group, Inc.		7,740		1,677,645
IntercontinentalExchange, Inc.*		7,650		1,131,052
Merrill Lynch & Co., Inc.		8,800		735,504
Morgan Stanley		7,100		595,548
				7,593,659
Electrical Equipment (2.6%)
Ametek, Inc. (a)		39,525		1,568,352
Cooper Industries Ltd., Class A ADR - BM		30,330		1,731,540
Emerson Electric Co.		44,870		2,099,916
				5,399,808
Electronic Equipment & Instruments (0.1%)
Jabil Circuit, Inc.		12,980		286,469
Energy Equipment & Services (1.8%)
Halliburton Co.		9,940		342,930
Smith International, Inc.		11,050		647,972
Transocean, Inc. ADR - KY*		25,220		2,672,816
				3,663,718
Entertainment (1.0%)
Walt Disney Co. (The)		62,250		2,125,215

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Food & Staples Retailing (2.6%)
Costco Wholesale Corp.		22,750	$	1,331,330
CVS/ Caremark Corp.		78,509		2,861,653
Kroger Co.		9,700		272,861
SYSCO Corp.		7,050		232,579
Wal-Mart Stores, Inc.		17,380		836,152
				5,534,575
Food Products (2.1%)
General Mills, Inc.		11,550		674,751
PepsiCo, Inc.		50,900		3,300,865
Sara Lee Corp.		19,100		332,340
				4,307,956
Gas Utilities (0.3%)
Questar Corp.		11,000		581,350
Health Care Equipment & Supplies (3.0%)
Baxter International, Inc.		30,690		1,729,074
Beckman Coulter, Inc.		6,320		408,778
Becton, Dickinson & Co.		12,650		942,425
Dade Behring Holdings, Inc.		6,500		345,280
Hillenbrand Industry, Inc. (a)		7,860		510,900
Hologic, Inc.* (a)		15,290		845,690
Medtronic, Inc.		29,600		1,535,056
				6,317,203
Health Care Providers & Services (2.3%)
Cardinal Health, Inc.		14,050		992,492
McKesson Corp.		22,820		1,360,985
Medco Health Solutions, Inc.*		14,340		1,118,377
UnitedHealth Group, Inc.		27,740		1,418,623
				4,890,477
Hotels, Restaurants & Leisure (2.0%)
MGM Grand, Inc.*		18,680		1,540,726
P.F. Chang’s China Bistro, Inc.* (a)		20,460		720,192
Starwood Hotels & Resorts Worldwide, Inc.		30,030		2,014,112
				4,275,030
Household Durables (0.6%)
Leggett & Platt, Inc. (a)		14,170		312,448
Newell Rubbermaid, Inc.		20,200		594,486
Snap-on, Inc.		8,760		442,468
				1,349,402
Household Products (0.8%)
Procter & Gamble Co. (The)		25,720		1,573,807
Industrial Conglomerates (0.8%)
Textron, Inc.		15,160		1,669,268
Insurance (0.8%)
AFLAC, Inc.		32,500		1,670,500
Internet Software & Services (4.4%)
Akamai Technologies, Inc.*		39,670		1,929,549
eBay, Inc.*		50,160		1,614,149
Google, Inc., Class A*		9,270		4,851,732
Yahoo!, Inc.*		30,940		839,402
				9,234,832
IT Services (0.6%)
Cognizant Technology Solutions Corp.*		13,980		1,049,758
Electronic Data Systems Corp.		10,420		288,947
				1,338,705
Life Sciences Tools & Services (1.8%)
Covance, Inc.* (a)		15,080		1,033,885
Pharmaceutical Product Development, Inc. (a)		21,900		838,113
Thermo Fisher Scientific, Inc.*		36,570		1,891,400
				3,763,398
Machinery (2.1%)
Caterpillar, Inc.		30,500		2,388,150
Cummins, Inc.		5,340		540,461
Harsco Corp.		10,300		535,600
Parker Hannifin Corp.		10,100		988,891
				4,453,102
Manufacturing (0.7%)
Polypore International, Inc.*		80,300		1,410,871
Media (1.7%)
Comcast Corp., Class A*		129,765		3,648,992
Metals & Mining (1.6%)
Alcoa, Inc.		10,700		433,671
Allegheny Technologies, Inc.		15,640		1,640,323
Freeport-McMoRan Copper & Gold, Inc., Class B		15,500		1,283,710
				3,357,704
Multiline Retail (2.6%)
Family Dollar Stores, Inc.		12,380		424,881
Kohl’s Corp.*		29,760		2,113,853
Macy’s, Inc.		9,750		387,855
Target Corp.		39,800		2,531,280
				5,457,869

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide NVIT Growth Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Oil, Gas & Consumable Fuels (3.6%)
Clean Energy Fuel Corp.*		70,950	$	891,132
CONSOL Energy, Inc.		22,380		1,031,942
Peabody Energy Corp.		22,810		1,103,548
Sunoco, Inc.		4,550		362,544
Valero Energy Corp.		16,730		1,235,678
Williams Cos., Inc. (The)		27,670		874,925
XTO Energy, Inc.		35,610		2,140,161
				7,639,930
Pharmaceuticals (7.2%)
Abbott Laboratories		58,000		3,105,900
Bristol-Myers Squibb Co.		65,800		2,076,648
Johnson & Johnson		25,390		1,564,532
Merck & Co., Inc.		63,680		3,171,264
Schering-Plough Corp.		56,500		1,719,860
Wyeth		59,410		3,406,569
				15,044,773
Real Estate Investment Trusts (REITs) (0.6%) (a)
Rayonier, Inc.		29,700		1,340,658
Road & Rail (0.8%)
Burlington Northern Santa Fe Corp.		3,800		323,532
Union Pacific Corp.		11,700		1,347,255
				1,670,787
Semiconductors & Semiconductor Equipment (7.2%)
Intel Corp.		233,700		5,552,712
Intersil Corp.		51,620		1,623,965
MEMC Electronic Materials, Inc.*		29,300		1,790,816
Microchip Technology, Inc. (a)		51,350		1,902,004
NVIDIA Corp.*		52,220		2,157,208
Spansion, Inc., Class A* (a)		20,200		224,220
Texas Instruments, Inc.		46,700		1,757,321
				15,008,246
Service Companies (0.3%) (a)
Brookdale Senior Living, Inc.		11,340		516,764
Software (6.2%)
Adobe Systems, Inc.*		52,030		2,089,005
Electronic Arts, Inc.*		17,300		818,636
Microsoft Corp.		254,590		7,502,767
Oracle Corp.*		136,100		2,682,531
				13,092,939
Specialty Retail (2.7%)
Best Buy Co., Inc.		22,570		1,053,342
Coach, Inc.*		28,900		1,369,571
Home Depot, Inc. (The)		28,000		1,101,800
Lowe’s Cos., Inc.		47,150		1,447,034
Staples, Inc.		30,510		724,002
				5,695,749
Textiles, Apparel & Luxury Goods (0.5%)
Phillips-Van Heusen Corp.		17,600		1,066,032
Transportation (0.4%) (a)
Genesis Lease Ltd. ADR — IE		31,490		862,826
Wireless Telecommunication Services (0.2%)
Telephone & Data Systems, Inc.		6,130		383,554
Total Common Stocks (Cost $194,531,612)				210,003,634
Securities Held as Collateral for Securities on Loan (4.9%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $10,374,397 collateralized by U.S. Government Agency Mortgages with a market value of $10,577,107	$	10,369,713		10,369,713
Total Investments (Cost $204,901,325) (b) — 104.9%				220,373,347
Liabilities in excess of other assets — (4.9)%				(10,283,626	)
NET ASSETS — 100.0%			$	210,089,721

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
IE	Ireland
KY	Cayman Islands

See accompanying notes to financial statements.

8 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Growth Fund
Assets:
Investments, at value (cost $194,531,612)*			$	210,003,634
Repurchase agreements, at cost and value				10,369,713
		Total Investments		220,373,347
Interest and dividends receivable				88,447
Receivable for capital shares issued				630
Receivable for investments sold				12,429,382
Prepaid expenses				2,023
		Total Assets		232,893,829
Liabilities:
Payable to custodian				1,128,563
Payable for investments purchased				10,970,275
Payable upon return of securities loaned				10,369,713
Payable for capital shares redeemed				172,056
Accrued expenses and other payables:
	Investment advisory fees			104,865
	Fund administration and transfer agent fees			12,845
	Administrative servicing fees			16,266
	Compliance program costs			2,766
	Other			26,759
		Total Liabilities		22,804,108
Net Assets			$	210,089,721
Represented by:
Capital			$	466,799,971
Accumulated net investment loss				(9,144	)
Accumulated net realized losses from investment transactions				(272,173,128	)
Net unrealized appreciation on investments				15,472,022
Net Assets			$	210,089,721
Net Assets:
Class I Shares			$	174,629,607
Class IV Shares				35,460,114
		Total	$	210,089,721
Shares outstanding (unlimited number of shares authorized):
Class I Shares				12,891,509
Class IV Shares				2,618,250
		Total		15,509,759
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	13.55
Class IV Shares			$	13.54

* Includes value of securities on loan of $10,143,631.

See accompanying notes to financial statements.

 9

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Growth Fund
INVESTMENT INCOME:
Interest income		$	25,161
Dividend income			998,869
Income from securities lending			29,817
	Total Income		1,053,847
Expenses:
Investment advisory fees			622,365
Fund administration and transfer agent fees			64,307
Administrative servicing fees Class I Shares			118,353
Administrative servicing fees Class IV Shares			24,456
Custodian fees			15,287
Trustee fees			4,802
Compliance program costs (Note 3)			1,454
Other			33,204
	Total expenses before earnings credit		884,228
Earnings credit (Note 6)			(2,711	)
	Net Expenses		881,517
Net Investment Income			172,330
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			21,363,269
Net change in unrealized appreciation on investments			1,313,733
Net realized/unrealized gains (losses) on investments			22,677,002
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	22,849,332

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets

		Nationwide NVIT Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	172,330		$	89,970
Net realized gains on investment transactions			21,363,269			8,761,695
Net change in unrealized appreciation on investments			1,313,733			3,499,676
Change in net assets resulting from operations			22,849,332			12,351,341
Distributions to shareholders from:
Net investment income:
	Class I		(151,985	)		(88,690	)
	Class IV		(29,489	)		(18,161	)
Change in net assets from shareholder distributions			(181,474	)		(106,851	)
Change in net assets from capital transactions			(18,127,282	)		(42,349,928	)
Change in net assets			4,540,576			(30,105,438	)
Net Assets:
Beginning of period			205,549,145			235,654,583
End of period		$	210,089,721		$	205,549,145
Accumulated net investment income (loss) at end of period		$	(9,144	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	5,744,695		$	3,190,556
	Dividends reinvested		151,985			88,690
	Cost of shares redeemed		(21,751,755	)		(41,370,555	)
			(15,855,075	)		(38,091,309	)
Class IV Shares
	Proceeds from shares issued		687,645			1,940,914
	Dividends reinvested		29,486			18,161
	Cost of shares redeemed		(2,989,338	)		(6,217,694	)
			(2,272,207	)		(4,258,619	)
Change in net assets from capital transactions		$	(18,127,282	)	$	(42,349,928	)

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		436,736			276,469
	Reinvested		11,283			7,264
	Redeemed		(1,682,534	)		(3,577,655	)
			(1,234,515	)		(3,293,922	)
Class IV Shares
	Issued		53,012			167,685
	Reinvested		2,189			1,487
	Redeemed		(231,188	)		(538,055	)
			(175,987	)		(368,883	)
Total change in shares			(1,410,502	)		(3,662,805	)

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Growth Fund

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class I Shares
For the year ended December 31, 2002	$	10.55		–		(3.03	)		(3.03	)
For the year ended December 31, 2003	$	7.52		0.01		2.45			2.46
For the year ended December 31, 2004	$	9.98		0.02		0.79			0.81
For the year ended December 31, 2005	$	10.76		0.01		0.69			0.70
For the year ended December 31, 2006	$	11.45		0.01		0.70			0.71
For the six months ended June 30, 2007 (Unaudited)	$	12.15		0.01		1.40			1.41
Class IV Shares
For the year ended December 31, 2003 (e)	$	7.90		–		2.08			2.08
For the year ended December 31, 2004	$	9.98		0.02		0.79			0.81
For the year ended December 31, 2005	$	10.76		0.01		0.69			0.70
For the year ended December 31, 2006	$	11.45		0.01		0.70			0.71
For the six months ended June 30, 2007 (Unaudited)	$	12.15		0.01		1.39			1.40

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios/Supplemental Data
														Ratio of
												Net Assets		Expenses to
	Net						Net Asset					at End of		Average
	Investment			Total			Value, End		Total			Period		Net
	Income			Distributions			of Period		Return (a)			(000s)		Assets (b)
Class I Shares
For the year ended December 31, 2002		–			–		$	7.52		(28.72%	)	$	201,689		0.85%
For the year ended December 31, 2003		(f	)		–		$	9.98		32.74%		$	244,671		0.84%
For the year ended December 31, 2004		(0.03	)		(0.03	)	$	10.76		8.16%		$	224,301		0.85%
For the year ended December 31, 2005		(0.01	)		(0.01	)	$	11.45		6.50%		$	199,446		0.87%
For the year ended December 31, 2006		(0.01	)		(0.01	)	$	12.15		6.17%		$	171,610		0.87%
For the six months ended June 30, 2007 (Unaudited)		(0.01	)		(0.01	)	$	13.55		11.62%		$	174,630		0.85%
Class IV Shares
For the year ended December 31, 2003 (e)		(f	)		–		$	9.98		26.37%		$	34,090		0.84%
For the year ended December 31, 2004		(0.03	)		(0.03	)	$	10.76		8.16%		$	38,067		0.85%
For the year ended December 31, 2005		(0.01	)		(0.01	)	$	11.45		6.50%		$	36,209		0.87%
For the year ended December 31, 2006		(0.01	)		(0.01	)	$	12.15		6.17%		$	33,939		0.87%
For the six months ended June 30, 2007 (Unaudited)		(0.01	)		(0.01	)	$	13.54		11.53%		$	35,460		0.85%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income (Loss)
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)			Turnover (d)
Class I Shares
For the year ended December 31, 2002		(0.03%	)		0.85%		(0.03%	)		231.69%
For the year ended December 31, 2003		0.09%			(g)		(g)			293.58%
For the year ended December 31, 2004		0.26%			(g)		(g)			282.41%
For the year ended December 31, 2005		0.05%			(g)		(g)			275.31%
For the year ended December 31, 2006		0.04%			(g)		(g)			294.57%
For the six months ended June 30, 2007 (Unaudited)		0.17%			0.85%		0.17%			131.02%
Class IV Shares
For the year ended December 31, 2003 (e)		0.10%			(g)		(g)			293.58%
For the year ended December 31, 2004		0.27%			(g)		(g)			282.41%
For the year ended December 31, 2005		0.05%			(g)		(g)			275.31%
For the year ended December 31, 2006		0.05%			(g)		(g)			294.57%
For the six months ended June 30, 2007 (Unaudited)		0.16%			0.86%		0.16%			131.02%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(f)	The amount is less than $0.005 per share.
(g)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Growth Fund (the “Fund”), (formerly, “Gartmore GVIT Growth Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

14 

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

“variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(e) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(f) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio

16 

securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$10,143,631	$	10,369,713

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	22,037,347	$	15,992,437	$	(1,960,089	)	$	14,032,348

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $250 million		0.600%
On the next $750 million		0.575%
On the next $1 billion		0.550%
On the next $3 billion		0.525%
On $5 billion or more		0.500%

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC ((formerly, Gartmore Investor Services, Inc. (“GISI”))(“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting;

18 

answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I shares of the Fund and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $155,589 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $1,454.

4. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $271,477,820 and sales of $287,983,906.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

20 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

 (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 25

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

 (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the Russell 1000 Growth Index, for the one-year period, while outperforming the benchmark for the three- and five-year periods. The Board also considered that the performance of the Fund’s Class I shares ranked in the fourth quintile of its Lipper-constructed Performance Group over the one- and two-year periods, the second quintile over the three-year period, and the first quintile over the four- and five-year periods. Although the Fund’s performance over the more recent one-year period ended November 2006 ranked the Fund in the third quintile, the Board considered that: (i) longer-term relative performance has been good; (ii) the Fund’s adviser has represented that it will be adding a quantitative core sleeve to the Fund; and (iii) the Fund’s adviser has committed to allocating additional resources to management of the Fund. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to improve relative performance, and based on the factors described above, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the first quintile. The Board concluded the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

26 

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast		Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

 27

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

28 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT NationwideFund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

 29

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

30 

Nationwide NVIT Money Market Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MMKT (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide NVIT Money Market Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Money Market Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,023.80	$	3.11		0.62%
	Hypothetical	1	$	1,000.00	$	1,021.73	$	3.11		0.62%
Class IV	Actual		$	1,000.00	$	1,024.40	$	2.51		0.50%
	Hypothetical	1	$	1,000.00	$	1,022.32	$	2.51		0.50%
Class V	Actual		$	1,000.00	$	1,024.20	$	2.71		0.54%
	Hypothetical	1	$	1,000.00	$	1,022.12	$	2.71		0.54%
Class ID	Actual		$	1,000.00	$	1,024.60	$	2.36		0.47%
	Hypothetical	1	$	1,000.00	$	1,022.47	$	2.36		0.47%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Money Market Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Asset-Backed Commercial Paper	36.4%
Commercial Paper	25.6%
Floating Rate Notes	19.3%
Certificates of Deposit	8.1%
Corporate Bonds	6.3%
Municipal Bonds	3.6%
Other Assets	0.7%
	100.0%

Top Holdings
Georgetown Funding Co., 5.42%, 07/25/07	3.0%
Nationwide Building Society, 5.27%, 07/10/07	2.5%
Cargill Asia Pacific, 5.47%, 07/06/07	2.5%
Golden Funding Corp., 5.46%, 07/16/07	2.5%
Florida Hurricane Catastrophe, 5.33%, 07/14/08	2.0%
Three Rivers Funding Corp., 5.36%, 07/12/07	2.0%
Sandlot Funding LLC, 5.42%, 07/23/07	2.0%
Yorkshire Building Society, 5.27%, 08/15/07	1.9%
Natixis, 5.40%, 01/22/08	1.7%
Westpac Capital Corp., 5.28%, 07/12/07	1.6%
South Carolina Public Service Authority, 5.35%, 08/23/07	1.6%
Other	76.7%
	100.0%

Top Industries
Banks — Foreign	19.3%
Asset-Backed — Yankee	16.2%
Asset-Backed — Residential Mortgages	7.0%
Asset-Backed — Mortgages	6.6%
Asset-Backed — Trade & Term Receivables	6.3%
Building Society	5.9%
Security Brokers & Dealers	5.1%
Asset-Backed — Domestic	4.5%
Asset-Backed CDO — Trust Preferred	3.6%
Other Assets	25.5%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Money Market Fund

Asset-Backed Commercial Paper (36.4%)
		Shares or
		Principal Amount		Value
Asset-Backed - Domestic (1.5%) (a) (b)
Harrier Financial Funding U.S. LLC
	5.28%, 07/20/07 (c)	$	10,000,000	$	9,972,503
	5.32%, 10/12/07 (d)		20,000,000		19,999,717
					29,972,220
Asset-Backed - Mortgages (6.6%) (c)
Georgetown Funding Co., 5.42%, 07/25/07			60,000,000		59,786,000
Thornburg Mortgage Capital
	5.37%, 07/12/07 (a) (b)		30,000,000		29,951,417
	5.37%, 07/19/07 (a) (b)		12,000,000		11,968,200
	5.38%, 07/20/07		25,000,000		24,929,938
	5.40%, 07/23/07 (a) (b)		7,000,000		6,977,199
					133,612,754
Asset-Backed - Multi-Seller (3.5%) (a) (b) (c)
Sandlot Funding LLC
	5.42%, 07/23/07		40,000,000		39,869,222
	5.38%, 09/18/07		7,000,000		6,918,433
	5.32%, 12/11/07		24,992,000		24,397,919
					71,185,574
Asset-Backed - Repurchase Agreement (1.9%)
Liquid Funding
	5.37%, 07/02/07 (a) (b) (c)		10,922,000		10,920,392
	5.28%, 07/16/07 (a) (b) (c)		15,000,000		14,967,479
	5.29%, 03/04/08 (d)		12,000,000		11,998,802
					37,886,673
Asset-Backed - Residential Mortgages (7.0%) (c)
Carrera Capital Finance LLC (a) (b)
	5.32%, 07/18/07		10,406,000		10,380,202
	5.33%, 07/19/07		9,500,000		9,475,015
	5.32%, 08/02/07		13,815,000		13,750,574
	5.32%, 08/06/07		10,500,000		10,444,875
	5.32%, 08/21/07		13,000,000		12,903,312
	5.33%, 08/30/07		4,543,000		4,503,173
	5.34%, 09/19/07		10,000,000		9,882,889
Klio II Funding Corp. (b) 5.33%, 07/25/07 (a)			25,000,000		24,912,417
	5.34%, 09/10/07		30,000,000		29,688,192
Ormond Quay Funding LLC, 5.37%, 07/12/07			15,000,000		14,975,708
					140,916,357
Asset-Backed - Trade & Term Receivables (6.3%) (c)
Falcon Asset Securitization Corp., 5.39%, 07/12/07			3,200,000		3,194,798
Golden Funding Corp., 5.46%, 07/16/07			50,000,000		49,887,917
Old Line Funding Corp., 5.42%, 07/05/07			3,000,000		2,998,217
Three Rivers Funding Corp.
	5.46%, 07/05/07		26,000,000		25,984,458
	5.36%, 07/12/07		40,000,000		39,935,344
	5.37%, 07/17/07		4,594,000		4,583,178
					126,583,912
Asset-Backed - Yankee (6.0%) (c)
Check Point Charlie Ltd.
	5.34%, 07/12/07		20,000,000		19,967,794
	5.34%, 07/13/07		17,000,000		16,970,165
	5.39%, 07/17/07		10,000,000		9,976,356
	5.34%, 08/23/07		4,516,000		4,480,962
	5.33%, 09/05/07		20,000,000		19,807,133
Greyhawk Funding LLC
	5.37%, 07/11/07		6,028,000		6,019,125
	5.39%, 07/20/07		20,000,000		19,943,845
	5.37%, 10/01/07		6,500,000		6,411,961
K(2) USA LLC, 5.31%, 07/09/07 (a) (b)			2,700,000		2,696,856
Sigma Finance, Inc., 5.24%, 11/05/07 (a) (b)			15,000,000		14,726,421
					121,000,618
Asset-Backed CDO - Trust Preferred (3.6%) (c)
Lockhart Funding LLC
	5.37%, 07/12/07		8,386,000		8,372,419
	5.33%, 08/13/07		11,800,000		11,725,934
	5.32%, 08/22/07		20,000,000		19,848,333
	5.32%, 08/24/07		23,000,000		22,818,875
	5.33%, 09/13/07		10,500,000		10,386,472
					73,152,033
Total Asset-Backed Commercial Paper (Cost $734,310,141)					734,310,141

6 

Certificates of Deposit (8.1%)
		Share or
		Principal Amount		Value
Banks - Foreign (8.1%)
Bank of Ireland, 5.44%, 06/16/08		$	23,000,000	$	23,000,000
Barclays Bank PLC, 5.35%, 05/05/08			20,000,000		20,000,000
Deutsche Bank, 5.35%, 08/08/07			20,000,000		20,000,000
HBOS Treasury Services PLC
	5.28%, 09/04/07		10,000,000		9,999,371
	5.40%, 06/13/08		20,000,000		20,000,000
Natixis
	5.40%, 01/22/08		35,000,000		35,000,000
	5.40%, 04/08/08 (d)		20,000,000		20,000,743
	5.38%, 05/22/08		15,000,000		15,000,000
Total Certificates of Deposit (Cost $163,000,114)					163,000,114
Commercial Paper (25.6%) (c)
Agricultural Services (3.4%)
Cargill Asia Pacific, 5.47%, 07/06/07			50,000,000		49,962,569
Cargill Global Funding, 5.38%, 07/12/07			19,196,000		19,164,855
					69,127,424
Banks - Domestic (1.4%)
KBC Financial Products International Ltd.
	5.47%, 07/02/07		26,996,000		26,991,958
	5.34%, 08/06/07		1,000,000		994,730
					27,986,688
Banks - Foreign (8.0%)
Bank of Ireland
	5.33%, 08/17/07		21,038,000		20,893,527
	5.26%, 10/04/07		30,000,000		29,589,521
Kommunalkredit Austria
	5.34%, 08/16/07		15,000,000		14,899,088
	5.33%, 09/05/07		12,000,000		11,884,280
	5.27%, 11/19/07		20,000,000		19,592,667
UBS Finance (Delaware) LLC
	5.29%, 07/06/07		3,400,000		3,397,537
	5.27%, 08/06/07		11,740,000		11,678,952
	5.24%, 11/05/07		15,870,000		15,580,833
Westpac Capital Corp., 5.28%, 07/12/07			33,291,000		33,238,015
					160,754,420
Banks - Mortgage (1.6%)
Northern Rock PLC
	5.32%, 08/31/07	$	2,587,000		2,563,987
	5.32%, 10/05/07		12,700,000		12,522,200
	5.33%, 10/09/07		16,817,000		16,571,285
					31,657,472
Building Society (5.9%)
Nationwide Building Society, 5.27%, 07/10/07			50,100,000		50,034,901
Yorkshire Building Society
	5.28%, 07/18/07		10,000,000		9,975,397
	5.27%, 08/15/07		38,142,000		37,894,077
	5.27%, 10/18/07		21,700,000		21,358,188
					119,262,563
Finance Lessors (1.2%) (a) (b)
PB Finance (Delaware), 5.36%, 07/16/07			25,000,000		24,944,948
Financial Services (3.0%)
Alliance & Leicester PLC, 5.31%, 08/28/07			10,000,000		9,915,578
ING U.S. Funding, 5.26%, 07/30/07			30,000,000		29,874,575
Private Export Funding Corp., 5.27%, 07/31/07			20,000,000		19,913,333
					59,703,486
Security Brokers & Dealers (1.1%)
Morgan Stanley Dean Witter & Co.
	5.27%, 07/27/07		8,000,000		7,969,956
	5.27%, 09/27/07		15,000,000		14,809,333
					22,779,289
Total Commercial Paper (Cost $516,216,290)					516,216,290
Corporate Bonds (6.3%)
Asset-Backed - Domestic (1.5%) (a) (b)
Harrier Financial Funding LLC, 5.35%, 05/07/08			30,000,000		30,000,000

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide NVIT Money Market Fund (Continued)

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Asset-Backed - Yankee (3.3%) (a) (b)
Sigma Finance, Inc.
	5.33%, 08/16/07 (d)	$	12,500,000	$	12,499,955
	5.32%, 10/05/07 (d)		15,000,000		14,999,600
	5.34%, 04/17/08		15,000,000		15,000,000
Stanfield Victoria Funding, 5.45%, 02/01/08			25,000,000		25,000,000
					67,499,555
Security Brokers & Dealers (1.5%)
Goldman Sachs Group, Inc., 5.42%, 06/04/08			30,000,000		30,000,000
Total Corporate Bonds (Cost $127,499,555)					127,499,555
Floating Rate Notes (19.3%) (d)
Asset-Backed - CDO (0.9%)
Commodore CDO I Ltd., 5.44%, 12/12/38			18,529,259		18,529,259
Asset-Backed - Domestic (1.5%) (a) (b)
Liquid Funding, 5.34%, 08/14/07			30,000,000		29,999,458
Asset-Backed - Yankee (6.9%)
K(2) USA LLC (a) (b)
	5.32%, 10/24/07	$	30,000,000		29,999,055
	5.32%, 10/26/07		15,000,000		14,999,458
Premier Asset Collateralized Entity LLC
	5.30%, 09/25/07 (a) (b)		25,000,000		25,000,000
	5.34%, 06/25/08		32,000,000		31,999,213
Stanfield Victoria Funding LLC
	5.29%, 08/15/07 (a) (b)		18,000,000		17,999,667
	5.29%, 11/26/07		5,000,000		4,999,598
	5.31%, 06/25/08 (a) (b)		15,000,000		14,999,287
					139,996,278
Banks - Domestic (0.9%)
Wells Fargo & Co., 5.38%, 01/02/08			17,000,000		17,000,000
Banks - Foreign (3.2%)
HBOS Treasury Services PLC
	5.43%, 11/20/07		22,000,000		22,000,000
	5.29%, 12/07/11 (a) (b)		10,000,000		10,000,000
Kommunalkredit Austria, 5.34%, 02/22/08 (a) (b)			22,500,000		22,500,000
Lloyds TSB Group PLC, 5.32%, 06/06/08 (a) (b)			10,000,000		10,000,000
					64,500,000
Banks - Mortgage (0.6%) (a) (b)
Northern Rock PLC, 5.45%, 07/08/08			12,500,000		12,500,000
Insurance (1.4%)
Allstate Life Global Funding
	5.39%, 07/08/08		15,000,000		15,000,000
	5.35%, 07/25/08 (a) (b)		12,500,000		12,500,000
					27,500,000
Personal Credit Institutions (1.4%)
General Electric Capital Corp.
	5.45%, 07/09/07		21,000,000		21,000,000
	5.45%, 10/17/07		8,000,000		8,000,000
					29,000,000
Security Brokers & Dealers (2.5%)
Bear Stearns Cos., Inc., 5.31%, 07/11/08			20,000,000		20,000,000
Morgan Stanley Dean Witter & Co., 5.36%, 07/02/08 (a) (b)			30,000,000		30,000,000
					50,000,000
Total Floating Rate Notes (Cost $389,024,995)					389,024,995

8 

Municipal Bonds (3.6%)
	Shares or
	Principal Amount		Value
Florida (2.0%) (d)
Florida Hurricane Catastrophe, 5.33%, 07/14/08	$	40,000,000	$	39,999,849
South Carolina (1.6%) (c)
South Carolina Public Service Authority, 5.35%, 08/23/07		33,320,000		33,060,992
Total Municipal Bonds (Cost $73,060,841)				73,060,841
Total Investments (Cost $2,003,111,936) (e) — 99.3%				2,003,111,936
Other assets in excess of liabilities — 0.7%				14,726,963
NET ASSETS — 100.0%			$	2,017,838,899

(a)	Illiquid security.
(b)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(c)	The rate reflected in the Statement of Investments is the effective yield as of June 30, 2007.
(d)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(e)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

CDO Collateralized Debt Obligation

See accompanying notes to financial statements.

 9

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Money Market Fund
Assets:
Investments, at value (cost $2,003,111,936)			$	2,003,111,936
Interest and dividends receivable				5,324,852
Receivable for capital shares issued				11,706,638
Prepaid expenses				22,324
		Total Assets		2,020,165,750
Liabilities:
Payable to custodian				419
Payable for capital shares redeemed				1,261,368
Accrued expenses and other payables:
	Investment advisory fees			628,450
	Fund administration and transfer agent fees			109,275
	Administrative servicing fees			187,357
	Compliance program costs			24,258
	Other			115,724
		Total Liabilities		2,326,851
Net Assets			$	2,017,838,899
Represented by:
Capital			$	2,017,872,412
Accumulated net investment income				7
Accumulated net realized losses from investment transactions				(33,520	)
Net Assets			$	2,017,838,899
Net Assets:
Class I Shares			$	1,428,360,668
Class IV Shares				78,781,741
Class V Shares				495,438,758
Class ID Shares				15,257,732
		Total	$	2,017,838,899
Shares outstanding (unlimited number of shares authorized):
Class I Shares				1,428,385,543
Class IV Shares				78,783,768
Class V Shares				495,448,998
Class ID Shares				15,257,751
		Total		2,017,876,060
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	1.00
Class IV Shares			$	1.00
Class V Shares			$	1.00
Class ID Shares			$	1.00

See accompanying notes to financial statements.

10 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Money Market Fund
INVESTMENT INCOME:
Interest income		$	50,248,557
Dividend income			27,115
	Total Income		50,275,672
Expenses:
Investment advisory fees			3,649,099
Fund administration and transfer agent fees			565,814
Administrative servicing fees Class I Shares			973,981
Administrative servicing fees Class IV Shares			51,689
Administrative services fees Class V Shares			159,545
Trustee fees			42,641
Compliance program costs (Note 3)			12,430
Other			134,351
	Total expenses before reimbursements		5,589,550
Expenses Reimbursed			(40,638	)
	Net Expenses		5,548,912
Net Investment Income			44,726,760
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			58
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	44,726,818

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets

		Nationwide NVIT Money Market Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	44,726,760		$	79,353,000
Net realized gains on investment transactions			58			15
Change in net assets resulting from operations			44,726,818			793,353,015
Distributions to shareholders from:
Net investment income:
	Class I		(31,168,291	)		(57,465,795	)
	Class IV		(1,890,403	)		(3,724,711	)
	Class V		(11,280,327	)		(17,682,448	)
	Class ID		(372,995	)		(494,789	)(a)
Change in net assets from shareholder distributions			(44,712,016	)		(79,367,743	)
Change in net assets from capital transactions			189,710,625			261,739,126
Change in net assets			189,725,427			261,724,398
Net Assets:
Beginning of period			1,828,113,472			1,566,389,074
End of period		$	2,017,838,899		$	1,828,113,472
Accumulated net investment income (loss) at end of period		$	7		$	(14,737	)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	539,664,202		$	849,969,459
	Dividends reinvested		31,168,285			57,465,861
	Cost of shares redeemed		(411,982,405	)		(811,225,710	)
			158,850,082			96,209,610
Class IV Shares
	Proceeds from shares issued		16,531,520			37,913,703
	Dividends reinvested		1,890,398			3,724,652
	Cost of shares redeemed		(16,613,623	)		(38,780,208	)
			1,808,295			2,858,147
Class V Shares
	Proceeds from shares issued		210,178,402			453,551,157
	Dividends reinvested		11,280,328			17,682,446
	Cost of shares redeemed		(192,215,928	)		(324,010,539	)
			29,242,802			147,223,064
Class ID Shares
	Proceeds from shares issued		1,368,939			18,385,037	(a)
	Dividends reinvested		372,995			494,684	(a)
	Cost of shares redeemed		(1,932,488	)		(3,431,416	)(a)
			(190,554	)		15,448,305
Change in net assets from capital transactions		$	189,710,625		$	261,739,126

See accompanying notes to financial statements.

12 

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Money Market Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		539,664,203			849,969,458
	Reinvested		31,168,285			57,465,861
	Redeemed		(411,982,405	)		(811,225,710	)
			158,850,083			96,209,609
Class IV Shares
	Issued		16,531,520			37,913,703
	Reinvested		1,890,398			3,724,652
	Redeemed		(16,613,623	)		(38,780,208	)
			1,808,295			2,858,147
Class V Shares
	Issued		210,178,402			453,551,157
	Reinvested		11,280,328			17,682,446
	Redeemed		(192,215,928	)		(324,010,539	)
			29,242,802			147,223,064
Class ID Shares
	Issued		1,368,939			18,385,037	(a)
	Reinvested		372,995			494,684	(a)
	Redeemed		(1,932,488	)		(3,431,416	)(a)
			(190,554	)		15,448,305
Total change in shares			189,710,626			261,739,125

(a) For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

 13

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Money Market Fund

			Investment Activities
	Net Asset					Total
	Value,		Net			from
	Beginning		Investment			Investment
	of Period		Income			Activities
Class I Shares
For the year ended December 31, 2002	$	1.00		0.01			0.01
For the year ended December 31, 2003	$	1.00		0.01			0.01
For the year ended December 31, 2004	$	1.00		0.01			0.01
For the year ended December 31, 2005	$	1.00		0.03			0.03
For the year ended December 31, 2006	$	1.00		0.04			0.04
For the six months ended June 30, 2007 (Unaudited)	$	1.00		0.02			0.02
Class IV Shares
Period ended December 31, 2003(e)	$	1.00		(h	)		(h	)
For the year ended December 31, 2004	$	1.00		0.01			0.01
For the year ended December 31, 2005	$	1.00		0.03			0.03
For the year ended December 31, 2006	$	1.00		0.05			0.05
For the six months ended June 30, 2007 (Unaudited)	$	1.00		0.02			0.02
Class V Shares
Period ended December 31, 2002(d)	$	1.00		(h	)		(h	)
For the year ended December 31, 2003	$	1.00		0.01			0.01
For the year ended December 31, 2004	$	1.00		0.01			0.01
For the year ended December 31, 2005	$	1.00		0.03			0.03
For the year ended December 31, 2006	$	1.00		0.05			0.05
For the six months ended June 30, 2007 (Unaudited)	$	1.00		0.02			0.02
Class ID Shares
Period ended December 31, 2006 (g)	$	1.00		0.03			0.03
For the six months ended June 30, 2007 (Unaudited)	$	1.00		0.02			0.02

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios/Supplemental Data
													Ratio of
											Net Assets		Expenses to
	Net						Net Asset				at End of		Average
	Investment			Total			Value, End		Total		Period		Net
	Income			Distributions			of Period		Return (a)		(000s)		Assets (b)
Class I Shares
For the year ended December 31, 2002		(0.01	)		(0.01	)	$	1.00		1.21%	$	2,436,783		0.62%
For the year ended December 31, 2003		(0.01	)		(0.01	)	$	1.00		0.63%	$	1,573,895		0.63%
For the year ended December 31, 2004		(0.01	)		(0.01	)	$	1.00		0.81%	$	1,223,530		0.62%
For the year ended December 31, 2005		(0.03	)		(0.03	)	$	1.00		2.67%	$	1,173,301		0.65%
For the year ended December 31, 2006		(0.04	)		(0.04	)	$	1.00		4.53%	$	1,269,500		0.64%
For the six months ended June 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	1.00		2.38%	$	1,428,361		0.62%
Class IV Shares
Period ended December 31, 2003(e)		(h	)		(h	)	$	1.00		0.46%	$	103,515		0.50%
For the year ended December 31, 2004		(0.01	)		(0.01	)	$	1.00		0.94%	$	84,415		0.50%
For the year ended December 31, 2005		(0.03	)		(0.03	)	$	1.00		2.82%	$	74,115		0.50%
For the year ended December 31, 2006		(0.05	)		(0.05	)	$	1.00		4.67%	$	76,973		0.50%
For the six months ended June 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	1.00		2.44%	$	78,782		0.50%
Class V Shares
Period ended December 31, 2002(d)		(h	)		(h	)	$	1.00		0.22%	$	324,950		0.56%
For the year ended December 31, 2003		(0.01	)		(0.01	)	$	1.00		0.71%	$	365,299		0.55%
For the year ended December 31, 2004		(0.01	)		(0.01	)	$	1.00		0.89%	$	479,706		0.55%
For the year ended December 31, 2005		(0.03	)		(0.03	)	$	1.00		2.75%	$	318,973		0.57%
For the year ended December 31, 2006		(0.05	)		(0.05	)	$	1.00		4.61%	$	466,192		0.56%
For the six months ended June 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	1.00		2.42%	$	495,439		0.54%
Class ID Shares
Period ended December 31, 2006 (g)		(0.03	)		(0.03	)	$	1.00		3.26%	$	15,448		0.48%
For the six months ended June 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	1.00		2.46%	$	15,258		0.47%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)
Class I Shares
For the year ended December 31, 2002		1.21%		0.62%		1.21%
For the year ended December 31, 2003		0.63%		(f)		(f)
For the year ended December 31, 2004		0.79%		(f)		(f)
For the year ended December 31, 2005		2.63%		(f)		(f)
For the year ended December 31, 2006		4.46%		(f)		(f)
For the six months ended June 30, 2007 (Unaudited)		4.76%		0.62%		4.76%
Class IV Shares
Period ended December 31, 2003(e)		0.67%		0.63%		0.55%
For the year ended December 31, 2004		0.91%		0.62%		0.79%
For the year ended December 31, 2005		2.76%		0.65%		2.62%
For the year ended December 31, 2006		4.58%		0.64%		4.44%
For the six months ended June 30, 2007 (Unaudited)		4.88%		0.60%		4.88%
Class V Shares
Period ended December 31, 2002(d)		1.11%		(f)		(f)
For the year ended December 31, 2003		0.70%		(f)		(f)
For the year ended December 31, 2004		0.92%		(f)		(f)
For the year ended December 31, 2005		2.69%		(f)		(f)
For the year ended December 31, 2006		4.56%		(f)		(f)
For the six months ended June 30, 2007 (Unaudited)		4.84%		0.54%		4.84%
Class ID Shares
Period ended December 31, 2006 (g)		4.81%		(f)		(f)
For the six months ended June 30, 2007 (Unaudited)		4.91%		0.47%		4.91%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from October 21, 2002 (commencement of operations) through December 31, 2002.
(e)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(f)	There were no fee waivers/reimbursements during the period.
(g)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(h)	The amount is less than $0.005 per share.

See accompanying notes to financial statements.

14 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Money Market Fund (the “Fund”), (formerly, “Gartmore GVIT Money Market Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Investments of the Fund are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight-line) basis to the maturity of the security.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Trust’s Board of Trustees (“Board of Trustees”) has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

(d) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared daily and paid monthly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(e) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)
$	2,003,111,936	$	—	$	—	$	—

(f) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of settled shares outstanding. Under this method, earnings are allocated based on the fair value of settled shares. Expenses specific to a class (such as administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

16 

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Schedule	Fees
Up to $1 billion		0.40%
Next $1 billion		0.38%
Next $3 billion		0.36%
$5 billion or more		0.34%

Effective May 1, 2007, NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) limiting operating expenses (excluding any taxes, interest, brokerage fees, short-sale dividend expenses, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.50% for Class IV shares until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the Fund (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of June 30, 2007, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA would be:

Amount		Amount		Amount		Amount
Fiscal Year		Fiscal Year		Fiscal Year		Six Months Ended
2004		2005		2006		June 30, 2007
$	116,217	$	119,939	$	112,415	$	40,638

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC ((formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25%, 0.20% and 0.10% of the average daily net assets of Class I, Class IV, and Class V shares, respectively, of the Fund.

For the six months ended June 30, 2007, NFS received $1,204,768 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such cost amounted to $12,430.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

18 

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

7. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 19

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

20 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 23

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

 (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

24 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

 (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had outperformed its benchmark, the iMoney Net First Tier Index, over the one-, three-, and five-year periods. The Board also considered that the performance of the Fund’s Class I shares compared to its Lipper-constructed Performance Group ranked in the second quintile over the one-, two-, three-, four-, and five-year periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, extent, and quality for the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints place the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the second quintile. The Board found that the Fund’s contractual advisory fee compared with its peer group was relatively high, but within the range of fees charged by its peer group. The Board also considered that the Fund’s total expenses were relatively low compared to its peer group. The Board concluded the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors discussed.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA

 25

Supplemental Information (Unaudited) (Continued)

will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast		Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%

26 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%

 27

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT NationwideFund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%

28 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 29

Nationwide NVIT Money Market Fund II

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MMKT2 (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide NVIT Money Market Fund II

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Money Market II Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I(a)	Actual		$	1,000.00	$	1,021.90	$	4.86		0.97%
	Hypothetical	1	$	1,000.00	$	1,019.99	$	4.87		0.97%

(a)	The Money Market II Fund shares have no class designation.
*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Money Market Fund II

Portfolio Summary

June 30, 2007

Asset Allocation
Commercial Paper	70.2%
Asset-Backed Commercial Paper	26.2%
Other	3.6%
	100.0%

Top Holdings
UBS Finance LLC, 5.35%, 07/02/07	3.6%
Stanfield Victoria Funding, 5.36%, 07/02/07	3.6%
KBC Financial Products International Ltd., 5.37%, 07/02/07	3.6%
Cargill, Inc., 5.37%, 07/02/07	3.6%
Variable Funding Capital Corp., 5.37%, 07/02/07	3.6%
Harrier Funding LLC, 5.38%, 07/02/07	3.6%
Carrera Capital Finance LLC, 5.38%, 07/02/07	3.5%
Three Rivers Funding Corp., 5.40%, 07/02/07	3.5%
General Electric Capital Corp., 5.25%, 07/03/07	3.5%
Abbey National N.A. LLC, 5.27%, 07/03/07	3.5%
Other	64.4%
	100.0%

Top Industries
Banks—Foreign	17.0%
Asset-Backed—Trade & Term Receivables	12.8%
Financial Services	11.5%
Personal Credit Institutions	9.8%
Banks—Domestic	8.7%
Mortgage Bankers & Brokers	5.2%
Asset-Backed—Yankee	3.5%
Agricultural Services	3.5%
Asset-Backed—Domestic	3.6%
Asset-Backed—Residential Mortgages	3.5%
Other Assets	20.9%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Money Market Fund II

Asset-Backed Commercial Paper (26.2%)
		Shares or
		Principal Amount		Value
Asset-Backed — Domestic (3.6%)
Harrier Funding LLC, 5.38%, 07/02/07		$	10,000,000	$	9,998,506
Asset-Backed — Residential Mortgages (3.5%)
Carrera Capital Finance LLC, 5.38%, 07/02/07			10,000,000		9,998,506
Asset-Backed — Trade & Term Receivables (12.8%) (a)
Kittyhawk Funding Corp., 5.32%, 07/06/07			9,000,000		8,993,350
Old Line Funding Corp., 5.35%, 07/05/07			7,000,000		6,995,862
Three Rivers Funding Corp., 5.40%, 07/02/07			10,000,000		9,998,500
Variable Funding Capital Corp., 5.37%, 07/02/07			10,000,000		9,998,508
					35,986,220
Asset-Backed — Yankee (3.5%)
Stanfield Victoria Funding, 5.36%, 07/02/07			10,000,000		9,998,511
Asset-Backed CDO — Trust Preferred (2.8%) (a)
Lockhart Funding LLC
	5.37%, 07/06/07		1,863,000		1,861,611
	5.32%, 07/11/07		6,000,000		5,991,133
					7,852,744
Total Asset-Backed Commercial Paper (Cost $73,834,487)					73,834,487
Commercial Paper (70.2%)
Agricultural Services (3.5%) (a)
Cargill, Inc., 5.37%, 07/02/07			10,000,000		9,998,508
Banks — Domestic (8.7%)
Citicorp, Inc., 5.31%, 07/13/07			5,982,000		5,971,412
KBC Financial Products International Ltd., 5.37%, 07/02/07 (a)			10,000,000		9,998,508
State Street Corp., 5.25%, 07/09/07			8,500,000		8,490,084
					24,460,004
Banks — Foreign (17.0%)
Abbey National N.A. LLC, 5.27%, 07/03/07			10,000,000		9,997,072
Bank Of Ireland (a)
	5.38%, 07/10/07		690,000		689,072
	5.33%, 07/13/07		7,000,000		6,987,563
Dresdner U.S. Finance, 5.30%, 07/03/07			7,000,000		6,997,939
National Australia Funding, 5.25%, 07/03/07 (a)			4,286,000		4,284,751
Societe Generale, N.A., 5.35%, 07/05/07			9,000,000		8,994,650
UBS Finance LLC, 5.35%, 07/02/07			10,000,000		9,998,514
					47,949,561
Financial Services (11.5%)
Caterpillar Financial Svcs., 5.26%, 07/02/07			3,815,000		3,814,443
Fortis Funding LLC, 5.29%, 07/06/07 (a)			9,000,000		8,993,387
ING U.S. Funding, 5.28%, 07/05/07			6,500,000		6,496,187
Prudential Funding, 5.26%, 07/03/07			7,000,000		6,997,954
Rabobank USA Finance Corp., 5.25%, 07/05/07			6,000,000		5,996,500
					32,298,471
Groceries and Related Products (1.7%) (a)
Sysco Corp., 5.27%, 07/03/07			4,700,000		4,698,624
Household Products (1.0%) (a)
Colgate-Palmolive Co., 5.24%, 07/10/07			2,800,000		2,796,332
Malt Beverages (2.6%) (a)
Anheuser Busch, 5.25%, 07/12/07			7,450,000		7,438,049
Mortgage Bankers & Brokers (5.2%) (a)
Nationwide Building Society
	5.38%, 07/05/07		1,000,000		999,402
	5.29%, 07/09/07		6,500,000		6,492,359
Northern Rock PLC, 5.30%, 07/11/07			7,070,000		7,059,439
					14,551,200

6 

Commercial Paper (continued)
		Shares or
		Principal Amount		Value
Personal Credit Institutions (9.8%)
American General Finance Corp.
	5.30%, 07/11/07	$	5,000,000	$	4,992,639
	5.28%, 07/13/07		2,800,000		2,795,072
General Electric Capital Corp., 5.25%, 07/03/07			10,000,000		9,997,083
Toyota Motor Credit Corp.
	5.27%, 07/06/07		3,000,000		2,997,804
	5.27%, 07/10/07		7,000,000		6,990,778
					27,773,376
Pharmaceutical Preparations (3.5%) (a)
Abbott Laboratories
	5.24%, 07/02/07		6,000,000		5,999,127
	5.30%, 07/10/07		1,500,000		1,498,012
	5.28%, 07/13/07		2,500,000		2,495,600
					9,992,739
Retail (2.5%) (a)
Pitney-Bowes, Inc., 5.25%, 07/12/07			7,000,000		6,988,771
Short-Term Business Credit (3.2%)
American Express Credit Corp., 5.23%, 07/02/07			9,000,000		8,998,692
Total Commercial Paper (Cost $197,944,327)					197,944,327
Total Investments (Cost $271,778,814) (b) — 96.4%					271,778,814
Other assets in excess of liabilities — 3.6%					10,247,720
NET ASSETS — 100.0%				$	282,026,534

(a)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

 7

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Money
			Market Fund II
Assets:
Investments, at value (cost $271,778,814)			$	271,778,814
Cash				16,826
Receivable for capital shares issued				10,461,632
		Total Assets		282,257,272
Liabilities:
Accrued expenses and other payables:
	Investment advisory fees			112,820
	Fund administration and transfer agent fees			11,532
	Distribution fees			56,410
	Administrative servicing fees			16,897
	Other			33,079
		Total Liabilities		230,738
Net Assets			$	282,026,534
Represented by:
Capital			$	282,024,246
Accumulated net investment income				2,332
Accumulated net realized losses from investment transactions				(44	)
Net Assets			$	282,026,534
Shares outstanding (unlimited number of shares authorized):
Shares outstanding (unlimited number of shares authorized):				282,024,245
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):			$	1.00

See accompanying notes to financial statements.

8 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Money
		Market Fund II
INVESTMENT INCOME:
Interest income		$	6,860,447
Dividend income			167,314
	Total Income		7,027,761
Expenses:
Investment advisory fees			658,392
Fund administration and transfer agent fees			79,006
Distribution fees			329,196
Administrative servicing fees			172,128
Compliance program costs (Note 3)			1,574
Other			37,014
	Net Expenses		1,277,310
Net Investment Income			5,750,451
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,750,451

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets

		Nationwide NVIT Money Market Fund II
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	5,750,451		$	12,538,719
Net realized gains (losses) on investment transactions			–			(43	)
Change in net assets resulting from operations			5,750,451			12,538,676
Distributions to shareholders from:
Net investment income:
	Fund level		(5,750,451	)		(12,538,719	)
Change in net assets from capital transactions			49,882,459			(28,412,429	)
Change in net assets			49,882,459			(28,412,472	)
Net Assets:
Beginning of period			232,144,075			260,556,547
End of period		$	282,026,534		$	232,144,075
Accumulated net investment income at end of period		$	2,332		$	2,332
CAPITAL TRANSACTIONS:
Fund level
	Proceeds from shares issued	$	986,363,110		$	1,404,717,440
	Dividends reinvested		5,750,450			12,538,356
	Cost of shares redeemed		(942,231,101	)		(1,445,668,225	)
			49,882,459			(28,412,429	)
Change in net assets from capital transactions		$	49,882,459		$	(28,412,429	)
SHARE TRANSACTIONS:
Fund level
	Issued		986,363,110			1,404,717,424
	Reinvested		5,750,450			12,538,356
	Redeemed		(942,231,101	)		(1,445,668,211	)
			49,882,459			(28,412,431	)
Total change in shares			49,882,459			(28,412,431	)

See accompanying notes to financial statements.

10 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Money Market Fund II

			Investment Activities
	Net Asset					Total
	Value,		Net			from
	Beginning		Investment			Investment
	of Period		Income			Activities
For the year ended December 31, 2002	$	1.00		0.01			0.01
For the year ended December 31, 2003	$	1.00		(e	)		(e	)
For the year ended December 31, 2004	$	1.00		(e	)		(e	)
For the year ended December 31, 2005	$	1.00		0.02			0.02
For the year ended December 31, 2006	$	1.00		0.04			0.04
For the six months ended June 30, 2007 (Unaudited)	$	1.00		0.02			0.02

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
											Ratios/Supplemental Data
													Ratio of
											Net Assets		Expenses to
	Net						Net Asset				at End of		Average
	Investment			Total			Value, End		Total		Period		Net
	Income			Distributions			of Period		Return (a)		(000s)		Assets (b)
For the year ended December 31, 2002		(0.01	)		(0.01	)	$	1.00		0.70%	$	110,041		0.99%
For the year ended December 31, 2003		(e	)		(e	)	$	1.00		0.18%	$	147,736		0.95%
For the year ended December 31, 2004		(e	)		(e	)	$	1.00		0.41%	$	192,820		0.96%
For the year ended December 31, 2005		(0.02	)		(0.02	)	$	1.00		2.26%	$	260,557		1.01%
For the year ended December 31, 2006		(0.04	)		(0.04	)	$	1.00		4.11%	$	232,144		1.01%
For the six months ended June 30, 2007 (Unaudited)		(0.02	)		(0.02	)	$	1.00		2.19%	$	282,027		0.97%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
	Ratio of Net		Ratio of		Investment
	Investment		Expenses		Income
	Income		(Prior to		(Prior to
	to Average		Reimbursements)		Reimbursements)
	Net		to Average		to Average
	Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)
For the year ended December 31, 2002		0.66%		0.99%		0.66%
For the year ended December 31, 2003		0.17%		0.99%		0.13%
For the year ended December 31, 2004		0.43%		0.99%		0.40%
For the year ended December 31, 2005		2.24%		(d)		(d)
For the year ended December 31, 2006		4.06%		(d)		(d)
For the six months ended June 30, 2007 (Unaudited)		4.37%		(d)		(d)

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	There were no fee reductions during the period.
(e)	The amount is less than $0.005 per share.

See accompanying notes to financial statements.

 11

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Money Market II Fund (the “Fund”), (formerly, “Gartmore GVIT Money Market II Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Investments of the Fund are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight-line) basis to the maturity of the security.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Trust’s Board of Trustees (“Board of Trustees”) has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/

12 

Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

(d) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared daily and paid monthly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(e) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)
$	271,778,814	$	–	$	–	$	–

(f) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of settled shares outstanding. Under this method, earnings are allocated based on the fair value of settled shares. Expenses specific to a class (such as administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $1 billion		0.50%
Next $1 billion		0.48%
Next $3 billion		0.46%
$5 billion or more		0.44%

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC ((formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc.”) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the shares of the Fund. NFD is a majority-owned subsidiary of NFSDI. These fees are based on average daily net assets of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of the Fund.

For the six months ended June 30, 2007, NFS received $198,874 in Administrative Services Fees from the Fund.

14 

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion as such costs amounted to $1,574.

4. Investment Transactions

For the six months ended June 30, 2007, the Fund had short-term purchases of $58,113,308 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

16 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 17

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

18 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 19

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

20 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

 (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 21

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

 (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the iMoney Net First Tier Index, for the one-and three-year periods. The Board also considered that the performance of the Fund’s Class I shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance group over the one-, two-, three-, and four-year periods. The Board found that the Fund had performed in line with expectations. Based on its review, the Board concluded that the nature, extend, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the fifth quintile. The Board found that the Fund’s contractual advisory fee compared with its peer group was relatively high, but within the range of the fees charged by its peer group. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund receives and the other factors discussed.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also

22 

considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast		Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%

 23

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%

24 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT NationwideFund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%

 25

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

26 

Nationwide Multi-Manager NVIT Small Company Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
24	Statement of Assets and Liabilities
25	Statement of Operations
26	Statements of Changes in Net Assets
28	Financial Highlights
30	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-SCO (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide Multi-Manager NVIT Small Company Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide Multi-Manager NVIT
Small Company Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,093.40	$	6.07		1.17%
	Hypothetical	1	$	1,000.00	$	1,019.00	$	5.87		1.17%
Class II	Actual		$	1,000.00	$	1,092.20	$	7.31		1.41%
	Hypothetical	1	$	1,000.00	$	1,017.81	$	7.08		1.41%
Class III	Actual		$	1,000.00	$	1,092.90	$	6.28		1.21%
	Hypothetical	1	$	1,000.00	$	1,018.80	$	6.07		1.21%
Class IV	Actual		$	1,000.00	$	1,093.40	$	6.07		1.17%
	Hypothetical	1	$	1,000.00	$	1,019.00	$	5.87		1.17%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide Multi-Manager NVIT Small Company Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	97.4%
Cash Equivalents	1.9%
Mutual Funds	0.3%
Commercial Paper	0.1%
Exchange Traded Funds	0.1%
Other assets in excess of liabilities	0.2%
	100.0%

Top Holdings
AIM Liquid Assets Portfolio, 5.09%, 04/01/42	1.9%
Gaylord Entertainment Co.	1.0%
Blackboard, Inc.	0.8%
Bucyrus International, Inc.	0.7%
Chicago Bridge & Iron Co.	0.7%
Morningstar, Inc.	0.7%
Vail Resorts, Inc.	0.6%
Strayer Education, Inc.	0.6%
Blue Nile, Inc.	0.6%
Equinix, Inc.	0.6%
Other	91.8%
	100.0%

Top Industries
Commercial Services & Supplies	6.1%
Hotels, Restaurants & Leisure	4.5%
Oil, Gas & Consumable Fuels	3.8%
Health Care Equipment & Supplies	3.8%
Software	3.7%
Real Estate Investment Trusts (REITs)	3.5%
Metals & Mining	3.5%
Machinery	3.5%
Specialty Retail	2.9%
Insurance	2.7%
Other	62.0%
	100.0%

Top Countries
United States	75.3%
Japan	6.1%
United Kingdom	3.1%
Netherlands	1.7%
Bermuda	1.5%
Germany	1.4%
Australia	1.2%
Hong Kong	1.1%
Canada	0.9%
France	0.8%
Other	6.9%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund

Common Stock (97.4%)
	Shares or
	Principal Amount		Value
AUSTRALIA (1.2%)
Building Products (0.1%)
Crane Group Ltd.		30,233	$	431,710
Commercial Bank (0.1%)
Adelaide Bank Ltd.		47,688		615,455
Commercial Services & Supplies (0.2%)
Cabcharge Australia Ltd.		88,709		931,526
Downer EDI Ltd.		159,857		995,959
				1,927,485
Gas Utility (0.1%)
Australian Pipeline Trust		124,802		442,979
Health Care Providers & Services (0.1%)
Healthscope Ltd.		166,070		734,172
Hotels, Restaurants & Leisure (0.0%)
Flight Centre Ltd.		18,394		298,526
Media (0.0%)
Southern Cross Broadcasting (Australia) Ltd.		27,787		375,800
Metals & Mining (0.1%)
Allegiance Mining Nl*		622,744		417,601
Mincor Resources Nl		210,268		833,732
				1,251,333
Multiline Retail (0.2%)
David Jones Ltd.		441,633		2,079,480
Paper & Forest Products (0.1%)
Great Southern Plantations Ltd.		153,077		388,226
Real Estate Investment Trust (REIT) (0.0%)
Tishman Speyer Office Fund		82,240		164,797
Real Estate Management & Development (0.0%)
Fkp Ltd.		59,204		365,673
Specialty Retail (0.1%)
Just Group Ltd.		332,326		1,236,212
Transportation Infrastructure (0.1%)
Australian Infrastructure Fund		225,551		627,852
				10,939,700
AUSTRIA (0.2%)
Energy Equipment & Services (0.0%)
Schoeller-Blackman Oilfield Equipment AG		7,466		516,894
Machinery (0.1%)
Andritz AG		13,108		863,158
Pharmaceutical (0.1%)
Intercell AG*		27,690		892,108
				2,272,160
BELGIUM (0.4%)
Communications Equipment (0.1%)
Evs Broadcast Equipment SA		6,171		506,541
Diversified Financial Services (0.1%)
GMV NV (b)		9,630		698,458
Metals & Mining (0.1%)
Cumerio		35,361		1,463,575
Transportation (0.1%)
Compagnie Maritime Belge SA		11,499		802,598
				3,471,172
BERMUDA (1.5%)
Capital Markets (0.1%)
Macquarie International Infrastructure Fund Ltd.		493,000		361,151
Construction & Engineering (0.2%)
Foster Wheeler Ltd.*		18,841		2,015,799
Consumer Goods (0.0%)
Helen of Troy Ltd. - BM*		3,227		87,129
Insurance (0.5%)
American Safety Insurance Group*		4,946		117,863
Aspen Insurance Holdings Ltd. - BM		63,870		1,792,831
Endurance Specialty Holdings Ltd.		42,511		1,702,140
IPC Holdings Ltd. - BM		21,100		681,319
				4,294,153
Internet & Catalog Retail (0.3%)
VistaPrint Ltd. - BM*		72,930		2,789,572
Marine (0.2%)
Jinhui Shipping & Transportation Ltd.*		222,073		2,052,676
Metals & Mining (0.2%)
Aquarius Platinum Ltd.		61,680		1,925,151
				13,525,631
BRAZIL (0.3%)
Construction & Engineering (0.3%)
Gafisa SA BR*		78,751		2,457,031

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
CANADA (0.9%)
Chemicals (0.2%)
Agrium, Inc.		36,600	$	1,601,250
Commercial Services & Supplies (0.2%)
Ritchie Brothers Auctioneers, Inc.		26,000		1,628,120
Electronic Equipment & Instruments (0.2%)
Novatel, Inc.*		48,000		1,742,400
Media (0.1%)
Lions Gate Entertainment Corp.*		80,926		892,614
Metals & Mining (0.1%)
Gammon Gold, Inc.*		30,400		383,648
Novagold Resources, Inc.*		41,200		619,236
				1,002,884
Oil, Gas & Consumable Fuels (0.0%)
Highpine Oil & Gas Ltd.*		29,900		400,062
Pharmaceuticals (0.0%)
Axcan Pharma, Inc.*		6,509		125,819
Biovail Corp. International ADR		3,350		85,157
				210,976
Software (0.1%)
Corel Corp. ADR-CA*		39,238		519,903
				7,998,209
CAYMAN ISLANDS (0.3%)
Internet Software & Services (0.3%)
Ctrip.com International Ltd. ADR		38,217		3,005,003
CHINA (0.1%)
Manufacturing (0.0%)
China Special Steel Holdings Company Ltd.		886,000		353,629
Transportation Infrastructure (0.1%)
Anhui Expressway Co. Ltd.		524,000		441,080
				794,709
DENMARK (0.2%)
Beverages (0.0%)
Royal Unibrew AS		2,617		365,300
Commercial Banks (0.1%)
Amagerbanken AS		3,301		210,537
Roskilde Bank		1,574		183,325
				393,862
Marine (0.0%)
D/ S Norden AS		3,720		239,678
Pharmaceutical (0.1%)
Bavarian Nordic AS*		5,750		542,866
				1,541,706
FINLAND (0.1%)
Communications Equipment (0.0%)
Elcoteq Network Corp.		28,136		238,269
Pharmaceutical (0.1%)
Orion OYJ		35,400		885,829
				1,124,098
FRANCE (0.8%)
Commercial Services & Supplies (0.2%)
CFF Recycling		18,167		1,345,329
Communications Equipment (0.0%)
Wavecom SA*		11,933		420,370
Hotels, Restaurants & Leisure (0.1%)
Pierre & Vacances		6,377		971,270
Household Durables (0.1%)
Kaufman & Broad SA		13,754		1,064,096
Insurance (0.2%)
Scor SA		52,096		1,413,997
IT Services (0.0%)
Groupe Steria SCA		3,628		240,485
Machinery (0.1%)
Haulotte Group		22,523		931,714
Manufacturing (0.1%)
Bacou-Dalloz		5,225		794,152
				7,181,413
GERMANY (1.4%)
Aerospace & Defense (0.2%)
Mtu Aero Engines Holding AG		32,111		2,087,663
Communications Equipment (0.1%)
Drillisch AG*		38,563		439,169
Consumer Finance (0.4%)
Arques Industries AG		55,872		2,398,939
Deutsche Beteiligungs AG		29,165		1,186,444
				3,585,383
IT Services (0.0%)
Bechtle AG		9,948		364,866

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
GERMANY (continued)
Leisure Equipment & Products (0.1%)
Cts Eventim		14,619	$	713,483
Metals & Mining (0.3%)
Norddeutsche Affinerie AG		54,368		2,405,002
Semiconductors & Semiconductor Equipment (0.2%)
Aixtron*		191,829		1,668,624
Kontron AG		23,970		447,840
				2,116,464
Telephones (0.1%)
Freenet AG*		19,742		649,758
				12,361,788
GREECE (0.4%)
Hotels, Restaurants & Leisure (0.2%)
Intralot SA		50,156		1,605,010
Marine (0.2%)
Omega Navigation Enterprises, Inc.		105,180		2,287,665
				3,892,675
HONG KONG (1.1%)
Automobiles (0.0%)
Great Wall Motor Co. Ltd.		240,000		349,305
Communications Equipment (0.3%)
VTech Holdings Ltd.		276,000		2,328,521
Diversified Financial Services (0.1%)
First Pacific Co. Ltd.		938,000		677,197
Hotels, Restaurants & Leisure (0.1%)
Hong Kong & Shanghai Hotels		117,000		206,814
Regal Hotels International Holdings Ltd.		4,988,000		421,241
				628,055
Industrial Conglomerate (0.1%)
Tianjin Development Holdings Ltd.		1,162,000		1,265,061
Internet & Catalog Retail (0.3%)
SINA Corp.*		60,900		2,549,274
Real Estate Management & Development (0.0%)
HKR International		544,000		401,063
Textiles, Apparel & Luxury Goods (0.1%)
Peace Mark Holdings Ltd.		402,000		549,282
Transportation (0.1%)
Integrated Distribution Services Group Ltd.		196,000		618,221
Pacific Basin Shipping Ltd.		168,000		188,894
				807,115
Transportation Infrastructure (0.0%)
Sichuan Expressway Co. Ltd.		1,136,000		341,504
Wireless Telecommunication Services (0.0%)
SmarTone Telecommunications Holdings Ltd.		107,500		124,281
				10,020,658
IRELAND (0.6%)
Commercial Services & Supplies (0.1%)
Cpl Resources PLC		51,738		502,232
Food Products (0.1%)
Fyffes PLC		529,772		630,911
Gaming (0.0%)
Paddy Power PLC		5,918		184,472
Household Durables (0.1%)
Mcinerney Holdings PLC		176,622		575,707
Life Sciences Tools & Services (0.1%)
Icon PLC (Sponsored) ADR - IE*		29,400		1,285,956
Transportation (0.2%)
Genesis Lease Ltd. ADR - IE		72,100		1,975,540
				5,154,818
ITALY (0.7%)
Construction Materials (0.1%)
Cementir		35,349		501,371
Electronic Equipment & Instruments (0.1%)
SAES Getters		9,007		336,884
SAES Getters SPA		11,606		357,992
				694,876
Food & Staples Retailing (0.0%)
Marr SPA		26,930		304,736
Food Products (0.1%)
Cremonini SPA		248,509		825,400
Machinery (0.1%)
Biesse SPA		45,955		1,512,536

8 

Common Stock (continued)
	Shares or
	Principal Amount		Value
ITALY (continued)
Metals & Mining (0.1%)
Smi - Societa Metallurgica Italiana SPA*		541,456	$	497,372
Pharmaceutical (0.0%)
Recordati SPA		20,362		169,736
Textiles, Apparel & Luxury Goods (0.2%)
Benetton Group SPA		111,006		1,929,300
				6,435,327
JAPAN (6.1%)
Air Freight & Logistics (0.1%)
Kintetsu World Express, Inc.		25,600		869,315
Auto Components (0.3%)
Nissin Kogyo Co. Ltd.		84,700		2,356,564
Toyo Tire & Rubber Co. Ltd.		133,000		691,877
				3,048,441
Beverages (0.1%)
Asahi Soft Drinks Co. Ltd.		11,500		170,068
Oenon Holdings, Inc.		208,000		555,954
				726,022
Building Products (0.0%)
Bunka Shutter Co. Ltd.		11,000		62,963
Capital Markets (0.1%)
Japan Asia Investment Co. Ltd.		69,000		431,309
Chemicals (0.1%)
Kanto Denka Kogyo Co. Ltd.		90,000		480,711
Tohcello Co. Ltd.		38,000		424,518
				905,229
Commercial Bank (0.0%)
Nishi-Nippon City Bank Ltd. (The)		51,000		186,646
Commercial Services & Supplies (0.1%)
Pason, Inc.		537		910,723
Construction & Engineering (0.0%)
Maeda Road Construction Co. Ltd.		44,000		390,046
Consumer Goods (0.3%)
Circle K Sunkus Co. Ltd.		38,600		673,728
Mandom Corp.		14,400		330,457
Megane Top Co. Ltd.		28,800		324,554
Sanei International Co. Ltd.		35,800		1,135,840
				2,464,579
Distributor (0.1%)
Fields Corp. NPV		402		498,381
Diversified Financial Services (0.0%)
Ricoh Leasing		13,000		294,408
Electric Utility (0.2%)
Okinawa Electric Power		24,200		1,418,615
Electrical Equipment (0.3%)
Chiyoda Integre Co. Ltd.		13,300		340,062
Daiken Corp.		74,000		458,606
Kuroda Electric Co. Ltd.		108,400		1,634,667
Nippon Signal		91,000		591,205
				3,024,540
Electronic Equipment & Instruments (0.1%)
Daiwabo Information System Co. Ltd.		18,000		243,819
KOA Corp.		54,000		724,135
Osaki Electric Co. Ltd.		35,000		273,592
				1,241,546
Energy Equipment & Services (0.2%)
Shinko Plantech Ltd.		133,000		1,856,144
Food & Staples Retailing (0.1%)
Arcs Co. Ltd.		21,100		333,926
Okuwa Co. Ltd.		47,000		637,927
				971,853
Food Products (0.2%)
Nichirei Corp.		281,000		1,445,983
Gas Utility (0.0%)
Shizuokagas Co. Ltd		47,500		262,193
Health Care Equipment & Supplies (0.4%)
Hogy Medical Co. Ltd.		4,500		201,134
Nihon Kohden Corp.		85,000		1,576,843
Nipro Corp.		70,000		1,441,493
				3,219,470
Health Care Providers & Services (0.1%)
BML, Inc.		9,600		166,769
Toho Pharmaceutical Co. Ltd.		18,600		311,665
				478,434
Hotels, Restaurants & Leisure (0.0%)
Kyoritsu Maintenance Co. Ltd.		15,300		309,371
Household Durables (0.0%)
Kenwood Corp.		104,000		155,806
Household Products (0.0%)
Pigeon Corp.		15,500		251,274

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Internet Software & Services (0.0%)
Mitsui Knowledge Industry Co. Ltd.		944	$	251,593
IT Services (0.1%)
Hitachi Systems & Services Ltd.		13,000		279,802
TIS, Inc.		15,200		349,136
				628,938
Leisure Equipment & Products (0.4%)
Aruze Corp.		70,400		2,183,029
Yen Tarmon Co. Ltd.		57,300		1,756,620
				3,939,649
Life Sciences Tools & Services (0.1%)
Eiken Chemical Co. Ltd.		51,600		406,671
Machinery (0.4%)
Enshu Ltd.		132,000		330,929
Harmonic Drive System, Inc.		154		770,462
Kitz Corp.		79,000		687,954
Nippon Filcon Co. Ltd.		23,100		176,291
Nippon Thompson Co. Ltd.		57,000		509,495
Tocalo Co. Ltd.		25,700		625,051
				3,100,182
Media (0.2%)
Foster Electric Co. Ltd.		69,900		992,620
Septeni Holdings Company Ltd.		421		500,811
Toei Animation Co. Ltd.		7,400		204,375
Yoshimoto Kogyo Co. Ltd.		28,100		444,460
				2,142,266
Metals & Mining (0.6%)
Godo Steel Ltd.		117,000		550,504
Osaka Steel Co. Ltd.		54,500		1,031,631
Pacific Metals & Mining Co. Ltd.		97,000		1,619,963
Yamato Kogyo		49,400		1,957,802
				5,159,900
Multiline Retail (0.1%)
Hankyu Department Stores, Inc.		63,000		670,801
Parco Co. Ltd.		31,400		397,854
				1,068,655
Personal Products (0.1%)
Aderans Co. Ltd.		27,900		587,548
Pharmaceuticals (0.2%)
Kaken Pharmaceutical		44,000		320,318
NICHI-IKO Pharmaceutical Co.		16,100		281,044
Santen Pharmaceutical Co. Ltd.		21,600		526,052
Towa Pharmaceutical Co. Ltd.		26,100		1,069,007
				2,196,421
Real Estate Management & Development (0.3%)
Apamanshop Holdings Co. Ltd		1,195		369,574
Daiwasystem Co. Ltd		19,600		548,832
Funai Zaisan Consultants		54		315,524
Hoosiers Corp		550		363,685
Land Co. Ltd.		143		214,281
Pacific Management Corp.		90		166,160
Sun Frontier Fudousan Co. Ltd.		169		342,374
Suncity Co. Ltd.		846		543,014
				2,863,444
Semiconductors & Semiconductor Equipment (0.4%)
Japan Electronic Materials Corp.		35,100		480,615
Mitsui High-Tec, Inc.		54,900		740,145
New Japan Radio Co. Ltd.		71,000		391,206
Shibaura Mechatronics Corp.		211,000		1,276,552
Shinkawa Ltd.		40,700		854,063
				3,742,581
Software (0.3%)
Capcom Co. Ltd.		108,200		2,018,087
Hudson Soft Co. Ltd.*		25,700		307,606
Nippon System Development Co. Ltd.		40,000		587,397
				2,913,090
Textiles, Apparel & Luxury Goods (0.1%)
Sanyo Shokai Ltd.		50,000		430,193
				54,854,422
MEXICO (0.5%)
Transportation Infrastructure (0.5%)
Grupo Aeroportuario Del Pacifico SA de CV ADR		88,703		4,374,832
NETHERLANDS (1.7%)
Construction & Engineering (0.8%)
Arcadis NV		12,382		1,049,232
Chicago Bridge & Iron Co.		166,353		6,278,162
				7,327,394
Energy Equipment & Services (0.1%)
Core Laboratories NV*		7,500		762,675
Health Care Providers & Services (0.3%)
Opg Groep NV		59,803		2,178,275
Office Electronics (0.2%)
OCE NV		88,335		1,722,667
Semiconductors & Semiconductor Equipment (0.2%)
Asm International NV*		64,158		1,715,970

10 

Common Stock (continued)
	Shares or
	Principal Amount		Value
NETHERLANDS (continued)
Software (0.0%)
Unit 4 Agresso NV		9,005	$	243,505
Transportation Infrastructure (0.1%)
Smit International NV		13,540		1,057,240
				15,007,726
NEW ZEALAND (0.0%)
Insurance (0.0%)
Tower Ltd.*		144,895		266,234
NORWAY (0.7%)
Capital Markets (0.2%)
Abg Sundal Collier ASA		237,970		620,215
Acta Holding ASA		297,683		1,554,111
				2,174,326
Commercial Banks (0.1%)
Sparebanken Nord-Norge		17,640		419,144
Sparebanken Rogaland		15,342		426,585
				845,729
Construction & Engineering (0.1%)
Veidekke ASA		64,000		677,579
Food Products (0.1%)
Cermaq ASA		20,300		352,563
Leroy Seafood Group ASA		29,965		623,989
				976,552
Marine (0.2%)
Stolt-Nielsen SA		38,767		1,291,813
				5,965,999
PORTUGAL (0.1%)
Construction & Engineering (0.0%)
Cofina, SGPS SA		118,958		290,980
Construction Materials (0.1%)
Sempa (Sociedade de Investimento e Gestao, SGPS SA		23,915		430,905
Food & Staples Retailing (0.0%)
Jeronimo Martins & Filho		48,155		284,531
				1,006,416
PUERTO RICO (0.0%)
Commercial Bank (0.0%)
First BanCorp. Puerto Rico		11,900		130,781
REPUBLIC OF KOREA (0.1%)
Internet Software & Services (0.1%)
Gmarket, Inc. ADR - KR*		55,684		1,081,940
SINGAPORE (0.5%)
Energy Equipment & Services (0.2%)
Ezra Holdings Ltd.		259,200		983,977
Haip Seng Engineering Ltd.		865,000		610,960
				1,594,937
Machinery (0.2%)
MMI Holding Ltd.		1,376,000		1,476,371
Real Estate Management & Development (0.1%)
Ho Bee Investments Ltd.		223,000		342,732
Wing Tai Holdings Ltd.		330,000		859,696
				1,202,428
Trading Companies & Distributors (0.0%)
KS Energy Services Ltd.		79,000		194,239
				4,467,975
SPAIN (0.1%)
Health Care Providers & Services (0.1%)
Corporacion Dermoestetica*		22,217		348,041
Natraceutical SA*		304,690		602,522
				950,563
Metals & Mining (0.0%)
Tubos Reunidos SA		6,949		175,419
				1,125,982
SWEDEN (0.7%)
Capital Markets (0.1%)
D. Carnegie & Co. AB		43,834		764,310
Construction & Engineering (0.2%)
NCC		66,355		1,788,488
Household Durables (0.2%)
JM AB		52,888		1,600,618
Real Estate Management & Development (0.2%)
Kungsleden AB		124,327		1,547,731
Specialty Retail (0.0%)
Nobia AB		23,948		298,349
				5,999,496
SWITZERLAND (0.7%)
Capital Markets (0.1%)
Vontobel Holding AG		9,243		529,471

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
SWITZERLAND (continued)
Commercial Bank (0.0%)
Banque Cantonale Vaudois		745	$	383,951
Electronic Equipment & Instruments (0.1%)
Inficon Holding AG		2,612		457,807
Household Durables (0.1%)
AFG Arbonia-Forster Holding AG		983		512,131
Insurance (0.1%)
Helvetia Patria Holding		1,891		723,672
Machinery (0.2%)
Georg Fischer AG*		2,384		1,799,570
Specialty Retail (0.1%)
Charles Voegele Holding AG*		14,013		1,549,325
				5,955,927
UNITED KINGDOM (3.1%)
Air Freight & Logistics (0.1%)
Wincanton PLC		83,122		688,506
Commercial Services & Supplies (0.9%)
Babcock International Group PLC		150,600		1,625,856
DE LA Rue PLC		115,301		1,793,548
Infinity Bio-Energy Ltd.*		94,500		484,785
ITE Group PLC		142,139		480,928
Mouchel Parkman PLC		45,058		347,347
Robert Walters PLC		62,029		479,673
RPS Group PLC		122,711		860,952
Shanks Group PLC		178,754		888,957
St. Ives PLC		196,362		955,137
				7,917,183
Construction & Engineering (0.2%)
Keller Group PLC		24,145		521,084
Kier Group PLC		40,273		1,652,975
				2,174,059
Consumer Goods (0.0%)
N Brown Group PLC		74,103		450,948
Diversified Consumer Services (0.0%)
Bpp Holdings PLC		21,835		250,781
Diversified Financial Services (0.1%)
IG Group Holdings PLC		121,752		718,723
Energy Equipment & Services (0.2%)
Petrofac Ltd.		181,037		1,619,519
Food Products (0.2%)
Dairy Crest Group PLC		159,743		2,173,132
Hotels, Restaurants & Leisure (0.1%)
Restaurant Group PLC		82,023		541,023
Household Products (0.1%)
Mcbride PLC		233,482		1,029,307
Insurance (0.4%)
Beazley Group PLC		251,391		738,146
Brit Insurance Holdings PLC		252,658		1,735,581
Chaucer Holdings PLC		517,846		998,197
				3,471,924
IT Services (0.0%)
Computacenter PLC		76,896		346,538
Leisure Equipment & Products (0.1%)
Sportingbet PLC*		638,447		737,720
Media (0.0%)
Euromoney Institutional Investor		24,820		324,928
Oil, Gas & Consumable Fuels (0.2%)
BPS Hunting Ord		131,238		1,920,985
Real Estate Management & Development (0.2%)
Big Yellow Group PLC		110,865		1,164,231
BPS Dtz Holdings PLC		26,350		274,218
				1,438,449
Telephones (0.1%)
Kingston Communications (Hull) PLC		447,763		663,850
Thus Group PLC*		69,145		254,419
				918,269
Thrifts & Mortgage Finance (0.2%)
Paragon Group		163,551		1,602,412
				28,324,406
UNITED STATES (72.9%)
Aerospace & Defense (1.4%)
AAR Corp.*		16,800		554,568
Argon St., Inc.*		32,800		761,288
Ceradyne, Inc.*		29,554		2,185,814
Cubic Corp.		5,633		170,004
Curtiss-Wright Corp.		46,992		2,190,297
DRS Technologies, Inc.		25,041		1,434,098
Ducommun, Inc.*		1,264		32,523
Hexcel Corp.*		29,400		619,458
Moog, Inc., Class A*		36,050		1,590,165
MTC Technologies, Inc.*		36,900		906,264
Orbital Sciences Corp.*		19,100		401,291

12 

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Aerospace & Defense (continued)
Spirit Aerosystems Holdings, Inc., Class A*		44,000	$	1,586,200
Teledyne Technologies, Inc.*		2,949		135,507
Triumph Group, Inc.		5,700		373,179
United Industrial Corp.		1,482		88,890
				13,029,546
Air Freight & Logistics (0.3%)
EGL, Inc.*		7,771		361,196
Forward Air Corp.		27,625		941,736
HUB Group, Inc., Class A*		22,606		794,827
Pacer International, Inc.		14,600		343,392
				2,441,151
Airlines (0.1%)
Frontier Airlines Holdings, Inc.*		10,624		59,494
Mesa Air Group, Inc.*		7,689		50,824
Republic Airways Holdings, Inc.*		18,900		384,615
SkyWest, Inc.		17,190		409,638
				904,571
Auto Components (0.5%)
Aftermarket Technology Corp.*		5,448		161,697
ArvinMeritor, Inc.		17,100		379,620
Drew Industries, Inc.*		28,400		941,176
GenTek, Inc.*		1,856		65,368
LKQ Corp.*		116,056		2,861,941
Modine Manufacturing Co.		13,000		293,800
Standard Motor Products, Inc.		1,639		24,634
				4,728,236
Automobiles (0.1%)
Travelcenters Of America*		17,624		712,891
Banks (0.1%)
Charter Financial, Inc.		1,291		65,841
Flushing Financial Corp.		41,000		658,460
FNB Corp.		1,807		30,249
Susquehanna Bancshares, Inc.		20,000		447,400
				1,201,950
Beverages (0.0%)
Boston Beer Co., Inc., Class A*		4,400		173,140
Coca-Cola Bottling Co.		1,103		55,481
MGP Ingredients, Inc.		10,800		182,520
				411,141
Biotechnology (0.0%)
Celera Genomics Group*		11,600		143,840
InterMune, Inc.*		8,600		223,084
				366,924
Building Products (0.3%)
Aaon, Inc.		5,100		162,435
American Woodmark Corp.		23,945		828,497
Simpson Manufacturing Co., Inc.		58,500		1,973,790
				2,964,722
Capital Markets (1.0%)
Calamos Asset Management, Inc.		2,062		52,684
FCStone Group, Inc.*		18,400		1,054,504
Greenhill & Co., Inc.		61,964		4,257,546
Knight Capital Group, Inc., Class A*		28,300		469,780
Sanders Morris Harris Group, Inc.		94,300		1,097,652
SWS Group, Inc.		63,750		1,378,275
TradeStation Group, Inc.*		67,830		790,220
				9,100,661
Chemicals (0.8%)
BE Aerospace, Inc.*		9,000		371,700
C.F. Industries Holdings, Inc.		7,300		437,197
Celanese Corp.		59,310		2,300,042
Cytec Industries, Inc.		7,500		478,275
Fuller (H. B.) Co.		16,639		497,340
Hercules, Inc.*		20,000		393,000
Ico, Inc.*		2,043		21,594
Newmarket Corp.		1,200		58,044
Olin Corp.		30,300		636,300
Pioneer Cos., Inc.*		17,697		608,246
PolyOne Corp.*		17,400		125,106
Terra Industries, Inc.*		33,211		844,224
				6,771,068
Commercial Banks (2.2%)
Amcore Financial, Inc.		11,100		321,789
BancFirst Corp.		5,398		231,142
Bank of Hawaii Corp.		30,099		1,554,312
Banner Corp.		2,290		77,997
BOK Financial Corp.		12,100		646,382
Boston Private Financial Holdings, Inc.		12,600		338,562
Center Financial Corp.		471		7,969
Central Pacific Financial Corp.		16,300		538,063
Citizens Banking Corp.		3,600		65,880
City Holding Co.		7,096		271,990
City National Corp.		14,633		1,113,425
Colonial Bancgroup, Inc.		28,200		704,154

 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Commercial Banks (continued)
Commerce Bancshares, Inc.		9,646	$	436,964
Community Trust Bancorp, Inc.		715		23,095
East West Bancorp, Inc.		46,003		1,788,597
Financial Institutions, Inc.		5,365		108,319
First Citizens BancShares, Class A		4,551		884,714
First Commonwealth Financial Corp.		23,200		253,344
First Midwest Bancorp, Inc.		4,900		173,999
First Regional Bancorp*		5,404		137,478
First State Bancorp		2,800		59,612
Glacier Bancorp, Inc.		41,500		844,525
Great Southern Bancorp, Inc.		10,400		281,320
Hanmi Financial Corp.		46,700		796,702
Independent Bank Corp.		3,900		115,206
Intervest Bancshares Corp.		4,408		124,129
Mainsource Financial Group, Inc.		3,885		65,229
National Penn Bancshares, Inc.		46,355		773,201
NBT Bancorp, Inc.		15,830		357,125
Old National Bancorp		24,200		401,962
Pacific Capital Bancorp		24,259		654,508
Preferred Bank		2,584		103,360
Prosperity Bancshares, Inc.		8,198		268,566
Provident Bankshares Corp.		19,900		652,322
Republic Bancorp, Inc., Class A		1,575		26,129
Signature Bank*		21,200		722,920
Sterling Financial Corp.		20,245		212,977
Suffolk Bancorp		1,800		57,456
SVB Financial Group*		5,931		314,995
Taylor Capital Group, Inc.		1,694		46,636
Trustmark Corp.		4,675		120,896
UCBH Holdings, Inc.		21,300		389,151
UMB Financial Corp.		7,300		269,151
Union Bankinghares Corp.		21,268		493,418
Vineyard National Bancorp Co.		2,814		64,638
WesBanco, Inc.		1,074		31,683
West America Bankcorp		38,100		1,685,544
West Coast Bancorp		1,061		32,244
Western Alliance Bancorp*		2,200		65,670
Whitney Holding Corp.		5,646		169,945
				19,879,395
Commercial Services & Supplies (4.4%)
Advisory Board Co. (The)*		73,797		4,100,161
Ambassadors International		47,560		1,581,846
Amper Corp.		11,350		539,692
Bowne & Co., Inc.		4,100		79,991
Brady Corp., Class A		65,300		2,425,242
CBIZ, Inc.*		28,300		208,005
Cenveo, Inc.*		9,000		208,710
Comsys IT Partners, Inc.*		32,530		742,009
Consolidated Graphics, Inc.*		4,250		294,440
Corporate Executive Board Co.		33,602		2,181,106
CoStar Group, Inc.*		86,795		4,589,720
Deluxe Corp.		37,947		1,541,028
Dun & Bradstreet Corp.		944		97,213
Endeavor Acquisition Corp.*		118,176		1,394,477
Exponet, Inc.*		29,200		653,204
First Consulting Group, Inc.*		3,479		33,050
FTI Consulting, Inc.*		11,300		429,739
Healthcare Services Group, Inc.		26,800		790,600
IHS, Inc., Class A*		96,630		4,444,980
IKON Office Solutions, Inc.		5,100		79,611
Kelly Services, Inc.		14,200		389,932
Knoll, Inc.		45,022		1,008,493
LECG Corp.*		27,500		415,525
Manhattan Associates, Inc.*		30,800		859,628
Mine Safety Appliances Co.		15,300		669,528
Mobile Mini, Inc.*		60,600		1,769,520
Rollins, Inc.		38,800		883,476
Spherion Corp.*		42,900		402,831
Standard Parking Corp.*		4,551		159,877
Stericycle, Inc.*		3,618		160,856
TeleTech Holdings, Inc.*		13,900		451,472
United Stationers, Inc.*		26,800		1,785,952
Viad Corp.		56,006		2,361,773
Waste Connections, Inc.*		17,000		514,080
Watson Wyatt Worldwide, Inc.		27,526		1,389,512
				39,637,279
Communications Equipment (1.2%)
Anaren, Inc.*		15,100		265,911
C-COR, Inc.*		31,103		437,308
CommScope, Inc.*		42,425		2,475,499
Comtech Group, Inc.*		88,600		1,462,786
Comtech Telecommunications Corp.*		10,001		464,247
EMS Technologies*		5,200		114,712
InterDigital Communications Corp.*		64,566		2,077,088
Netgear, Inc.*		17,908		649,165
Oplink Communications, Inc.*		21,000		315,000
Powerwave Technologies, Inc.*		226,380		1,516,746
Riverbed Technology, Inc.*		20,900		915,838
Sonus Networks, Inc.*		37,900		322,908
U.T. Starcom, Inc.*		19,300		108,273
				11,125,481

14 

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Computers & Peripherals (0.1%)
Brocade Communications Systems, Inc.*		38,850	$	303,807
Immersion Corp.*		11,695		175,191
Integral Systems, Inc.		2,500		60,775
Western Digital Corp.*		17,560		339,786
Xyratex, Ltd.*		6,297		139,982
				1,019,541
Construction & Engineering (0.6%)
Emcor Group, Inc.*		35,267		2,570,964
NVR, Inc.*		1,365		927,859
Perini Corp.*		28,551		1,756,743
				5,255,566
Construction Materials (0.4%)
Headwaters, Inc.*		19,000		328,130
Texas Industries, Inc.		36,584		2,868,551
U.S. Concrete, Inc.*		64,532		560,783
				3,757,464
Consumer Finance (0.1%)
Advanta Corp., Class B		6,621		206,178
Rewards Network, Inc.*		20,090		81,766
World Acceptance Corp.*		3,794		162,118
				450,062
Consumer Goods (0.5%)
Central Garden & Pet Co.*		32,800		384,744
Dolby Laboratories, Inc.*		17,431		617,232
Jamba, Inc.*		209,873		1,918,239
Jo-Ann Stores, Inc.*		47,914		1,362,195
Pc Mall, Inc.*		17,722		216,740
Tempur-Pedic International, Inc.		1,165		30,173
				4,529,323
Containers & Packaging (0.7%)
AEP Industries*		6,782		305,258
AptarGroup, Inc.		111,600		3,968,496
Rock-Tenn Co.		56,111		1,779,841
Silgan Holdings, Inc.		9,930		548,930
				6,602,525
Distributors (0.1%)
Core-Mark Holding Co., Inc.*		2,887		103,874
MWI Veterinary Supply, Inc.*		24,000		957,360
Scansource, Inc.*		1,800		57,582
				1,118,816
Diversified Consumer Services (2.3%)
Coinstar, Inc.*		16,059		505,537
CPI Corp.		13,349		927,755
ITT Educational Services, Inc.*		41,200		4,836,056
Matthews International Corp., Class A		63,000		2,747,430
Premier Exhibitions, Inc.*		82,727		1,303,778
Prepaid Depot, Inc.*		8,826		567,600
Regis Corp.		11,434		437,351
Sotheby’s Holdings, Inc.		71,746		3,301,751
Strayer Education, Inc.		41,529		5,469,785
Vertrue, Inc.*		10,030		489,263
				20,586,306
Diversified Financial Services (0.2%)
Financial Federal Corp.		74,750		2,229,045
Diversified Telecommunication Services (0.9%)
Alaska Communications Systems Holdings, Inc.		6,400		101,376
CenturyTel, Inc.		6,518		319,708
Cincinnati Bell, Inc.*		45,575		263,424
Cognet Communications Group, Inc.*		127,090		3,796,178
CT Communications, Inc.		40,081		1,222,871
Fairpoint Communications, Inc.		40,500		718,875
IDT Corp.		66,255		683,752
PAETEC Holding Corp.*		11,500		129,835
Premiere Global Services, Inc.*		33,602		437,498
				7,673,517
Electric Utilities (0.7%)
Allete, Inc.		19,080		897,714
El Paso Electric Co.*		87,069		2,138,415
IDACORP, Inc.		15,400		493,416
Portland General Electric Co.		15,500		425,320
UIL Holdings Corp.		3,700		122,470
UniSource Energy Corp.		30,300		996,567
Westar Energy, Inc.		35,300		857,084
				5,930,986
Electrical Equipment (0.3%)
General Cable Corp.*		1,360		103,020
Genlyte Group, Inc.*		5,600		439,824
Graftech International Ltd.*		110,753		1,865,081
				2,407,925
Electronic Equipment & Instruments (1.3%)
Anixter International, Inc.*		1,700		127,857
Bell Microproducts, Inc.*		75,175		490,141
Checkpoint Systems, Inc.*		7,456		188,264
Cognex Corp.		14,400		324,144
Coherent, Inc.*		7,200		219,672

 15

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Electronic Equipment & Instruments (continued)
CTS Corp.		29,100	$	368,406
DTS, Inc.*		47,700		1,038,429
FLIR Systems, Inc.*		4,600		212,750
Insight Enterprises, Inc.*		14,100		318,237
Littlefuse, Inc.*		20,944		707,279
LoJack Corp.*		3,925		87,488
Merix Corp.*		6,558		51,743
Methode Electronics		57,215		895,415
Mettler Toledo International, Inc.*		22,285		2,128,440
Newport Corp.*		9,200		142,416
Plexus Corp.*		27,000		620,730
Rofin-Sinar Technologies, Inc.*		21,000		1,449,000
Stoneridge, Inc.*		2,863		35,329
Technitrol, Inc.		67,800		1,943,826
				11,349,566
Energy Equipment & Services (1.8%)
Bristow Group, Inc.*		5,681		281,494
Carbo Ceramics, Inc.		39,950		1,750,209
Complete Production Services*		22,400		579,040
Drill-Quip, Inc.*		11,500		516,925
Grey Wolf, Inc.*		285,453		2,352,133
Hanover Compressor Co.*		10,000		238,500
Input/ Output, Inc.*		43,100		672,791
NATCO Group, Inc., Class A*		22,200		1,022,088
National-OilWell, Inc.*		7,052		735,100
Oceaneering International, Inc.*		65,100		3,426,864
Oil States International, Inc.*		6,200		256,308
Parker Drilling Co.*		8,800		92,752
RPC Energy Services, Inc.		32,300		550,392
Superior Well Services, Inc.*		16,300		414,183
Trico Marine Services, Inc.*		51,954		2,123,880
Unit Corp.*		12,900		811,539
W-H Energy Services, Inc.*		7,800		482,898
				16,307,096
Food & Staples Retailing (0.5%)
Andersons, Inc. (The)		17,500		793,275
Nasch-Finch Co.		4,433		219,433
Performance Food Group Co.*		26,900		873,981
Ruddick Corp.		6,800		204,816
Spartan Stores, Inc.		24,105		793,296
United Natural Foods, Inc.*		44,000		1,169,520
				4,054,321
Food Products (0.7%)
Corn Products International, Inc.		31,206		1,418,313
Imperial Sugar Co.		49,459		1,522,842
J.M. Smucker Co.		4,068		258,969
Peet’s Coffee & Tea, Inc.*		50,803		1,251,278
Seaboard Corp.		691		1,620,395
Tootsie Roll Industries, Inc.		17,473		484,177
				6,555,974
Gas Distribution (0.1%)
Piedmont Natural Gas Co., Inc.		44,400		1,094,460
Semco Energy, Inc.*		18,839		146,379
				1,240,839
Gas Utilities (0.8%)
Energen Corp.		54,301		2,983,297
Laclede Group, Inc. (The)		23,800		758,744
New Jersey Resources Corp.		30,000		1,530,600
NICOR, Inc.		6,059		260,052
Northwest Natural Gas Co.		12,470		575,989
Southwest Gas Corp.		6,800		229,908
UGI Corp.		39,639		1,081,352
				7,419,942
Health Care Equipment & Supplies (3.4%)
American Medical Systems Holdings, Inc.*		99,300		1,791,372
Arrow International, Inc.		33,913		1,298,190
Aspect Medical Systems, Inc.*		7,100		106,216
Conceptus, Inc.*		5,300		102,661
CONMED Corp.*		23,700		693,936
Cutera, Inc.*		25,200		627,984
D.J. Orthopedics, Inc.*		8,500		350,795
Dade Behring Holdings, Inc.		23,758		1,262,025
Edwards Lifesciences Corp.*		7,274		358,899
Greatbatch, Inc.*		4,200		136,080
Haemonetics Corp.*		28,100		1,478,341
Healthtronics, Inc.*		11,203		48,733
ICU Medical, Inc.*		62,200		2,670,868
IDEXX Laboratories, Inc.*		15,752		1,490,612
Immucor, Inc.*		49,000		1,370,530
Integra LifeSciences Holdings*		17,900		884,618
Kinetic Concept*		32,015		1,663,819
Kyphon, Inc.*		59,300		2,855,295
LifeCell Corp.*		36,900		1,126,926
Mentor Corp.		31,000		1,261,080
Nutraceutical International Corp.*		17,170		284,507
Orasure Technologies, Inc.*		27,800		227,404
Palomar Medical Technologies, Inc.*		11,200		388,752
Respironics, Inc.*		53,648		2,284,868

16 

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Health Care Equipment & Supplies (continued)
Surmodics, Inc.*		20,800	$	1,040,000
Symmetry Medical, Inc.*		16,900		270,569
West Pharmaceutical Services, Inc.		34,479		1,625,685
Wright Medical Group, Inc.*		38,300		923,796
Young Innovations, Inc.		57,800		1,686,604
Zoll Medical Corp.*		4,200		93,702
				30,404,867
Health Care Providers & Services (1.4%)
Alliance Imaging, Inc.*		6,926		65,035
American Dental Partners*		6,584		170,986
Amerigroup Corp.*		14,300		340,340
Amsurg Corp.*		26,134		630,875
Apria Healthcare Group, Inc.*		68,186		1,961,711
Five Star Quality Care, Inc.*		106,100		846,678
Healthspring, Inc.*		19,497		371,613
Healthways, Inc.*		78,400		3,713,808
Henry Schein, Inc.*		23,700		1,266,291
Hythiam, Inc.*		74,060		640,619
Lincare Holdings, Inc.*		3,742		149,119
Magellan Health Services, Inc.*		13,664		634,966
Molina Healthcare, Inc.*		9,407		287,102
PSS World Medical, Inc.*		26,991		491,776
Trimeris, Inc.**		7,123		48,721
Universal Health Services, Inc.		8,900		547,350
Visicu, Inc.*		87,400		799,710
				12,966,700
Health Care Technology (1.5%)
Allscripts Healthcare Solutions, Inc.*		136,500		3,478,020
Cerner Corp.*		67,100		3,722,037
Digene Corp.*		6,500		390,325
GTx, Inc.*		13,900		225,041
Omicell, Inc.*		76,598		1,591,707
Vital Images, Inc.*		47,300		1,284,668
Wellcare Health Plans, Inc.*		32,012		2,897,406
				13,589,204
Hotels, Restaurants & Leisure (4.0%)
AFC Enterprises, Inc.*		140,826		2,434,882
Ambassadors Group, Inc.		81,770		2,905,288
BJ’s Restaurants, Inc.*		83,451		1,647,323
Bob Evans Farms, Inc.		1,800		66,330
Buffalo Wild Wings, Inc.*		9,338		388,367
CBRL Group, Inc.		6,266		266,180
Chipotle Mexican Grill, Inc.*		5,200		443,456
Choice Hotels International, Inc.		6,246		246,842
Dover Downs Gaming & Entertainment, Inc.		5,700		85,557
Gaylord Entertainment Co.*		161,369		8,655,833
Great Wolf Resorts, Inc.*		85,270		1,215,098
IHOP Corp.		23,100		1,257,333
Interstate Hotels & Resorts, Inc.*		105,541		550,924
Jack in the Box, Inc.*		19,879		1,410,216
Krispy Kreme Doughnuts, Inc.*		109,165		1,010,868
P.F. Chang’s China Bistro, Inc.*		91,622		3,225,094
Papa John’s International, Inc.*		26,844		772,033
RARE Hospitality International, Inc.*		12,800		342,656
Ruby Tuesday, Inc.		17,100		450,243
Scientific Games Corp.*		97,700		3,414,615
Speedway Motorsports, Inc.		1,600		63,968
Vail Resorts, Inc.*		90,242		5,493,031
				36,346,137
Household Durables (0.5%)
American Greetings Corp., Class A		5,380		152,416
Avatar Holdings*		11,238		864,652
Blyth Industries, Inc.		5,623		149,459
Brookfield Homes Corp.		42,569		1,238,332
Central Garden & Pet Co.*		16,400		201,064
Directed Electronics, Inc.*		80,480		711,443
Kimball International, Inc., Class B		21,900		306,819
M/ I Homes, Inc.		1,700		45,220
Snap-on, Inc.		10,447		527,678
				4,197,083
Household Products (0.4%)
Church & Dwight, Inc.		75,500		3,658,730
Industrial Conglomerates (0.2%)
Raven Industries, Inc.		1,617		57,743
Teleflex, Inc.		25,156		2,057,258
				2,115,001
Insurance (1.5%)
American Financial Group, Inc.		32,887		1,123,091
American Physicians Capital, Inc.*		6,900		279,450
Argonaut Group, Inc.		8,457		263,943
Brown & Brown, Inc.		43,500		1,093,590
CNA Surety Corp.*		42,790		809,159
Commerce Group, Inc.		32,600		1,131,872
First Mercury Financial Corp.*		31,900		668,943
Greenlight Capital Ltd.*		45,774		1,031,288
HCC Insurance Holdings, Inc.		42,138		1,407,830
Hilb, Rogal & Hamilton Co.		25,100		1,075,786
James River Group, Inc.		1,622		53,899

 17

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Insurance (continued)
Nymagic, Inc.		774	$	31,115
Odyssey Re Holdings Corp.		42,732		1,832,775
Ohio Casualty Corp.		4,900		212,219
Philadelphia Consolidated Holding Corp.*		9,402		393,004
Phoenix Co., Inc.		30,100		451,801
Reinsurance Group Of America		5,899		355,356
Security Capital Assurance Ltd.		30,400		938,448
United Fire & Casualty Corp.		9,760		345,309
				13,498,878
Internet & Catalog Retail (1.3%)
Blue Nile, Inc.*		86,026		5,195,971
FTD Group, Inc.		2,900		53,389
Knot, Inc. (The)*		60,400		1,219,476
Netflix, Inc.*		49,160		953,212
Priceline.com, Inc.*		40,123		2,758,055
Stamps.com, Inc.*		85,400		1,176,812
Systemax, Inc.		17,900		372,499
ValueVision International, Inc., Class A*		9,200		104,144
				11,833,558
Internet Software & Services (2.0%)
Ariba, Inc.*		45,200		447,932
Bankrate, Inc.*		63,943		3,064,148
CNET Networks, Inc.*		145,219		1,189,344
Comscore, Inc.*		34,166		790,943
Dealertrack Holdings, Inc.*		28,500		1,049,940
Equinix, Inc.*		54,158		4,953,832
Greenfield Online*		8,169		129,969
Internap Network Services*		5,900		85,078
Interwoven, Inc.*		30,800		432,432
Loopnet, Inc.*		89,500		2,088,035
RealNetworks, Inc. (b) (c)*		41,400		338,238
Savvis, Inc.*		2,000		99,020
SonicWALL, Inc.*		60,800		522,272
Terremark Worldwide, Inc.*		9,000		58,050
United Online, Inc.		19,900		328,151
Vignette Corp.*		27,300		523,068
Vocus, Inc.*		34,300		861,273
Websense, Inc.*		57,789		1,228,016
				18,189,741
IT Services (1.3%)
Acxiom Corp.		58,732		1,553,461
CACI International, Inc., Class A*		23,300		1,138,205
CheckFree Corp.*		30,285		1,217,457
Convergys Corp.*		51,705		1,253,329
Forrester Research, Inc.*		55,098		1,549,907
ManTech International Corp.*		36,300		1,119,129
MPS Group, Inc.*		25,700		343,609
NCI, Inc.*		47,600		798,252
Ness Technologies, Inc.*		42,680		555,267
RightNow Technologies, Inc.*		17,707		290,572
SI International, Inc.*		20,500		676,910
SRA International, Inc.*		26,100		659,286
Sykes Enterprises, Inc.*		24,700		469,053
Tyler Technologies, Inc.*		22,600		280,466
				11,904,903
Leisure Equipment & Products (0.7%)
JAKKS Pacific, Inc.*		17,603		495,348
Marvel Entertainment, Inc.*		70,254		1,790,072
Nautilus Group, Inc. (The)		15,400		185,416
Pool Corp.		86,794		3,387,570
Steinway Musical Instruments, Inc.		3,247		112,314
Sturm Ruger & Co., Inc.*		29,062		451,042
				6,421,762
Life Sciences Tools & Services (1.2%)
Albany Molecular Research*		9,500		141,075
Bruker Bioscience Corp.*		35,000		315,350
Dionex Corp.*		33,400		2,371,066
Illumina, Inc.*		36,583		1,484,904
Invitrogen Corp.*		14,499		1,069,301
PAREXEL International Corp.*		5,200		218,712
Pharmanet Development Group, Inc.*		6,226		198,485
Techne Corp.*		77,918		4,457,689
Varian, Inc.*		16,647		912,755
				11,169,337
Machinery (2.4%)
Accuride Corp.*		36,455		561,771
Actuant Corp.		1,800		113,508
ASV, Inc.*		47,300		817,344
Bucyrus International, Inc., Class A		93,950		6,649,781
Chart Industries, Inc.*		13,300		378,252
Clarcor, Inc.		78,500		2,938,255
Dynamic Materials Corp.		5,100		191,250
Enpro Industries, Inc.*		18,449		789,433
Federal Signal Corp.		15,800		250,588
Graco, Inc.		8,000		322,240
Hardinge, Inc.		11,000		374,330
Harsco Corp.		7,700		400,400
Idex Corp.		8,700		335,298

18 

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Machinery (continued)
Joy Global, Inc.		26,850	$	1,566,160
Kadant, Inc.*		4,000		124,800
Manitowoc Co.		7,000		562,660
Middleby Corp.*		21,708		1,298,573
Mueller Water Products, Inc., Class A		61,087		1,042,144
Nordson Corp.		18,741		940,049
Robbins & Myers, Inc.		1,707		90,693
Sun Hydraulics Corp.		17,100		842,175
Wabtec Corp.		29,000		1,059,370
				21,649,074
Manufacturing (0.1%)
Blount International, Inc.*		29,100		380,628
Darling International, Inc.*		9,022		82,461
L.B. Foster Co.*		29,200		837,456
				1,300,545
Marine (0.1%)
Kirby Corp.*		13,368		513,198
Media (2.1%)
Arbitron, Inc.		30,480		1,570,634
Belo Corp., Class A		9,400		193,546
Charter Communications, Inc.*		241,579		978,395
CKX, Inc.*		83,657		1,156,140
DreamWorks Animation SKG, Inc., Class A*		29,300		845,012
Emmis Communications Corp.		30,000		276,300
Harte-Hanks, Inc.		28,500		731,880
Interactive Data Corp.		121,099		3,243,031
Lakes Entertainment, Inc.*		65,738		776,366
LodgeNet Entertainment Corp.*		6,396		205,056
Mediacom Communications Corp.*		14,700		142,443
Morningstar, Inc.*		122,444		5,757,929
New Frontier Media Inc.		6,919		60,334
ProQuest Co.*		6,600		62,964
RCN Corp.		10,900		204,811
Regal Entertainment Group, Class A		38,779		850,423
Scholastic Corp.*		12,500		449,250
Sinclair Broadcast Group, Inc.		86,584		1,231,225
Westwood One, Inc.		23,318		167,656
				18,903,395
Metals & Mining (2.0%)
A.M. Castle & Co.		38,800		1,393,308
Century Aluminum Co.*		13,432		733,790
Chaparral Steel		42,392		3,046,713
Cleveland Cliffs, Inc.		6,500		504,855
Commercial Metals Co.		22,300		753,071
Compass Minerals International, Inc.		82,200		2,849,052
Gold Reserve, Inc.*		131,300		732,654
Grupo Simec, SA de C.V. ADR - MX*		68,800		858,624
Hecla Mining Co.*		72,370		618,040
IAMGOLD Corp.		46,800		358,488
Kaiser Aluminum Corp.		28,817		2,100,183
Quanex Corp.		8,300		404,210
Reliance Steel & Aluminum Co.		5,400		303,804
Royal Gold, Inc.		18,800		446,876
Steel Dynamics, Inc.		30,769		1,289,529
Worthington Industries, Inc.		56,100		1,214,565
				17,607,762
Multi-Utilities (0.2%)
Avista Corp.		2,200		47,410
C.H. Energy Group, Inc.		2,300		103,431
PNM, Inc.		29,300		814,247
Vectren Corp.		31,520		848,834
				1,813,922
Multiline Retail (0.4%)
Big Lots, Inc.*		74,773		2,199,822
Dollar Tree Stores, Inc.*		17,297		753,284
Tuesday Morning Corp.		23,200		286,752
				3,239,858
Office Electronics (0.2%)
Zebra Technologies Corp., Class A*		36,547		1,415,831
Oil, Gas & Consumable Fuels (3.6%)
Arena Resources, Inc.*		17,600		1,022,736
Aurora Oil & Gas Corp.*		66,800		142,284
Berry Petroleum Co.		23,400		881,712
Bill Barrett Corp.*		80,900		2,979,547
Cabot Oil & Gas Corp.		6,300		232,344
Carrizo Oil & Gas, Inc.*		66,700		2,766,049
Cimarex Energy Co.		10,000		394,100
Comstock Resources, Inc.*		8,600		257,742
Delta Petroleum Corp.*		82,442		1,655,435
Encore Acquisition Co.*		49,450		1,374,710
Evergreen Energy, Inc.*		155,760		939,233
EXCO Resources, Inc.*		38,700		674,928
Foundation Coal Holdings, Inc.		34,200		1,389,888
GMX Resources, Inc.*		29,234		1,011,496
Gulf Island Fabrication, Inc.		12,800		444,160
Harvest Natural Resources, Inc.*		15,868		188,988
Helix Energy Solutions Group, Inc.*		28,500		1,137,435

 19

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Oil, Gas & Consumable Fuels (continued)
Holly Corp.		12,411	$	920,772
Hugoton Royalty Trust		16,000		403,680
Mariner Energy, Inc.*		1,200		29,100
Markwest Hydrocarbon, Inc.		11,121		638,679
Newfield Exploration Co.*		38,600		1,758,230
Parallel Petroleum Corp.*		35,000		766,500
Petrobank Energy & Resources*		37,500		938,250
Petrohawk Energy Corp.*		110,990		1,760,302
RAM Energy Resources, Inc.*		241,530		1,309,093
Rossetta Resources, Inc.*		9,200		198,168
St. Mary Land & Exploration Co.		85,600		3,134,672
Stone Energy Corp.*		9,800		335,748
Swift Energy Co.*		4,900		209,524
Tesoro Petroleum Corp.		26,452		1,511,732
USEC, Inc.*		47,932		1,053,545
Warren Resources, Inc.*		20,700		241,776
				32,702,558
Paper & Forest Products (0.2%)
Buckeye Technologies, Inc.*		41,557		642,887
Deltic Timber Corp.		18,449		1,011,374
				1,654,261
Personal Products (1.0%)
Alberto-Culver Co.		48,200		1,143,304
Bare Escentuals, Inc.*		53,500		1,827,025
Chattem, Inc.*		3,543		224,555
Elizabeth Arden, Inc.*		25,100		608,926
Mannatech, Inc.		4,100		65,149
NBTY, Inc.*		63,407		2,739,183
Physicians Formula Holdings, Inc.*		54,730		860,629
Prestige Brands Holdings, Inc.*		108,200		1,404,436
USANA Health Sciences, Inc.*		2,400		107,376
				8,980,583
Pharmaceuticals (1.1%)
Adams Respiratory Therapeutics, Inc.*		42,000		1,654,380
Biomarin Pharmaceutical, Inc.*		25,100		450,294
Enzon Pharmaceuticals, Inc.*		22,600		177,410
K-V Pharmaceutical Co.*		29,756		810,553
King Pharmaceuticals, Inc.*		62,230		1,273,226
Medicines Co. (The)*		9,400		165,628
Microbia, Inc.*		93,487		584,294
Noven Pharmaceuticals, Inc.*		48,159		1,129,329
OSI Pharmaceuticals, Inc.*		47,097		1,705,382
Pozen, Inc.*		26,376		476,614
Santarus, Inc.*		15,100		78,067
Savient Pharmaceuticals, Inc.*		9,600		119,232
Sciele Pharma, Inc.*		17,600		414,656
Viropharma, Inc.*		46,771		645,440
				9,684,505
Real Estate Investment Trusts (REITs) (3.5%)
Agree Realty Corp.		946		29,563
American Financial Realty Trust		48,400		499,488
American Home Mortgage Investment Corp.		44,900		825,262
Arbor Realty Trust, Inc.		4,800		123,888
Ashford Hospitality Trust		307,400		3,615,024
Biomed Realty Trust, Inc.		12,150		305,208
Capital Trust, Inc., Class A		12,585		429,652
CBL & Associates Properties, Inc.		29,100		1,049,055
CBRE Realty Finance, Inc.		123,700		1,470,793
Cedarshopping Centers, Inc.		40,280		578,018
Cousins Properties, Inc.		9,200		266,892
Deerfield Triarc Capital Corp.		66,300		969,969
Education Realty Trust, Inc.		15,200		213,256
Entertainment Properties Trust		6,480		348,494
Equity Inns, Inc.		8,700		194,880
Equity Lifestyle Properties, Inc.		25,149		1,312,526
Extra Space Storage, Inc.		25,600		422,400
Felcor Lodging Trust, Inc.		14,200		369,626
First Industrial Realty Trust		53,730		2,082,575
Getty Realty Corp.		5,900		155,052
Glimcher Realty Trust		17,700		442,500
Gramercy Capital Corp.		29,505		812,568
Healthcare Realty Trust, Inc.		14,800		411,144
Hersha Hospitality Trust		107,200		1,267,104
Hospitality Properties Trust		20,700		858,843
Inland Real Estate Corp.		45,200		767,496
Investors Real Estate Trust		9,800		101,234
Lasalle Hotel Properties		10,200		442,884
Lexington Corporate Properties Trust		74,060		1,540,448
LTC Properties, Inc.		17,400		395,850
Mack-Cali Realty Corp.		23,700		1,030,713
National Retail Properties, Inc.		17,280		377,741
Nationwide Health Properties, Inc.		25,300		688,160
Omega Healthcare Investors, Inc.		52,480		830,759
Quadra Realty Trust, Inc.*		129,330		1,617,918
Ramco-Gershenson Properties Trust		6,900		247,917
Saul Centers, Inc.		2,286		103,670
Taubman Centers, Inc.		38,753		1,922,536
Urstadt Biddle Properties		52,100		886,221

20 

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Real Estate Investment Trusts (REITs) (continued)
Washington Real Estate Investment Trust		44,800	$	1,523,200
Winston Hotels, Inc.		2,196		32,940
				31,563,467
Real Estate Management & Development (0.3%)
Affordable Residential Communities*		20,173		238,445
Consolidated Tomoka Land Co.		10,316		714,796
Grubb & Ellis Co.*		83,046		963,334
Housevalues, Inc.*		80,378		367,327
Jones Lang Lasalle, Inc.		2,620		297,370
SonomaWest Holdings, Inc.*		4,000		106,000
				2,687,272
Road & Rail (1.2%)
Arkansas Best Corp.		5,901		229,962
Heartland Express, Inc.		58,847		959,206
J.B. Hunt Transport Services, Inc.		127,300		3,732,436
Kansas City Southern Industries, Inc.*		119,512		4,486,480
Knight Transportation, Inc.		13,520		262,018
Landstar System, Inc.		14,255		687,804
Old Dominion Freight Line, Inc.*		6,061		182,739
Saia, Inc.*		3,900		106,314
				10,646,959
Semiconductors & Semiconductor Equipment (1.4%)
Advanced Energy Industries, Inc.*		42,437		961,622
Amkor Technology, Inc.*		133,542		2,103,287
Brooks Automation, Inc.*		4,800		87,120
Cymer, Inc.*		6,400		257,280
Intevac*		78,298		1,664,616
Micrel, Inc.		14,100		179,352
Microsemi*		20,000		479,000
MKS Instruments, Inc.*		39,699		1,099,662
On Semiconductor Corp.*		173,951		1,864,755
Photronics, Inc.*		15,000		223,200
Power Integrations, Inc.*		5,500		144,100
Silicon Laboratories, Inc.*		8,500		294,185
Spansion, Inc., Class A*		16,200		179,820
Tessera Technologies, Inc.*		69,984		2,837,851
TriQuint Semiconductor, Inc.*		100,000		506,000
Varian Semiconductor Equipment Associates., Inc.*		2,986		119,619
				13,001,469
Service Company (0.1%)
Heidrick & Struggles International, Inc.*		20,464		1,048,575
Software (3.3%)
Advent Software, Inc.*		3,400		110,670
Ansoft Corp.*		18,393		542,409
Blackbaud, Inc.		212,700		4,696,416
Blackboard, Inc.*		160,033		6,740,590
Chordiant Software, Inc.*		5,001		78,316
Citrix Systems, Inc.*		35,900		1,208,753
Concur Technologies, Inc.*		30,200		690,070
Convera Corp., Class A*		58,505		255,082
EPIQ Systems, Inc.*		103,989		1,680,462
FactSet Research Systems, Inc.		64,150		4,384,652
Fair Issac Corp.		26,675		1,070,201
Henry (Jack) & Associates, Inc.		8,700		224,025
MICROS Systems, Inc.*		73,420		3,994,048
NAVTEQ Corp.*		7,200		304,848
SPSS, Inc.*		10,277		453,627
Sybase, Inc.*		63,385		1,514,268
TeleCommunication Systems, Inc.*		34,310		174,295
THQ, Inc.*		12,700		387,604
Tibco Software, Inc.*		133,500		1,208,175
				29,718,511
Specialty Retail (2.7%)
Aeropostale, Inc.*		1,600		66,688
Asbury Automotive Group, Inc.		31,492		785,725
Big 5 Sporting Goods Corp.		58,000		1,479,000
Buckle (The)		8,828		347,823
Casual Male Retail Group, Inc.*		17,400		175,740
Charlotte Russe Holding, Inc.*		13,100		351,997
Circuit City Stores, Inc.		126,500		1,907,620
Citi Trends, Inc.*		68,876		2,614,533
CSK Auto Corp.*		5,300		97,520
Dress Barn, Inc.*		75,990		1,559,315
DSW Inc., Class A*		16,400		571,048
Finish Line, Inc., Class A (The)		82,900		755,219
Group 1 Automotive, Inc.		17,100		689,814
Guess?, Inc.		3,300		158,532
Gymboree*		46,913		1,848,841
Hibbett Sports, Inc.*		36,900		1,010,322
Lithia Motors, Inc., Class A		11,400		288,876
MarineMax, Inc.*		23,600		472,472
Mothers Work, Inc.*		14,693		459,450
O’Reilly Automotive, Inc.*		95,080		3,475,174
Payless ShoeSource, Inc.*		18,752		591,626
Sally Beauty Holdings, Inc.*		74,300		668,700

 21

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Company Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Specialty Retail (continued)
Sonic Automotive, Inc.		13,000	$	376,610
Stein Mart, Inc.		36,900		452,394
Talbots, Inc.		24,300		608,229
Tractor Supply Co.*		27,700		1,441,785
Zumiez, Inc.*		37,900		1,431,862
				24,686,915
Telephones (0.0%)
Rural Cellular Corp.*		1,066		46,701
Textiles, Apparel & Luxury Goods (1.0%)
Deckers Outdoor Corp.*		15,586		1,572,627
Fossil, Inc.*		15,200		448,248
Hartmarx Corp.*		1,200		9,564
Heelys, Inc.*		55,800		1,442,988
Kellwood Co.		38,730		1,089,087
Maidenform Brands, Inc.*		9,187		182,454
Perry Ellis International, Inc.*		19,739		635,004
Phillips-Van Heusen Corp.		22,900		1,387,053
Steven Madden Ltd.		12,600		412,776
UniFirst Corp.		19,100		841,355
Warnaco Group, Inc. (The)*		855		33,636
Wolverine World Wide, Inc.		22,300		617,933
				8,672,725
Thrifts & Mortgage Finance (1.0%)
Bank Mutual Corp.		6,100		70,333
BankUnited Financial Corp., Class A		17,766		356,564
City Bank		4,281		134,894
Corus Bankshares, Inc.		38,984		672,864
Delta Financial Corp.		11,465		140,675
Dime Community Bancshares		68,250		900,217
Downey Financial Corp.		17,251		1,138,221
FirstFed Financial Corp.*		30,125		1,708,991
Franklin Bank Corp.*		31,900		475,310
ITLA Capital Corp.		4,682		244,026
KNBT Bancorp, Inc.		4,600		67,620
MAF Bancorp, Inc.		2,300		124,798
Ocwen Financial Corp.*		60,478		806,172
PFF Bancorp, Inc.		2,000		55,860
Tierone Corp.		10,800		325,080
TrustCo Bank Corp.		25,400		250,952
ViewPoint Financial Group		36,600		629,886
Westfield Financial, Inc.		70,400		701,888
WSFS Financial Corp.		506		33,108
				8,837,459
Tobacco (0.2%)
Alliance One International, Inc.*		5,400		54,270
Loews Corp. (Carolina Group		27,829		2,150,347
				2,204,617
Trading Companies & Distributors (0.3%)
Houston Wire & Cable Co.*		19,200		545,472
Interline Brands, Inc.*		15,800		412,064
Kaman Corp., Class A		18,000		561,420
MSC Industrial Direct Co., Class A		4,200		231,000
Rush Enterprises, Inc., Class A*		8,800		191,136
UAP Holding Corp.		27,600		831,864
				2,772,956
Transportation (0.1%)
GulfMark Offshore Services, Inc.*		10,252		525,107
Horizon Lines, Inc.		2,300		75,348
SEACOR Holdings, Inc.*		3,300		308,088
				908,543
Water Utility (0.1%)
Pico Holdings, Inc.*		15,758		681,691
Wireless Telecommunication Services (0.4%)
Dobson Communications Corp., Class A*		20,700		229,977
Fibertower Corp.*		66,726		288,924
Novatel Wireless, Inc.*		5,800		150,916
SBA Communications Corp.*		76,827		2,580,619
Tessco Technologies, Inc.*		16,901		328,217
				3,578,653
				658,581,736
Total Common Stocks (Cost $711,819,197)				879,319,970
Commercial Paper (0.1%)
United States (0.1%)
Countrywide Home Loans, 5.40%, 07/02/07	$	1,487,000		1,486,554

22 

Mutual Funds (0.3%)
	Shares or
	Principal Amount		Value
Macquarie Infrastructure Co. LLC		59,251	$	2,457,731
Exchange Traded Fund (0.1%)
iShares MSCI EAFE Index Fund	$	12,000		967,560
Cash Equivalent (1.9%) (a)
AIM Liquid Assets Portfolio, 5.09%, 04/01/42		17,210,131		17,210,131
Total Investments (Cost $733,290,069) (b) — 99.8%				901,441,946
Other assets in excess of liabilities — 0.2%				1,443,266
NET ASSETS — 100.0%			$	902,885,212

*	Denotes a non-income producing security.
(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
BR	Brazil
CA	Canada
IE	Ireland
KR	Korea

See accompanying notes to financial statements.

 23

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide
			Multi-Manager
			NVIT
			Small Company Fund
Assets:
Investments, at value (cost $733,290,069)			$	901,441,946
Cash				10,875
Foreign currencies, at value (cost $356,532)				357,244
Interest and dividends receivable				893,113
Receivable for capital shares issued				206,959
Receivable for investments sold				6,139,503
Reclaims receivable				109,085
Prepaid expenses				9,383
		Total Assets		909,168,108
Liabilities:
Payable for investments purchased				5,046,202
Payable for capital shares redeemed				317,526
Accrued expenses and other payables:
	Investment advisory fees			695,974
	Fund administration and transfer agent fees			75,244
	Distribution fees			22,703
	Administrative servicing fees			29,400
	Compliance program costs			11,748
	Other			84,099
		Total Liabilities		6,282,896
Net Assets			$	902,885,212
Represented by:
Capital			$	666,836,327
Accumulated net investment income				1,840,903
Accumulated net realized gains from investment transactions and foreign currency transactions				66,055,621
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				168,152,361
Net Assets			$	902,885,212
Net Assets:
Class I Shares			$	743,487,234
Class II Shares				111,432,999
Class III Shares				4,397,780
Class IV Shares				43,567,199
		Total	$	902,885,212
Shares outstanding (unlimited number of shares authorized):
Class I Shares				31,240,549
Class II Shares				4,760,365
Class III Shares				184,673
Class IV Shares				1,830,785
		Total		38,016,372
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	23.80
Class II Shares			$	23.41
Class III Shares			$	23.81
Class IV Shares			$	23.80

See accompanying notes to financial statements.

24 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide
		Multi-Manager NVIT
		Small Company Fund
INVESTMENT INCOME:
Interest income		$	399,571
Dividend income			7,005,751
Foreign tax withholding			(328,002	)
	Total Income		7,077,320
Expenses:
Investment advisory fees			4,130,806
Fund administration and transfer agent fees			302,584
Distribution fees Class II Shares			124,896
Administrative servicing fees Class I Shares			490,294
Administrative servicing fees Class II Shares			60,649
Administrative servicing fees Class III Shares			3,680
Administrative servicing fees Class IV Shares			28,037
Custodian fees			62,691
Trustee fees			20,788
Compliance program costs (Note 3)			6,162
Other			94,200
	Total expenses before earnings credit		5,324,787
Earnings credit (Note 6)			(6,118	)
	Net Expenses		5,318,669
Net Investment Income			1,758,651
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			77,827,119
Net realized (losses) on foreign currency transactions			(1,473,959	)
Net realized gains on investment transactions and foreign currency transactions			76,353,160
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			1,248,465
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			77,601,625
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	79,360,276

See accompanying notes to financial statements.

 25

Statements of Changes in Net Assets

		Nationwide Multi-Manager
		NVIT Small Company Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	1,758,651		$	856,635
Net realized gains on investment transactions and foreign currency transactions			76,353,160			117,152,412
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			1,248,465			(12,726,165	)
Change in net assets resulting from operations			79,360,276			105,282,882
Distributions to shareholders from:
Net investment income:
	Class I		–			(812,010	)
	Class II		–			(56,733	)
	Class III		–			(6,907	)
	Class IV		–			(47,918	)
Net realized gains on investments:
	Class I		(95,291,801	)		(15,390,122	)
	Class II		(14,368,708	)		(1,643,475	)
	Class III		(572,275	)		(63,680	)
	Class IV		(5,564,619	)		(804,451	)
Change in net assets from shareholder distributions			(115,797,403	)		(18,825,296	)
Change in net assets from capital transactions			36,205,025			(135,037,451	)
Change in net assets			(232,102	)		(48,579,865	)
Net Assets:
Beginning of period			903,117,314			951,697,179
End of period		$	902,885,212		$	903,117,314
Accumulated net investment income at end of period		$	1,840,903		$	82,252
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	19,292,022		$	58,049,219
	Dividends reinvested		95,291,784			16,205,471
	Cost of shares redeemed		(91,510,792	)		(230,208,135	)
			23,073,014			(155,953,445	)
Class II Shares
	Proceeds from shares issued		16,681,917			49,421,395
	Dividends reinvested		14,368,705			1,700,202
	Cost of shares redeemed		(20,574,012	)		(27,450,058	)
			10,476,610			23,671,539
Class III Shares
	Proceeds from shares issued		948,844			4,715,218
	Dividends reinvested		572,275			70,587
	Cost of shares redeemed		(1,793,205	)		(2,685,385	)
			(272,086	)		2,100,420

See accompanying notes to financial statements.

26 

Statements of Changes in Net Assets (Continued)

		Nationwide Multi-Manager
		NVIT Small Company Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class IV Shares
	Proceeds from shares issued	$	1,103,303		$	1,977,093
	Dividends reinvested		5,564,618			852,366
	Cost of shares redeemed		(3,740,434	)		(7,685,424	)
			2,927,487			(4,855,965	)
Change in net assets from capital transactions		$	36,205,025		$	(135,037,451	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		738,183			2,399,643
	Reinvested		4,042,927			712,208
	Redeemed		(3,514,515	)		(9,654,743	)
			1,266,595			(6,542,892	)
Class II Shares
	Issued		640,311			2,130,983
	Reinvested		619,608			75,786
	Redeemed		(830,616	)		(1,167,578	)
			429,303			1,039,191
Class III Shares
	Issued		35,650			193,944
	Reinvested		24,259			3,085
	Redeemed		(70,417	)		(113,616	)
			(10,508	)		83,413
Class IV Shares
	Issued		42,439			83,535
	Reinvested		236,089			37,437
	Redeemed		(143,560	)		(321,992	)
			134,968			(201,020	)
Total change in shares			1,820,358			(5,621,308	)

See accompanying notes to financial statements.

 27

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide Multi-Manager NVIT Small Company Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class I Shares
For the year ended December 31, 2002	$	18.64		(0.07	)		(3.16	)		(3.23	)		–
For the year ended December 31, 2003	$	15.41		(0.07	)		6.39			6.32			–
For the year ended December 31, 2004	$	21.73		(0.04	)		4.17			4.13			–
For the year ended December 31, 2005	$	22.96		(0.03	)		2.84			2.81			–
For the year ended December 31, 2006	$	22.78		0.03			2.67			2.70			(0.03	)
For the six months ended June 30, 2007 (Unaudited)	$	24.99		0.05			2.25			2.30			–
Class II Shares
Period ended December 31, 2002 (e)	$	18.70		(0.03	)		(3.28	)		(3.31	)		–
For the year ended December 31, 2003	$	15.39		(0.12	)		6.37			6.25			–
For the year ended December 31, 2004	$	21.64		(0.07	)		4.13			4.06			–
For the year ended December 31, 2005	$	22.80		(0.07	)		2.79			2.72			–
For the year ended December 31, 2006	$	22.53		(0.03	)		2.63			2.60			(0.01	)
For the six months ended June 30, 2007 (Unaudited)	$	24.66		0.02			2.22			2.24			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets		Expenses to
	Net						Net Asset					at End of		Average
	realized			Total			Value, End		Total			Period		Net
	gains			Distributions			of Period		Return (a)			(000s)		Assets (b)
Class I Shares
For the year ended December 31, 2002		–			–		$	15.41		(17.33%	)	$	561,836		1.18%
For the year ended December 31, 2003		–			–		$	21.73		41.01%		$	760,078		1.17%
For the year ended December 31, 2004		(2.90	)		(2.90	)	$	22.96		19.02%		$	815,585		1.19%
For the year ended December 31, 2005		(2.99	)		(2.99	)	$	22.78		12.32%		$	831,778		1.20%
For the year ended December 31, 2006		(0.46	)		(0.49	)	$	24.99		12.04%		$	749,048		1.19%
For the six months ended June 30, 2007 (Unaudited)		(3.49	)		(3.49	)	$	23.80		9.34%		$	743,487		1.17%
Class II Shares
Period ended December 31, 2002 (e)		–			–		$	15.39		(17.70%	)	$	2,325		1.44%
For the year ended December 31, 2003		–			–		$	21.64		40.61%		$	18,345		1.42%
For the year ended December 31, 2004		(2.90	)		(2.90	)	$	22.80		18.78%		$	46,906		1.44%
For the year ended December 31, 2005		(2.99	)		(2.99	)	$	22.53		12.01%		$	74,165		1.45%
For the year ended December 31, 2006		(0.46	)		(0.47	)	$	24.66		11.75%		$	106,813		1.45%
For the six months ended June 30, 2007 (Unaudited)		(3.49	)		(3.49	)	$	23.41		9.22%		$	111,433		1.41%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income (Loss)
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average		Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)		Turnover(d)
Class I Shares
For the year ended December 31, 2002		(0.33%	)		(g)		(g)		92.59%
For the year ended December 31, 2003		(0.37%	)		(g)		(g)		93.72%
For the year ended December 31, 2004		(0.17%	)		(g)		(g)		131.75%
For the year ended December 31, 2005		(0.12%	)		(g)		(g)		128.34%
For the year ended December 31, 2006		0.11%			(g)		(g)		104.59%
For the six months ended June 30, 2007 (Unaudited)		0.42%			1.17%		0.42%		54.25%
Class II Shares
Period ended December 31, 2002 (e)		(0.54%	)		(g)		(g)		92.59%
For the year ended December 31, 2003		(0.63%	)		(g)		(g)		93.72%
For the year ended December 31, 2004		(0.42%	)		(g)		(g)		131.75%
For the year ended December 31, 2005		(0.37%	)		(g)		(g)		128.34%
For the year ended December 31, 2006		(0.12%	)		(g)		(g)		104.59%
For the six months ended June 30, 2007 (Unaudited)		0.19%			1.41%		0.19%		54.25%

[Additional columns below]

[Continued from above table, first column(s) repeated]

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from March 5, 2002 (commencement of operations) through December 31, 2002.

(f)  For the period from July 1, 2002 (commencement of operations) through December 31, 2002.

(g)	There were no fee reductions during the period.
(h)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

28 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class III Shares
Period ended December 31, 2002 (f)	$	17.48		(0.01	)		(2.05	)		(2.06	)		–
For the year ended December 31, 2003	$	15.42		(0.08	)		6.40			6.32			–
For the year ended December 31, 2004	$	21.74		(0.03	)		4.17			4.14			–
For the year ended December 31, 2005	$	22.98		(0.02	)		2.83			2.81			–
For the year ended December 31, 2006	$	22.80		0.03			2.68			2.71			(0.04	)
For the six months ended June 30, 2007 (Unaudited)	$	25.01		0.04			2.25			2.29			–
Class IV Shares
Period ended December 31, 2003 (h)	$	15.61		(0.05	)		6.17			6.12			–
For the year ended December 31, 2004	$	21.73		(0.04	)		4.17			4.13			–
For the year ended December 31, 2005	$	22.96		(0.03	)		2.84			2.81			–
For the year ended December 31, 2006	$	22.78		0.03			2.67			2.70			(0.03	)
For the six months ended June 30, 2007 (Unaudited)	$	24.99		0.05			2.25			2.30			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
														Ratio of
												Net Assets		Expenses to
	Net						Net Asset					at End of		Average
	realized			Total			Value, End		Total			Period		Net
	gains			Distributions			of Period		Return (a)			(000s)		Assets (b)
Class III Shares
Period ended December 31, 2002 (f)		–			–		$	15.42		(11.78%	)	$	51		1.15%
For the year ended December 31, 2003		–			–		$	21.74		40.99%		$	1,199		1.17%
For the year ended December 31, 2004		(2.90	)		(2.90	)	$	22.98		19.06%		$	1,681		1.19%
For the year ended December 31, 2005		(2.99	)		(2.99	)	$	22.80		12.31%		$	2,548		1.22%
For the year ended December 31, 2006		(0.46	)		(0.50	)	$	25.01		12.06%		$	4,881		1.18%
For the six months ended June 30, 2007 (Unaudited)		(3.49	)		(3.49	)	$	23.81		9.29%		$	4,398		1.21%
Class IV Shares
Period ended December 31, 2003 (h)		–			–		$	21.73		39.21%		$	48,252		1.16%
For the year ended December 31, 2004		(2.90	)		(2.90	)	$	22.96		19.02%		$	44,819		1.19%
For the year ended December 31, 2005		(2.99	)		(2.99	)	$	22.78		12.32%		$	43,206		1.20%
For the year ended December 31, 2006		(0.46	)		(0.49	)	$	24.99		12.04%		$	42,375		1.19%
For the six months ended June 30, 2007 (Unaudited)		(3.49	)		(3.49	)	$	23.80		9.34%		$	43,567		1.17%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income (Loss)
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average		Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)		Turnover(d)
Class III Shares
Period ended December 31, 2002 (f)		(0.25%	)		(g)		(g)		92.59%
For the year ended December 31, 2003		(0.39%	)		(g)		(g)		93.72%
For the year ended December 31, 2004		(0.15%	)		(g)		(g)		131.75%
For the year ended December 31, 2005		(0.14%	)		(g)		(g)		128.34%
For the year ended December 31, 2006		0.16%			(g)		(g)		104.59%
For the six months ended June 30, 2007 (Unaudited)		0.34%			1.21%		0.34%		54.25%
Class IV Shares
Period ended December 31, 2003 (h)		(0.36%	)		(g)		(g)		93.72%
For the year ended December 31, 2004		(0.18%	)		(g)		(g)		131.75%
For the year ended December 31, 2005		(0.12%	)		(g)		(g)		128.34%
For the year ended December 31, 2006		0.12%			(g)		(g)		104.59%
For the six months ended June 30, 2007 (Unaudited)		0.43%			1.17%		0.43%		54.25%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 5, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from July 1, 2002 (commencement of operations) through December 31, 2003.
(g)	There were no fee reductions during the period.
(h)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

 29

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide Multi-Manager NVIT Small Company Fund (the “Fund”), (formerly, “GVIT Small Company Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a

30 

multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency

 31

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBA’s on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

32 

(h) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(i) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(j) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2007, the Fund had no securities on loan.

(k) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

 33

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(l) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	739,035,254	$	190,793,549	$	(28,386,857	)	$	162,406,692

(m) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers, for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated. Below is a list of the subadvisers to the Fund:

Subadvisers**

– Franklin Portfolio Associates, LLC

– Neuberger Berman Management, Inc.

– Gartmore Global Partners***

– American Century Investment Management, Inc.

– Morgan Stanley Investment Management, Inc.

– Waddell & Reed Investment Management Company

 **  NFA, as investment adviser, directly manages a portion of the Fund.

***  Beginning September 29, 2006, Gartmore Global Partners is no longer an affiliate of NFA.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.93% based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $2,665,038 for the six months ended June 30, 2007.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC ((formerly, Gartmore Investor Services, Inc. (“GISI”))(“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent

34 

for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc.”) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a majority-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $666,127 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $6,162.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by

 35

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $476,288,370 and sales of $550,331,157.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition

36 

threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 37

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

38 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 39

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

40 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 41

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

 (i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

42 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

 (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the Russell 2000 Index, for the one- and five-year periods, and outperformed the Fund’s benchmark for the three-year period. The Board also considered that the performance of the Fund’s Class I shares had ranked in the fourth quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, and in the second quintile of two- and four-year periods, and the first quintile over the three- and five-year periods. Although the Fund underperformed for the one-year period, the Board considered that: (i) longer-term performance had been strong; and (ii) management had committed to closely review and monitor the performance of the Fund and each subadviser to determine whether any changes should be proposed to the Board. Based on its review, the Board concluded that the nature, extent and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the third quintile. The Board found that although the Fund’s contractual advisory fee compared with its peer group was relatively high, the fees were within the range of those charged by its peer group. Based on its review, the Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 43

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast		Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

44 

	Number of Shares
Fund	Cast/Not Cast		Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 45

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT NationwideFund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

46 

	Number of Shares
Fund	Cast/Not Cast		Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 47

Federated NVIT High Income Bond Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
15	Statement of Assets and Liabilities
16	Statement of Operations
17	Statements of Changes in Net Assets
18	Financial Highlights
19	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-FHIB (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending		Expenses Paid		Annualized
Federated NVIT High Income Bond Fund			Account Value		Account Value		During		Expense Ratio*
1/1/07 06/30/07 Period*
Class I	Actual		$	1,000.00	$	1,028.40	$	4.93		0.98%
	Hypothetical	1	$	1,000.00	$	1,019.94	$	4.92		0.98%
Class III	Actual		$	1,000.00	$	1,028.60	$	4.73		0.94%
	Hypothetical	1	$	1,000.00	$	1,020.14	$	4.72		0.94%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.

¹   Represents the hypothetical 5% return before expenses.

4 Semiannual Report 2007

Federated NVIT High Income Bond Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Corporate Bonds	96.7%
Repurchase Agreements	1.5%
Common Stock	0.2%
Warrants	0.1%
Preferred Stocks	0.0%
Other assets in excess of liabilities	1.5%
	100.0%

Top Holdings*
Qwest Corp., 8.88%, 03/15/12	1.4%
Intelsat Bermuda Ltd., 11.25%, 06/15/16	0.9%
HCA, Inc., 9.63%, 11/15/16	0.9%
CDRV Investors, Inc., , 01/01/15	0.9%
Jostens, Inc., 7.63%, 10/01/12	0.8%
Tennessee Gas Pipeline, Inc., 8.38%, 06/15/32	0.8%
HCA, Inc., 9.25%, 11/15/16	0.7%
Charter Communications, 10.25%, 09/15/10	0.7%
Dex Media West/ Finance Series B, 9.88%, 08/15/13	0.7%
General Motors Acceptance Corp., 8.00%, 11/01/31	0.6%
Other	91.6%
	100.0%

Top Industries
Media	11.9%
Health Care Providers & Services	8.2%
Food Products	6.1%
Industrial Conglomerates	6.0%
Gas Utilities	5.5%
Gaming	5.0%
Chemicals	4.9%
Technology	4.6%
Consumer Goods	4.2%
Automobiles	4.2%
Other	39.4%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

2007 Semiannual Report 5

Statement of Investments

June 30, 2007 (Unaudited)

Federated NVIT High Income Bond Fund

Common Stock (0.2%)
		Shares or
		Principal Amount		Value
Chemicals (0.1%) (a) (b)
General Chemical Industrial Products, Inc.*			143	$	206,043
Consumer Goods (0.0%) (a) (b) (c)
Membership Units			185		2
Containers & Packaging (0.0%)
Pliant Corp. * (b) (c)			1		0
Russell Stanley Holdings, Inc. (a) (b) (c)			4,000		0
Smurfit Kappa PLC*			1,558		39,212
					39,212
Media (0.1%)
Virgin Media, Inc.			5,650		137,690
Total Common Stocks (Cost $790,671)					382,947
Corporate Bonds (96.7%)
Aerospace & Defense (2.1%)
Alliant Techsystems, Inc., 6.75%, 04/01/16		$	800,000		780,000
DRS Technologies, Inc., 6.63%, 02/01/16			725,000		703,250
Hawker Beechcraft Acq Co. (c) (d) 8.88%, 04/01/15			825,000		851,812
	9.75%, 04/01/17		525,000		549,938
L-3 Communications Corp. 6.13%, 01/15/14			1,425,000		1,350,187
	5.88%, 01/15/15		300,000		279,750
	6.38%, 10/15/15		375,000		356,250
Transdigm Inc., 7.75%, 07/15/14 (c) (d)			375,000		380,625
					5,251,812
Auto Components (0.7%)
Cooper-Standard Automotive, Inc., 8.38%, 12/15/14			500,000		468,750
Tenneco Automotive, Inc., 8.63%, 11/15/14			300,000		310,500
United Components, Inc., 9.38%, 06/15/13			1,025,000		1,063,438
					1,842,688
Automobiles (4.2%)
Ford Motor Co., 7.45%, 07/16/31			1,150,000		924,312
Ford Motor Credit Co. 9.88%, 08/10/11			425,000		446,468
	7.25%, 10/25/11		975,000		939,219
Ford Motor Credit Company 8.11%, 01/13/12 (e)			1,350,000		1,347,840
	8.00%, 12/15/16		1,100,000		1,055,337
General Motors Acceptance Corp. 6.88%, 09/15/11			1,575,000		1,550,644
	8.00%, 11/01/31		1,625,000		1,666,186
General Motors Corp. 7.13%, 07/15/13			450,000		423,563
	7.40%, 09/01/25		1,800,000		1,525,500
	8.38%, 07/15/33		725,000		665,187
					10,544,256
Building Products (1.3%)
Goodman Global Holdings 8.36%, 06/15/12 (e)			250,000		252,500
	7.88%, 12/15/12		275,000		273,625
Norcraft Cos. LLC, 9.00%, 11/01/11			500,000		518,750
Norcraft Holdings LP 0.00%, 09/01/12 (f)			500,000		460,000
Nortek Holdings, Inc. 0.00%, 03/01/14 (f)			300,000		219,000
	8.50%, 09/01/14		350,000		335,125
Panolam Industries International, Inc., 10.75%, 10/01/13 (c) (d)			1,125,000		1,181,250
Texas Industries, Inc., 7.25%, 07/15/13			150,000		151,125
					3,391,375
Chemicals (4.7%)
Compass Minerals Intl. 0.00%, 12/15/12 (f)			500,000		516,250
	0.00%, 06/01/13		1,050,000		1,047,375
Equistar Chemical, 10.13%, 09/01/08			62,750		65,574
Hexion Specialty Chemicals, 9.75%, 11/15/14			1,425,000		1,482,000
Invista, 9.25%, 05/01/12 (c) (d)			950,000		1,009,375

6 Semiannual Report 2007

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Chemicals (continued)
Lyondell Chemical Co. 10.88%, 05/01/09		$	450,000	$	450,000
	8.25%, 09/15/16		1,400,000		1,470,000
	6.88%, 06/15/17		550,000		533,500
Mosaic Corp. (c) (d)  7.38%, 12/01/14			225,000		228,375
	7.63%, 12/01/16		525,000		539,437
Nalco Co. 8.88%, 11/15/13			1,100,000		1,146,750
	0.00%, 02/01/14 (f)		481,000		440,115
Nell AF SARL, 8.38%, 08/15/15 (c) (d)			800,000		770,000
PQ Corp., 7.50%, 02/15/13			625,000		665,625
Terra Capital, Inc., 7.00%, 02/01/17			975,000		945,750
Union Carbide Corp. 7.88%, 04/01/23			225,000		239,529
	7.50%, 06/01/25		350,000		359,246
					11,908,901
Construction & Engineering (0.3%)
Case New Holland, Inc., 9.25%, 08/01/11			675,000		710,910
Construction Materials (0.0%) (b) (g) (h)
Clark Material Handling, Inc. 0.00%, 11/15/06			100,000		0
Consumer Goods (5.1%)
AAC Group Holding Corp. 0.00%, 10/01/12 (f)			1,025,000		927,625
AAC Group Holding Corp. PIK, 14.75%, 10/01/12			359,758		396,633
American Achievement Corp., 8.25%, 04/01/12			600,000		607,500
American Greetings, 7.38%, 06/01/16			725,000		735,875
Church & Dwight Co., 6.00%, 12/15/12			900,000		867,375
Constellation Brands, Inc., 7.25%, 09/01/16			375,000		367,500
Jarden Corp., 7.50%, 05/01/17			1,325,000		1,315,063
Jostens Holding Corp. 0.00%, 12/01/13 (f)			1,675,000		1,545,187
Jostens, Inc., 7.63%, 10/01/12			2,075,000		2,075,000
Leiner Health Products, 11.00%, 06/01/12			500,000		475,000
Playtex Products, Inc., 9.38%, 06/01/11			1,300,000		1,342,250
Spectrum Brands, Inc., 7.38%, 02/01/15			340,000		274,975
True Temper Sports, Inc., 8.38%, 09/15/11			1,100,000		968,000
Visant Holding Corp., 8.75%, 12/01/13			900,000		940,500
					12,838,483
Containers & Packaging (2.3%)
Ball Corp., 6.63%, 03/15/18			1,025,000		986,563
Berry Plastics Corp., 8.88%, 09/15/14			1,025,000		1,042,937
Crown Americas, 7.75%, 11/15/15			1,100,000		1,111,000
Graphic Packaging International, 9.50%, 08/15/13			1,150,000		1,200,312
Owens-Brockway Glass Container, 6.75%, 12/01/14			800,000		784,000
Owens-Illinois, Inc., 7.35%, 05/15/08			300,000		302,250
Plastipak Holdings, Inc., 8.50%, 12/15/15 (c) (d)			350,000		364,000
Russell Stanley Holdings, Inc., 9.00%, 11/30/08 (b) (c) (g)			14,589		677
					5,791,739
Electric Power (0.5%)
NRG Energy, Inc., 7.38%, 02/01/16			1,375,000		1,381,875
Electric Utilities (3.8%)
CMS Energy Corp., 7.50%, 01/15/09			600,000		618,276
Dynegy Holdings, Inc., 7.75%, 06/01/19 (c) (d)			1,400,000		1,309,000
Edison Mission Energy 7.75%, 06/15/16			1,350,000		1,350,000
	7.00%, 05/15/17 (c) (d)		1,325,000		1,255,438
FPL Energy National Wind, 6.13%, 03/25/19 (c) (d)			306,649		299,432
Nevada Power Co. 6.50%, 04/15/12			75,000		76,748
	5.88%, 01/15/15		350,000		343,648

2007 Semiannual Report 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Electric Utilities (continued)
Nevada Power Corp., 6.50%, 05/15/18		$	625,000	$	634,605
Northwestern Corp., 5.88%, 11/01/14			200,000		194,370
NRG Energy Inc., 7.38%, 01/15/17			550,000		553,438
NRG Energy, Inc., 7.25%, 02/01/14			375,000		376,875
PSEG Energy Holdings, 10.00%, 10/01/09			1,125,000		1,215,154
Sierra Pacific Resources, 6.75%, 08/15/17			650,000		642,239
TECO Energy, Inc., 6.75%, 05/01/15			225,000		230,622
TXU Corp., 5.55%, 11/15/14			650,000		555,053
					9,654,898
Energy Companies (3.0%)
Chesapeake Energy Corp. 7.50%, 09/15/13			375,000		383,437
	6.88%, 01/15/16		525,000		515,812
	6.88%, 11/15/20		875,000		842,187
Cimarex Energy Corp., 7.13%, 05/01/17			325,000		318,500
Forest Oil Corporation, 7.25%, 06/15/19 (c) (d)			700,000		682,500
Hilcorp Energy (c) (d) 7.75%, 11/01/15			550,000		536,250
	9.00%, 06/01/16		475,000		494,000
Petroplus Finance Ltd (c) (d) 6.75%, 05/01/14			225,000		217,688
	7.00%, 05/01/17		500,000		483,750
Pioneer Natural Resources, 6.88%, 05/01/18			850,000		810,109
Plains Exploration, 7.75%, 06/15/15			750,000		748,125
Plains Exploration, Inc., 7.00%, 03/15/17			375,000		357,188
Range Resources Corp. 7.38%, 07/15/13			250,000		253,750
	6.38%, 03/15/15		450,000		428,625
	7.50%, 05/15/16		550,000		559,625
					7,631,546
Energy Equipment & Services (0.8%)
Basic Energy Services, 7.13%, 04/15/16			950,000		912,000
Cie General De Geophysique 7.50%, 05/15/15			100,000		100,500
	7.75%, 05/15/17		400,000		407,000
Complete Production Services, Inc., 8.00%, 12/15/16 (c) (d)			500,000		507,500
Grant Prideco, Inc., 6.13%, 08/15/15			200,000		190,500
					2,117,500
Entertainment (1.3%)
Cinemark, Inc. 0.00%, 03/15/14 (f)			1,525,000		1,395,375
Hard Rock Park Operation, 10.12%, 04/01/12 (e) (c) (d)			575,000		577,875
Universal City Development, 11.75%, 04/01/10			950,000		1,009,375
Universal City Florida Holding Co., 10.11%, 05/01/10 (e)			250,000		256,250
					3,238,875
Environmental (1.2%)
Allied Waste Industries, 9.25%, 05/01/21			475,000		508,250
Allied Waste North America 9.25%, 09/01/12			300,000		315,375
	7.13%, 05/15/16		1,650,000		1,621,125
	6.88%, 06/01/17		275,000		267,437
Clean Harbors, Inc., 11.25%, 07/15/12			341,000		378,268
					3,090,455
Food & Staples Retailing (0.0%) (b) (c) (g)
Jitney-Jungle Stores of America, Inc. 0.00%, 09/15/07			100,000		0
Food Products (6.1%)
ASG Consolidated LLC 0.00%, 11/01/11 (f)			1,675,000		1,566,125
B&G Foods, Inc., 8.00%, 10/01/11			1,100,000		1,105,500
Constellation Brands, Inc. 8.00%, 02/15/08			650,000		656,500
	7.25%, 05/15/17 (c) (d)		575,000		563,500
Cott Beverages, Inc., 8.00%, 12/15/11			900,000		913,500

8 Semiannual Report 2007

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Food Products (continued)
Dean Foods Co., 7.00%, 06/01/16		$	1,175,000	$	1,128,000
Del Monte Corp., 6.75%, 02/15/15			1,425,000		1,364,438
Eurofresh, Inc., 11.50%, 01/15/13 (c) (d)			775,000		775,000
Michael Foods, 8.00%, 11/15/13			1,500,000		1,522,500
Nutro Products, Inc., 10.75%, 04/15/14 (c) (d)			600,000		700,225
Pierre Foods, Inc., 9.88%, 07/15/12			800,000		816,000
Pilgrim’s Pride Corp., 8.38%, 05/01/17			1,050,000		1,044,750
Pinnacle Foods LLC (c) (d) 9.25%, 04/01/15			650,000		630,500
	10.63%, 04/01/17		650,000		628,875
Reddy Ice Group 0.00%, 11/01/12			1,025,000		968,625
Smithfield Foods, Inc. 7.75%, 05/15/13			200,000		204,000
	7.75%, 07/01/17		900,000		904,500
					15,492,538
Gaming (5.0%)
Fontainebleau Las Vegas, 10.25%, 06/15/15 (c) (d)			375,000		371,250
Global Cash Access LLC, 8.75%, 03/15/12			503,000		524,377
Great Canadian Gaming Co., 7.25%, 02/15/15 (c) (d)			550,000		550,000
Herbst Casinos & Gambling, Inc., 7.00%, 11/15/14			850,000		801,125
Jacobs Entertainment, Inc., 9.75%, 06/15/14			925,000		965,469
Mandalay Resort Group 10.25%, 08/01/07			1,150,000		1,154,312
	9.50%, 08/01/08		250,000		258,750
MGM Grand, Inc., 8.38%, 02/01/11			700,000		719,250
MGM Mirage, Inc., 5.88%, 02/27/14			550,000		500,500
Mgm Mirage, Inc., 7.50%, 06/01/16			1,400,000		1,335,250
MTR Casinos & Gambling Group, Inc., 9.75%, 04/01/10			800,000		836,000
Mtr Gaming Group, Inc., 9.00%, 06/01/12			425,000		449,438
Penn National Casinos & Gambling, Inc., 6.75%, 03/01/15			925,000		952,750
San Pasqual Casino, 8.00%, 09/15/13 (c) (d)			800,000		812,000
Shingle Springs, 9.38%, 06/15/15 (c) (d)			350,000		354,813
Station Casinos, Inc., 7.75%, 08/15/16			525,000		522,375
Tunica-Biloxi Casinos & Gambling Authority, 9.00%, 11/15/15 (c) (d)			625,000		656,250
Wynn Las Vegas LLC, 6.63%, 12/01/14			950,000		920,312
					12,684,221
Gas Utilities (5.5%)
Amerigas Partners LP, 7.13%, 05/20/16			1,075,000		1,061,562
EL Paso Corp., 7.80%, 08/01/31			1,450,000		1,475,603
Holly Energy Partners LP, 6.25%, 03/01/15			1,375,000		1,292,500
Inergy LP, 6.88%, 12/15/14			1,400,000		1,333,500
Pacific Energy Partners 7.13%, 06/15/14			700,000		724,984
	6.25%, 09/15/15		150,000		147,582
Regency Energy Partners, 8.38%, 12/15/13 (c) (d)			850,000		879,750
Semco Energy, Inc., 7.13%, 05/15/08			500,000		504,472
Southern Star Central Corp., 6.75%, 03/01/16			625,000		618,750
Tennessee Gas Pipeline, Inc. 7.50%, 04/01/17			200,000		216,208
	8.38%, 06/15/32		1,675,000		1,972,477
Transcontinental Gas Pipeline Corp. 8.88%, 07/15/12			350,000		393,750
	6.40%, 04/15/16		500,000		503,750
Williams Cos., Inc. (The) 7.63%, 07/15/19			1,125,000		1,192,500
	7.88%, 09/01/21		1,425,000		1,539,000
					13,856,388

2007 Semiannual Report 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Health Care Equipment & Supplies (0.8%)
Accellent, Inc., 10.50%, 12/01/13		$	700,000	$	698,250
Advanced Medical Optics, 7.50%, 05/01/17 (c) (d)			650,000		617,500
Varietal Distribution, 10.25%, 07/15/15 (c) (d)			800,000		802,000
					2,117,750
Health Care Providers & Services (8.2%)
AmeriPath, Inc. 0.00%, 02/15/14 (e) (c) (d)			575,000		575,000
AMR Holding Co./ Emcare H, 10.00%, 02/15/15			600,000		651,000
Aramark Corp. (c) (d) 8.50%, 02/01/15			550,000		562,375
	8.86%, 02/01/15 (e)		750,000		765,000
CDRV Investors, Inc. 0.00%, 01/01/15 (f)			2,425,000		2,218,875
Concentra Operating Corp., 9.50%, 08/15/10			560,000		588,700
CRC Health Corp., 10.75%, 02/01/16			875,000		966,875
HCA, Inc. 6.38%, 01/15/15			1,300,000		1,108,250
	9.25%, 11/15/16 (c) (d)		1,650,000		1,761,375
	9.63%, 11/15/16 (c) (d)		2,175,000		2,343,562
	7.50%, 11/06/33		900,000		767,250
National Mentor Hldgs., 11.25%, 07/01/14			1,125,000		1,220,625
Omnicare, Inc., 6.88%, 12/15/15			1,000,000		955,000
Psychiatric Solutions, Inc. 7.75%, 07/15/15 (c) (d)			75,000		74,531
	7.75%, 07/15/15		875,000		869,531
Triad Hospitals, Inc., 7.00%, 11/15/13			62,000		65,329
United Surgical Partners (c) (d) 8.88%, 05/01/17			175,000		176,313
	9.25%, 05/01/17		900,000		906,750
Universal Hospital Services (c) (d) 8.50%, 06/01/15			175,000		174,125
	8.76%, 06/01/15 (e)		200,000		201,000
Vanguard Health Holdings, 9.00%, 10/01/14			750,000		746,250
Ventas Realty LP 6.63%, 10/15/14			1,050,000		1,040,813
	7.13%, 06/01/15		325,000		329,063
	6.75%, 04/01/17		500,000		496,250
Viant Holdings, Inc., 9.88%, 07/15/17 (c) (d)			325,000		328,250
VWR International, Inc., 8.00%, 04/15/14			750,000		802,961
					20,695,053
Health Care Technology (0.5%)
Bio Rad Laboratories, Inc., 6.13%, 12/15/14			525,000		496,125
Fisher Scientific International, Inc., 6.13%, 07/01/15			800,000		786,750
					1,282,875
Hotels, Restaurants & Leisure (1.8%)
Dave & Buster’s, Inc., 11.25%, 03/15/14			675,000		695,250
EL Pollo Loco, Inc., 11.75%, 11/15/13			400,000		424,000
Host Marriott LP 7.13%, 11/01/13			450,000		451,688
	6.88%, 11/01/14		400,000		397,500
	6.38%, 03/15/15		450,000		434,250
	6.75%, 06/01/16		375,000		369,375
MGM Mirage, Inc., 6.00%, 10/01/09			500,000		498,125
Royal Caribbean Cruises 7.00%, 06/15/13			550,000		555,098
	7.25%, 06/15/16		300,000		297,901
Seminole Hard Rock Ent., 7.86%, 03/15/14 (e) (c) (d)			550,000		556,875
					4,680,062
Industrial Conglomerates (5.9%)
ALH Finance LLC/ ALH Finance Corp., 8.50%, 01/15/13			1,375,000		1,371,562
American Tire Distributor, 10.75%, 04/01/13			600,000		615,000
Baker & Taylor, Inc., 11.50%, 07/01/13 (c) (d)			1,000,000		1,050,000
Belden Cdt, Inc., 7.00%, 03/15/17 (c) (d)			375,000		371,250
Da-Lite Screen Co., Inc., 9.50%, 05/15/11			525,000		553,875
Education Management Llc, 10.25%, 06/01/16			1,275,000		1,348,313

10 Semiannual Report 2007

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Industrial Conglomerates (continued)
Esco Corp (d) 8.63%, 12/15/13 (c)		$	500,000	$	527,500
	9.24%, 12/15/13 (e)		250,000		256,250
Hawk Corp., 8.75%, 11/01/14			625,000		646,875
Interline Brands Inc, 8.13%, 06/15/14			800,000		810,000
Knowledge Learning Corp., 7.75%, 02/01/15 (c) (d)			1,400,000		1,361,500
Mueller Water Products, 7.38%, 06/01/17 (c) (d)			325,000		323,898
Norcross Safety Products, 9.88%, 08/15/11			750,000		791,250
Rental Services Corp., 9.50%, 12/01/14 (c) (d)			750,000		768,750
Safety Products Holdings, 11.75%, 01/01/12			961,897		1,014,802
Sensus Metering Systems, 8.63%, 12/15/13			575,000		586,500
Stanadyne Corp., 10.00%, 08/15/14			700,000		743,750
Stanadyne Holdings, Inc. 0.00%, 02/15/15 (f)			450,000		375,750
Superior Essex Communications, 9.00%, 04/15/12			725,000		743,125
Valmont Industries, Inc., 6.88%, 05/01/14			650,000		641,875
					14,901,825
Machinery (0.3%)
Baldor Electric Co., 8.63%, 02/15/17			750,000		796,875
Manufacturing (1.2%)
Chemtura Corp., 6.88%, 06/01/16			1,100,000		1,045,000
K&F Acquisition, Inc., 7.75%, 11/15/14			500,000		532,500
Koppers, Inc., 9.88%, 10/15/13			715,000		766,838
Owens-Brockway Glass Container, 8.25%, 05/15/13			150,000		156,000
Sealy Mattress Co., 8.25%, 06/15/14			600,000		618,000
					3,118,338
Media (11.7%)
Affinity Group Holding PIK, 10.88%, 02/15/12			824,904		882,647
Affinity Group, Inc., 9.00%, 02/15/12			425,000		454,750
Cablevision Systems Corp. 7.88%, 12/15/07			375,000		378,281
	8.13%, 07/15/09		250,000		255,625
CBD Media Finance, Inc., 8.63%, 06/01/11			125,000		126,875
CBD Media Holdings, 9.25%, 07/15/12			1,175,000		1,222,000
CCH II LLC, 10.25%, 10/01/13			300,000		322,500
Charter Communications, 10.25%, 09/15/10			1,675,000		1,758,750
CSC Holdings, Inc., 7.25%, 07/15/08			325,000		328,250
Dex Media East LLC, 12.13%, 11/15/12			325,000		350,594
Dex Media West/ Finance Series B, 9.88%, 08/15/13			1,591,000		1,710,325
DIRECTV Holdings LLC 8.38%, 03/15/13			844,000		887,255
	6.38%, 06/15/15		400,000		377,000
Echostar DBS Corp. 5.75%, 10/01/08			1,250,000		1,250,000
	6.63%, 10/01/14		650,000		622,375
Idearc, Inc., 8.00%, 11/15/16			1,375,000		1,395,625
Intelsat Bermuda Ltd. 8.87%, 01/15/15 (e) (c) (d)			300,000		307,875
	11.25%, 06/15/16		2,125,000		2,390,625
Intelsat Intermediate 0.00%, 02/01/15 (f)			1,925,000		1,592,937
Intelsat Sub Holdings Co. Ltd., 8.63%, 01/15/15			725,000		746,750
Kabel Deutschland GMBH, 10.63%, 07/01/14			1,250,000		1,375,000
Lamar Media Corp. 7.25%, 01/01/13			550,000		551,375
	6.63%, 08/15/15		125,000		119,063
	6.63%, 08/15/15		750,000		714,375
Local TV Finance LLC, 9.25%, 06/15/15 (c) (d)			600,000		597,000
Medimedia Usa, Inc., 11.38%, 11/15/14 (c) (d)			600,000		646,500
PanAmSat Corp., 9.00%, 08/15/14			453,000		474,518

2007 Semiannual Report 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Media (continued)
Quebecor Media, 7.75%, 03/15/16		$	525,000	$	535,500
R.H. Donnelley Corp., 10.88%, 12/15/12			575,000		614,531
Rainbow National Services LLC, 10.38%, 09/01/14 (c) (d)			625,000		689,063
Reader’s Digest Assoc., 9.00%, 02/15/17 (c) (d)			700,000		658,000
RH Donnelley 6.88%, 01/15/13			400,000		381,000
	6.88%, 01/15/13		750,000		714,375
	8.88%, 01/15/16		775,000		809,875
SGS International, Inc., 12.00%, 12/15/13			1,150,000		1,259,250
Umbrella Acquisition, 9.75%, 03/15/15 (c) (d)			250,000		248,125
Videotron Ltee, 6.38%, 12/15/15			325,000		310,375
WDAC Subsidiary Corp., 8.38%, 12/01/14 (c) (d)			1,250,000		1,318,750
XM Satellite, 9.75%, 05/01/14			400,000		394,000
					29,771,714
Metals & Mining (1.0%)
Aleris International, Inc. (c) (d) 9.00%, 12/15/14			600,000		608,250
	10.00%, 12/15/16		475,000		473,813
Freeport-Mcmoran Copper, 8.38%, 04/01/17			725,000		775,750
Novelis, Inc., 7.25%, 02/15/15			712,000		734,250
					2,592,063
Other Financial (0.3%)
American Real Estate Partners LP, 7.13%, 02/15/13			675,000		654,750
Paper & Forest Products (0.7%)
Jefferson Smurfit Corp., 8.25%, 10/01/12			490,000		488,775
MDP Acquisitions PLC, 9.63%, 10/01/12			65,000		68,413
NewPage Corp., 12.00%, 05/01/13			1,125,000		1,234,687
					1,791,875
Semiconductors & Semiconductor Equipment (0.2%) (d)
Freescale Semiconductor, 8.88%, 12/15/14			625,000		600,000
Service Companies (0.8%)
West Corp, 9.50%, 10/15/14			575,000		592,250
West Corp., 11.00%, 10/15/16			1,275,000		1,338,750
					1,931,000
Specialty Retail (3.7%)
Autonation, Inc. 7.36%, 04/15/13 (e)			675,000		676,688
	7.00%, 04/15/14		250,000		248,125
Claire’s Stores, Inc., 10.50%, 06/01/17 (c) (d)			1,025,000		940,438
Couche-Tard Financing Co., 7.50%, 12/15/13			1,325,000		1,341,562
FTD, Inc., 7.75%, 02/15/14			690,000		686,550
General Cable Corp. (c) (d) 7.73%, 04/01/15 (e)			650,000		653,250
	7.13%, 04/01/17		325,000		323,375
General Nutrition Center, 9.80%, 03/15/14 (e)			750,000		727,500
NBC Acquisition Corp. 0.00%, 03/15/13 (f)			1,000,000		920,000
Nebraska Book Co., 8.63%, 03/15/12			1,125,000		1,122,187
U.S. Office Products Co. 0.00%, 06/15/08 (b) (g) (h)			455,359		0
United Auto Group, Inc., 7.75%, 12/15/16			650,000		650,000
Yankee Acquisition Corp 8.50%, 02/15/15			250,000		243,750
	9.75%, 02/15/17		950,000		923,875
					9,457,300
Technology (4.6%)
Activant Solutions, 9.50%, 05/01/16			1,100,000		1,086,250
CHR Intermediate Holding Corp., 12.61%, 06/01/13 (e) (c) (d)			425,000		423,406
Compucom Systems, Inc., 12.00%, 11/01/14 (c) (d)			650,000		702,000
Deluxe Corp. 5.13%, 10/01/14			525,000		448,875
	7.38%, 06/01/15 (c) (d)		125,000		125,000

12 Semiannual Report 2007

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Technology (continued)
Ipayment, Inc., 9.75%, 05/15/14		$	750,000	$	753,750
MagnaChip Semiconductor, 8.00%, 12/15/14			350,000		257,250
Open Solutions, Inc., 9.75%, 02/01/15 (c) (d)			1,025,000		1,040,375
Seagate Technology, 6.80%, 10/01/16			675,000		651,375
Serena Software, Inc., 10.38%, 03/15/16			875,000		947,188
Smart Modular Technologies, Inc., 10.85%, 04/01/12 (e)			405,000		427,275
SS&C Technologies, Inc., 11.75%, 12/01/13			900,000		1,012,500
SunGard Data Systems, Inc. 9.13%, 08/15/13			1,070,000		1,100,762
	10.25%, 08/15/15		1,150,000		1,221,875
Xerox Corp. 9.75%, 01/15/09			650,000		687,832
	7.63%, 06/15/13		475,000		497,783
	6.40%, 03/15/16		300,000		302,349
					11,685,845
Telephones (1.4%)
Qwest Corp., 8.88%, 03/15/12			3,300,000		3,572,250
Textiles, Apparel & Luxury Goods (0.2%)
Glenoit Corp. 0.00%, 12/31/49 (b) (g) (h)			125,000		0
Warnaco Group, Inc., 8.88%, 06/15/13			575,000		609,500
					609,500
Tobacco (0.5%)
Reynolds American, Inc., 7.75%, 06/01/18			1,225,000		1,313,283
Transportation (1.1%)
Hertz Corp. 8.88%, 01/01/14			700,000		733,250
	10.50%, 01/01/16		1,075,000		1,193,250
Holt Group, Inc. (The) 0.00%, 01/15/06 (b) (g) (h)			50,000		0
Stena AB 7.50%, 11/01/13			575,000		583,625
	7.00%, 12/01/16		250,000		251,250
					2,761,375
Wireless Telecommunication Services (3.9%)
Centennial Cellular Corp., 11.10%, 01/01/13 (e)			575,000		603,750
Centennial Communication, 10.00%, 01/01/13			750,000		808,125
Citizens Communications 6.25%, 01/15/13			250,000		240,938
	9.00%, 08/15/31		550,000		569,250
Digicel Group Ltd. (c) (d) 9.25%, 09/01/12			475,000		502,906
	8.88%, 01/15/15		275,000		270,188
	9.13%, 01/15/15		575,000		568,531
MetroPCS Wireless, Inc. (c) (d) 9.25%, 11/01/14			425,000		440,938
	9.25%, 11/01/14		675,000		700,313
Nextel Communications, 7.38%, 08/01/15			875,000		875,382
Rogers Wireless, Inc. 7.25%, 12/15/12			200,000		211,409
	8.00%, 12/15/12		800,000		852,173
	6.38%, 03/01/14		1,125,000		1,138,539
U.S. Unwired, Inc., 10.00%, 06/15/12			650,000		704,016
Valor Telecommunications, 7.75%, 02/15/15			650,000		684,215
Windstream Corp., 8.63%, 08/01/16			600,000		637,500
					9,808,173
Total Corporate Bonds (Cost $242,119,560)					245,570,366
Preferred Stock (0.0%)
Media (0.0%)
Ziff Davis Media, Inc., Series E-1, PIK			12		240
Repurchase Agreements (1.5%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $3,882,640, collateralized by U.S. Government Agency Mortgages with a market value of $3,958,577		$	3,880,958		3,880,958

2007 Semiannual Report 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Federated NVIT High Income Bond Fund (Continued)

Warrants (0.1%)*
	Shares or
	Principal Amount		Value
Chemicals (0.0%) (a) (b)
General Chemical Industrial Products Series A, expiring 06/01/10 (h)	$	83	$	103,371
General Chemical Industrial Products Series B, expiring 06/01/10 (h)		61		64,955
				168,326
Entertainment (0.0%) (b) (c)
AMF Bowling Worldwide, Inc., Class B, expiring 03/09/09		811		0
Industrial Conglomerate (0.1%) (c) (d)
ACP Holding Co., expiring 09/13/13		96,400		168,700
Media (0.0%)
XM Satellite Radio Warrants		300		315
Ziff Davis Media, Inc., expiring 08/12/12 * (b)		2,200		0
				315
Total Warrants (Cost $169,493)				337,341
Total Investments (Cost $246,960,682) (i) — 98.5%				250,171,852
Other assets in excess of liabilities — 1.5%				3,716,606
NET ASSETS — 100.0%			$	253,888,458

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Illiquid security.
(c)	Denotes a restricted security that either (a) cannot be offered sale without first being registered, or being able to tak advantage of an exemption from registration, under the Securities Act of 1933, or (b) is subject to a contractual restriction on public sales
(d)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(e)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(f)	Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at June 30, 2007.
(g)	Issuer has filed for bankruptcy protection.
(h)	Security in default.
(i)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

LP	Limited Partnership
PIK	Paid-In-Kind

14 Semiannual Report 2007

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Federated
			NVIT High
			Income Bond Fund
Assets:
Investments, at value (cost $243,079,724)			$	246,290,894
Repurchase agreements, at cost and value				3,880,958
		Total Investments		250,171,852
Interest and dividends receivable				4,661,509
Receivable for capital shares issued				38,853
Receivable for investments sold				449,140
Prepaid expenses				3,108
		Total Assets		255,324,462
Liabilities:
Payable to custodian				578,722
Payable for investments purchased				431,500
Payable for capital shares redeemed				159,353
Accrued expenses and other payables:
	Investment advisory fees			151,241
	Fund administration and transfer agent fees			21,265
	Administrative servicing fees			61,810
	Compliance program costs			3,338
	Other			28,775
		Total Liabilities		1,436,004
Net Assets			$	253,888,458
Represented by:
Capital			$	262,731,960
Accumulated net investment income				616,946
Accumulated net realized losses from investment transactions				(12,671,618	)
Net unrealized appreciation on investments				3,211,170
Net Assets			$	253,888,458
Net Assets:
Class I Shares			$	147,187,870
Class III Shares				106,700,588
Total			$	253,888,458
Shares outstanding (unlimited number of shares authorized):
Class I Shares				18,553,095
Class III Shares				13,462,285
Total				32,015,380
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	7.93
Class III Shares			$	7.92	(a)

(a) The NAV reported above represents the traded NAV at June 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.

See accompanying notes to financial statements.

2007 Semiannual Report 15

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Federated NVIT
		High Income
		Bond Fund
INVESTMENT INCOME:
Interest income		$	10,727,667
Dividend income			283
	Total Income		10,727,950
Expenses:
Investment advisory fees			899,889
Fund administration and transfer agent fees			104,396
Administrative servicing fees Class I Shares			145,202
Administrative servicing fees Class III Shares			87,483
Custodian fees			1,876
Trustee fees			6,100
Compliance program costs (Note 3)			1,786
Other			35,820
	Total expenses before earnings credit		1,282,552
Earnings credit (Note 6)			(938	)
	Net Expenses		1,281,614
Net Investment Income			9,446,336
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			1,705,232
Net change in unrealized depreciation on investments			(3,592,158	)
Net realized/unrealized gains (losses) on investments			(1,886,926	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	7,559,410

See accompanying notes to financial statements.

16 Semiannual Report 2007

Statements of Changes in Net Assets

		Federated NVIT High Income Bond Fund
		Six Months Ended			Year Ended
		June 30,2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	9,446,336		$	18,026,824
Net realized gains on investment transactions			1,705,232			282,045
Net change in unrealized appreciation/depreciation on investments			(3,592,158	)		6,604,282
Change in net assets resulting from operations			7,559,410			24,913,151
Distributions to Shareholders from:
Net investment income:
	Class I		(5,120,810	)		(11,799,884	)
	Class III		(3,854,868	)		(6,080,652	)
Change in net assets from shareholder distributions			(8,975,678	)		(17,880,536	)
Change in net assets from capital transactions			(3,576,864	)		6,679,483
Change in net assets			(4,993,132	)		13,712,098
Net Assets:
Beginning of period			258,881,590			245,169,492
End of period		$	253,888,458		$	258,881,590
Accumulated net investment income at end of period		$	616,946		$	146,288
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	7,857,133		$	9,847,813
	Dividends reinvested		5,120,810			11,799,884
	Cost of shares redeemed (a)		(20,157,730	)		(53,118,692	)
			(7,179,787	)		(31,470,995	)
Class III Shares
	Proceeds from shares issued		30,468,457			59,463,380
	Dividends reinvested		3,854,867			6,080,652
	Cost of shares redeemed (a)		(30,720,401	)		(27,393,554	)
			3,602,923			38,150,478
Change in net assets from capital transactions		$	(3,576,864	)	$	6,679,483
SHARE TRANSACTIONS:
Class I Shares
	Issued		965,929			1,244,893
	Reinvested		639,532			1,510,198
	Redeemed		(2,482,538	)		(6,747,865	)
			(877,077	)		(3,992,774	)
Class III Shares
	Issued		3,749,692			7,583,360
	Reinvested		481,685			776,959
	Redeemed		(3,798,188	)		(3,483,429	)
			433,189			4,876,890
Total change in shares			(443,888	)		884,116

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

2007 Semiannual Report 17

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Federated NVIT High Income Bond Fund

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net						Net Asset
	Beginning		Investment		(Losses) on			Investment		Investment			Total			Value, End		Total
	of Period		Income		Investments			Activities		Income			Distributions			of Period		Return (a)
Class I Shares
For the year ended December 31, 2002	$	7.44	$	0.61	$	(0.38	)	$	0.23	$	(0.61	)	$	(0.61	)	$	7.06		3.23%
For the year ended December 31, 2003	$	7.06	$	0.57	$	0.96		$	1.53	$	(0.57	)	$	(0.57	)	$	8.02		22.27%
For the year ended December 31, 2004	$	8.02	$	0.60	$	0.18		$	0.78	$	(0.60	)	$	(0.60	)	$	8.20		10.10%
For the year ended December 31, 2005	$	8.20	$	0.64	$	(0.46	)	$	0.18	$	(0.61	)	$	(0.61	)	$	7.77		2.38%
For the year ended December 31, 2006	$	7.77	$	0.60	$	0.19		$	0.79	$	(0.58	)	$	(0.58	)	$	7.98		10.60%
For the six months ended June 30, 2007 (Unaudited)	$	7.98	$	0.30	$	(0.07	)	$	0.23	$	(0.28	)	$	(0.28	)	$	7.93		2.84%
Class III Shares
For the year ended December 31, 2005 (f)	$	7.83	$	0.39	$	0.01		$	0.40	$	(0.47	)	$	(0.47	)	$	7.76		5.14%
For the year ended December 31, 2006	$	7.76	$	0.57	$	0.22		$	0.79	$	(0.58	)	$	(0.58	)	$	7.97		10.60%
For the six months ended June 30, 2007 (Unaudited)	$	7.97	$	0.30	$	(0.07	)	$	0.23	$	(0.28	)	$	(0.28	)	$	7.92		2.86%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
									Ratio of Net
							Ratio of		Investment
					Ratio of Net		Expenses		Income
	Net Assets		Ratio of		Investment		(Prior to		(Prior to
	at End of		Expenses to		Income to		Reimbursements)		Reimbursements)
	Period		Average Net		Average Net		to Average		to Average		Portfolio
	(000s)		Assets (b)		Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002	$	162,733		0.97%		8.82%		0.97%		8.82%		30.59%
For the year ended December 31, 2003	$	268,336		0.95%		7.74%		(e)		(e)		41.30%
For the year ended December 31, 2004	$	302,285		0.94%		7.46%		(e)		(e)		61.24%
For the year ended December 31, 2005	$	181,905		0.96%		7.35%		(e)		(e)		37.06%
For the year ended December 31, 2006	$	155,024		0.94%		7.38%		(e)		(e)		42.91%
For the six months ended June 30, 2007 (Unaudited)	$	147,188		0.98%		7.07%		0.98%		7.07%		22.89%
Class III Shares
For the year ended December 31, 2005 (f)	$	63,264		0.95%		7.23%		(e)		(e)		37.06%
For the year ended December 31, 2006	$	103,857		0.96%		7.37%		(e)		(e)		42.91%
For the six months ended June 30, 2007 (Unaudited)	$	106,701		0.94%		7.09%		0.94%		7.09%		22.89%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  There were no fee reductions during the period.

(f)  For the period from April 28, 2005 (commencement of operations) through December 31, 2005.

See accompanying notes to financial statements.

[Additional columns below]

[Continued from above table, first column(s) repeated]

18 Semiannual Report 2007

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Federated NVIT High Income Bond Fund (the “Fund”), (formerly, “Federated GVIT High Income Bond Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost which, approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

2007 Semiannual Report 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service

20 Semiannual Report 2007

approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily

2007 Semiannual Report 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2007, the Fund did not have securities on loan.

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

Tax Cost							Net Unrealized
of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	246,960,682	$	7,351,355	$	(4,140,185	)	$	3,211,170

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily

22 Semiannual Report 2007

business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Federated Investment Management Company (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

Fee Schedule	Total Fees
Up to $50 million		0.80%
Next $200 million		0.65%
Next $250 million		0.60%
$500 million or more		0.55%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $366,082 for the six months ended June 30, 2007.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

2007 Semiannual Report 23

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

For the six months ended June 30, 2007, NFS received $200,056 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $1,786.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $14,376.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $63,285,252 and sales of $58,019,112.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in high yield and emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived

24 Semiannual Report 2007

credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

2007 Semiannual Report 25

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

26 Semiannual Report 2007

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

2007 Semiannual Report 27

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

28 Semiannual Report 2007

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2007 Semiannual Report 29

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

30 Semiannual Report 2007

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had outperformed its benchmark, the Lehman High Yield 2% Cap Index, for the one-year period and noted that the Fund had changed its benchmark during the fourth quarter 2005. The Board also considered that the performance of the Fund’s Class I shares had ranked in the first quintile of its Lipper-constructed Performance Group over the one- and five-year periods, and the third quintile over the two-, three-, and four-year periods. The Board found that recent and longer-term performance had been very good. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain recent relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the second quintile. The Board found that the Fund’s contractual advisory fee compared with its peer group was slightly higher than the median of the peer group. Based on its review, the Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on

2007 Semiannual Report 31

Supplemental Information (Unaudited) (Continued)

December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund	FOR	30,051,703.188 shares		92.514%
(Formerly Federated GVIT	AGAINST	618,245.021 shares		1.903%
High Income Bond Fund)	ABSTAIN	1,813,550.431 shares		5.583%
	TOTAL	32,483,498.640 shares
NVIT International Index Fund	FOR	4,322,203.982 shares		96.897%
(Formerly GVIT International	AGAINST	2,758.318 shares		0.062%
Index Fund)	ABSTAIN	135,636.840 shares		3.041%
	TOTAL	4,460,599.140 shares
NVIT International Value Fund	FOR	20,032,843.199 shares		93.351%
(Formerly GVIT International	AGAINST	333,588.902 shares		1.554%
Value Fund)	ABSTAIN	1,093,293.879 shares		5.095%
	TOTAL	21,459,725.980 shares
NVIT Mid Cap Index Fund	FOR	35,380,179.120 shares		94.154%
(Formerly GVIT Mid Cap Index Fund)	AGAINST	631,117.844 shares		1.679%
	ABSTAIN	1,565,714.306 shares		4.167%
	TOTAL	37,577,011.270 shares
NVIT S&P 500 Index Fund	FOR	56,119,814.230 shares		95.554%
(Formerly GVIT S&P 500 Index Fund)	AGAINST	666,195.542 shares		1.134%
	ABSTAIN	1,944,898.888 shares		3.312%
	TOTAL	58,730,908.660 shares

32 Semiannual Report 2007

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT	FOR	7,632,918.513 shares		92.700%
Small Cap Growth Fund	AGAINST	149,458.111 shares		1.816%
(Formerly GVIT Small Cap	ABSTAIN	451,583.036 shares		5.484%
Growth Fund)	TOTAL	8,233,959.660 shares
Nationwide Multi-Manager NVIT	FOR	48,649,396.525 shares		92.816%
Small Cap Value Fund	AGAINST	979,183.753 shares		1.868%
(Formerly GVIT Small Cap	ABSTAIN	2,786,133.102 shares		5.316%
Value Fund)	TOTAL	52,414,713.380 shares
Nationwide Multi-Manager NVIT	FOR	29,903,181.700 shares		91.311%
Small Company Fund	AGAINST	838,774.923 shares		2.561%
(Formerly GVIT Small Company Fund)	ABSTAIN	2,006,741.307 shares		6.128%
	TOTAL	32,748,697.930 shares
Gartmore NVIT Developing	FOR	21,0177,889.443 shares		91.460%
Markets Fund	AGAINST	424,272.958 shares		1.841%
(Formerly Gartmore GVIT	ABSTAIN	1,543,850.729 shares		6.699%
Developing Markets Fund)	TOTAL	23,046,013.130 shares
Gartmore NVIT Emerging	FOR	17,050,534.593 shares		92.371%
Markets Fund	AGAINST	526,574.722 shares		2.853%
(Formerly Gartmore GVIT	ABSTAIN	881,608.905 shares		4.776%
Emerging Markets Fund)	TOTAL	18,458,718.220 shares
Nationwide NVIT Global	FOR	1,554,847.333 shares		95.589%
Financial Services Fund	AGAINST	19,539.033 shares		1.201%
(Formerly Gartmore GVIT	ABSTAIN	52,206.494 shares		3.210%
Global Financial Services Fund)	TOTAL	1,626,592.860 shares
Nationwide NVIT Global Health	FOR	4,722,963.678 shares		92.815%
Sciences Fund	AGAINST	157,979.030 shares		3.104%
(Formerly Gartmore GVIT	ABSTAIN	207,642.222 shares		4.081%
Global Health Sciences Fund)	TOTAL	5,088,584.930 shares
Nationwide NVIT Global Technology	FOR	8,585,472.039 shares		93.551%
and Communications Fund	AGAINST	102,267.977 shares		1.114%
(Formerly Gartmore GVIT	ABSTAIN	489,577.634 shares		5.335%
Global Technology and Communications Fund)	TOTAL	9,177,317.650 shares
Gartmore NVIT Global	FOR	4,123,270.549 shares		91.923%
Utilities Fund	AGAINST	122,001.533 shares		2.720%
(Formerly Gartmore GVIT	ABSTAIN	240,276.088 shares		5.357%
Global Utilities Fund)	TOTAL	4,485,548.170 shares
Nationwide NVIT Government	FOR	88,471,567.462 shares		92.024%
Bond Fund	AGAINST	1,825,645.181 shares		1.899%
(Formerly Gartmore GVIT	ABSTAIN	5,841,990.727 shares		6.077%
Government Bond Fund)	TOTAL	96,139,203.370 shares
Nationwide NVIT Growth Fund	FOR	14,931,435.904 shares		89.942%
(Formerly Gartmore GVIT	AGAINST	409,826.402 shares		2.469%
Growth Fund)	ABSTAIN	1,259,945.064 shares		7.589%
	TOTAL	16,601,207.370 shares

2007 Semiannual Report 33

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Gartmore NVIT International	FOR	6,251,419.070 shares		93.569%
Growth Fund	AGAINST	139,618.548 shares		2.090%
(Formerly Gartmore GVIT	ABSTAIN	290,025.592 shares		4.341%
International Growth Fund)	TOTAL	6,681,063.210 shares
Nationwide NVIT Investor	FOR	49,489,224.549 shares		90.688%
Destinations Aggressive Fund	AGAINST	1,385,396.474 shares		2.539%
(Formerly Gartmore GVIT	ABSTAIN	3,696,272.337 shares		6.773%
Investor Destinations Aggressive Fund)	TOTAL	54,570,893.360 shares
Nationwide NVIT Investor	FOR	23,091,965.887 shares		89.855%
Destinations Conservative Fund	AGAINST	314,935,884 shares		1.225%
(Formerly Gartmore GVIT	ABSTAIN	2,292,355.179 shares		8.920%
Investor Destinations Conservative Fund)	TOTAL	25,699,256.950 shares
Nationwide NVIT Investor	FOR	188,902,093.059 shares		90.696%
Destinations Moderate Fund	AGAINST	3,018,924.590 shares		1.449%
(Formerly Gartmore GVIT	ABSTAIN	16,359,690.401 shares		7.855%
Investor Destinations Moderate Fund)	TOTAL	208,280,708.050 shares
Nationwide NVIT Investor	FOR	134,792,622.920 shares		91.332%
Destinations Moderately Aggressive Fund	AGAINST	3,489,207.264 shares		2.364%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	9,304,197.656 shares		6.304%
Moderately Aggressive Fund)	TOTAL	147,586,027.840 shares
Nationwide NVIT Investor	FOR	49,627,123.216 shares		91.918%
Destinations Moderately Conservative Fund	AGAINST	856,088.634 shares		1.586%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	3,507,215.650 shares		6.496%
Moderately Conservative Fund)	TOTAL	53,990,427.500 shares
Nationwide NVIT Mid Cap	FOR	10,879,584.971 shares		91.043%
Growth Fund	AGAINST	352,594.958 shares		2.950%
(Formerly Gartmore GVIT Mid	ABSTAIN	717,792.971 shares		6.007%
Cap Growth Fund)	TOTAL	11,949,972.900 shares
Nationwide NVIT Money Market	FOR	221,774,863.241 shares		88.508%
Fund II	AGAINST	12,322,482.494 shares		4.918%
(Formerly Gartmore GVIT Money	ABSTAIN	16,471,740.875 shares		6.574%
Market Fund II)	TOTAL	250,569,086.610 shares
Nationwide NVIT Money Market	FOR	1,578,331,008.328 shares		91.585%
Fund	AGAINST	32,372,133.671 shares		1.878%
(Formerly Gartmore GVIT Money	ABSTAIN	112,652,123.301 shares		6.537%
Market Fund)	TOTAL	1,723,355,265.300 shares
NVIT Nationwide Fund	FOR	125,423,274.735 shares		91.581%
(Formerly Gartmore GVIT	AGAINST	2,767,979.467 shares		2.021%
Nationwide Fund)	ABSTAIN	8,762,255.828 shares		6.398%
	TOTAL	136,953,510.030 shares
NVIT Nationwide Leaders Fund	FOR	2,298,504.956 shares		95.780%
(Formerly Gartmore GVIT	AGAINST	29,630.469 shares		1.235%
Nationwide Leaders Fund)	ABSTAIN	71,637.755 shares		2.985%
	TOTAL	2,399,773.180 shares

34 Semiannual Report 2007

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT U.S. Growth	FOR	4,972,094.773 shares		94.359%
Leaders Fund	AGAINST	122,623.161 shares		2.327%
(Formerly Gartmore GVIT U.S.	ABSTAIN	174,625.606 shares		3.314%
Growth Leaders Fund)	TOTAL	5,269,343.540 shares
Gartmore NVIT Worldwide	FOR	2,666,862.487 shares		94.126%
Leaders Fund	AGAINST	47,702.491 shares		1.684%
(Formerly Gartmore GVIT	ABSTAIN	118,719.882 shares		4.190%
Worldwide Leaders Fund)	TOTAL	2,833,284.860 shares
J.P. Morgan NVIT Balanced Fund	FOR	15,966,867.546 shares		90.900%
(Formerly J.P. Morgan GVIT	AGAINST	259,004.324 shares		1.475%
Balanced Fund)	ABSTAIN	1,339,385.200 shares		7.625%
	TOTAL	17,565,257.070 shares
Van Kampen NVIT Comstock	FOR	27,737,008.009 shares		92.259%
Value Fund	AGAINST	502,564.164 shares		1.672%
(Formerly Van Kampen GVIT	ABSTAIN	1,824,670.107 shares		6.069%
Comstock Value Fund)	TOTAL	30,064,242.280 shares
Van Kampen NVIT Multi Sector	FOR	21,253,297.665 shares		90.281%
Bond Fund	AGAINST	484,100.920 shares		2.056%
(Formerly Van Kampen GVIT	ABSTAIN	1,803,963.645 shares		7.663%
Multi Sector Bond Fund)	TOTAL	23,541,362.230 shares

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth	FOR	10,862,827.499 shares		90.903%
Fund	AGAINST	414,574.660 shares		3.469%
(Formerly Gartmore GVIT Mid	ABSTAIN	672,570.741 shares		5.628%
Cap Growth Fund)	TOTAL	11,949,972.900 shares

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

2007 Semiannual Report 35

Nationwide NVIT Mid Cap Growth Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
14	Financial Highlights
15	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MCG (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending		Expenses Paid		Annualized
Nationwide NVIT Mid Cap Growth Fund			Account Value		Account Value		During		Expense Ratio*
1/1/07 06/30/07 Period*
Class I	Actual		$	1,000.00	$	1,093.20	$	4.98		0.96%
	Hypothetical	1	$	1,000.00	$	1,020.04	$	4.82		0.96%
Class II	Actual		$	1,000.00	$	1,091.70	$	6.38		1.23%
	Hypothetical	1	$	1,000.00	$	1,018.70	$	6.18		1.23%
Class III	Actual		$	1,000.00	$	1,093.00	$	5.03		0.97%
	Hypothetical	1	$	1,000.00	$	1,019.99	$	4.87		0.97%
Class IV	Actual		$	1,000.00	$	1,093.40	$	4.98		0.96%
	Hypothetical	1	$	1,000.00	$	1,020.04	$	4.82		0.96%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.

¹   Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Mid Cap Growth Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	94.3%
Repurchase Agreements	5.0%
Other Investments*	26.9%
Liabilities in excess of other assets**	-26.2%
	100.0%

Top Holdings***
Express Scripts, Inc.	3.0%
XTO Energy, Inc.	2.3%
Thermo Fisher Scientific, Inc.	2.1%
Ball Corp.	2.0%
NII Holdings, Inc.	2.0%
St. Jude Medical, Inc.	2.0%
Patterson Cos., Inc.	1.7%
Crocs, Inc.	1.6%
Ventana Medical Systems, Inc.	1.5%
Ecolab, Inc.	1.5%
Other	80.3%
	100.0%

Top Industries
Health Care Equipment & Supplies	7.1%
Oil, Gas & Consumable Fuels	6.4%
Specialty Retail	6.2%
Semiconductors & Semiconductor Equipment	5.8%
Health Care Providers & Services	5.7%
Diversified Financial Services	5.4%
IT Services	4.2%
Communications Equipment	4.1%
Machinery	4.1%
Textiles, Apparel & Luxury Goods	3.8%
Other	47.2%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Mid Cap Growth Fund

Common Stock (94.3%)
	Shares or
	Principal Amount		Value
Air Freight & Logistics (0.4%)
Expeditors International of Washington, Inc.		41,300	$	1,705,690
Auto Components (1.1%) (a)
Gentex Corp.		240,400		4,733,476
Capital Markets (2.1%)
Affiliated Managers Group, Inc.* (a)		36,900		4,751,244
TD Ameritrade Holding Corp.*		218,300		4,366,000
				9,117,244
Chemicals (1.5%)
Ecolab, Inc.		154,500		6,597,150
Commercial Services & Supplies (3.3%)
American Reprographics Co.* (a)		158,300		4,874,057
Dun & Bradstreet Corp.		43,700		4,500,226
Stericycle, Inc.*		116,400		5,175,144
				14,549,427
Communications Equipment (4.1%)
Comverse Technology, Inc.*		216,400		4,511,940
F5 Networks, Inc.*		53,500		4,312,100
Foundry Networks, Inc.*		271,200		4,518,192
NeuStar, Inc.* (a)		166,000		4,809,020
				18,151,252
Computers & Peripherals (2.4%)
Logitech International S.A. ADR - CH* (a)		159,300		4,203,927
Network Appliance, Inc.*		212,500		6,205,000
				10,408,927
Construction & Engineering (1.2%)
Aecom Technology Corp.*		219,910		5,455,967
Consumer Goods (1.3%) (a)
Jarden Corp.*		130,150		5,597,752
Containers & Packaging (2.0%)
Ball Corp.		165,800		8,815,586
Diversified Financial Services (5.4%)
Chicago Mercantile Exchange Holdings, Inc.		9,900		5,290,164
GFI Group, Inc.* (a)		86,000		6,233,280
Interactive Brokers Group, Inc., Class A*		213,770		5,799,580
IntercontinentalExchange, Inc.*		44,060		6,514,271
				23,837,295
Electronic Equipment & Instruments (1.3%)
CDW Corp.*		67,000		5,692,990
Energy Equipment & Services (1.3%) (a)
TETRA Technologies, Inc.*		205,900		5,806,380
Health Care Equipment & Supplies (7.1%)
Immucor, Inc.* (a)		161,100		4,505,967
Intuitive Surgical, Inc.* (a)		41,900		5,814,463
ResMed, Inc.* (a)		132,600		5,471,076
St. Jude Medical, Inc.*		205,200		8,513,748
Ventana Medical Systems, Inc.* (a)		86,800		6,707,036
				31,012,290
Health Care Providers & Services (5.7%)
Express Scripts, Inc., Class A*		262,100		13,107,621
Patterson Cos., Inc.*		195,500		7,286,285
VCA Antech, Inc.*		122,000		4,598,180
				24,992,086
Hotels, Restaurants & Leisure (1.1%) (a)
Penn National Casinos & Gambling, Inc.*		77,100		4,632,939
Household Durables (0.7%)
Harman International Industries, Inc.		25,600		2,990,080
Insurance (2.1%)
Brown & Brown, Inc.		201,400		5,063,196
W.R. Berkley Corp.		124,100		4,038,214
				9,101,410
Internet Software & Services (2.6%)
Akamai Technologies, Inc.*		107,900		5,248,256
Dealertrack Holdings, Inc.* (a)		174,000		6,410,160
				11,658,416

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
IT Services (4.2%)
Alliance Data Systems Corp.*		52,100	$	4,026,288
Cognizant Technology Solutions Corp.*		45,800		3,439,122
Fiserv, Inc.*		100,300		5,697,040
VeriFone Holdings, Inc.*		154,300		5,439,075
				18,601,525
Leisure Equipment & Products (0.5%) (a)
Pool Corp.		55,200		2,154,456
Life Sciences Tools & Services (3.5%)
Thermo Fisher Scientific, Inc.*		178,200		9,216,504
Waters Corp.*		104,500		6,203,120
				15,419,624
Machinery (4.1%)
Actuant Corp. (a)		99,000		6,242,940
Graco, Inc.		42,200		1,699,816
Harsco Corp.		94,300		4,903,600
Oshkosh Truck Corp.		81,600		5,134,272
				17,980,628
Oil, Gas & Consumable Fuels (6.4%)
EOG Resources, Inc.		76,900		5,618,314
Patterson-UTI Energy, Inc.		243,900		6,392,619
World Fuel Services Corp. (a)		141,000		5,930,460
XTO Energy, Inc.		168,730		10,140,673
				28,082,066
Personal Products (1.1%)
Bare Escentuals, Inc.*		146,400		4,999,560
Pharmaceuticals (1.4%)
Barr Pharmaceuticals, Inc.*		122,800		6,168,244
Real Estate Management & Development (1.0%)
CB Richard Ellis Group, Inc., Class A*		115,100		4,201,150
Road & Rail (1.1%) (a)
J.B. Hunt Transport Services, Inc.		169,300		4,963,876
Semiconductors & Semiconductor Equipment (5.8%)
Altera Corp.		231,700		5,127,521
Diodes, Inc.* (a)		103,515		4,323,822
MEMC Electronic Materials, Inc.*		78,400		4,791,808
Microchip Technology, Inc.		171,800		6,363,472
Tessera Technologies, Inc.*		120,101		4,870,095
				25,476,718
Software (2.4%)
Intuit, Inc.*		182,600		5,492,608
MICROS Systems, Inc.* (a)		90,000		4,896,000
				10,388,608
Specialty Retail (6.2%)
Abercrombie & Fitch Co.		51,800		3,780,364
Coach, Inc.*		134,200		6,359,738
Gamestop Corp.*		126,900		4,961,790
J Crew Group, Inc.* (a)		79,990		4,326,659
Office Depot, Inc.*		203,100		6,153,930
Williams Sonoma, Inc.		48,300		1,525,314
				27,107,795
Textiles, Apparel & Luxury Goods (3.8%)
Crocs, Inc.*		166,400		7,160,192
Gildan Activewear, Inc. - CA* (a)		121,800		4,176,522
Iconix Brand Group, Inc.* (a)		250,000		5,555,000
				16,891,714
Trading Companies & Distributors (2.9%)
Beacon Roofing Supply, Inc.* (a)		198,500		3,372,515
Fastenal Co. (a)		116,200		4,864,132
MSC Industrial Direct Co., Class A		80,500		4,427,500
				12,664,147
Wireless Telecommunication Services (3.2%)
Millicom International Cellular S.A. - LU* (a)		58,200		5,333,448
NII Holdings, Inc.*		108,800		8,784,512
				14,117,960
Total Common Stocks (Cost $348,747,296)				414,074,428
Repurchase Agreements (5.0%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $22,207,226, collateralized by various U.S. Government Agency Mortgages with a market value of $22,641,559	$	22,197,607		22,197,607

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide NVIT Mid Cap Growth Fund (Continued)

Securities Held as Collateral for Securities on Loan (26.9%)
	Shares or
	Principal Amount		Value
Securities Held as Collateral for Securities on Loan (26.9%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $118,000,855, collateralized by U.S. Government Agency Mortgages with a market value of $120,342,754	$	117,983,092	$	117,983,092
Total Investments (Cost $488,927,995) (b) — 126.2%				554,255,127
Liabilities in excess of other assets — (26.2)%				(115,123,251	)
NET ASSETS — 100.0%			$	439,131,876

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CA	Canada
CH	Switzerland
LU	Luxembourg

See accompanying notes to financial statements.

8 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide
			NVIT Mid Cap
			Growth Fund
Assets:
Investments, at value (cost $348,747,296)*			$	414,074,428
Repurchase agreements, at cost and value				140,180,699
		Total Investments		554,255,127
Interest and dividends receivable				162,296
Receivable for capital shares issued				655,870
Receivable for investments sold				10,999,880
Prepaid expenses				4,647
		Total Assets		566,077,820
Liabilities:
Payable to custodian				1,766,255
Payable for investments purchased				6,609,011
Payable upon return of securities loaned				117,983,092
Payable for capital shares redeemed				168,968
Accrued expenses and other payables:
	Investment advisory fees			287,718
	Fund administration and transfer agent fees			25,716
	Distribution fees			43,196
	Administrative servicing fees			37,707
	Compliance program costs			4,570
	Other			19,711
		Total Liabilities		126,945,944
Net Assets			$	439,131,876
Represented by:
Capital			$	451,776,762
Accumulated net investment loss				(971,700	)
Accumulated net realized losses from investment transactions				(77,000,318	)
Net unrealized appreciation on investments				65,327,132
Net Assets			$	439,131,876
Net Assets:
Class I Shares			$	124,650,570
Class II Shares				216,669,466
Class III Shares				1,416,812
Class IV Shares				96,395,028
Total			$	439,131,876
Shares outstanding (unlimited number of shares authorized):
Class I Shares				3,820,919
Class II Shares				6,689,629
Class III Shares				43,381
Class IV Shares				2,950,773
Total				13,504,702

See accompanying notes to financial statements.

 9

Statement of Assets and Liabilities (Continued)

	Nationwide
	NVIT Mid Cap
	Growth Fund
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares	$	32.62
Class II Shares	$	32.39
Class III Shares	$	32.66
Class IV Shares	$	32.67

* Includes value of securities on loan of $115,825,975.

See accompanying notes to financial statements.

10 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide
		NVIT Mid Cap
		Growth Fund
INVESTMENT INCOME:
Interest income		$	366,906
Dividend income			584,390
Income from securities lending			201,068
	Total Income		1,152,364
Expenses:
Investment advisory fees			1,448,287
Fund administration and transfer agent fees			120,128
Distribution fees Class II Shares			216,920
Administrative servicing fees Class I Shares			83,841
Administrative servicing fees Class II Shares			135,952
Administrative servicing fees Class III Shares			996
Administrative servicing fees Class IV Shares			62,287
Custodian fees			4,591
Trustee fees			8,331
Compliance program costs (Note 3)			2,671
Other			41,658
	Total expenses before earnings credit		2,125,662
Earnings credit (Note 6)			(1,598	)
	Net Expenses		2,124,064
Net Investment Loss			(971,700	)
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			20,002,224
Net change in unrealized appreciation on investments			15,472,939
Net realized/unrealized gains (losses) on investments			35,475,163
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	34,503,463

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets

		Nationwide NVIT Mid Cap Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss		$	(971,700	)	$	(203,311	)
Net realized gains on investment transactions			20,002,224			32,776,759
Net change in unrealized appreciation/depreciation on investments			15,472,939			(5,885,274	)
Change in net assets resulting from operations			34,503,463			26,688,174
Change in net assets from capital transactions			60,858,385			59,514,054
Change in net assets			95,361,848			86,202,228
Net Assets:
Beginning of period			343,770,028			257,567,800
End of period		$	439,131,876		$	343,770,028
Accumulated net investment income (loss) at end of period		$	(971,700	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	8,163,337		$	21,477,197
	Cost of shares redeemed (a)		(18,852,949	)		(43,213,316	)
			(10,689,612	)		(21,736,119	)
Class II Shares
	Proceeds from shares issued		80,298,868			97,680,163
	Cost of shares redeemed (a)		(3,928,322	)		(4,721,957	)
			76,370,546			92,958,206
Class III Shares
	Proceeds from shares issued		58,558			222,722
	Cost of shares redeemed (a)		(89,814	)		(412,205	)
			(31,256	)		(189,483	)
Class IV Shares
	Proceeds from shares issued		1,805,801			3,926,625
	Cost of shares redeemed (a)		(6,597,094	)		(15,445,175	)
			(4,791,293	)		(11,518,550	)
Change in net assets from capital transactions		$	60,858,385		$	59,514,054

See accompanying notes to financial statements.

12 

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Mid Cap Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		260,306			743,788
	Redeemed		(597,667	)		(1,524,436	)
			(337,361	)		(780,648	)
Class II Shares
	Issued		2,584,294			3,410,340
	Redeemed		(129,888	)		(166,524	)
			2,454,406			3,243,816
Class III Shares
	Issued		1,873			7,716
	Redeemed		(2,845	)		(14,563	)
			(972	)		(6,847	)
Class IV Shares
	Issued		57,886			136,419
	Redeemed		(209,390	)		(538,803	)
			(151,504	)		(402,384	)
Total change in shares			1,964,569			2,053,937

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

 13

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Mid Cap Growth Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class I Shares
Period ended December 31, 2003 (e)	$	16.53	$	(0.07	)	$	4.99		$	4.92
For the year ended December 31, 2004	$	21.45	$	(0.11	)	$	3.40		$	3.29
For the year ended December 31, 2005	$	24.74	$	(0.13	)	$	2.54		$	2.41
For the year ended December 31, 2006	$	27.15	$	–	(h)	$	2.69		$	2.69
For the six months ended June 30, 2007 (Unaudited)	$	29.84	$	(0.06	)	$	2.84		$	2.78
Class II Shares
Period ended December 31, 2003 (e)	$	16.77	$	(0.03	)	$	4.69		$	4.66
For the year ended December 31, 2004	$	21.43	$	(0.09	)	$	3.35		$	3.26
For the year ended December 31, 2005	$	24.69	$	(0.11	)	$	2.48		$	2.37
For the year ended December 31, 2006	$	27.06	$	(0.06	)	$	2.67		$	2.61
For the six months ended June 30, 2007 (Unaudited)	$	29.67	$	(0.08	)	$	2.80		$	2.72
Class III Shares
Period ended December 31, 2003 (e)	$	16.53	$	(0.03	)	$	4.98		$	4.95
For the year ended December 31, 2004	$	21.48	$	(0.10	)	$	3.39		$	3.29
For the year ended December 31, 2005	$	24.77	$	(0.11	)	$	2.52		$	2.41
For the year ended December 31, 2006	$	27.18	$	–	(h)	$	2.70		$	2.70
For the six months ended June 30, 2007 (Unaudited)	$	29.88	$	(0.06	)	$	2.84		$	2.78
Class IV Shares
For the year ended December 31, 2002	$	20.01	$	(0.11	)	$	(4.35	)	$	(4.46	)
For the year ended December 31, 2003 (f)	$	15.46	$	(0.10	)	$	6.10		$	6.00
For the year ended December 31, 2004	$	21.46	$	(0.11	)	$	3.40		$	3.29
For the year ended December 31, 2005	$	24.75	$	(0.11	)	$	2.54		$	2.43
For the year ended December 31, 2006	$	27.18	$	0.01		$	2.69		$	2.70
For the six months ended June 30, 2007 (Unaudited)	$	29.88	$	(0.06	)	$	2.85		$	2.79

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net						Net Asset
	realized			Total			Value, End		Total
	gains			Distributions			of Period		Return (a)
Class I Shares
Period ended December 31, 2003 (e)	$	–		$	–		$	21.45		29.76%
For the year ended December 31, 2004	$	–		$	–		$	24.74		15.34%
For the year ended December 31, 2005	$	–		$	–		$	27.15		9.74%
For the year ended December 31, 2006	$	–		$	–		$	29.84		9.91%
For the six months ended June 30, 2007 (Unaudited)	$	–		$	–		$	32.62		9.32%
Class II Shares
Period ended December 31, 2003 (e)	$	–		$	–		$	21.43		27.79%
For the year ended December 31, 2004	$	–		$	–		$	24.69		15.21%
For the year ended December 31, 2005	$	–		$	–		$	27.06		9.60%
For the year ended December 31, 2006	$	–		$	–		$	29.67		9.65%
For the six months ended June 30, 2007 (Unaudited)	$	–		$	–		$	32.39		9.17%
Class III Shares
Period ended December 31, 2003 (e)	$	–		$	–		$	21.48		29.95%
For the year ended December 31, 2004	$	–		$	–		$	24.77		15.32%
For the year ended December 31, 2005	$	–		$	–		$	27.18		9.73%
For the year ended December 31, 2006	$	–		$	–		$	29.88		9.93%
For the six months ended June 30, 2007 (Unaudited)	$	–		$	–		$	32.66		9.30%
Class IV Shares
For the year ended December 31, 2002	$	(0.09	)	$	(0.09	)	$	15.46		(22.38%	)
For the year ended December 31, 2003 (f)	$	–		$	–		$	21.46		38.81%
For the year ended December 31, 2004	$	–		$	–		$	24.75		15.33%
For the year ended December 31, 2005	$	–		$	–		$	27.18		9.82%
For the year ended December 31, 2006	$	–		$	–		$	29.88		9.93%
For the six months ended June 30, 2007 (Unaudited)	$	–		$	–		$	32.67		9.34%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
										Ratio of
								Ratio of		Investment
					Ratio of Net			Expenses		Income (Loss)
	Net Assets		Ratio of		Investment			(Prior to		(Prior to
	at End of		Expenses to		Income (Loss)			Reimbursements)		Reimbursements)
	Period		Average Net		to Average			to Average		to Average			Portfolio
	(000s)		Assets (b)		Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)			Turnover (d)
Class I Shares
Period ended December 31, 2003 (e)	$	137,837		0.98%		(0.49%	)		(g)		(g)			109.73%
For the year ended December 31, 2004	$	149,324		0.98%		(0.51%	)		(g)		(g)			90.14%
For the year ended December 31, 2005	$	134,094		1.01%		(0.48%	)		(g)		(g)			56.01%
For the year ended December 31, 2006	$	124,091		0.98%		0.00%			(g)		(g)			65.88%
For the six months ended June 30, 2007 (Unaudited)	$	124,651		0.96%		(0.37%	)		0.96%		(0.37%	)		44.21%
Class II Shares
Period ended December 31, 2003 (e)	$	2,388		1.17%		(0.64%	)		(g)		(g)			109.73%
For the year ended December 31, 2004	$	14,256		1.08%		(0.61%	)		(g)		(g)			90.14%
For the year ended December 31, 2005	$	26,825		1.16%		(0.63%	)		(g)		(g)			56.01%
For the year ended December 31, 2006	$	125,647		1.23%		(0.37%	)		(g)		(g)			65.88%
For the six months ended June 30, 2007 (Unaudited)	$	216,669		1.23%		(0.64%	)		1.23%		(0.64%	)		44.21%
Class III Shares
Period ended December 31, 2003 (e)	$	628		0.98%		(0.48%	)		(g)		(g)			109.73%
For the year ended December 31, 2004	$	1,190		0.98%		(0.50%	)		(g)		(g)			90.14%
For the year ended December 31, 2005	$	1,392		1.01%		(0.48%	)		(g)		(g)			56.01%
For the year ended December 31, 2006	$	1,325		0.99%		(0.01%	)		(g)		(g)			65.88%
For the six months ended June 30, 2007 (Unaudited)	$	1,417		0.97%		(0.38%	)		0.97%		(0.38%	)		44.21%
Class IV Shares
For the year ended December 31, 2002	$	70,669		0.95%		(0.61%	)		1.00%		(0.66%	)		64.00%
For the year ended December 31, 2003 (f)	$	89,413		0.95%		(0.51%	)		1.02%		(0.58%	)		109.73%
For the year ended December 31, 2004	$	95,854		0.95%		(0.48%	)		0.98%		(0.51%	)		90.14%
For the year ended December 31, 2005	$	95,257		0.95%		(0.42%	)		1.01%		(0.48%	)		56.01%
For the year ended December 31, 2006	$	92,707		0.95%		0.03%			0.98%		0.02%			65.88%
For the six months ended June 30, 2007 (Unaudited)	$	96,395		0.95%		(0.38%	)		0.95%		(0.38%	)		44.21%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(f)	The Nationwide Mid Cap Growth Fund retained the financial history of the Market Street Mid Cap Growth Fund and the existing shares of the Fund were designated Class IV shares.
(g)	There were no fee reductions during the period.
(h)	The amount is less than $0.005 per share.

See accompanying notes to financial statements.

14 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Mid Cap Growth Fund (the “Fund”), (formerly the “Gartmore GVIT Mid Cap Growth Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

16 

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(e) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

Value of Loaned Securities	Value of Collateral
$115,825,975	$	117,983,092

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	488,958,776	$	71,341,283	$	(6,044,932	)	$	65,296,351

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

18 

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Effective May 1, 2007, North Pointe Capital, LLC (“North Pointe”), an affiliate of NFA, for the Fund. North Pointe manages the Fund’s investments and has responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Fee Schedule	Fees
Up to $200 million		0.75%
$200 million or more		0.70%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $316,912 for the period ended June 30, 2007.

Effective May 1, 2007, NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) limiting operating expenses (excluding any taxes, interest, brokerage fees, short-sale dividend expenses, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.95% for Class IV Shares until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the fund (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of the six months ended June 30, 2007, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA would be:

Amount Fiscal Year 2004		Amount Fiscal Year 2005		Amount Fiscal Year 2006
$	26,956	$	54,418	$	27,983

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi’), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, Class III shares of shares of the Fund 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $296,403 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $2,671.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by

20 

short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $207,624,366 and sales of $168,164,997.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition

 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

22 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 25

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 27

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the Russell Mid-Cap Growth Index, for the one - and three-year periods and outperformed its benchmark for the five-year period. The Board also considered that performance of the Fund’s Class IV shares ranked in the first quintile over the one-, four- and five-year periods and ranked in the third quintile over the two- and three-year periods compared to that of its Lipper-constructed Performance Group. The Board found that the Fund’s performance has been good for the one-year period and longer-term, and satisfactory for the two- and three-year periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Fund’s adviser to maintain relative performance, the Board concluded that the nature, extent and quality of services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints, and the Fund’s total expenses placed the Fund in the first quintile of its Lipper-constructed Expense Group. Based on its review, the Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services the Fund and its shareholders receive and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services for during the twelve month-periods ended September 30, 2006 and 2005. The Board also considered the costs of the services provided and the amounts of the profits realized by the adviser and determined the amount of profit is a fair entrepreneurial profit for management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over

28 

time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Approval of New Sub-Advisory Agreement

Additionally, the Board also approved at its January 11, 2007 meeting, a subadvisory agreement between the Trust, on behalf of the Fund, NFA and NorthPointe Capital LLC (“NorthPointe”) to take effect upon the closing of the Transaction (“New SubAdvisory Agreement”). The Board considered that the Fund was not previously subject to any subadvisory agreement and that the New Subadvisory Agreement provides for a different management structure. The Board unanimously approved the new management structure and determined that it was in the Fund’s best interest. The Board also considered that it was anticipated that under the New Subadvisory Agreement, day-to-day management of the Fund’s investments would continue to be provided by the same portfolio managers who managed the Fund prior to NorthPointe’s service as the subadviser. Specifically, it was anticipated that the Fund’s portfolio managers would be employees of NorthPointe rather than NFA. The Board approved submission of the New SubAdvisory Agreement to shareholders of record of the Fund as of February 2, 2007. Shareholders of the Fund have approved the New Agreement and New SubAdvisory Agreement and these became effective on April 30, 2007.

The Board also noted Nationwide Mutual’s stated intention to seek unaffiliated potential buyers for NorthPointe, in particular Nationwide Mutual’s goal to seek a buyer that will continue to employ the portfolio managers who would manage the Fund upon shareholder approval and to recommend to the Board, that if acquired by an unaffiliated adviser, then-unaffiliated NorthPointe be retained as an unaffiliated subadviser so that the Fund may continue to be managed by the same portfolio managers who are proposed to manage the Fund, without disruption of service. No assurances were given, however, that the foregoing would materialize. The Board further considered that, under the Manager of Managers Exemptive Order, NFA, with the Board’s approval, is permitted to hire (and fire) unaffiliated subadvisers, such as which NorthPointe would become if it were sold to an unaffiliated party, without seeking shareholder approval. Nationwide Mutual and NFA discussed with the Board that if NorthPointe is sold (and therefore becomes unaffiliated with NFA) and the Board were to approve a change to NorthPointe’s service as a subadviser to the Fund, shareholders of the Fund will receive notification of this within 90 days from the date of effectiveness of the change.

 29

Supplemental Information (Unaudited) (Continued)

D. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund	FOR	30,051,703.188 shares		92.514%
(Formerly Federated GVIT	AGAINST	618,245.021 shares		1.903%
High Income Bond Fund)	ABSTAIN	1,813,550.431 shares		5.583%
	TOTAL	32,483,498.640 shares
NVIT International Index Fund	FOR	4,322,203.982 shares		96.897%
(Formerly GVIT	AGAINST	2,758.318 shares		0.062%
International Index Fund)	ABSTAIN	135,636.840 shares		3.041%
	TOTAL	4,460,599.140 shares
NVIT International Value Fund	FOR	20,032,843.199 shares		93.351%
(Formerly GVIT	AGAINST	333,588.902 shares		1.554%
International Value Fund)	ABSTAIN	1,093,293.879 shares		5.095%
	TOTAL	21,459,725.980 shares
NVIT Mid Cap Index Fund	FOR	35,380,179.120 shares		94.154%
(Formerly GVIT Mid Cap Index Fund)	AGAINST	631,117.844 shares		1.679%
	ABSTAIN	1,565,714.306 shares		4.167%
	TOTAL	37,577,011.270 shares
NVIT S&P 500 Index Fund	FOR	56,119,814.230 shares		95.554%
(Formerly GVIT S&P 500 Index Fund)	AGAINST	666,195.542 shares		1.134%
	ABSTAIN	1,944,898.888 shares		3.312%
	TOTAL	58,730,908.660 shares
Nationwide Multi-Manager	FOR	7,632,918.513 shares		92.700%
NVIT Small Cap Growth Fund	AGAINST	149,458.111 shares		1.816%
(Formerly GVIT Small Cap Growth Fund)	ABSTAIN	451,583.036 shares		5.484%
	TOTAL	8,233,959.660 shares
Nationwide Multi-Manager	FOR	48,649,396.525 shares		92.816%
NVIT Small Cap Value Fund	AGAINST	979,183.753 shares		1.868%
(Formerly GVIT Small Cap Value Fund)	ABSTAIN	2,786,133.102 shares		5.316%
	TOTAL	52,414,713.380 shares
Nationwide Multi-Manager	FOR	29,903,181.700 shares		91.311%
NVIT Small Company Fund	AGAINST	838,774.923 shares		2.561%
(Formerly GVIT Small Company Fund)	ABSTAIN	2,006,741.307 shares		6.128%
	TOTAL	32,748,697.930 shares
Gartmore NVIT Developing Markets Fund	FOR	21,0177,889.443 shares		91.460%
(Formerly Gartmore GVIT	AGAINST	424,272.958 shares		1.841%
Developing Markets Fund)	ABSTAIN	1,543,850.729 shares		6.699%
	TOTAL	23,046,013.130 shares

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Gartmore NVIT Emerging Markets Fund	FOR	17,050,534.593 shares		92.371%
(Formerly Gartmore GVIT	AGAINST	526,574.722 shares		2.853%
Emerging Markets Fund)	ABSTAIN	881,608.905 shares		4.776%
	TOTAL	18,458,718.220 shares
Nationwide NVIT Global	FOR	1,554,847.333 shares		95.589%
Financial Services Fund	AGAINST	19,539.033 shares		1.201%
(Formerly Gartmore GVIT	ABSTAIN	52,206.494 shares		3.210%
Global Financial Services Fund)	TOTAL	1,626,592.860 shares
Nationwide NVIT Global	FOR	4,722,963.678 shares		92.815%
Health Sciences Fund	AGAINST	157,979.030 shares		3.104%
(Formerly Gartmore GVIT	ABSTAIN	207,642.222 shares		4.081%
Global Health Sciences Fund)	TOTAL	5,088,584.930 shares
Nationwide NVIT Global Technology and	FOR	8,585,472.039 shares		93.551%
Communications Fund	AGAINST	102,267.977 shares		1.114%
(Formerly Gartmore GVIT	ABSTAIN	489,577.634 shares		5.335%
Global Technology and Communications Fund)	TOTAL	9,177,317.650 shares
Gartmore NVIT Global	FOR	4,123,270.549 shares		91.923%
Utilities Fund	AGAINST	122,001.533 shares		2.720%
(Formerly Gartmore GVIT	ABSTAIN	240,276.088 shares		5.357%
Global Utilities Fund)	TOTAL	4,485,548.170 shares
Nationwide NVIT Government	FOR	88,471,567.462 shares		92.024%
Bond Fund	AGAINST	1,825,645.181 shares		1.899%
(Formerly Gartmore GVIT Government	ABSTAIN	5,841,990.727 shares		6.077%
Bond Fund)	TOTAL	96,139,203.370 shares
Nationwide NVIT Growth Fund	FOR	14,931,435.904 shares		89.942%
(Formerly Gartmore GVIT	AGAINST	409,826.402 shares		2.469%
Growth Fund)	ABSTAIN	1,259,945.064 shares		7.589%
	TOTAL	16,601,207.370 shares
Gartmore NVIT International	FOR	6,251,419.070 shares		93.569%
Growth Fund	AGAINST	139,618.548 shares		2.090%
(Formerly Gartmore GVIT	ABSTAIN	290,025.592 shares		4.341%
International Growth Fund)	TOTAL	6,681,063.210 shares
Nationwide NVIT Investor	FOR	49,489,224.549 shares		90.688%
Destinations Aggressive Fund	AGAINST	1,385,396.474 shares		2.539%
(Formerly Gartmore GVIT Investor	ABSTAIN	3,696,272.337 shares		6.773%
Destinations Aggressive Fund)	TOTAL	54,570,893.360 shares
Nationwide NVIT Investor	FOR	23,091,965.887 shares		89.855%
Destinations Conservative Fund	AGAINST	314,935,884 shares		1.225%
(Formerly Gartmore GVIT	ABSTAIN	2,292,355.179 shares		8.920%
Investor Destinations Conservative Fund)	TOTAL	25,699,256.950 shares
Nationwide NVIT Investor	FOR	188,902,093.059 shares		90.696%
Destinations Moderate Fund	AGAINST	3,018,924.590 shares		1.449%
(Formerly Gartmore GVIT	ABSTAIN	16,359,690.401 shares		7.855%
Investor Destinations Moderate Fund)	TOTAL	208,280,708.050 shares

 31

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Investor	FOR	134,792,622.920 shares		91.332%
Destinations Moderately Aggressive Fund	AGAINST	3,489,207.264 shares		2.364%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	9,304,197.656 shares		6.304%
Moderately Aggressive Fund)	TOTAL	147,586,027.840 shares
Nationwide NVIT Investor	FOR	49,627,123.216 shares		91.918%
Destinations Moderately Conservative Fund	AGAINST	856,088.634 shares		1.586%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	3,507,215.650 shares		6.496%
Moderately Conservative Fund)	TOTAL	53,990,427.500 shares
Nationwide NVIT Mid Cap Growth Fund	FOR	10,879,584.971 shares		91.043%
(Formerly Gartmore GVIT	AGAINST	352,594.958 shares		2.950%
Mid Cap Growth Fund)	ABSTAIN	717,792.971 shares		6.007%
	TOTAL	11,949,972.900 shares
Nationwide NVIT Money Market Fund II	FOR	221,774,863.241 shares		88.508%
(Formerly Gartmore GVIT	AGAINST	12,322,482.494 shares		4.918%
Money Market Fund II)	ABSTAIN	16,471,740.875 shares		6.574%
	TOTAL	250,569,086.610 shares
Nationwide NVIT Money Market Fund	FOR	1,578,331,008.328 shares		91.585%
(Formerly Gartmore GVIT	AGAINST	32,372,133.671 shares		1.878%
Money Market Fund)	ABSTAIN	112,652,123.301 shares		6.537%
	TOTAL	1,723,355,265.300 shares
NVIT Nationwide Fund	FOR	125,423,274.735 shares		91.581%
(Formerly Gartmore GVIT	AGAINST	2,767,979.467 shares		2.021%
Nationwide Fund)	ABSTAIN	8,762,255.828 shares		6.398%
	TOTAL	136,953,510.030 shares
NVIT Nationwide Leaders Fund	FOR	2,298,504.956 shares		95.780%
(Formerly Gartmore GVIT	AGAINST	29,630.469 shares		1.235%
Nationwide Leaders Fund)	ABSTAIN	71,637.755 shares		2.985%
	TOTAL	2,399,773.180 shares
Nationwide NVIT U.S. Growth	FOR	4,972,094.773 shares		94.359%
Leaders Fund	AGAINST	122,623.161 shares		2.327%
(Formerly Gartmore GVIT	ABSTAIN	174,625.606 shares		3.314%
U.S. Growth Leaders Fund)	TOTAL	5,269,343.540 shares
Gartmore NVIT Worldwide	FOR	2,666,862.487 shares		94.126%
Leaders Fund	AGAINST	47,702.491 shares		1.684%
(Formerly Gartmore GVIT	ABSTAIN	118,719.882 shares		4.190%
Worldwide Leaders Fund)	TOTAL	2,833,284.860 shares
J.P. Morgan NVIT Balanced Fund	FOR	15,966,867.546 shares		90.900%
(Formerly J.P. Morgan GVIT	AGAINST	259,004.324 shares		1.475%
Balanced Fund)	ABSTAIN	1,339,385.200 shares		7.625%
	TOTAL	17,565,257.070 shares
Van Kampen NVIT Comstock	FOR	27,737,008.009 shares		92.259%
Value Fund	AGAINST	502,564.164 shares		1.672%
(Formerly Van Kampen GVIT	ABSTAIN	1,824,670.107 shares		6.069%
Comstock Value Fund)	TOTAL	30,064,242.280 shares

32 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Van Kampen NVIT Multi Sector	FOR	21,253,297.665 shares		90.281%
Bond Fund	AGAINST	484,100.920 shares		2.056%
(Formerly Van Kampen GVIT	ABSTAIN	1,803,963.645 shares		7.663%
Multi Sector Bond Fund)	TOTAL	23,541,362.230 shares

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund	FOR	10,862,827.499 shares		90.903%
(Formerly Gartmore GVIT	AGAINST	414,574.660 shares		3.469%
Mid Cap Growth Fund)	ABSTAIN	672,570.741 shares		5.628%
	TOTAL	11,949,972.900 shares

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 33

NVIT S&P 500 Index Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
14	Statement of Assets and Liabilities
15	Statement of Operations
16	Statements of Changes in Net Assets
18	Financial Highlights
19	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-S&P (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
NVIT S&P 500 Index Fund			1/1/07		06/30/07		During Period*		Expense Ratio*
Class IV	Actual		$	1,000.00	$	1,067.90	$	1.64		0.32%
	Hypothetical	1	$	1,000.00	$	1,023.21	$	1.61		0.32%
Class ID	Actual		$	1,000.00	$	1,067.40	$	1.18		0.23%
	Hypothetical	1	$	1,000.00	$	1,023.66	$	1.15		0.23%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.

¹   Represents the hypothetical 5% return before expenses.

4 

NVIT S&P 500 Index Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	95.2%
Repurchase Agreements	4.7%
Other Investments*	3.6%
Liabilities in excess of other assets**	-3.5%
	100.0%

Top Holdings***
Exxon Mobil Corp.	3.3%
General Electric Co.	2.8%
AT&T, Inc.	1.8%
Citigroup, Inc.	1.8%
Microsoft Corp.	1.8%
Bank of America Corp.	1.6%
Procter & Gamble Co. (The)	1.4%
American International Group, Inc.	1.3%
ChevronTexaco Corp.	1.3%
Pfizer, Inc.	1.3%
Other	81.6%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	8.2%
Diversified Financial Services	7.0%
Pharmaceuticals	6.0%
Insurance	4.5%
Industrial Conglomerates	3.8%
Computers & Peripherals	3.8%
Commercial Banks	3.6%
Software	3.1%
Diversified Telecommunication Services	3.0%
Semiconductors & Semiconductor Equipment	2.6%
Other	54.4%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT S&P 500 Index Fund

Common Stock (95.2%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (2.5%)
Boeing Co. (The)		134,262	$	12,910,634
General Dynamics Corp.		65,900		5,154,698
Honeywell International, Inc.		140,000		7,879,200
L-3 Communications Holdings, Inc.		18,700		1,821,193
Lockheed Martin Corp.		63,000		5,930,190
Northrop Grumman Corp.		56,662		4,412,270
Precision Castparts Corp.		24,700		2,997,592
Raytheon Co. (a)		80,300		4,327,367
Rockwell Collins, Inc. (a)		25,014		1,766,989
United Technologies Corp.		169,400		12,015,542
				59,215,675
Air Freight & Logistics (0.9%)
C.H. Robinson Worldwide, Inc. (a)		27,300		1,433,796
FedEx Corp.		54,600		6,058,962
United Parcel Service, Inc., Class B		181,500		13,249,500
				20,742,258
Airline (0.1%)
Southwest Airlines		121,850		1,816,784
Auto Components (0.3%)
B.F. Goodrich Co. (The)		17,800		1,060,168
Goodyear Tire & Rubber Co.* (a)		38,300		1,331,308
Johnson Controls, Inc.		31,200		3,612,024
				6,003,500
Automobiles (0.4%)
Ford Motor Co.* (a)		338,432		3,188,029
General Motors Corp. (a)		100,752		3,808,426
Harley-Davidson, Inc.		40,900		2,438,049
				9,434,504
Beverages (1.2%)
Anheuser-Busch Cos., Inc.		134,543		7,017,763
Brown-Forman Corp., Class B (a)		13,000		950,040
Coca-Cola Co.		342,712		17,927,265
Coca-Cola Enterprises, Inc. (a)		48,000		1,152,000
Constellation Brands, Inc.*		27,500		667,700
Molson Coors Brewing Co. (a)		9,800		906,108
Pepsi Bottling Group, Inc. (The)		23,100		778,008
				29,398,884
Biotechnology (1.2%)
Amgen, Inc.*		198,632		10,982,363
Applera Corp.		28,600		873,444
Biogen, Inc.*		51,439		2,751,987
Celgene Corp.* (a)		63,600		3,646,188
Genzyme Corp.*		47,900		3,084,760
Gilead Sciences, Inc.*		154,400		5,986,088
Millipore Corp.* (a)		7,800		585,702
PerkinElmer, Inc.		15,100		393,506
				28,304,038
Building Products (0.2%)
American Standard Cos., Inc.		33,200		1,958,136
Masco Corp. (a)		73,481		2,092,004
				4,050,140
Capital Markets (1.4%)
Ameriprise Financial, Inc.		37,380		2,376,247
Bank of New York Co., Inc.		122,228		5,065,128
Bear Stearns Cos., Inc. (The)		21,900		3,066,000
Charles Schwab Corp.		184,250		3,780,810
E*TRADE Financial Corp.* (a)		78,900		1,742,901
Federated Investors, Inc., Class B		13,100		502,123
Janus Capital Group, Inc. (a)		31,200		868,608
Legg Mason, Inc.		20,500		2,016,790
Lehman Brothers Holding, Inc.		86,734		6,463,418
Mellon Financial Corp. (a)		76,800		3,379,200
Northern Trust Corp.		29,000		1,862,960
T. Rowe Price Group, Inc.		40,900		2,122,301
				33,246,486
Chemicals (1.5%)
Air Products & Chemicals, Inc.		33,600		2,700,432
Ashland, Inc.		10,000		639,500
Dow Chemical Co. (The)		162,366		7,179,824
E.I. du Pont de Nemours & Co.		162,200		8,246,248
Eastman Chemical Co.		11,600		746,228
Ecolab, Inc.		28,500		1,216,950
Hercules, Inc.*		13,700		269,205
International Flavors & Fragrances, Inc.		11,100		578,754
Monsanto Co.		89,390		6,037,401
PPG Industries, Inc.		24,600		1,872,306
Praxair, Inc.		58,100		4,182,619
Rohm & Haas Co.		23,000		1,257,640
Sigma-Aldrich Corp. (a)		18,700		797,929
				35,725,036
Commercial Banks (3.6%)
BB&T Corp.		86,200		3,506,616
Comerica, Inc.		25,200		1,498,644
Commerce Bancorp, Inc. (a)		31,300		1,157,787
Compass Bancshares, Inc.		18,600		1,283,028

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Commercial Banks (continued)
Fifth Third Bancorp		100,685	$	4,004,243
First Horizon National Corp. (a)		21,900		854,100
Huntington Bancshares, Inc. (a)		58,310		1,325,969
KeyCorp		74,400		2,554,152
M & T Bank Corp. (a)		12,200		1,304,180
Marshall & Ilsley Corp.		43,900		2,090,957
National City Corp. (a)		108,100		3,601,892
PNC Bank Corp.		58,900		4,216,062
Regions Financial Corp. (a)		117,371		3,884,980
SunTrust Banks, Inc.		63,300		5,427,342
Synovus Financial Corp. (a)		47,800		1,467,460
U.S. Bancorp		308,668		10,170,611
Wachovia Corp.		324,293		16,620,016
Wells Fargo & Co.		574,918		20,219,866
Zions Bancorp		18,200		1,399,762
				86,587,667
Commercial Services & Supplies (0.6%)
Allied Waste Industries, Inc.* (a)		34,900		469,754
Avery-Dennison Corp.		19,400		1,289,712
Cintas Corp.		20,100		792,543
Donnelley (R.R.) & Sons Co. (a)		32,800		1,427,128
Equifax, Inc. (a)		28,600		1,270,412
Monster Worldwide, Inc.* (a)		24,800		1,019,280
Pitney Bowes, Inc.		32,200		1,507,604
Robert Half International, Inc. (a)		24,700		901,550
Waste Management, Inc.		85,900		3,354,395
Western Union Co.		124,716		2,597,834
				14,630,212
Communications Equipment (2.5%)
Avaya, Inc.*		83,166		1,400,515
Ciena Corp.* (a)		18,563		670,681
Cisco Systems, Inc.*		1,027,757		28,623,033
Corning, Inc.*		261,800		6,688,990
JDS Uniphase Corp.* (a)		46,750		627,853
Juniper Networks, Inc.*		102,400		2,577,408
Motorola, Inc.		398,700		7,056,990
QUALCOMM, Inc.		281,900		12,231,641
Tellabs, Inc.*		72,300		777,948
				60,655,059
Computers & Peripherals (3.8%)
Apple, Inc.*		146,700		17,903,268
Dell, Inc.*		386,500		11,034,575
EMC Corp.*		368,000		6,660,800
Hewlett-Packard Co.		455,400		20,319,948
International Business Machines Corp.		232,417		24,461,889
Lexmark International Group, Inc.* (a)		19,000		936,890
NCR Corp.*		27,000		1,418,580
Network Appliance, Inc.*		67,500		1,971,000
QLogic Corp.*		35,500		591,075
SanDisk Corp.*		41,800		2,045,692
Sun Microsystems, Inc.*		639,656		3,364,591
				90,708,308
Construction & Engineering (0.1%)
Fluor Corp.		16,700		1,859,879
Construction Materials (0.1%) (a)
Vulcan Materials Co.		17,592		2,014,988
Consumer Finance (0.9%)
American Express Co.		202,900		12,413,422
Capital One Financial Corp.		72,000		5,647,680
SLM Corp.		67,400		3,880,892
				21,941,994
Containers & Packaging (0.2%)
Ball Corp.		15,100		802,867
Bemis Co.		14,500		481,110
Pactiv Corp.*		23,000		733,470
Sealed Air Corp.		23,000		713,460
Temple-Inland, Inc.		17,000		1,046,010
				3,776,917
Distributors (0.2%)
Genuine Parts Co.		24,000		1,190,400
ProLogis Trust		42,400		2,412,560
				3,602,960
Diversified Consumer Services (0.1%) (a)
Apollo Group, Inc.*		27,100		1,583,453
H & R Block, Inc.		48,000		1,121,760
				2,705,213
Diversified Financial Services (7.0%)
Bank of America Corp.		760,993		37,204,948
Chicago Mercantile Exchange Holdings, Inc.		6,268		3,349,368
CIT Group, Inc.		30,200		1,655,866
Citigroup, Inc.		846,354		43,409,497
Franklin Resources, Inc.		26,700		3,536,949
Goldman Sachs Group, Inc.		70,000		15,172,500

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Diversified Financial Services (continued)
J.P. Morgan Chase & Co.		591,001	$	28,633,998
Merrill Lynch & Co., Inc.		150,500		12,578,790
Moody’s Corp. (a)		42,308		2,631,558
Morgan Stanley		181,100		15,190,668
State Street Corp. (a)		63,900		4,370,760
				167,734,902
Diversified Telecommunication Services (3.0%)
AT&T, Inc.		1,062,521		44,094,622
CenturyTel, Inc.		19,200		941,760
Citizens Communications Co.		66,600		1,016,982
Embarq Corp.		28,634		1,814,537
Qwest Communications International, Inc.* (a)		273,123		2,649,293
Verizon Communications, Inc.		495,102		20,383,349
Windstream Corp. (a)		69,903		1,031,768
				71,932,311
Electric Utilities (1.7%)
Allegheny Energy, Inc.*		24,600		1,272,804
American Electric Power Co., Inc.		72,960		3,286,118
Duke Energy Corp.		200,876		3,676,031
Edison International		59,800		3,355,976
Entergy Corp.		36,000		3,864,600
Exelon Corp.		116,324		8,445,123
FirstEnergy Corp.		58,086		3,759,907
FPL Group, Inc.		66,900		3,795,906
Integrys Energy Group, Inc. (a)		10,437		529,469
Pinnacle West Capital Corp. (a)		16,500		657,525
PPL Corp.		59,900		2,802,721
Progress Energy, Inc. (a)		38,526		1,756,400
Southern Co.		134,500		4,612,005
				41,814,585
Electrical Equipment (0.4%)
Cooper Industries Ltd., Class A ADR - BM		26,530		1,514,598
Emerson Electric Co.		130,500		6,107,400
Rockwell International Corp. (a)		31,200		2,166,528
				9,788,526
Electronic Equipment & Instruments (0.2%)
Agilent Technologies, Inc.*		64,761		2,489,413
Jabil Circuit, Inc.		25,400		560,578
Molex, Inc.		22,725		681,977
Solectron Corp.*		123,200		453,376
Tektronix, Inc.		11,900		401,506
				4,586,850
Energy Equipment & Services (2.0%)
Baker Hughes, Inc.		52,300		4,399,999
BJ Services Co.		55,600		1,581,264
ENSCO International, Inc. (a)		29,300		1,787,593
Halliburton Co.		150,700		5,199,150
Nabors Industries Ltd. - BM* (a)		53,000		1,769,140
National-OilWell, Inc.*		28,800		3,002,112
Noble Corp. ADR - KY (a)		25,400		2,477,008
Rowan Cos., Inc.		23,600		967,128
Schlumberger Ltd. ADR - NL (a)		200,580		17,037,265
Smith International, Inc.		38,000		2,228,320
Transocean, Inc. ADR - KY*		49,900		5,288,402
Weatherford International Ltd. ADR - BM* (a)		53,700		2,966,388
				48,703,769
Entertainment (0.5%)
Walt Disney Co. (The)		348,600		11,901,204
Food & Staples Retailing (2.2%)
Costco Wholesale Corp.		81,300		4,757,676
CVS/Caremark Corp.		257,511		9,386,276
Kroger Co.		126,900		3,569,697
Safeway, Inc.		70,400		2,395,712
SUPERVALU, Inc.		38,703		1,792,723
SYSCO Corp.		98,700		3,256,113
Wal-Mart Stores, Inc.		418,488		20,133,458
Walgreen Co.		165,700		7,214,578
Whole Foods Market, Inc. (a)		27,400		1,049,420
				53,555,653
Food Products (2.2%)
Archer-Daniels Midland Co.		115,637		3,826,428
Campbell Soup Co.		33,600		1,304,016
ConAgra, Inc.		94,900		2,549,014
Dean Foods Co. (a)		27,700		882,799
General Mills, Inc.		62,900		3,674,618
H.J. Heinz Co. (a)		60,600		2,876,682
Hershey Foods Corp.		27,600		1,397,112
Kellogg Co.		39,000		2,019,810
Kraft Foods, Inc.		286,216		10,089,114
McCormick & Co.		18,200		694,876
PepsiCo, Inc.		278,730		18,075,640
Sara Lee Corp.		136,529		2,375,605
Tyson Foods, Inc., Class A (a)		36,100		831,744
Wrigley (Wm.) Jr. Co., Class A (a)		34,625		1,915,109
				52,512,567

8 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Gas Utilities (0.1%)
NICOR, Inc. (a)		6,400	$	274,688
Questar Corp.		33,800		1,786,330
				2,061,018
Health Care Equipment & Supplies (1.5%)
Bard (C.R.), Inc.		15,600		1,289,028
Bausch & Lomb, Inc.		7,900		548,576
Baxter International, Inc.		114,000		6,422,760
Becton, Dickinson & Co.		38,300		2,853,350
Biomet, Inc.		36,651		1,675,684
Boston Scientific Corp.*		196,667		3,016,872
Hospira, Inc.*		23,736		926,653
Medtronic, Inc.		200,200		10,382,372
St. Jude Medical, Inc.*		60,400		2,505,996
Stryker Corp. (a)		48,000		3,028,320
Varian Medical Systems, Inc.* (a)		20,200		858,702
Zimmer Holdings, Inc.* (a)		42,726		3,627,010
				37,135,323
Health Care Providers & Services (2.2%)
Aetna, Inc.		91,700		4,529,980
AmerisourceBergen Corp.		35,208		1,741,740
Cardinal Health, Inc.		70,853		5,005,056
CIGNA Corp.		53,200		2,778,104
Coventry Health Care, Inc.*		24,400		1,406,660
Express Scripts, Inc., Class A* (a)		49,400		2,470,494
Humana, Inc.*		28,500		1,735,935
Laboratory Corp. of America Holdings* (a)		19,300		1,510,418
Manor Care, Inc. (a)		14,800		966,292
McKesson Corp.		53,200		3,172,848
Medco Health Solutions, Inc.*		50,948		3,973,434
Patterson Cos., Inc.* (a)		20,200		752,854
Quest Diagnostics, Inc. (a)		26,000		1,342,900
Tenet Healthcare Corp.* (a)		65,500		426,405
UnitedHealth Group, Inc.		230,444		11,784,906
WellPoint, Inc.*		107,000		8,541,810
				52,139,836
Health Care Technology (0.0%) (a)
IMS Health, Inc.		28,653		920,621
Hotels, Restaurants & Leisure (1.4%)
Carnival Corp. - PA (a)		71,100		3,467,547
Darden Restaurants, Inc.		22,450		987,575
Harrah’s Entertainment, Inc.		28,800		2,455,488
Hilton Hotels Corp.		62,900		2,105,263
International Game Technology		61,500		2,441,550
Marriott International, Inc., Class A		52,000		2,248,480
McDonald’s Corp.		199,800		10,141,848
Starbucks Corp.*		134,800		3,537,152
Starwood Hotels & Resorts Worldwide, Inc.		39,400		2,642,558
Wendy’s International, Inc.		18,900		694,575
Wyndham Worldwide Corp.*		29,080		1,054,441
YUM! Brands, Inc. (a)		82,400		2,696,128
				34,472,605
Household Durables (0.5%)
Black & Decker Corp.		13,000		1,148,030
Centex Corp. (a)		19,200		769,920
D. R. Horton, Inc. (a)		40,400		805,172
Fortune Brands, Inc.		22,900		1,886,273
Harman International Industries, Inc.		10,000		1,168,000
KB Home (a)		16,100		633,857
Leggett & Platt, Inc.		25,600		564,480
Lennar Corp., Class A (a)		22,500		822,600
Newell Rubbermaid, Inc.		39,900		1,174,257
Pulte Corp. (a)		31,700		711,665
Snap-on, Inc.		8,300		419,233
Stanley Works (The) (a)		10,600		643,420
Whirlpool Corp.		14,751		1,640,311
				12,387,218
Household Products (1.8%)
Colgate-Palmolive Co.		91,161		5,911,791
Kimberly-Clark Corp.		74,100		4,956,549
Procter & Gamble Co. (The)		536,899		32,852,850
				43,721,190
Independent Power Producers & Energy Traders (0.5%)
AES Corp.*		106,100		2,321,468
Clorox Co. (The)		29,599		1,838,098
Constellation Energy Group		33,200		2,894,044
Dynegy, Inc.* (a)		64,701		610,777
TXU Corp.		75,200		5,060,960
				12,725,347
Industrial Conglomerates (3.8%)
3M Co.		127,738		11,086,381
General Electric Co.		1,749,748		66,980,354
Textron, Inc.		19,400		2,136,134
Tyco International Ltd. - BM		336,456		11,368,848
				91,571,717

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Insurance (4.5%)
ACE Ltd. - KY		51,512	$	3,220,530
AFLAC, Inc.		84,000		4,317,600
Allstate Corp.		106,500		6,550,815
AMBAC Financial Group, Inc. (a)		20,250		1,765,598
American International Group, Inc.		442,668		31,000,040
AON Corp.		55,900		2,381,899
Assurant, Inc. (a)		15,900		936,828
Chubb Corp. (The)		64,900		3,513,686
Cincinnati Financial Corp.		24,721		1,072,891
Genworth Financial, Inc.		82,100		2,824,240
Hartford Financial Services Group, Inc. (The)		52,000		5,122,520
Lincoln National Corp.		43,577		3,091,788
Loews Corp.		71,901		3,665,513
Marsh & McLennan Cos., Inc.		88,300		2,726,704
MBIA, Inc. (a)		26,350		1,639,497
MetLife, Inc.		124,300		8,014,864
Principal Financial Group, Inc.		41,400		2,413,206
Progressive Corp. (The)		118,200		2,828,526
Prudential Financial, Inc.		82,300		8,002,029
Safeco Corp. (a)		18,700		1,164,262
Torchmark Corp.		14,400		964,800
Travelers Cos., Inc. (The)		110,365		5,904,528
UnumProvident Corp. (a)		51,300		1,339,443
XL Capital Ltd., Class A - KY		33,600		2,832,144
				107,293,951
Internet & Catalog Retail (0.2%) (a)
Amazon.com, Inc.*		51,100		3,495,751
InterActiveCorp*		33,800		1,169,818
				4,665,569
Internet Software & Services (1.3%)
eBay, Inc.*		188,100		6,053,058
Google, Inc., Class A*		37,021		19,376,051
Verisign, Inc.* (a)		46,200		1,465,926
Yahoo!, Inc.* (a)		202,800		5,501,964
				32,396,999
IT Services (0.9%)
Affiliated Computer Services, Inc., Class A*		18,500		1,049,320
Automatic Data Processing, Inc.		88,608		4,294,830
Cognizant Technology Solutions Corp.*		26,200		1,967,358
Computer Sciences Corp.* (a)		33,200		1,963,780
Convergys Corp.*		20,100		487,224
Electronic Data Systems Corp.		83,800		2,323,774
Fidelity National Information Services, Inc. (a)		24,400		1,324,432
First Data Corp.		122,516		4,002,597
Fiserv, Inc.*		33,350		1,894,280
Paychex, Inc.		63,150		2,470,428
Unisys Corp.* (a)		47,200		431,408
				22,209,431
Leisure Equipment & Products (0.8%)
Brunswick Corp.		13,200		430,716
Eastman Kodak Co. (a)		54,900		1,527,867
Hasbro, Inc.		32,700		1,027,107
Mattel, Inc. (a)		60,400		1,527,516
Time Warner, Inc.		649,321		13,661,714
				18,174,920
Life Sciences Tools & Services (0.2%)
Thermo Fisher Scientific, Inc.*		73,300		3,791,076
Waters Corp.*		15,900		943,824
				4,734,900
Machinery (1.6%)
Caterpillar, Inc.		107,200		8,393,760
Cummins, Inc.		19,100		1,933,111
Danaher Corp. (a)		44,000		3,322,000
Deere & Co.		40,100		4,841,674
Dover Corp.		33,700		1,723,755
Eaton Corp.		22,600		2,101,800
Illinois Tool Works, Inc.		65,500		3,549,445
Ingersoll Rand Co. Ltd., Class A - BM		56,500		3,097,330
ITT Industries, Inc.		27,100		1,850,388
PACCAR, Inc.		40,087		3,489,172
Pall Corp. (a)		17,200		791,028
Parker Hannifin Corp.		22,100		2,163,811
Terex Corp.*		15,900		1,292,670
				38,549,944
Media (2.2%)
CBS Corp., Class B (a)		133,164		4,437,025
Citadel Broadcasting Co.		1,401		9,039
Clear Channel Communications, Inc.		78,400		2,965,088
Comcast Corp., Class A*		499,322		14,040,935
Comcast Corp., Special Class A* (a)		29,900		836,004
DIRECTV Group, Inc.*		124,100		2,867,951

10 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Media (continued)
Dow Jones & Co., Inc.		10,900	$	626,205
E.W. Scripps Co., Class A (a)		11,400		520,866
Gannett Co.		44,200		2,428,790
Interpublic Group Cos., Inc. (The)* (a)		66,900		762,660
McGraw-Hill Cos., Inc. (The)		63,900		4,350,312
Meredith Corp.		6,000		369,600
New York Times Co., Class A (a)		33,000		838,200
News Corp.		389,000		8,250,690
Omnicom Group, Inc. (a)		61,600		3,259,872
Tribune Co.		13,898		408,601
Viacom, Inc., Class B*		111,964		4,661,061
				51,632,899
Metals & Mining (0.9%)
Alcoa, Inc.		153,040		6,202,711
Allegheny Technologies, Inc. (a)		16,800		1,761,984
Freeport-McMoRan Copper & Gold, Inc., Class B		65,764		5,446,575
Newmont Mining Corp.		81,758		3,193,467
Nucor Corp.		49,100		2,879,715
U.S. Steel Corp.		21,300		2,316,375
				21,800,827
Multi-Utilities (1.0%)
Ameren Corp. (a)		40,100		1,965,301
CenterPoint Energy, Inc.		43,800		762,120
CMS Energy Corp. (a)		32,800		564,160
Consolidated Edison, Inc. (a)		49,100		2,215,392
Detroit Edison Co. (a)		35,000		1,687,700
Dominion Resources, Inc.		62,400		5,385,744
KeySpan Corp.		23,900		1,003,322
NiSource, Inc.		35,964		744,814
PG&E Corp.		54,400		2,464,320
Public Service Enterprise Group, Inc.		45,900		4,029,102
Sempra Energy		42,407		2,511,767
TECO Energy, Inc. (a)		36,500		627,070
Xcel Energy, Inc. (a)		57,980		1,186,851
				25,147,663
Multiline Retail (1.1%)
Big Lots, Inc.* (a)		23,000		676,660
Dillard’s, Inc. (a)		14,300		513,799
Dollar General Corp.		46,875		1,027,500
Family Dollar Stores, Inc.		22,400		768,768
J.C. Penney Co., Inc.		40,600		2,938,628
Kohl’s Corp.*		54,100		3,842,723
Macy’s, Inc.		82,622		3,286,703
Nordstrom, Inc.		41,800		2,136,816
Sears Holdings Corp.* (a)		15,173		2,571,823
Target Corp.		142,616		9,070,378
				26,833,798
Office Electronics (0.1%)
Xerox Corp.*		152,000		2,808,960
Oil, Gas & Consumable Fuels (8.2%)
Anadarko Petroleum Corp.		76,898		3,997,927
Apache Corp.		59,398		4,846,283
Chesapeake Energy Corp.		75,400		2,608,840
ChevronTexaco Corp.		367,146		30,928,379
ConocoPhillips		279,736		21,959,276
CONSOL Energy, Inc.		28,000		1,291,080
Devon Energy Corp.		72,500		5,676,025
El Paso Corp.		109,377		1,884,566
EOG Resources, Inc.		42,400		3,097,744
Exxon Mobil Corp.		963,154		80,789,357
Hess Corp.		49,300		2,906,728
Marathon Oil Corp. (a)		121,202		7,267,272
Murphy Oil Corp.		28,500		1,694,040
Occidental Petroleum Corp.		138,300		8,004,804
Peabody Energy Corp. (a)		42,500		2,056,150
Spectra Energy Corp.		99,588		2,585,304
Sunoco, Inc.		22,800		1,816,704
Valero Energy Corp.		95,500		7,053,630
Williams Cos., Inc. (The)		107,300		3,392,826
XTO Energy, Inc.		66,666		4,006,627
				197,863,562
Paper & Forest Products (0.3%)
International Paper Co.		70,521		2,753,845
MeadWestvaco Corp.		37,407		1,321,215
Weyerhaeuser Co.		38,200		3,015,126
				7,090,186
Personal Products (0.2%)
Avon Products, Inc.		80,200		2,947,350
Estee Lauder Co., Inc. (The), Class A		19,000		864,690
				3,812,040
Pharmaceuticals (6.0%)
Abbott Laboratories		262,567		14,060,463
Allergan, Inc. (a)		55,400		3,193,256
Barr Pharmaceuticals, Inc.*		17,600		884,048

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT S&P 500 Index Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Co.		350,162	$	11,051,113
Eli Lilly & Co.		163,970		9,162,643
Forest Laboratories, Inc., Class A*		57,300		2,615,745
Johnson & Johnson		492,411		30,342,366
King Pharmaceuticals, Inc.*		35,033		716,775
Merck & Co., Inc.		368,664		18,359,467
Mylan Laboratories, Inc.		50,500		918,595
Pfizer, Inc.		1,205,861		30,833,866
Schering-Plough Corp.		248,600		7,567,384
Watson Pharmaceutical, Inc.*		14,200		461,926
Wyeth		229,100		13,136,594
				143,304,241
Real Estate Investment Trusts (REITs) (1.0%)
Apartment Investment & Management Co. (a)		21,200		1,068,904
Archstone-Smith Trust (a)		38,700		2,287,557
AvalonBay Communities, Inc. (a)		15,500		1,842,640
Boston Properties, Inc. (a)		22,400		2,287,712
Developers Diversified Realty Corp. (a)		22,800		1,201,788
Equity Residential Property Trust		55,000		2,509,650
General Growth Properties, Inc.		44,100		2,335,095
Host Hotels & Resorts, Inc. (a)		82,700		1,912,024
Kimco Realty Corp. (a)		32,900		1,252,503
Plum Creek Timber Co., Inc. (a)		25,124		1,046,666
Public Storage, Inc. (a)		18,000		1,382,760
Simon Property Group, Inc. (a)		35,300		3,284,312
Vornado Realty Trust (a)		24,300		2,669,112
				25,080,723
Real Estate Management & Development (0.0%) (a)
CB Richard Ellis Group, Inc., Class A*		28,100		1,025,650
Road & Rail (0.8%)
Burlington Northern Santa Fe Corp.		58,300		4,963,662
CSX Corp.		78,700		3,547,796
Norfolk Southern Corp.		71,100		3,737,727
Ryder System, Inc.		9,400		505,720
Union Pacific Corp.		47,000		5,412,050
				18,166,955
Semiconductors & Semiconductor Equipment (2.6%)
Advanced Micro Devices, Inc.* (a)		104,400		1,492,920
Altera Corp.		59,300		1,312,309
Analog Devices, Inc.		53,000		1,994,920
Applied Materials, Inc.		249,300		4,953,591
Broadcom Corp.*		75,800		2,217,150
Intel Corp.		981,273		23,315,046
KLA-Tencor Corp.		38,000		2,088,100
Linear Technology Corp. (a)		48,700		1,761,966
LSI Logic Corp.* (a)		115,000		863,650
Maxim Integrated Products, Inc. (a)		61,500		2,054,715
MEMC Electronic Materials, Inc.*		35,900		2,194,208
Micron Technology, Inc.* (a)		139,600		1,749,188
National Semiconductor Corp. (a)		48,800		1,379,576
Novellus Systems* (a)		26,200		743,294
NVIDIA Corp.*		56,800		2,346,408
Teradyne, Inc.* (a)		26,700		469,386
Texas Instruments, Inc.		240,000		9,031,200
Xilinx, Inc.		59,600		1,595,492
				61,563,119
Software (3.1%)
Adobe Systems, Inc.*		103,700		4,163,555
Autodesk, Inc.*		42,830		2,016,436
BMC Software, Inc.*		30,800		933,240
CA, Inc. (a)		67,000		1,730,610
Citrix Systems, Inc.*		34,800		1,171,716
Compuware Corp.*		51,800		614,348
Electronic Arts, Inc.*		56,100		2,654,652
Intuit, Inc.*		63,900		1,922,112
Microsoft Corp.		1,438,640		42,396,721
Novell, Inc.* (a)		48,600		378,594
Oracle Corp.*		679,036		13,383,800
Symantec Corp.* (a)		165,091		3,334,838
				74,700,622
Specialty Retail (2.1%)
Abercrombie & Fitch Co.		16,700		1,218,766
AutoNation, Inc.* (a)		26,883		603,254
AutoZone, Inc.*		10,100		1,379,862
Bed Bath & Beyond, Inc.*		43,800		1,576,362
Best Buy Co., Inc.		72,075		3,363,740
Circuit City Stores, Inc. (a)		32,500		490,100
Coach, Inc.*		64,100		3,037,699
Gap, Inc. (The) (a)		86,100		1,644,510
Home Depot, Inc. (The)		347,282		13,665,547
Limited, Inc. (The)		63,766		1,750,377
Lowe’s Cos., Inc.		253,072		7,766,780
Nike, Inc.		66,500		3,876,285
Office Depot, Inc.*		49,600		1,502,880
OfficeMax, Inc. (a)		16,100		632,730

12 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Specialty Retail (continued)
RadioShack Corp. (a)		27,300	$	904,722
Sherwin Williams Co.		22,000		1,462,340
Staples, Inc.		129,150		3,064,729
Tiffany & Co.		24,500		1,299,970
TJX Cos., Inc. (a)		71,300		1,960,750
				51,201,403
Textiles, Apparel & Luxury Goods (0.2%) 25,200 711,900
Jones Apparel Group, Inc.		23,800		887,740
Liz Claiborne, Inc. (a)		12,300		1,206,753
Polo Ralph Lauren Corp. (a)		13,600		1,245,488
V.F. Corp.
				4,051,881
Thrifts & Mortgage Finance (1.3%) 104,100 3,784,035
Countrywide Credit Industries, Inc. (a)		164,686		10,758,936
Fannie Mae		116,800		7,089,760
Freddie Mac		77,300		944,606
Hudson City Bancorp, Inc. (a)		17,000		966,620
MGIC Investment Corp. (a)		51,605		1,090,930
Sovereign Bancorp (a)		157,078		6,697,806
Washington Mutual, Inc. (a)
				31,332,693
Tobacco (1.2%) 357,100 25,046,994
Altria Group, Inc.		27,900		1,819,080
Reynolds American, Inc.		24,600		1,321,266
UST, Inc. (a)
				28,187,340
Trading Companies & Distributors (0.0%) 11,500 1,070,075
Grainger (W.W.), Inc.
Wireless Telecommunication Services (0.6%) 58,400 3,944,920
ALLTEL Corp.
Wireless Telecommunication Services (continued) 493,899 10,228,648
Sprint Nextel Corp.
				14,173,568
Total Common Stocks (Cost $2,153,571,545)				2,284,959,663

Repurchase Agreements (4.7%)
	Shares or
	Principal Amount		Value
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $114,239,474, collateralized by U.S. Government Agency Mortgages with a market value of $116,473,792	$	114,189,992	$	114,189,992

Securities Held as Collateral for Securities on Loan (3.6%)
	Shares or
	Principal Amount		Value
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $85,531,153, collateralized by U. S. Government Agency Mortgages with a market value of $87,202,390		85,492,539		85,492,539
Total Investments (Cost $2,353,254,076) (b) — 103.5%				2,484,642,194
Liabilities in excess of other assets — (3.5)%				(83,791,637	)
NET ASSETS — 100.0%			$	2,400,850,557

*	Denotes a non-income producing security.
(a)	All or part of the security was on loan as of June 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
KY	Cayman Islands
NL	Netherlands
PA	Panama

At June 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	316	S&P Emini Futures		09/21/07	$	119,716,600	$	(1,107,794	)
					$	119,716,600	$	(1,107,794	)

See accompanying notes to financial statements.

 13

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT S&P 500
			Index Fund
Assets:
Investments, at value (cost $2,153,571,545)*			$	2,284,959,663
Repurchase agreements, at cost and value				199,682,531
		Total Investments		2,484,642,194
Interest and dividends receivable				2,969,868
Receivable for capital shares issued				1,827,922
Receivable for investments sold				1,442,967
Prepaid expenses				7,231
		Total Assets		2,490,890,182
Liabilities:
Payable to custodian				129,477
Payable for variation margin on futures contracts				131,485
Payable for investments purchased				3,602,339
Payable upon return of securities loaned				85,492,539
Payable for capital shares redeemed				109,648
Accrued expenses and other payables:
	Investment advisory fees			387,775
	Fund administration and transfer agent fees			145,582
	Administrative servicing fees			18,126
	Compliance program costs			8,860
	Other			13,794
		Total Liabilities		90,039,625
Net Assets			$	2,400,850,557
Represented by:
Capital			$	2,325,495,506
Accumulated net investment income				625,170
Accumulated net realized losses from investment transactions and futures				(55,550,443	)
Net unrealized appreciation on investments and futures				130,280,324
Net Assets			$	2,400,850,557
Net Assets:
Class IV Shares			$	274,049,523
Class ID Shares				2,126,801,034
Total			$	2,400,850,557
Shares outstanding (unlimited number of shares authorized):
Class IV Shares				26,164,487
Class ID Shares				203,120,547
Total				229,285,034
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class IV Shares			$	10.47
Class ID Shares			$	10.47

* Includes value of securities on loan of $83,796,115.

See accompanying notes to financial statements.

14 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		NVIT S&P 500
		Index Fund
INVESTMENT INCOME:
Interest income		$	1,915,675
Dividend income			11,350,266
Income from securities lending			36,335
	Total Income		13,302,276
Expenses:
Investment advisory fees			953,448
Fund administration and transfer agent fees			390,664
Administrative servicing fees Class IV Shares			125,014
Custodian fees			9,054
Trustee fees			17,772
Compliance program costs (Note 3)			6,122
Other			87,197
	Total expenses before earnings credit		1,589,271
Earnings credit (Note 6)			(283	)
	Net Expenses		1,588,988
Net Investment Income			11,713,288
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			527,114
Net realized gains on futures transactions			5,764,198
Net realized gains on investment transactions and futures			6,291,312
Net change in unrealized appreciation on investments and futures			78,380,005
Net realized/unrealized gains (losses) on investments and futures			84,671,317
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	96,384,605

See accompanying notes to financial statements.

 15

Statements of Changes in Net Assets

		NVIT S&P 500 Index Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	11,713,288		$	6,791,148
Net realized gains (losses) on investment transactions and futures			6,291,312			(775,929	)
Net change in unrealized appreciation on investments and futures			78,380,005			55,012,201
Change in net assets resulting from operations			96,384,605			61,027,420
Distributions to Shareholders from:
Net investment income:
	Class IV		(1,963,273	)		(4,357,979	)
	Class ID		(9,163,663	)		(2,414,995	)
Change in net assets from shareholder distributions			(11,126,936	)		(6,772,974	)
Change in net assets from capital transactions			1,762,256,035			233,511,386
Change in net assets			1,847,513,704			287,765,832
Net Assets:
Beginning of period			553,336,853			265,571,021
End of period		$	2,400,850,557		$	553,336,853
Accumulated net investment income at end of period		$	625,170		$	38,818
CAPITAL TRANSACTIONS:
Class IV Shares
	Proceeds from shares issued	$	3,737,425		$	9,503,803
	Dividends reinvested		1,963,273			4,357,979
	Cost of shares redeemed		(18,186,553	)		(42,352,251	)
			(12,485,855	)		(28,490,469	)
Class ID Shares
	Proceeds from shares issued		389,639,125			259,586,860	(a)
	Proceeds from in-kind transactions		1,387,369,746				(a)
	Dividends reinvested		9,163,461			2,414,995	(a)
	Cost of shares redeemed		(11,430,442	)			(a)
			1,774,741,890			262,001,855
Change in net assets from capital transactions		$	1,762,256,035		$	233,511,386

See accompanying notes to financial statements.

16 

Statements of Changes in Net Assets (Continued)

		NVIT S&P 500 Index Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
SHARE TRANSACTIONS:
Class IV Shares
	Issued		368,075			1,041,694
	Reinvested		192,481			471,632
	Redeemed		(1,786,261	)		(4,630,748	)
			(1,225,705	)		(3,117,422	)
Class ID Shares
	Issued		37,608,799			28,369,561	(a)
	Proceeds from in-kind transactions		137,091,872				(a)
	Reinvested		884,994			253,932	(a)
	Redeemed		(1,088,611	)			(a)
			174,497,054			28,623,493
Total change in shares			173,271,349			25,506,071

(a) For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

 17

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

NVIT S&P 500 Index Fund

											Distributions											Ratios / Supplemental Data
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total														Net Assets
	Value,		Net		Gains			from			Net						Net Asset					at End of
	Beginning		Investment		(Losses) on			Investment			Investment			Total			Value, End		Total			Period
	of Period		Income		Investments			Activities			Income			Distributions			of Period		Return (a)			(000s)
Class IV Shares
For the year ended December 31, 2002	$	8.12	$	0.10	$	(1.89	)	$	(1.79	)	$	(0.09	)	$	(0.09	)	$	6.24		(22.31%	)	$	235,961
For the year ended December 31, 2003 (e)	$	6.24	$	0.11	$	1.63		$	1.74		$	(0.13	)	$	(0.13	)	$	7.85		28.33%		$	281,115
For the year ended December 31, 2004	$	7.85	$	0.14	$	0.68		$	0.82		$	(0.22	)	$	(0.22	)	$	8.45		10.59%		$	286,933
For the year ended December 31, 2005	$	8.45	$	0.14	$	0.26		$	0.40		$	(0.14	)	$	(0.14	)	$	8.71		4.75%		$	265,571
For the year ended December 31, 2006	$	8.71	$	0.17	$	1.15		$	1.32		$	(0.15	)	$	(0.15	)	$	9.88		15.32%		$	270,585
For the six months ended June 30, 2007 (Unaudited)	$	9.88	$	0.09	$	0.57		$	0.66		$	(0.07	)	$	(0.07	)	$	10.47		6.74%		$	274,050
Class ID Shares
For the year ended December 31, 2006 (f) (g)	$	9.15	$	0.13	$	0.72		$	0.85		$	(0.12	)	$	(0.12	)	$	9.88		9.42%		$	282,751
For the six months ended June 30, 2007 (Unaudited)	$	9.88	$	0.08	$	0.59		$	0.67		$	(0.08	)	$	(0.08	)	$	10.47		6.79%		$	2,126,801

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
							Ratio of Net
			Ratio		Ratio of		Investment
			of Net		Expenses		Income
	Ratio of		Investment		(Prior to		(Prior to
	Expenses		Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)		Net Assets (b) (c)		Net Assets (b) (c)		Turnover (d)
Class IV Shares
For the year ended December 31, 2002		0.28%		1.32%		0.50%		1.10%		19.00%
For the year ended December 31, 2003 (e)		0.28%		1.51%		0.47%		1.32%		2.41%
For the year ended December 31, 2004		0.28%		1.74%		0.43%		1.59%		3.10%
For the year ended December 31, 2005		0.28%		1.58%		0.47%		1.40%		4.29%
For the year ended December 31, 2006		0.31%		1.80%		0.38%		1.73%		5.40%
For the six months ended June 30, 2007 (Unaudited)		0.32%		1.80%		0.32%		1.80%		1.31%
Class ID Shares
For the year ended December 31, 2006 (f) (g)		0.23%		1.99%		0.23%		1.98%		5.40%
For the six months ended June 30, 2007 (Unaudited)		0.23%		1.83%		0.23%		1.83%		1.31%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	The NVIT S&P 500 Index Fund retained the history of Market Street Equity 500 Index Fund and the existing shares of the fund were designated Class IV Shares.
(f)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(g)	Net investment income (loss) is based on average shares outstanding during the period.

See accompanying notes to financial statements.

18 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT S&P 500 Index Fund (the “Fund”), (formerly, “GVIT S&P 500 Index Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

20 

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

Value of		Value of
Loaned Securities		Collateral
$	83,796,115	$	85,492,539

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

22 

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

						Net
						Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)
	$2,376,908,301		$141,586,909		$(33,853,016)		$107,733,893

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. BlackRock Investment Management, LLC (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Fee Schedule	Fees
Up to $1.5 billion		0.13%
Next $1.5 billion		0.12%
$3 billion or more		0.11%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $120,906 for the six months ended June 30, 2007.

Effective May 1, 2007 NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.23% for all classes of shares until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the fund (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a

 23

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of June 30, 2007, the cumulative potential reimbursements for the Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA would be:

Amount Fiscal Year 2004		Amount Fiscal Year 2005		Amount Fiscal Year 2006
$	414,515	$	500,657	$	209,099

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, the BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $150,863 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2007, the Fund’s portion of such costs amounted to $6,122.

24 

4. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $425,390,202 and sales of $16,223,061.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open

 25

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

26 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 27

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

28 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 29

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

30 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 31

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods, but performed in line with the benchmark on a gross basis. The Board also considered that the performance of the Fund’s Class IV shares had ranked in the first quintile of its Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. The Board found that the Fund’s performance compared to its peer group has been very strong for all periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the second quintile of its Lipper-constructed Expense Group, and the Fund’s total expenses placed the Fund in the first quintile. The Board considered that effective May 1, 2006, the Fund’s subadviser was changed and a new subadvisory fee schedule (with lower fees) was implemented. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over

32 

time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund	FOR	30,051,703.188 shares		92.514%
(Formerly Federated GVIT	AGAINST	618,245.021 shares		1.903%
High Income Bond Fund)	ABSTAIN	1,813,550.431 shares		5.583%
	TOTAL	32,483,498.640 shares
NVIT International Index Fund	FOR	4,322,203.982 shares		96.897%
(Formerly GVIT International	AGAINST	2,758.318 shares		0.062%
Index Fund)	ABSTAIN	135,636.840 shares		3.041%
	TOTAL	4,460,599.140 shares
NVIT International Value Fund	FOR	20,032,843.199 shares		93.351%
(Formerly GVIT International	AGAINST	333,588.902 shares		1.554%
Value Fund)	ABSTAIN	1,093,293.879 shares		5.095%
	TOTAL	21,459,725.980 shares
NVIT Mid Cap Index Fund	FOR	35,380,179.120 shares		94.154%
(Formerly GVIT Mid Cap Index Fund)	AGAINST	631,117.844 shares		1.679%
	ABSTAIN	1,565,714.306 shares		4.167%
	TOTAL	37,577,011.270 shares
NVIT S&P 500 Index Fund	FOR	56,119,814.230 shares		95.554%
(Formerly GVIT S&P 500 Index Fund)	AGAINST	666,195.542 shares		1.134%
	ABSTAIN	1,944,898.888 shares		3.312%
	TOTAL	58,730,908.660 shares

 33

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT	FOR	7,632,918.513 shares		92.700%
Small Cap Growth Fund	AGAINST	149,458.111 shares		1.816%
(Formerly GVIT Small Cap	ABSTAIN	451,583.036 shares		5.484%
Growth Fund)	TOTAL	8,233,959.660 shares
Nationwide Multi-Manager NVIT	FOR	48,649,396.525 shares		92.816%
Small Cap Value Fund	AGAINST	979,183.753 shares		1.868%
(Formerly GVIT Small Cap	ABSTAIN	2,786,133.102 shares		5.316%
Value Fund)	TOTAL	52,414,713.380 shares
Nationwide Multi-Manager NVIT	FOR	29,903,181.700 shares		91.311%
Small Company Fund	AGAINST	838,774.923 shares		2.561%
(Formerly GVIT Small Company Fund)	ABSTAIN	2,006,741.307 shares		6.128%
	TOTAL	32,748,697.930 shares
Gartmore NVIT Developing	FOR	21,0177,889.443 shares		91.460%
Markets Fund	AGAINST	424,272.958 shares		1.841%
(Formerly Gartmore GVIT	ABSTAIN	1,543,850.729 shares		6.699%
Developing Markets Fund)	TOTAL	23,046,013.130 shares
Gartmore NVIT Emerging	FOR	17,050,534.593 shares		92.371%
Markets Fund	AGAINST	526,574.722 shares		2.853%
(Formerly Gartmore GVIT	ABSTAIN	881,608.905 shares		4.776%
Emerging Markets Fund)	TOTAL	18,458,718.220 shares
Nationwide NVIT Global	FOR	1,554,847.333 shares		95.589%
Financial Services Fund	AGAINST	19,539.033 shares		1.201%
(Formerly Gartmore GVIT	ABSTAIN	52,206.494 shares		3.210%
Global Financial Services Fund)	TOTAL	1,626,592.860 shares
Nationwide NVIT Global Health	FOR	4,722,963.678 shares		92.815%
Sciences Fund	AGAINST	157,979.030 shares		3.104%
(Formerly Gartmore GVIT	ABSTAIN	207,642.222 shares		4.081%
Global Health Sciences Fund)	TOTAL	5,088,584.930 shares
Nationwide NVIT Global Technology	FOR	8,585,472.039 shares		93.551%
and Communications Fund	AGAINST	102,267.977 shares		1.114%
(Formerly Gartmore GVIT	ABSTAIN	489,577.634 shares		5.335%
Global Technology and Communications Fund)	TOTAL	9,177,317.650 shares
Gartmore NVIT Global	FOR	4,123,270.549 shares		91.923%
Utilities Fund	AGAINST	122,001.533 shares		2.720%
(Formerly Gartmore GVIT	ABSTAIN	240,276.088 shares		5.357%
Global Utilities Fund)	TOTAL	4,485,548.170 shares
Nationwide NVIT Government	FOR	88,471,567.462 shares		92.024%
Bond Fund	AGAINST	1,825,645.181 shares		1.899%
(Formerly Gartmore GVIT	ABSTAIN	5,841,990.727 shares		6.077%
Government Bond Fund)	TOTAL	96,139,203.370 shares
Nationwide NVIT Growth Fund	FOR	14,931,435.904 shares		89.942%
(Formerly Gartmore GVIT	AGAINST	409,826.402 shares		2.469%
Growth Fund)	ABSTAIN	1,259,945.064 shares		7.589%
	TOTAL	16,601,207.370 shares

34 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Gartmore NVIT International	FOR	6,251,419.070 shares		93.569%
Growth Fund	AGAINST	139,618.548 shares		2.090%
(Formerly Gartmore GVIT	ABSTAIN	290,025.592 shares		4.341%
International Growth Fund)	TOTAL	6,681,063.210 shares
Nationwide NVIT Investor	FOR	49,489,224.549 shares		90.688%
Destinations Aggressive Fund	AGAINST	1,385,396.474 shares		2.539%
(Formerly Gartmore GVIT	ABSTAIN	3,696,272.337 shares		6.773%
Investor Destinations Aggressive Fund)	TOTAL	54,570,893.360 shares
Nationwide NVIT Investor	FOR	23,091,965.887 shares		89.855%
Destinations Conservative Fund	AGAINST	314,935,884 shares		1.225%
(Formerly Gartmore GVIT	ABSTAIN	2,292,355.179 shares		8.920%
Investor Destinations Conservative Fund)	TOTAL	25,699,256.950 shares
Nationwide NVIT Investor	FOR	188,902,093.059 shares		90.696%
Destinations Moderate Fund	AGAINST	3,018,924.590 shares		1.449%
(Formerly Gartmore GVIT	ABSTAIN	16,359,690.401 shares		7.855%
Investor Destinations Moderate Fund)	TOTAL	208,280,708.050 shares
Nationwide NVIT Investor	FOR	134,792,622.920 shares		91.332%
Destinations Moderately Aggressive Fund	AGAINST	3,489,207.264 shares		2.364%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	9,304,197.656 shares		6.304%
Moderately Aggressive Fund)	TOTAL	147,586,027.840 shares
Nationwide NVIT Investor	FOR	49,627,123.216 shares		91.918%
Destinations Moderately Conservative Fund	AGAINST	856,088.634 shares		1.586%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	3,507,215.650 shares		6.496%
Moderately Conservative Fund)	TOTAL	53,990,427.500 shares
Nationwide NVIT Mid Cap	FOR	10,879,584.971 shares		91.043%
Growth Fund	AGAINST	352,594.958 shares		2.950%
(Formerly Gartmore GVIT Mid	ABSTAIN	717,792.971 shares		6.007%
Cap Growth Fund)	TOTAL	11,949,972.900 shares
Nationwide NVIT Money Market	FOR	221,774,863.241 shares		88.508%
Fund II	AGAINST	12,322,482.494 shares		4.918%
(Formerly Gartmore GVIT Money	ABSTAIN	16,471,740.875 shares		6.574%
Market Fund II)	TOTAL	250,569,086.610 shares
Nationwide NVIT Money Market	FOR	1,578,331,008.328 shares		91.585%
Fund	AGAINST	32,372,133.671 shares		1.878%
(Formerly Gartmore GVIT Money	ABSTAIN	112,652,123.301 shares		6.537%
Market Fund)	TOTAL	1,723,355,265.300 shares
NVIT Nationwide Fund	FOR	125,423,274.735 shares		91.581%
(Formerly Gartmore GVIT	AGAINST	2,767,979.467 shares		2.021%
Nationwide Fund)	ABSTAIN	8,762,255.828 shares		6.398%
	TOTAL	136,953,510.030 shares
NVIT Nationwide Leaders Fund	FOR	2,298,504.956 shares		95.780%
(Formerly Gartmore GVIT	AGAINST	29,630.469 shares		1.235%
Nationwide Leaders Fund)	ABSTAIN	71,637.755 shares		2.985%
	TOTAL	2,399,773.180 shares

 35

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT U.S. Growth	FOR	4,972,094.773 shares		94.359%
Leaders Fund	AGAINST	122,623.161 shares		2.327%
(Formerly Gartmore GVIT U.S.	ABSTAIN	174,625.606 shares		3.314%
Growth Leaders Fund)	TOTAL	5,269,343.540 shares
Gartmore NVIT Worldwide	FOR	2,666,862.487 shares		94.126%
Leaders Fund	AGAINST	47,702.491 shares		1.684%
(Formerly Gartmore GVIT	ABSTAIN	118,719.882 shares		4.190%
Worldwide Leaders Fund)	TOTAL	2,833,284.860 shares
J.P. Morgan NVIT Balanced Fund	FOR	15,966,867.546 shares		90.900%
(Formerly J.P. Morgan GVIT	AGAINST	259,004.324 shares		1.475%
Balanced Fund)	ABSTAIN	1,339,385.200 shares		7.625%
	TOTAL	17,565,257.070 shares
Van Kampen NVIT Comstock	FOR	27,737,008.009 shares		92.259%
Value Fund	AGAINST	502,564.164 shares		1.672%
(Formerly Van Kampen GVIT	ABSTAIN	1,824,670.107 shares		6.069%
Comstock Value Fund)	TOTAL	30,064,242.280 shares
Van Kampen NVIT Multi Sector	FOR	21,253,297.665 shares		90.281%
Bond Fund	AGAINST	484,100.920 shares		2.056%
(Formerly Van Kampen GVIT	ABSTAIN	1,803,963.645 shares		7.663%
Multi Sector Bond Fund)	TOTAL	23,541,362.230 shares

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth	FOR	10,862,827.499 shares		90.903%
Fund	AGAINST	414,574.660 shares		3.469%
(Formerly Gartmore GVIT Mid	ABSTAIN	672,570.741 shares		5.628%
Cap Growth Fund)	TOTAL	11,949,972.900 shares

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

36 

J.P. Morgan NVIT Balanced Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
7	Statement of Investments
28	Statement of Assets and Liabilities
29	Statement of Operations
30	Statements of Changes in Net Assets
32	Financial Highlights
33	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-JPMB (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
J.P. Morgan NVIT Balanced Fund			1/1/07		06/30/07		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,049.80	$	5.13		1.01%
	Hypothetical	1	$	1,000.00	$	1,019.79	$	5.07		1.01%
Class IV	Actual		$	1,000.00	$	1,049.80	$	5.08		1.00%
	Hypothetical	1	$	1,000.00	$	1,019.84	$	5.02		1.00%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.

¹   Represents the hypothetical 5% return before expenses.

4 

J.P. Morgan NVIT Balanced Fund

Portfolio Summary

June 30, 2007 Long Positions

Asset Allocation
Common Stock	67.0%
Mortgage-Backed Obligations	15.2%
Corporate Bonds	7.1%
Asset-Backed Securities	6.7%
Commercial Paper	6.0%
Cash Equivalents	4.7%
U.S. Government Agency Long-Term Obligations	1.1%
U.S. Government Sponsored & Agency Obligations	0.8%
Sovereign Bonds	0.5%
U.S. Treasury Notes	0.1%
Liabilities in excess of other assets	-9.2%
	100.0%

Top Holdings
AIM Liquid Assets Portfolio, 5.09%, 04/01/42	4.7%
Federal National Mortgage Association TBA, 6.00%, 06/01/22	3.3%
Federal National Mortgage Association TBA, 7.00%, 04/01/37	1.8%
Exxon Mobil Corp., 0.35%	1.6%
Federal National Mortgage Association TBA, 5.00%, 08/01/33	1.3%
Federal National Mortgage Association TBA, 5.50%, 07/15/37	1.1%
Bank of America Corp.	1.0%
AT&T, Inc.	1.0%
General Electric Co.	1.0%
Microsoft Corp.	0.9%
Other	82.3%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	5.9%
Money Market Funds	4.7%
Diversified Financial Services	4.6%
Pharmaceuticals	4.4%
Commercial Banks	4.1%
Other Financial	3.1%
Insurance	3.0%
Diversified Telecommunication Services	2.2%
Computers & Peripherals	2.2%
Software	1.9%
Other	63.9%
	100.0%

Top Countries
United States	54.3%
United Kingdom	3.2%
Japan	3.0%
France	1.8%
Germany	1.4%
Switzerland	0.8%
Australia	0.6%
Spain	0.6%
Netherlands	0.5%
Hong Kong	0.4%
Other	33.4%
	100.0%

 5

J.P. Morgan NVIT Balanced Fund

Portfolio Summary

June 30, 2007 Short Positions

Asset Allocation
Mortgage-Backed Obligations	1.4%
Common Stocks	0.0%
	1.4%

Top Holdings
Federal National Mortgage Association TBA, 6.50%, 07/15/37	1.0%
Federal National Mortgage Association TBA, 7.00%, 07/01/36	0.3%
Federal National Mortgage Association TBA, 6.50%, 08/01/30	0.1%
Federal National Mortgage Association TBA, 5.50%, 08/01/19	0.0%
Discovery Financial Services	0.0%
	1.4%

6 

Statement of Investments

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund

Common Stocks - Long Positions (67.0%)
	Shares or
	Principal Amount		Value
AUSTRALIA (0.6%) (a)
Capital Markets (0.2%)
Macquarie Bank Ltd.		3,963	$	284,576
Commercial Services & Supplies (0.0%)
Brambles Ltd.*		3,062		31,560
Food & Staples Retailing (0.1%)
Woolworths Ltd.		8,197		187,281
Industrial Conglomerate (0.1%)
Wesfarmers Ltd.		3,538		136,960
Manufacturing (0.0%)
Palfinger AG		1,056		58,254
Metals & Mining (0.0%)
International Ferro Metals Ltd.*		28,312		68,474
Multi-Utility (0.1%)
AGL Energy Ltd.		14,121		181,408
Transportation Infrastructure (0.1%)
Macquarie Infrastructure Group		82,258		250,491
				1,199,004
AUSTRIA (0.2%) (a)
Diversified Telecommunication Services (0.1%)
Telekom Austria AG		7,166		178,434
Machinery (0.1%)
Andritz AG		1,496		98,511
				276,945
BELGIUM (0.3%) (a)
Chemicals (0.1%)
Solvay SA		1,044		164,323
Diversified Financial Services (0.2%)
Fortis		5,945		251,944
Fortis NV		1,613		68,423
				320,367
Health Care Equipment & Supplies (0.0%)
Omega Pharma SA		307		26,574
				511,264
BERMUDA (0.4%)
Consumer Goods (0.0%)
Helen of Troy Ltd.*		300		8,100
Insurance (0.1%)
Aspen Insurance Holdings Ltd. BR		900		25,263
Axis Capital Holdings Limited		1,100		44,715
Platinum Underwriters Holdings Ltd.		700		24,325
Renaissancere Holdings Ltd.		200		12,398
				106,701
IT Services (0.1%)
Accenture Ltd.		6,750		289,507
Machinery (0.2%)
Ingersoll Rand Co. Ltd., Class A ADR		5,500		301,510
Wireless Telecommunication Services (0.0%)
Intelsat Bermuda Ltd.		10,000		10,625
				716,443
BRAZIL (0.0%) (a)
Airline (0.0%)
Air Berlin PLC*		2,808		59,655
CANADA (0.0%)
Pharmaceutical (0.0%)
Cardiome Pharma Corp.*		825		7,598
CAYMAN ISLANDS (0.2%)
Insurance (0.1%)
ACE Ltd. ADR		3,420		213,818
Wireless Telecommunication Services (0.1%) (a)
Hutchison Telecommunications International Ltd.		70,638		90,985
				304,803
FINLAND (0.1%) (a)
Communications Equipment (0.0%)
Nokia OYJ		3,068		86,156
Construction & Engineering (0.1%)
YIT OYJ		3,801		119,277
Industrial Conglomerate (0.0%)
Ruukki Group OYJ		14,149		49,206
				254,639
FRANCE (1.7%)
Automobiles (0.2%) (a)
Renault SA		1,814		290,914
Building Products (0.1%) (a)
Compagnie de Saint-Gobain		1,245		139,453

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
FRANCE (continued)
Chemicals (0.2%)
Arkema* (a)		2,916	$	190,598
Rhodia SA (Euronext)*		3,031		137,823
				328,421
Commercial Banks (0.3%) (a)
BNP Paribas		3,334		395,982
Credit Agricole SA		1,362		55,261
Societe Generale		676		125,235
				576,478
Communications Equipment (0.0%) (a)
Alcatel-Lucent		3,506		49,035
Construction Materials (0.1%) (a)
Lafarge SA		750		136,675
Electrical Equipment (0.1%) (a)
Schneider Electric SA		1,122		157,185
Food Products (0.0%) (a)
Groupe Danone		944		76,235
Insurance (0.1%) (a)
Axa		6,257		268,932
Media (0.2%) (a)
Seloger.com*		1,527		84,770
Vivendi Universal SA		4,710		202,592
				287,362
Multi-Utility (0.1%) (a)
Suez SA		4,317		246,769
Multiline Retail (0.0%) (a)
PPR SA		111		19,360
Oil, Gas & Consumable Fuels (0.2%) (a)
Total SA		5,341		432,992
Pharmaceutical (0.0%) (a)
Sanofi-Aventis		232		18,741
Wireless Telecommunication Services (0.1%) (a)
Bouygues SA		2,608		218,488
				3,247,040
GERMANY (1.4%) (a)
Auto Components (0.1%)
Continental AG		890		125,066
Automobiles (0.2%)
Daimler Chrysler AG		654		60,197
Porsche AG		68		121,353
Volkswagen AG, Preferred Shares		2,251		232,399
				413,949
Capital Markets (0.1%)
Deutsche Bank AG		2,136		309,105
Chemicals (0.2%)
Bayer AG		1,985		149,507
Lanxess		3,318		185,483
				334,990
Electric Utility (0.2%)
E. On AG		2,000		333,889
Industrial Conglomerate (0.1%)
Siemens AG		1,312		187,860
Insurance (0.2%)
Allianz AG		1,349		314,549
Muenchener Rueckversicherungs AG		1,153		211,427
				525,976
Life Sciences Tools & Services (0.0%)
MorphoSys AG*		335		21,825
Media (0.0%)
ProsiebenSAT.1 Media AG		566		22,223
Metals & Mining (0.1%)
Thyssenkrupp AG		3,143		185,992
Pharmaceutical (0.1%)
Merck KGAA		1,004		137,352
Software (0.1%)
SAP AG		2,339		119,574
				2,717,801
GREECE (0.2%) (a)
Commercial Bank (0.0%)
National Bank of Greece SA		1,257		71,565
Hotels, Restaurants & Leisure (0.1%)
OPAP SA		2,427		85,745

8 

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
GREECE (continued)
Metals & Mining (0.1%)
Corinth Pipeworks SA*		5,402	$	45,278
Sidenor Steel Production & Manufacturing Co.		7,205		152,999
				198,277
				355,587
HONG KONG (0.4%) (a)
Industrial Conglomerate (0.1%)
Hutchison Whampoa Ltd.		17,397		172,708
Real Estate Management & Development (0.2%)
Cheung Kong Holdings Ltd.		16,000		209,665
Swire Pacific Ltd.		17,000		189,226
				398,891
Specialty Retail (0.1%)
Esprit Holdings Ltd.		12,035		152,916
				724,515
IRELAND (0.1%) (a)
Construction Materials (0.1%)
CRH PLC		4,040		199,632
Food Products (0.0%)
GreenCore Group PLC		6,325		47,869
				247,501
ITALY (0.3%) (a)
Commercial Banks (0.2%)
Banco Popolare di Verona e Novara Scrl		2,310		66,411
UniCredito Italiano SPA		39,402		351,885
				418,296
Oil, Gas & Consumable Fuels (0.1%)
Eni SPA		4,240		153,715
				572,011
JAPAN (3.0%) (a)
Automobiles (0.2%)
Toyota Motor Corp.		6,400		403,674
Building Products (0.1%)
Daikin Industries Ltd.		3,400		123,853
Chemicals (0.3%)
Dainippon Ink & Chemical, Inc.		20,000		77,179
Kaneka Corp.		9,000		75,383
Mitsubishi Chemical Holdings Corp.		22,500		206,573
Showa Denko KK		1,000		3,617
UBE Industries Ltd.		53,000		163,174
				525,926
Commercial Banks (0.2%)
Mitsubishi UFJ Financial Group, Inc.		32		352,705
Sumitomo Mitsui Financial Group, Inc.		13		121,206
				473,911
Commercial Services & Supplies (0.0%)
Toppan Printing Co. Ltd.		3,000		32,241
Computers & Peripherals (0.1%)
Hitachi Information Systems Ltd.		5,400		120,523
Consumer Finance (0.1%)
ORIX Corp.		630		166,080
Diversified Consumer Services (0.0%)
Benesse Corp.		2,200		63,745
Electric Utilities (0.2%)
Kansai Electric Power Co., Inc.		3,800		89,881
Tokyo Electric Power Co., Inc.		7,200		231,630
				321,511
Electrical Equipment (0.1%)
Mitsubishi Electric Corp.		20,000		185,292
Electronic Equipment & Instruments (0.2%)
Kyocera Corp.		2,000		212,500
Taiyo Yuden Co. Ltd.		2,000		46,269
TDK Corp.		1,000		96,795
Yokogawa Electric Corp.		6,300		84,462
				440,026
Food Products (0.1%)
Ajinomoto Co., Inc.		7,000		80,638
Yakult Honsha Co. Ltd.		3,700		93,570
				174,208
Gas Utility (0.1%)
Tokyo Gas Co. Ltd.		36,000		170,727
Health Care Providers & Services (0.0%)
Suzuken Co. Ltd.		2,300		71,855
Household Durables (0.1%)
Matsushita Electric Industrial Co. Ltd.		10,000		198,196

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Household Products (0.0%)
Uni-Charm Corp.		700	$	39,690
IT Services (0.0%)
CSK Corp.		1,500		52,830
Leisure Equipment & Products (0.1%)
Fuji Photo Film Co. Ltd.		2,000		89,402
Machinery (0.1%)
Amada Co. Ltd.		10,000		125,078
Metals & Mining (0.0%)
Mitsubishi Materials Corp.		7,000		38,168
Office Electronics (0.1%)
Ricoh Co. Ltd.		6,000		138,835
Oil, Gas & Consumable Fuels (0.0%)
Nippon Metals & Mining Holdings, Inc.		8,500		81,327
Personal Products (0.1%)
Aderans Co. Ltd.		1,200		25,271
Shiseido Co. Ltd.		10,000		213,490
				238,761
Pharmaceutical (0.1%)
Daiichi Sankyo Co. Ltd.		5,700		151,254
Semiconductors & Semiconductor Equipment (0.1%)
Elpida Memory, Inc.*		2,200		96,620
Tokyo Electron Ltd.		900		66,220
				162,840
Specialty Retail (0.1%)
Nitori Co. Ltd.		2,800		139,800
Tobacco (0.1%)
Japan Tobacco, Inc.		45		221,843
Trading Companies & Distributors (0.3%)
Itochu Corp.		17,000		196,874
Marubenii Corp.		24,000		197,450
Mitsui & Co. Ltd.		11,000		219,554
				613,878
Wireless Telecommunication Services (0.1%)
Softbank Corp.		7,600		163,796
				5,729,270
NETHERLANDS (0.5%) (a)
Air Freight & Logistics (0.2%)
TNT NV		6,832		308,444
Commercial Bank (0.1%)
ABN AMRO Holding NV		3,320		152,213
Commercial Services & Supplies (0.0%)
Usg People N.V.		722		33,872
Diversified Telecommunication Services (0.1%)
Koninklijke KPN NV		15,622		259,153
Insurance (0.0%)
Aegon NV		2,515		49,495
Metals & Mining (0.1%)
Mittal Steel Co. NV		2,991		186,924
				990,101
NETHERLANDS ANTILLES (0.3%)
Energy Equipment & Services (0.3%)
Schlumberger Ltd. ADR		7,400		628,556
NORWAY (0.2%) (a)
Industrial Conglomerate (0.2%)
Orkla ASA		16,380		308,977
PANAMA (0.1%)
Airline (0.0%)
Copa Holdings SA		950		63,878
Hotels, Restaurants & Leisure (0.1%)
Carnival Corp. ADR		3,700		180,449
				244,327
PORTUGAL (0.0%) (a)
Commercial Bank (0.0%)
Banco Comercial Portugues SA		8,307		46,419
PUERTO RICO (0.0%)
Commercial Bank (0.0%)
W Holding Co., Inc.		1,100		2,904
REPUBLIC OF KOREA (0.1%)
Bank (0.1%)
Woori Bank		135,000		128,999
SINGAPORE (0.1%) (a)
Diversified Telecommunication Services (0.0%)
Singapore Telecommunications Ltd.		23,900		53,166
Electronic Equipment & Instruments (0.1%)
Venture Corp. Ltd.		11,000		112,790
				165,956

10 

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
SPAIN (0.6%) (a)
Commercial Banks (0.3%)
Banco Bilbao Vizcaya Argentaria SA		17,202	$	420,628
Banco Santander Central Hispano SA		5,783		106,291
				526,919
Construction & Engineering (0.1%)
ACS, Actividades de Construccion y Servicios SA		1,769		112,458
Diversified Telecommunication Services (0.2%)
Telefonica SA		20,291		451,508
Metals & Mining (0.0%)
Tubacex, SA		6,454		54,182
				1,145,067
SWEDEN (0.1%) (a)
Commercial Bank (0.0%)
Svenska Handelsbanked AB, A Shares		834		23,329
Communications Equipment (0.1%)
Telefonaktiebolaget LM Ericsson, B Shares		35,895		143,227
				166,556
SWITZERLAND (0.8%) (a)
Capital Markets (0.2%)
Credit Suisse Group		4,142		294,117
UBS AG		2,453		146,736
				440,853
Construction Materials (0.0%)
Holcim Ltd.		746		80,586
Electrical Equipment (0.1%)
ABB Ltd.		3,874		87,372
Food Products (0.0%)
Nestle SA		112		42,567
Insurance (0.1%)
Swiss Reinsurance		1,867		170,313
Zurich Financial Services AG		243		75,137
				245,450
Pharmaceuticals (0.3%)
Novartis AG		932		52,336
Roche Holding AG		2,400		425,352
				477,688
Textiles, Apparel & Luxury Goods (0.1%)
Compagnie Finaciere Richemont AG		3,040		181,749
				1,556,265
UNITED KINGDOM (2.9%) (a)
Airline (0.1%)
British Airways PLC*		19,556		163,547
Capital Markets (0.1%)
Man Group PLC		8,286		100,780
Commercial Banks (0.8%)
Barclays PLC		30,019		417,610
HBOS PLC		10,197		200,548
HSBC Holdings PLC		28,150		515,388
Royal Bank of Scotland Group PLC		32,550		411,830
				1,545,376
Commercial Services & Supplies (0.1%)
Management Consulting Group PLC		53,986		52,903
Michael Page International PLC		6,777		71,192
				124,095
Electric Utility (0.0%)
Scottish & Southern Energy PLC		1,206		34,964
Food & Staples Retailing (0.1%)
Tesco PLC		32,944		275,605
Hotels, Restaurants & Leisure (0.1%)
First Choice Holidays PLC		9,577		60,823
Intercontinental Hotels Group PLC		5,476		136,014
				196,837
Household Durables (0.1%)
Taylor Woodrow PLC		21,236		152,866
Household Products (0.1%)
Reckitt Benckiser PLC		5,821		318,642
Insurance (0.1%)
Aviva PLC		9,015		133,812
Media (0.0%)
Taylor Nelson Sofres PLC		7,966		37,650
Metals & Mining (0.1%)
BHP Billiton PLC		5,862		162,823
Vedanta Resources PLC		641		20,660
				183,483

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED KINGDOM (continued)
Multi-Utility (0.1%)
National Grid PLC		11,937	$	176,116
Multiline Retail (0.1%)
Next PLC		3,620		145,318
Oil, Gas & Consumable Fuels (0.5%)
BG Group PLC		2,971		48,697
BP PLC		50,391		606,260
Royal Dutch Shell PLC		866		36,097
Royal Dutch Shell PLC		7,078		288,123
				979,177
Pharmaceuticals (0.3%)
AstraZeneca PLC		4,991		267,445
GlaxoSmithKline PLC		13,553		353,020
				620,465
Tobacco (0.1%)
Imperial Tobacco Group PLC		2,100		96,813
Trading Companies & Distributors (0.1%)
Ashtead Group PLC		11,906		36,138
Wolseley PLC		11,418		274,001
				310,139
Wireless Telecommunication Services (0.0%)
Vodafone Group PLC		13,971		46,810
				5,642,495
UNITED STATES (52.4%)
Aerospace & Defense (1.6%)
Boeing Co. (The)		3,400		326,944
General Dynamics Corp.		4,090		319,920
Honeywell International, Inc.		6,100		343,308
Lockheed Martin Corp.		3,705		348,752
Northrop Grumman Corp.		7,000		545,090
Orbital Sciences Corp.*		3,700		77,737
Raytheon Co.		6,260		337,351
United Technologies Corp.		10,600		751,858
				3,050,960
Air Freight & Logistics (0.1%)
EGL, Inc.*		400		18,592
Pacer International, Inc.		4,200		98,784
				117,376
Airlines (0.2%)
AMR Corp.*		2,600		68,510
Continental Airlines, Class B*		5,285		179,003
UAL Corp.*		2,170		88,080
				335,593
Auto Components (0.6%)
Aftermarket Technology Corp.*		2,500		74,200
ArvinMeritor, Inc.		1,725		38,295
B.F. Goodrich Co. (The)		5,300		315,668
Johnson Controls, Inc.		7,000		810,390
				1,238,553
Automobiles (0.1%)
Midas, Inc.*		3,900		88,413
Monaco Coach Corp.		3,000		43,050
				131,463
Bank (0.1%) (b)
BNP Paribas		100,000		101,134
Beverages (0.3%)
Coca-Cola Co.		11,300		591,103
Biotechnology (0.5%)
Alkermes, Inc.*		825		12,045
Amgen, Inc.*		9,600		530,784
Celgene Corp.*		1,200		68,796
Cephalon, Inc.*		100		8,039
Exelixis, Inc.*		3,000		36,300
Genentech, Inc.*		900		68,094
Gilead Sciences, Inc.*		3,100		120,187
Human Genome Sciences, Inc.*		800		7,136
Mannkind Corp.*		700		8,631
Martek Biosciences Corp.*		175		4,545
Medivation, Inc.*		300		6,129
Nektar Therapeutics*		1,550		14,710
PerkinElmer, Inc.		2,925		76,225
Telik, Inc.*		300		1,014
Theravance, Inc.*		400		12,800
United Therapeutics Corp.*		350		22,316
Vertex Pharmaceuticals, Inc.*		100		2,856
				1,000,607
Capital Markets (0.6%)
Affiliated Managers Group, Inc.*		600		77,256
Bank of New York Co., Inc.		2,200		91,168
Bear Stearns Cos., Inc. (The)		2,310		323,400
E*TRADE Financial Corp.*		1,000		22,090
Federated Investors, Inc., Class B		1,600		61,328
Lehman Brothers Holding, Inc.		5,280		393,466
TD Ameritrade Holding Corp.*		8,900		178,000
				1,146,708
Chemicals (0.9%)
Air Products & Chemicals, Inc.		2,600		208,962
C.F. Industries Holdings, Inc.		700		41,923

12 

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Chemicals (continued)
Dow Chemical Co. (The)		2,600	$	114,972
Innospec, Inc.		800		47,368
Praxair, Inc.		8,000		575,920
Rohm & Haas Co.		9,400		513,992
Spartech Corp.		2,800		74,340
Terra Industries, Inc.*		4,300		109,306
				1,686,783
Commercial Banks (2.2%)
1st Source Corp.		220		5,482
BancFirst Corp.		2,525		108,121
City Holding Co.		800		30,664
Comerica, Inc.		2,300		136,781
Commerce Bancshares, Inc.		315		14,270
FNB Corp.		1,400		50,260
Great Southern Bancorp, Inc.		2,400		64,920
Horizon Financial Corp.		975		21,245
Lakeland Financial Corp.		200		4,254
PNC Bank Corp.		4,575		327,478
Simmons First National Corp., Class A		2,725		75,183
Suffolk Bancorp		1,525		48,678
SunTrust Banks, Inc.		4,000		342,960
Taylor Capital Group, Inc.		1,000		27,530
TCF Financial Corp.		11,250		312,750
U.S. Bancorp		16,600		546,970
Wachovia Corp.		20,297		1,040,221
Wells Fargo & Co.		29,500		1,037,515
				4,195,282
Commercial Services & Supplies (0.3%)
Administaff, Inc.		1,500		50,235
CompX International, Inc.		925		17,113
Diamond Management & Technology Consultants, Inc.		6,100		80,520
Donnelley (R.R.) & Sons Co.		2,200		95,722
M & F Worldwide Corp.*		2,125		141,482
Manpower, Inc.		1,050		96,852
Standard Parking Corp.*		200		7,026
Standard Register Co.		6,400		72,960
Steelcase, Inc.		300		5,550
				567,460
Communications Equipment (1.6%)
Adtran, Inc.		800		20,776
Avocent Corp.*		800		23,208
Black Box Corp.		1,725		71,381
Cisco Systems, Inc.*		55,680		1,550,688
CommScope, Inc.*		600		35,010
Corning, Inc.*		23,500		600,425
Inter-Tel, Inc.		2,900		69,397
InterDigital Communications Corp.*		1,525		49,059
Juniper Networks, Inc.*		3,500		88,095
Motorola, Inc.		1,300		23,010
QUALCOMM, Inc.		11,000		477,290
Tellabs, Inc.*		5,000		53,800
				3,062,139
Computers & Peripherals (2.1%)
Apple, Inc.*		3,700		451,548
Brocade Communications Systems, Inc.*		9,580		74,916
Dell, Inc.*		300		8,565
EMC Corp.*		2,500		45,250
Emulex Corp.*		5,375		117,390
Hewlett-Packard Co.		29,125		1,299,557
Imation Corp.		2,025		74,642
International Business Machines Corp.		16,440		1,730,310
NCR Corp.*		1,300		68,302
Sun Microsystems, Inc.*		23,100		121,506
				3,991,986
Construction & Engineering (0.0%)
Emcor Group, Inc.*		1,125		82,013
Construction Materials (0.0%)
Headwaters, Inc.*		200		3,454
Consumer Finance (0.4%)
American Express Co.		2,300		140,714
AmeriCredit Corp.*		4,250		112,837
Capital One Financial Corp.		5,200		407,888
Credit Acceptance Corp*		249		6,681
Dollar Financial Corp.*		1,364		38,874
World Acceptance Corp.*		600		25,638
				732,632
Consumer Goods (0.1%)
Jarden Corp.*		2,000		86,020
Tempur-Pedic International, Inc.		3,100		80,290
				166,310
Containers & Packaging (0.1%)
Graphic Packaging Corp.*		10,875		52,635
Smurfit-Stone Container Corp.*		4,650		61,892
				114,527

 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Distributor (0.1%)
ProLogis Trust		3,110	$	176,959
Diversified Consumer Services (0.1%)
Coinstar, Inc.*		2,300		72,404
Sotheby’s Holdings, Inc.		1,850		85,137
				157,541
Diversified Financial Services (4.1%)
Bank of America Corp.		41,000		2,004,490
Chicago Mercantile Exchange Holdings, Inc.		100		53,436
CIT Group, Inc.		8,300		455,089
Citigroup, Inc.		33,900		1,738,731
Franklin Resources, Inc.		5,900		781,573
Goldman Sachs Group, Inc.		2,410		522,367
IntercontinentalExchange, Inc.*		500		73,925
Merrill Lynch & Co., Inc.		5,070		423,751
Morgan Stanley		16,190		1,358,017
Morgan Stanley-W/ I*		1,500		104,265
State Street Corp.		5,000		342,000
Thornburg Mortgage, Inc.		3,150		82,467
				7,940,111
Diversified Telecommunication Services (1.8%)
AT&T, Inc.		46,510		1,930,165
CenturyTel, Inc.		1,780		87,309
Citizens Communications Co.		1,900		29,013
Embarq Corp.		1,647		104,370
Qwest Communications International, Inc.*		20,700		200,790
Verizon Communications, Inc.		26,600		1,095,122
				3,446,769
Electric Utilities (1.4%)
American Electric Power Co., Inc.		5,700		256,728
Edison International		18,700		1,049,444
El Paso Electric Co.*		1,000		24,560
FirstEnergy Corp.		9,790		633,707
FPL Group, Inc.		4,000		226,960
Gilead Sciences, Inc.		7,400		209,864
Mirant Corp.*		1,950		83,167
Pinnacle West Capital Corp.		100		3,985
Sierra Pacific Resources*		12,900		226,524
Westar Energy, Inc.		700		16,996
				2,731,935
Electrical Equipment (0.1%)
Acuity Brands, Inc.		1,400		84,392
General Cable Corp.*		1,510		114,383
Rockwell International Corp.		800		55,552
				254,327
Electronic Equipment & Instruments (0.2%)
Avnet, Inc.*		2,200		87,208
Coherent, Inc.*		2,925		89,242
Methode Electronics		7,300		114,245
Mettler Toledo International, Inc.*		300		28,653
MTS Systems Corp.		2,825		126,193
Sanmina Corp.*		9,700		30,361
Tech Data Corp.*		100		3,846
				479,748
Energy Equipment & Services (0.5%)
Baker Hughes, Inc.		4,300		361,759
BJ Services Co.		2,300		65,412
Grey Wolf, Inc.*		2,100		17,304
Halliburton Co.		4,600		158,700
Input/ Output, Inc.*		5,100		79,611
National-OilWell, Inc.*		850		88,604
Tidewater, Inc.		1,300		92,144
Todco*		825		38,948
				902,482
Entertainment (0.6%)
Walt Disney Co. (The)		32,910		1,123,547
Food & Staples Retailing (0.8%)
CVS/ Caremark Corp.		2,900		105,705
Kroger Co.		12,060		339,248
Nasch-Finch Co.		1,500		74,250
Safeway, Inc.		7,660		260,670
SUPERVALU, Inc.		7,300		338,136
SYSCO Corp.		7,100		234,229
Wal-Mart Stores, Inc.		3,000		144,330
				1,496,568
Food Products (0.5%)
General Mills, Inc.		2,950		172,339
Kellogg Co.		2,300		119,117
Kraft Foods, Inc.		18,500		652,125
Wrigley (Wm.) Jr. Co., Class A		2,100		116,151
				1,059,732
Gas Utilities (0.1%)
Energen Corp.		1,680		92,299
NICOR, Inc.		2,725		116,957
				209,256

14 

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Health Care Equipment & Supplies (0.4%)
Advanced Medical Optics, Inc.*		700	$	24,416
Baxter International, Inc.		2,200		123,948
Datascope Corp.		825		31,581
Hologic, Inc.*		400		22,124
Invacare Corp.		3,400		62,322
Medtronic, Inc.		2,500		129,650
Mentor Corp.		3,225		131,193
Thoratec Corp.*		1,000		18,390
Zimmer Holdings, Inc.*		3,600		305,604
				849,228
Health Care Providers & Services (1.7%)
Aetna, Inc.		15,540		767,676
Apria Healthcare Group, Inc.*		1,600		46,032
CIGNA Corp.		5,460		285,121
Healthways, Inc.*		300		14,211
Humana, Inc.*		1,360		82,838
Laboratory Corp. of America Holdings*		1,010		79,043
Landauer, Inc.		1,400		68,950
LCA-VISION, Inc.		1,800		85,068
Magellan Health Services, Inc.*		1,525		70,867
McKesson Corp.		6,640		396,009
Medcath Corp.*		1,400		44,520
Medco Health Solutions, Inc.*		3,300		257,367
Sunrise Senior Living, Inc.*		400		15,996
UnitedHealth Group, Inc.		1,500		76,710
WellPoint, Inc.*		13,180		1,052,159
				3,342,567
Health Care Technology (0.1%)
TriZetto Group, Inc. (The)*		4,075		78,892
Wellcare Health Plans, Inc.*		930		84,174
				163,066
Hotels, Restaurants & Leisure (0.6%)
AFC Enterprises, Inc.*		3,300		57,057
Domino’s Pizza, Inc.		2,600		47,502
International Game Technology		1,300		51,610
McDonald’s Corp.		12,020		610,135
Monarch Casino & Resort, Inc.*		2,000		53,700
Papa John’s International, Inc.*		1,400		40,264
Starwood Hotels & Resorts Worldwide, Inc.		3,700		248,159
Wyndham Worldwide Corp.*		2,100		76,146
				1,184,573
Household Durables (0.2%)
American Greetings Corp., Class A		2,925		82,865
Beazer Homes U.S.A., Inc.		500		12,335
Blyth Industries, Inc.		600		15,948
Centex Corp.		2,000		80,200
CSS Industries, Inc.		200		7,922
D. R. Horton, Inc.		1,000		19,930
Lennar Corp., Class A		1,300		47,528
Toll Brothers, Inc.*		4,400		109,912
				376,640
Household Products (1.1%)
Colgate-Palmolive Co.		2,200		142,670
Energizer Holdings, Inc.*		980		97,608
Kimberly-Clark Corp.		4,965		332,109
Procter & Gamble Co. (The)		24,700		1,511,393
				2,083,780
Independent Power Producers & Energy Traders (0.0%)
Dynegy, Inc.*		1,632		15,406
Industrial Conglomerates (1.2%)
3M Co.		2,400		208,296
General Electric Co.		48,500		1,856,580
Teleflex, Inc.		1,625		132,892
Textron, Inc.		500		55,055
				2,252,823
Insurance (2.1%)
AFLAC, Inc.		4,300		221,020
Allstate Corp.		4,640		285,406
AMBAC Financial Group, Inc.		6,100		531,859
American Financial Group, Inc.		2,370		80,935
American International Group, Inc.		3,400		238,102
Argonaut Group, Inc.		700		21,847
Assurant, Inc.		1,400		82,488
Chubb Corp. (The)		7,580		410,381
Conseco, Inc.*		1,750		36,558
Genworth Financial, Inc.		18,200		626,080
Great American Financial Resources, Inc.		2,950		71,361
Hartford Financial Services Group, Inc. (The)		1,800		177,318
LandAmerica Financial Group, Inc.		400		38,596
Loews Corp.		3,500		178,430
MBIA, Inc.		5,900		367,098
MetLife, Inc.		3,000		193,440
Navigators Group, Inc. (The)*		500		26,950
Odyssey Re Holdings Corp.		400		17,156
ProAssurance Corp.*		400		22,268

 15

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Insurance (continued)
Protective Life Corp.		2,600	$	124,306
Travelers Cos., Inc. (The)		6,670		356,845
				4,108,444
Internet & Catalog Retail (0.0%)
Priceline.com, Inc.*		500		34,370
Internet Software & Services (0.8%)
Asiainfo Holdings, Inc.*		700		6,790
CMGI, Inc.*		3,800		7,410
eBay, Inc.*		9,700		312,146
Google, Inc., Class A*		1,600		837,408
Infospace, Inc.		200		4,642
SonicWALL, Inc.*		3,250		27,917
ValueClick, Inc.*		1,900		55,974
Yahoo!, Inc.*		12,700		344,551
				1,596,838
IT Services (0.3%)
Acxiom Corp.		400		10,580
Affiliated Computer Services, Inc., Class A*		1,400		79,408
Authorize.Net Holdings, Inc.*		700		12,523
BISYS Group, Inc. (The)*		1,000		11,830
Computer Sciences Corp.*		1,300		76,895
Convergys Corp.*		2,270		55,025
CSG Systems International, Inc.*		400		10,604
Electronic Data Systems Corp.		3,040		84,299
Paychex, Inc.		2,500		97,800
Unisys Corp.*		5,175		47,299
				486,263
Leisure Equipment & Products (0.3%)
Hasbro, Inc.		5,040		158,307
Marvel Entertainment, Inc.*		7,300		186,004
Mattel, Inc.		3,470		87,756
Sturm Ruger & Co., Inc.*		3,900		60,528
				492,595
Life Sciences Tools & Services (0.0%)
Advanced Magnetics, Inc.*		100		5,816
Illumina, Inc.*		525		21,310
				27,126
Machinery (1.3%)
AGCO Corp.*		400		17,364
Caterpillar, Inc.		8,950		700,785
Cummins, Inc.		1,170		118,416
Danaher Corp.		3,100		234,050
Dover Corp.		5,700		291,555
Eaton Corp.		3,400		316,200
Freightcar America, Inc.		600		28,704
Illinois Tool Works, Inc.		2,100		113,799
Manitowoc Co.		1,390		111,728
Nordson Corp.		1,225		61,446
PACCAR, Inc.		3,800		330,752
Parker Hannifin Corp.		1,000		97,910
Terex Corp.*		1,190		96,747
Wabtec Corp.		1,700		62,101
				2,581,557
Media (1.0%)
CBS Corp., Class B		5,100		169,932
Charter Communications, Inc.*		3,400		13,770
Citadel Broadcasting Co.		898		5,792
Comcast Corp., Class A*		10,450		293,854
Cumulus Media, Inc.*		1,400		13,090
DIRECTV Group, Inc.*		3,300		76,263
E.W. Scripps Co., Class A		900		41,121
EchoStar Communications Corp., Class A*		1,700		73,729
Entercom Communications Corp.		1,600		39,824
Liberty Media Holding Corp. - Capital, Series A*		750		88,260
McGraw-Hill Cos., Inc. (The)		4,895		333,252
News Corp.		23,700		502,677
Omnicom Group, Inc.		2,160		114,307
Sinclair Broadcast Group, Inc.		6,575		93,496
Viacom, Inc., Class B*		400		16,652
				1,876,019
Metals & Mining (1.0%)
Alcoa, Inc.		8,300		336,399
Chaparral Steel		900		64,683
Cleveland Cliffs, Inc.		600		46,602
Freeport-McMoRan Copper & Gold, Inc., Class B		3,768		312,066
Nucor Corp.		4,840		283,866
Quanex Corp.		950		46,265
Southern Copper Corp.		3,760		354,417
Steel Dynamics, Inc.		2,490		104,356
U.S. Steel Corp.		4,140		450,225
				1,998,879
Multi-Utilities (0.5%)
CenterPoint Energy, Inc.		4,660		81,084
CMS Energy Corp.		11,000		189,200
Detroit Edison Co.		200		9,644
Dominion Resources, Inc.		1,000		86,310

16 

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Multi-Utilities (continued)
Northwestern Corp.		1,725	$	54,872
PG&E Corp.		2,900		131,370
Scana Corp.		1,600		61,264
Sempra Energy		1,355		80,257
Xcel Energy, Inc.		9,400		192,418
				886,419
Multiline Retail (1.2%)
Big Lots, Inc.*		6,250		183,875
Family Dollar Stores, Inc.		2,400		82,368
J.C. Penney Co., Inc.		8,760		634,049
Kohl’s Corp.*		7,900		561,137
Macy’s, Inc.		6,310		251,012
Saks, Inc.		5,000		106,750
Target Corp.		7,700		489,720
				2,308,911
Office Electronics (0.1%)
Xerox Corp.*		12,010		221,945
Oil, Gas & Consumable Fuels (4.7%)
ChevronTexaco Corp.		15,330		1,291,399
Citic Resources Finance (c)		200,000		193,000
ConocoPhillips		11,900		934,150
Devon Energy Corp.		2,600		203,554
EOG Resources, Inc.		3,000		219,180
Exxon Mobil Corp.		38,180		3,202,539
Forest Oil Corp.*		1,050		44,373
Frontier Oil Corp.		1,300		56,901
Global Industries Ltd.*		2,925		78,449
Harvest Natural Resources, Inc.*		600		7,146
Hess Corp.		4,400		259,424
Holly Corp.		1,520		112,769
Marathon Oil Corp.		5,990		359,160
Mariner Energy, Inc.*		809		19,618
Meridian Resource Corp. (The)*		6,200		18,724
Occidental Petroleum Corp.		8,800		509,344
Overseas Shipholding Group, Inc.		1,280		104,192
Plains Exploration & Production Co.*		2,525		120,720
Pride International, Inc.*		3,100		116,126
Swift Energy Co.*		600		25,656
Tesoro Petroleum Corp.		1,700		97,155
USEC, Inc.*		1,300		28,574
Valero Energy Corp.		5,390		398,105
Western Refining, Inc.		1,700		98,260
XTO Energy, Inc.		8,300		498,830
				8,997,348
Paper & Forest Products (0.1%)
Buckeye Technologies, Inc.*		1,300		20,111
Domtar Corp.*		17,900		199,764
				219,875
Personal Products (0.1%)
Avon Products, Inc.		1,300		47,775
NBTY, Inc.*		2,380		102,816
Playtex Products, Inc.*		4,975		73,680
				224,271
Pharmaceuticals (3.6%)
Abbott Laboratories		17,700		947,835
Acadia Pharmaceuticals, Inc.*		1,100		15,037
Adams Respiratory Therapeutics, Inc.*		500		19,695
Alexion Pharmaceuticals, Inc.*		450		20,277
Arena Pharmaceuticals, Inc.*		700		7,693
Auxilium Pharmaceuticals, Inc.*		600		9,564
Bristol-Myers Squibb Co.		1,000		31,560
CombinatoRX Inc*		500		3,085
Cubist Pharmaceuticals, Inc.*		825		16,261
Cypress Bioscience, Inc.*		825		10,939
Eli Lilly & Co.		200		11,176
Forest Laboratories, Inc., Class A*		3,960		180,774
Johnson & Johnson		3,800		234,156
Keryx Biopharmaceuticals, Inc.*		800		7,816
King Pharmaceuticals, Inc.*		4,720		96,571
Merck & Co., Inc.		32,935		1,640,163
MGI Pharma, Inc.*		600		13,422
Mylan Laboratories, Inc.		3,720		67,667
Nastech Pharmaceutical Co., Inc.*		925		10,092
Pfizer, Inc.		38,240		977,797
Pozen, Inc.*		800		14,456
Progenics Pharmaceuticals, Inc.*		375		8,089
Regeneron Pharmaceuticals, Inc.*		900		16,128
Savient Pharmaceuticals, Inc.*		1,900		23,598
Schering-Plough Corp.		41,100		1,251,084
Sepracor, Inc.*		4,400		180,488
Viropharma, Inc.*		3,325		45,885
Watson Pharmaceutical, Inc.*		2,100		68,313
Wyeth		17,500		1,003,450
				6,933,071
Real Estate Investment Trusts (REITs) (0.8%)
Annaly Mortgage Management, Inc.		6,400		92,288
Anthracite Capital, Inc.		6,475		75,757
Apartment Investment & Management Co.		1,700		85,714

 17

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Real Estate Investment Trusts (continued)
Boston Properties, Inc.		1,700	$	173,621
Cousins Properties, Inc.		3,525		102,260
Equity Inns, Inc.		3,200		71,680
Equity Lifestyle Properties, Inc.		1,100		57,409
Home Properties of New York, Inc.		400		20,772
Hospitality Properties Trust		6,140		254,749
Host Hotels & Resorts, Inc.		4,100		94,792
iStar Financial, Inc.		1,830		81,124
Mid-America Apartment Communities, Inc.		125		6,560
Pennsylvania Real Estate Investment Trust		500		22,165
Post Properties, Inc.		700		36,491
Ramco-Gershenson Properties Trust		2,775		99,706
Sunstone Hotel Investors, Inc.		4,325		122,787
UDR, Inc.		2,800		73,640
Winston Hotels, Inc.		3,325		49,875
				1,521,390
Real Estate Management & Development (0.1%)
CB Richard Ellis Group, Inc., Class A*		2,270		82,855
Jones Lang Lasalle, Inc.		930		105,555
				188,410
Road & Rail (0.7%)
Arkansas Best Corp.		400		15,588
Burlington Northern Santa Fe Corp.		4,800		408,672
Con-way, Inc.		600		30,144
Norfolk Southern Corp.		12,600		662,382
Union Pacific Corp.		1,550		178,482
				1,295,268
Semiconductors & Semiconductor Equipment (1.3%)
Altera Corp.		14,500		320,885
Amkor Technology, Inc.*		6,100		96,075
Applied Materials, Inc.		14,920		296,460
Asyst Technologies, Inc.*		1,000		7,230
Broadcom Corp.*		8,600		251,550
Cirrus Logic, Inc.*		4,625		38,387
Credence Systems Corp.*		2,100		7,560
Cymer, Inc.*		1,725		69,345
Intel Corp.		4,900		116,424
KLA-Tencor Corp.		500		27,475
Lam Research Corp.*		1,810		93,034
LSI Logic Corp.*		17,225		129,360
Maxim Integrated Products, Inc.		200		6,682
MEMC Electronic Materials, Inc.*		1,410		86,179
Micrel, Inc.		4,625		58,830
OmniVision Technologies, Inc.*		1,850		33,504
On Semiconductor Corp.*		8,750		93,800
Silicon Storage Technology, Inc.*		1,900		7,087
Texas Instruments, Inc.		4,400		165,572
Varian Semiconductor Equipment Associates., Inc.*		1,960		78,518
Xilinx, Inc.		19,300		516,661
Zoran Corp.*		400		8,016
				2,508,634
Software (1.8%)
Aspen Technology, Inc.*		5,950		83,300
BMC Software, Inc.*		6,690		202,707
Cadence Design Systems, Inc.*		4,240		93,110
Compuware Corp.*		8,600		101,996
EPIQ Systems, Inc.*		1,725		27,876
eSPEED, Inc.*		700		6,048
Fair Issac Corp.		200		8,024
Magma Design Automation, Inc.*		900		12,636
McAfee, Inc.*		2,900		102,080
Microsoft Corp.		60,050		1,769,674
MicroStrategy, Inc.*		400		37,796
Oracle Corp.*		36,035		710,250
Pegasystems, Inc.		700		7,651
Sybase, Inc.*		1,650		39,419
Symantec Corp.*		6,950		140,390
Synopsys, Inc.*		6,015		158,976
				3,501,933
Specialty Retail (1.1%)
Abercrombie & Fitch Co.		2,400		175,152
Advance Auto Parts, Inc.		1,500		60,795
American Eagle Outfitters Ltd.		3,330		85,448
AutoZone, Inc.*		650		88,803
Barnes & Noble, Inc.		2,125		81,749
Best Buy Co., Inc.		1,000		46,670
Blockbuster, Inc.*		2,100		9,051
Books-A-Million, Inc.		900		15,246
Carmax, Inc.*		6,600		168,300
Coach, Inc.*		5,300		251,167
CSK Auto Corp.*		1,050		19,320
Dick’s Sporting Goods, Inc.*		900		52,353
Home Depot, Inc. (The)		1,700		66,895
Nike, Inc.		6,700		390,543
Payless ShoeSource, Inc.*		4,150		130,932

18 

Common Stocks - Long Positions (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Specialty Retail (continued)
RadioShack Corp.		2,600	$	86,164
Sherwin Williams Co.		1,305		86,743
Staples, Inc.		14,000		332,220
TJX Cos., Inc.		1,100		30,250
				2,177,801
Telephones (0.0%)
Consolidated Communications Holdings, Inc.		2,300		51,980
Rural Cellular Corp.*		1,000		43,810
				95,790
Textiles, Apparel & Luxury Goods (0.1%)
Phillips-Van Heusen Corp.		1,630		98,729
Thrifts & Mortgage Finance (0.6%)
Clayton Holdings, Inc.*		1,300		14,807
Corus Bankshares, Inc.		1,325		22,870
Countrywide Credit Industries, Inc.		5,600		203,560
Fannie Mae		7,950		519,373
Federal Agricultural Mortgage Corp., Class C		4,175		142,868
Freddie Mac		400		24,280
MGIC Investment Corp.		4,500		255,870
Ocwen Financial Corp.*		700		9,331
				1,192,959
Tobacco (1.2%)
Alliance One International, Inc.*		12,200		122,610
Altria Group, Inc.		25,020		1,754,903
Loews Corp. - Carolina Group		1,275		98,519
Reynolds American, Inc.		4,680		305,136
UST, Inc.		1,670		89,696
				2,370,864
Trading Companies & Distributors (0.1%)
BlueLinx Holdings, Inc.		3,700		38,813
Grainger (W.W.), Inc.		1,700		158,185
				196,998
Wireless Telecommunication Services (0.1%)
Dobson Communications Corp., Class A*		5,575		61,938
Sprint Nextel Corp.		8,300		171,894
U.S.A. Mobility, Inc.		400		10,704
				244,536
				100,950,384
Total Common Stocks — Long Positions (Cost $109,541,447)				128,901,082
Aerospace & Defense (0.0%)
L-3 Communications Corp., 5.88%, 01/15/15	$	15,000	$	13,912
Automobiles (0.0%)
Ford Motor Credit Co. LLC, 7.80%, 06/01/12		15,000		14,633
TRW Automotive, Inc., 7.25%, 03/15/17 (d)		5,000		4,762
				19,395
Banks (1.0%)
Credit Agricole, 6.64%, 05/31/49		125,000		121,508
Depfa ACS Bank, 5.13%, 03/16/37 (d)		280,000		256,567
Glitner Banki HF, 5.80%, 01/21/11 (b) (d)		240,000		241,327
HBOS PLC, 5.92%, 09/29/49 (d)		200,000		187,573
HBOS Treasury Services NY, 5.25%, 02/21/17 (d)		275,000		269,793
Kaupthing Bank, 5.75%, 10/04/11 (d)		145,000		144,500
Lloyds TSB Group PLC, 6.27%, 12/31/49 (b) (d)		95,000		90,125
Mizuho Capital Investment 1 Ltd., 6.69%, 06/30/46 (d) (e)		94,000		92,946
Societe Generale, 5.92%, 12/31/49 (d)		155,000		150,076
Standard Chartered PLC, 6.41%, 12/01/47		200,000		190,723
Woori Bank, 5.75%, 03/13/14 (d)		160,000		160,010
				1,905,148
Commercial Services & Supplies (0.0%) (d)
Quebecor World Capital Corp., 8.75%, 03/15/16		10,000		9,850
Consumer Finance (0.3%)
Core Invest Grade Trust, 4.64%, 11/30/07		583,696		581,449

 19

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Consumer Goods (0.0%)
Constellation Brands, Inc., 7.25%, 09/01/16		$	15,000	$	14,625
Jostens, Inc., 7.63%, 10/01/12			15,000		14,925
					29,550
Diversified Financial Services (0.3%)
Countrywide Home Loans, 5.80%, 06/07/12			280,000		278,029
Residential Capital Corp., 6.38%, 06/30/10			360,000		355,353
					633,382
Electric Power (0.4%)
Appalachian Power Co., 5.80%, 10/01/35			110,000		101,376
Dominion Resources, Inc. 5.15%, 07/15/15			120,000		113,977
	7.20%, 09/15/14		95,000		103,773
	8.13%, 06/15/10		50,000		53,840
ITC Holdings, Corp., 6.38%, 09/30/36 (d)			50,000		48,026
MidAmerican Energy Holdings Co., 6.13%, 04/01/36			170,000		164,238
NRG Energy, Inc., 7.38%, 02/01/16			15,000		15,038
Ohio Power Co., 6.00%, 06/01/16			80,000		80,076
Pacificorp, 4.30%, 09/15/08			125,000		123,336
					803,680
Energy Companies (0.2%)
Chesapeake Energy Corp., 6.50%, 08/15/17			20,000		18,950
Kinder Morgan Energy Partners, 6.50%, 02/01/37			130,000		125,050
Oneok Partners LP 5.90%, 04/01/12			115,000		115,553
					259,553
Entertainment (0.0%)
WMG Holdings Corp. 0.00%, 12/15/14			10,000		7,600
Gaming (0.0%)
MGM Mirage, Inc., 5.88%, 02/27/14			30,000		27,150
Health Care Providers & Services (0.0%)
Fresenius Medical Capital Trust II, 7.88%, 02/01/08			45,000		45,450
HCA, Inc. (d) 9.25%, 11/15/16			10,000		10,650
	9.63%, 11/15/16		10,000		10,750
					66,850
Insurance (0.2%)
Stingray Pass Through, 5.90%, 01/12/15 (d)			180,000		166,855
XLCapital Ltd., 6.50%, 12/31/49			220,000		206,621
					373,476
Manufacturing (0.2%)
Beazer Homes USA, Inc., 6.88%, 07/15/15			30,000		25,800
Daimler Chrysler NA Holding Corp., 4.75%, 01/15/08			125,000		124,568
Georgia-Pacific Corp., 7.70%, 06/15/15			25,000		24,750
Huntsman LLC, 11.50%, 07/15/12			30,000		33,300
Nalco Co., 7.75%, 11/15/11			10,000		10,075
Owens Corning, Inc., 7.00%, 12/01/36 (d)			120,000		116,929
Owens-Brockway Glass Container, 8.25%, 05/15/13			10,000		10,350
Polyone Corp., 10.63%, 05/15/10			6,000		6,300
Sealy Mattress Co., 8.25%, 06/15/14			25,000		25,625
WMG Acquisition Corp., 7.38%, 04/15/14			15,000		13,950
					391,647
Media (0.0%)
DIRECTV Holdings LLC, 6.38%, 06/15/15			20,000		18,800
Multiline Retail (0.1%)
Wal-Mart Stores Inc., 5.38%, 04/05/17			150,000		145,682

20 

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Oil, Gas & Consumable Fuels (0.4%)
Canadian Natural Resources, 6.25%, 03/15/38		$	65,000	$	61,502
Gazprom Intl SA, 7.20%, 02/01/20			175,000		180,635
Qatar Petroleum, 5.58%, 05/30/11 (d)			195,558		195,508
Ras Laffan, 5.83%, 09/30/16 (d)			250,000		245,778
Valero Energy Corp., 6.63%, 06/15/37			90,000		89,585
					773,008
Other Financial (3.1%)
American General Finance Corp., 4.50%, 11/15/07			330,000		329,090
Arch Western Finance, 6.75%, 07/01/13			10,000		9,600
Axa SA, 6.47%, 12/31/49 (d)			110,000		99,228
Capital One Finance, 7.69%, 08/15/36			50,000		51,495
Citigroup/ Deutsche Bank Commercial Mortgage, 5.32%, 12/11/49			520,000		498,811
Corrections Corp. of America, 6.25%, 03/15/13			10,000		9,600
Ford Motor Credit Co., 6.93%, 01/15/10 (b)			15,000		14,802
General Motors Acceptance Corp., 6.88%, 08/28/12			25,000		24,433
Goldman Sachs Group, Inc. 5.63%, 01/15/17			105,000		100,633
	5.79%, 12/29/49		150,000		146,392
	5.95%, 01/15/27		150,000		140,941
Iirsa Norte Finance Ltd., 8.75%, 05/30/24			105,044		123,427
K. Hovnanian Enterprises, 8.63%, 01/15/17			10,000		9,600
Lehman Brothers Holdings, 5.25%, 02/06/12			165,000		162,183
Lehman Brothers Capital Trust VII, 5.86%, 11/29/49			135,000		132,240
Lehman Brothers Holdings, 5.75%, 01/03/17			135,000		131,153
Liberty Mutual Group, 7.50%, 08/15/36 (d)			105,000		106,488
Lincoln National Corp., 7.00%, 05/17/66			140,000		143,651
Merrill Lynch & Co., 6.22%, 09/15/26			110,000		107,174
MetLife, Inc., 6.40%, 12/15/36			100,000		92,635
Mizuho JGB Investment, 9.87%, 12/31/49 (d) (e)			190,000		197,509
Mizuho Preferred Capital, 8.79%, 12/29/49 (d) (e)			310,000		319,085
MUFG Capital Finance 1 Ltd., 6.35%, 07/29/49 (e)			100,000		98,258
Pricoa Global Funding I, 3.90%, 12/15/08 (d)			400,000		390,970
Regions Financing Trust II, 6.63%, 05/15/47			150,000		143,485
Reinsurance Group of America, Inc., 6.75%, 12/15/65			105,000		102,333
Residential Capital Corp., 6.13%, 11/21/08			315,000		312,125
Shinsei Finance, 7.09%, 07/25/16 (b) (d)			225,000		224,227
SMFG Preferred Capital, 6.08%, 12/31/49 (d)			215,000		206,832
SocGen Real Estate LLC, 7.64%, 12/29/49 (d) (e)			90,000		90,437
Suntrust Preferred Capital I, 5.85%, 12/31/49			150,000		149,095
Swiss RE Capital I LP, 6.85%, 05/25/49 (d)			300,000		301,771
Travellers Companies Inc, 6.25%, 03/15/67			135,000		129,728
Ukraine Government, 6.88%, 03/04/11			170,000		173,230
United Mexican States, 8.00%, 09/24/22			225,000		269,550
Verizon Global Funding Corp., 5.85%, 09/15/35			85,000		77,962
Washington Mutual, 6.67%, 12/15/16 (d)			200,000		190,927
Washington Mutual PFD FDG, 6.63%, 12/31/49 (d)			200,000		193,024
					6,004,124
Service Companies (0.3%)
Acco Brands Corp., 7.63%, 08/15/15			25,000		24,563
Charter Communications LLC, 8.00%, 04/30/12 (d)			20,000		20,250

 21

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Corporate Bonds (continued)
		Shares or
		Principal Amount		Value
Service Companies (continued)
CVS Corp., 6.04%, 12/10/28 (d)		$	123,670	$	120,025
Home Depot, Inc., 5.88%, 12/16/36			125,000		111,375
Iron Mountain, Inc. 6.63%, 01/01/16			35,000		32,113
	7.75%, 01/15/15		10,000		9,750
Service Corporation International, 7.38%, 10/01/14			30,000		30,150
Time Warner, Inc. 5.88%, 11/15/16 (d)			125,000		121,575
	6.50%, 11/15/36		85,000		80,705
	6.55%, 05/01/37 (d)		95,000		91,818
					642,324
Telephones (0.5%)
AT&T, Inc., 6.80%, 05/15/36			195,000		201,961
Consolidated Communications Holdings, 9.75%, 04/01/12			15,000		15,712
Dobson Cellular Systems, 8.38%, 11/01/11			10,000		10,450
Echostar DBS Corp., 7.13%, 02/01/16			15,000		14,662
Qwest Communications International, 8.86%, 02/15/09 (b)			14,000		14,140
Qwest Corp., 8.88%, 03/15/12			5,000		5,388
Sprint Nextel Corp, 6.00%, 12/01/16			300,000		284,596
Telefonica Emisiones, 5.86%, 02/04/13			260,000		259,436
Verizon Communications, Inc., 6.25%, 04/01/37			40,000		38,569
					844,914
Transportation (0.1%) (d)
Nakilat, Inc., 6.07%, 12/31/33			130,000		121,818
Total Corporate Bonds (Cost $14,063,018)					13,673,312
Commercial Paper (6.0%)
Alpine Securitization, 5.33%, 07/03/07 (f)			1,000,000		999,850
Atlantic Asset Securitization LLC, 5.29%, 07/18/07			1,000,000		997,610
Barton Capital Corporation, 5.34%, 07/12/07 (f)			1,000,000		998,390
Cafco LLC, 5.33%, 07/17/07 (f)			1,000,000		997,662
Cancara Asset Securitisation LLC, 5.35%, 07/12/07 (f)			1,000,000		998,387
CRC Funding LLC, 5.35%, 07/31/07 (f)			750,000		746,703
Galleon Capital, 5.35%, 07/09/07 (f)			1,000,000		998,950
Lexington Parker Capital Company, 5.32%, 07/09/07 (f)			1,000,000		998,834
Market Street Funding, 5.35%, 07/09/07 (f)			750,000		749,212
Ranger Funding Co, 5.36%, 07/17/07 (f)			750,000		748,237
Scaldis Capital LLC, 5.34%, 07/10/07 (f)			1,000,000		998,800
Ticonderoga Funding LLC, 5.27%, 07/06/07 (f)			1,250,000		1,249,250
Total Commercial Paper (Cost $11,481,137)					11,481,885
Mortgage-Backed Obligations (16.6%)
Federal Home Loan Mortgage Corporation
	5.00%, 11/15/28		552,888		546,691
	5.85%, 11/01/36		699,812		701,840
	6.00%, 02/01/35		189,603		188,194
	6.50%, 09/25/33		349,897		353,799
	6.50%, 05/15/35		242,951		247,197
	6.75%, 03/15/31		375,000		429,168
Federal Home Loan Mortgage Corporation TBA
	5.00%, 08/15/36		157,000		147,089
	5.50%, 08/15/36		720,000		694,125
	5.50%, 07/15/37		685,000		660,597

22 

Mortgage-Backed Obligations (continued)
		Shares or
		Principal Amount		Value
Federal National Mortgage Association
	5.25%, 09/15/16	$	990,000	$	975,281
	6.50%, 10/25/33		322,011		325,581
	6.50%, 10/25/33		322,011		325,581
	6.50%, 12/25/33		315,001		318,566
	6.50%, 12/25/33		271,128		274,231
	6.50%, 01/25/34		276,066		279,250
	6.50%, 02/01/35		324,742		328,226
	6.63%, 11/15/30		30,000		33,809
Federal National Mortgage Association TBA
	4.50%, 08/15/21		550,000		521,812
	4.50%, 07/01/35		600,000		545,437
	5.00%, 08/01/33		2,690,000		2,519,352
	5.00%, 07/01/37		1,260,000		1,180,462
	5.50%, 07/15/22		586,000		577,210
	5.50%, 07/01/37		1,650,000		1,545,844
	6.00%, 08/01/17		1,135,000		1,139,610
	6.00%, 06/01/22		6,280,000		6,307,475
	6.00%, 08/15/36		570,000		563,410
	6.50%, 08/15/36		1,210,000		1,220,210
	6.50%, 07/15/37		1,550,000		1,564,531
	7.00%, 04/01/37		3,345,015		3,434,634
	7.00%, 04/01/37		527,847		541,989
Government National Mortgage Association TBA
	5.50%, 07/15/35		815,000		790,804
	6.00%, 07/15/35		690,000		686,335
	6.50%, 07/01/34		1,185,000		1,203,516
Merrill Lynch/ Countrywide Commercial Mtge 5.49%, 03/12/51			245,000		237,366
	5.81%, 06/12/50		595,000		589,197
Total Mortgage-Backed Obligations (Cost $32,238,605)					31,998,419
Asset-Backed Securities (6.7%)
Americredit Automobile Receivables Trust, Series 04-BM, Class A4, 2.67%, 03/07/11			360,505		355,995
Bear Stearns Commercial Mortgage Securities, Series 04-PWR6, Class A4, 4.52%, 11/11/41			260,000		248,668
Bear Stearns Commercial Mortgage Securities, Series 05-PWR7, Class A3, 5.12%, 02/11/41			380,000		364,585
Capital One Multi-Asset Execution Trust, Series 03-A4, Class A4, Series 03-C4, Class C4, 3.65%, 07/15/11			520,000		509,872
Citigroup Commercial Mortgage Trust, Series 06-C4, Class A3, 5.72%, 03/15/49 (b)			265,000		263,906
Countrywide Alternative Loan Trust, Series 04-28CB, Class 3A1, 6.00%, 01/25/35			551,229		541,669
Countrywide Alternative Loan Trust, Series 06-J5, Class 1A1, 6.50%, 09/25/36			740,704		742,558
Countrywide Asset-Backed Certificates, Series 03-5, Class MF1, 5.41%, 01/25/34			180,000		177,754
Credit Suisse Mortgage Capital Certificates, Series 06-C3, Class A3, 5.91%, 06/15/38			400,000		400,983
CS First Boston Mortgage Securities Corp., Series 01-CK1, Class A3, 6.38%, 12/18/35			270,000		276,022
CS First Boston Mortgage Securities Corp., Series 03-29, Class 7A1, 6.50%, 12/25/33			86,332		86,785
CS First Boston Mortgage Securities Corp., Series 03-C4, Class A4, 5.14%, 08/15/36			480,000		465,967
First Horizon Alternative Mortgage Securities, Series 2006-FA4, Class 1A1, 6.00%, 08/25/36			457,677		455,108
Ford Credit Auto Owner Trust, Series 06-B, Class A3, 5.26%, 10/15/10			875,000		873,628
Greenwich Capital Commercial Funding Corp., Series 04-GG1, Class A3, 4.34%, 06/10/36			1,185,000		1,167,834

 23

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

Asset-Backed Securities (continued)
	Shares or
	Principal Amount		Value
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.44%, 03/10/39	$	360,000	$	348,523
Greenwich Capital Commercial Funding Corp., Series 05-GG3, Class A4, 4.80%, 08/10/42		285,000		268,118
Indymac Index Mortgage Loan Trust, Series 04-AR7, Class A1, 5.76%, 09/25/34 (b)		162,803		163,566
LB-UBS Commercial Mortgage Trust, Series 05-C1, Class A4, 4.74%, 02/15/30		485,000		455,053
LB-UBS Commercial Mortgage Trust, Series 06-C1, Class A4, 5.16%, 02/15/31		250,000		238,803
LB-UBS Commercial Mortgage Trust, Series 06-C4, Class A4, 5.90%, 06/15/38 (b)		190,000		191,385
MBNA Credit Card Master Note Trust, Series 03-A1, Class A1, 3.30%, 07/15/10		485,000		479,016
Merrill Lynch Mortgage Trust, Series 06-C1, Class A4, 5.84%, 05/12/39		120,000		119,145
Morgan Stanley Capital I, Series 07-IQ13, Class A4, 5.36%, 03/15/44		350,000		336,394
Morgan Stanley Capital I, Series 04-HQ3, Class A2, 4.05%, 01/13/41		390,000		378,343
Morgan Stanley Capital I, Series 05, Class IQ9, 4.70%, 07/15/56		265,000		247,667
Morgan Stanley Capital I, Series 2007-HQ11, Class A4, 5.45%, 02/20/44 (b)		275,000		265,886
Morgan Stanley Dean Witter Capital I, Series 03-HQ2, Class A2, 4.92%, 03/12/35		250,000		240,682
Onyx Acceptance Auto Trust, Series 03-D, Class A4, 3.20%, 03/15/10		51,705		51,165
Onyx Acceptance Auto Trust, Series 04-C, Class A4, 3.50%, 12/15/11		290,849		287,485
PSE&G Transition Funding LLC, Series 01-1, Class A6, 6.61%, 06/15/15		240,000		251,357
Residential Asset Securities Corp., Series 02-KS4, Class AIIB, 5.82%, 07/25/32 (b)		13,732		13,736
Residential Asset Securities Corp., Series 03-KS5, Class AIIB, 5.90%, 07/25/33 (b)		21,767		21,774
Special Underwriting & Residential Finance, Series 06-BC2, Class A2B, 5.57%, 02/25/37		750,000		745,898
Triad Auto Receivables Owner Trust, Series 03-B, Class A4, 3.20%, 12/13/10		119,246		117,431
Volkswagen Auto Loan Enhanced Trust, Series 03-2, Class A4, 2.94%, 03/22/10		116,869		115,767
Wachovia Asset Securitization, Inc., Series 03-HE2, Class A1, 5.58%, 07/25/33 (b)		56,105		54,345
Wachovia Bank Commercial Mortgage Trust, Series 06-C26, Class A3, 6.01%, 06/15/45		265,000		267,413
Wmalt Mortgage Pass-Through Certificates, Series 06-5, Class 2CB1, 6.00%, 07/25/36		308,915		306,841
Total Asset-Backed Securities (Cost $13,221,518)				12,897,127
Cash Equivalent (4.7%) (b)
AIM Liquid Assets Portfolio		9,098,653		9,098,653
Sovereign Bonds (0.5%)
Federal Republic of Brazil, 12.25%, 03/06/30		45,000		76,050
Republic of Argentina, 5.48%, 08/03/12 (b)		205,000		149,650
Republic of Guatemala, 9.25%, 08/01/13		50,000		58,313

24 

Sovereign Bonds (continued)
		Shares or
		Principal Amount		Value
Republic of Peru 6.55%, 03/14/37		$	141,600	$	142,308
	7.35%, 07/21/25		75,000		83,475
Russian Federation, 12.75%, 06/24/28			100,000		176,197
Ukraine Government 6.58%, 11/21/16 (d)			100,000		99,125
	6.58%, 11/21/16		210,000		212,205
Total Sovereign Bonds (Cost $990,992)					997,323
Options Purchased (0.0%)
Federal Funds Put Option, expiring July 2007 (strike price 94.75)			25		261
Federal Funds Put Option, expiring July 2007 (strike price 94.813)			18		4,500
U.S. Put Note Option, expiring Sep 2007 (strike price 101)			4		125
U.S. Put Note Option, expiring Sep 2007 (strike price 102)			4		875
Total Options Purchased (Cost $6,894)					5,761
U.S. Government Sponsored & Agency Obligations (0.8%)
United States (0.8%)
U.S. Treasury Bills, 5.03%, 08/09/07		$	40,000		39,810
U.S. Treasury Bonds, 8.88%, 02/15/19			200,000		264,500
U.S. Treasury Notes 4.63%, 02/29/08			1,195,000		1,191,733
	5.13%, 06/30/08		10,000		10,009
Total U.S. Government Sponsored & Agency Obligations (Cost $1,479,886)					1,506,052
United States (1.1%)
Federal National Mortgage Association TBA			2,150,000		2,073,406
United States (0.1%)
U.S. Treasury Notes 4.13%, 05/15/15			175,000		164,924
	4.25%, 11/30/07		25,000		24,934
	4.50%, 02/15/36		55,000		49,801
	4.75%, 05/31/12		45,000		44,648
Total U.S. Treasury Notes (Cost $290,706)					284,307
Total Investments (Cost $194,480,702) (d) — 110.6%					212,917,327
Liabilities in excess of other assets — (10.6)%					(20,404,740
NET ASSETS — 100.0%				$	192,512,587

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(c)	Illiquid security.
(d)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.
(e)	Perpetual bond. This is a bond that has no maturity date, is redeemable and pays a steady stream of interest indefinitely.
(f)	The rate reflected in the Statement of Investments is the effective yield as of June 30, 2007.

ADR	American Depository Receipt
AMBAC	Insured by American Municipal Bond Insurance Corp.
BM	Bermuda
LP	Limited Partnership
MBIA	Insured by Municipal Bond Insurance Organization
TBA	To Be Announced.

 25

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund (Continued)

At June 30, 2007, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Date		Received/			Contract			Market			Appreciation/
Currency	Delivery		(Delivered)			Value			Value			(Depreciation)
Short Contract:
Australia Dollar		08/07/07		(215,580	)	$	(178,878	)	$	(182,534	)	$	(3,656	)
Swiss Franc		08/07/07		(160,759	)		(131,921	)		(132,031	)		(110	)
Euro		08/07/07		(943,306	)		(1,281,610	)		(1,278,276	)		3,334
British Sterling Pound		08/07/07		(72,449	)		(143,329	)		(145,395	)		(2,066	)
Hong Kong Dollar		08/07/07		(3,040,065	)		(389,647	)		(389,198	)		449
Japanese Yen		08/07/07		(8,943,844	)		(75,241	)		(73,023	)		2,218
Norwegian Krone		08/07/07		(1,123,554	)		(188,014	)		(190,758	)		(2,744	)
Total Short Contracts						$	(2,388,640	)	$	(2,391,215	)	$	(2,575	)
Long Contracts:
Australia Dollar		08/07/07		706,385		$	577,137		$	598,106		$	20,969
Swiss Franc		08/07/07		493,679			409,203			405,459			(3,744	)
Euro		08/07/07		267,000			359,019			361,812			2,793
British Sterling Pound		08/07/07		132,119			262,270			265,143			2,873
Norwegian Krone		08/07/07		898,577			149,135			152,562			3,427
Swedish Krone		08/07/07		3,394,024			504,958			497,385			(7,573	)
Singapore Dollar		08/07/07		186,527			123,606			122,279			(1,327	)
Total Long Contracts						$	2,385,328		$	2,402,746		$	17,418

At June 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of					Covered by		Appreciation
Contracts		Long Contracts	Expiration		Contracts		(Depreciation)
	13	CAC40 10 Euro		09/21/07	$	1,075,548	$	(1,296	)
	8	DAX INDEX		09/30/07		2,186,540		37,402
	16	DJ EURO STOXX 50		09/30/07		977,630		(12,788	)
	9	LONG GILT		09/15/07		1,874,526		(35,240	)
	15	HANG SENG IDX		07/31/07		2,098,281		(5,861	)
	3	JPN 10Y		09/10/07		3,216,879		14,265
					$	11,429,404	$	(3,518	)

					Market Value			Unrealized
Number of					Covered by			Appreciation
Contracts		Short Contracts	Expiration		Contracts			(Depreciation)
	8	S&P ASX 200 IDX		09/21/07	$	(1,064,079	)	$	19,903
	6	S&P/ TSE 60 IX		09/30/07		(906,930	)		(22,561	)
	5	IBEX 35 INDEX		07/31/07		(1,003,072	)		16,718
	9	EURO-BUND		09/06/07		(1,348,910	)		11,491
	11	FTSE 100		09/21/07		(1,466,137	)		15,493
	17	TOPIX INDX		09/30/07		(2,451,060	)		5,869
					$	(8,240,188	)	$	46,913

The following is a summary of written option activity for the period ended June 30, 2007, by the Fund (Dollar amounts in thousands):

				Premiums
Call Options Received	To Contract			Received
Balance at beginning of period		2		$	1
Options written		44			5
Options expired		(14	)		(2	)
Options outstanding at end of period		32		$	4

At June 30, 2007, the Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS

													Unrealized
			Expiration		Exercise		Number of		Premiums				Appreciation
Contracts	Type		Date		Price		Contracts		Received		Value		(Depreciation)
Fed Funds Option		Put		August 2007		103.00		16	$	1,391	$	1,000	$	(391	)
Fed Funds Option		Put		August 2007		103.50		8		352		1250		898
Fed Funds Option		Put		September 2007		102.00		4		676		250		(426	)
Fed Funds Option		Put		September 2007		103.00		4		1,238		438		(800	)
NET UNREALIZED APPRECIATION ON WRITTEN OPTION CONTRACTS													$	(719	)

26 

Statement of Securities Sold Short

June 30, 2007 (Unaudited)

J.P. Morgan NVIT Balanced Fund

Common Stocks - Short Positions (0.0%)
	Shares or
	Principal Amount		Value
UNITED STATES (0.0%)
Consumer Finance (0.0%)
Discovery Financial Services*	$	100	$	2,850
Mortgage-Backed Obligations — Short Positions (1.4%)
Federal National Mortgage Association TBA, 5.50%, 08/01/19		30,000		29,541
Federal National Mortgage Association TBA, 6.50%, 08/01/30		120,000		121,013
Federal National Mortgage Association TBA, 6.50%, 07/15/37		1,990,000		2,008,656
Federal National Mortgage Association TBA, 7.00%, 07/01/36		550,000		564,609
Total Mortgage-Backed Obligations — Short Positions (Proceeds $2,723,380)				2,723,819
Total Securities Sold Short (Proceeds $2,726,343) (a) — 1.4%			$	2,726,669

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

TBA To Be Announced.

See accompanying notes to financial statements.

 27

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			J.P. Morgan
			NVIT
			Balanced Fund
Assets:
Investments, at value (cost $194,480,702)			$	212,917,327
Deposits with brokers for futures				5,063
Foreign currencies, at value (cost $384,120)				389,203
Interest and dividends receivable				703,557
Receivable for capital shares issued				40,587
Receivable for investments sold				34,377,301
Unrealized appreciation on forward foreign currency contracts				37,147
Reclaims receivable				47,708
Receivable for variation margin on futures contracts				64,821
Prepaid expenses				2,080
		Total Assets		248,584,794
Liabilities:
Payable to custodian				274,073
Call options written, at value (premiums received $3,657)				2,938
Payable for investments purchased				52,780,519
Unrealized depreciation on forward foreign currency contracts				22,304
Payable for capital shares redeemed				74,231
Securities sold short, at value (Proceeds $2,726,343)				2,726,669
Accrued expenses and other payables:
	Investment advisory fees			116,328
	Fund administration and transfer agent fees			22,497
	Administrative servicing fees			20,212
	Compliance program costs			2,694
	Other			29,742
		Total Liabilities		56,072,207
Net Assets			$	192,512,587
Represented by:
Capital			$	167,342,881
Accumulated net investment loss				(6,385	)
Accumulated net realized gains from investment transactions, futures, options and foreign currency transactions				6,610,651
Net unrealized appreciation on investments, futures, options and translation of assets and liabilities denominated in foreign currencies				18,565,440
Net Assets			$	192,512,587
Net Assets:
Class I Shares			$	144,902,727
Class IV Shares				47,609,860
Total			$	192,512,587
Shares outstanding (unlimited number of shares authorized):
Class I Shares				13,068,845
Class IV Shares				4,293,432
Total				17,362,277
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	11.09
Class IV Shares			$	11.09

See accompanying notes to financial statements.

28 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		J.P. Morgan
		NVIT
		Balanced Fund
INVESTMENT INCOME:
Interest income		$	1,898,920
Dividend income			1,485,459
Foreign tax withholding			(18,101	)
	Total Income		3,366,278
Expenses:
Investment advisory fees			717,708
Fund administration and transfer agent fees			93,381
Administrative servicing fees Class I Shares			108,089
Administrative servicing fees Class IV Shares			32,233
Custodian fees			374
Trustee fees			4,667
Compliance program costs (Note 3)			1,400
Other			39,358
	Total expenses before earnings credit		997,210
Earnings credit (Note 6)			(187	)
	Net Expenses		997,023
Net Investment Income			2,369,255
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			8,043,218
Net realized losses on futures transactions			(908,370	)
Net realized losses on option transactions			(11,973	)
Net realized gains on foreign currency transactions			89,850
Net realized gains on investment transactions, futures, options and foreign currency transactions			7,212,725
Net change in unrealized appreciation on investments, futures, options and translation of assets and liabilities denominated in foreign currencies			113,742
Net realized/unrealized gains (losses) on investments, futures, options and translation of assets and liabilities denominated in foreign currencies			7,326,467
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	9,695,722

See accompanying notes to financial statements.

 29

Statements of Changes in Net Assets

		J.P. Morgan NVIT Balanced Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	2,369,255		$	4,751,767
Net realized gains on investment transactions, futures, options and foreign currency transactions			7,212,725			10,980,152
Net change in unrealized appreciation on investments, futures, options and translation of assets and liabilities denominated in foreign currencies			113,742			8,226,471
Change in net assets resulting from operations			9,695,722			23,958,390
Distributions to shareholders from:
Net investment income:
	Class I		(1,840,990	)		(3,718,752	)
	Class IV		(591,757	)		(1,110,742	)
Net realized gains:
	Class I		(3,971,841	)		–
	Class IV		(1,304,687	)		–
Change in net assets from shareholder distributions			(7,709,275	)		(4,829,494	)
Change in net assets from capital transactions			(12,212,103	)		(42,763,019	)
Change in net assets			(10,225,656	)		(23,634,123	)
Net Assets:
Beginning of period			202,738,243			226,372,366
End of period		$	192,512,587		$	202,738,243
Accumulated net investment income (loss) at end of period		$	(6,385	)	$	57,107
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	3,229,346		$	6,957,239
	Dividends reinvested		5,812,807			3,718,752
	Cost of shares redeemed		(20,634,002	)		(49,098,573	)
			(11,591,849	)		(38,422,582	)
Class IV Shares
	Proceeds from shares issued		1,203,915			1,636,045
	Dividends reinvested		1,896,436			1,110,742
	Cost of shares redeemed		(3,720,605	)		(7,087,224	)
			(620,254	)		(4,340,437	)
Change in net assets from capital transactions		$	(12,212,103	)	$	(42,763,019	)

See accompanying notes to financial statements.

30 

Statements of Changes in Net Assets (Continued)

		J.P. Morgan NVIT Balanced Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		287,290			671,394
	Reinvested		525,237			356,176
	Redeemed		(1,827,213	)		(4,746,078	)
			(1,014,686	)		(3,718,508	)
Class IV Shares
	Issued		106,107			156,782
	Reinvested		171,383			106,328
	Redeemed		(329,420	)		(682,448	)
			(51,930	)		(419,338	)
Total change in shares			(1,066,616	)		(4,137,846	)

See accompanying notes to financial statements.

 31

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

J.P. Morgan NVIT Balanced Fund

											Distributions
			Investment Activities
					Net
					Realized and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net			Net						Net Asset
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total			Value, End		Total
	of Period		Income		Investments			Activities			Income			Gains			Distributions			of Period		Return (a)
Class I Shares
For the year ended December 31, 2002	$	9.40	$	0.19	$	(1.34	)	$	(1.15	)	$	(0.19	)	$	–		$	(0.19	)	$	8.06		(12.31%	)
For the year ended December 31, 2003	$	8.06	$	0.15	$	1.32		$	1.47		$	(0.15	)	$	–		$	(0.15	)	$	9.38		18.41%
For the year ended December 31, 2004	$	9.38	$	0.19	$	0.60		$	0.79		$	(0.19	)	$	–		$	(0.19	)	$	9.98		8.49%
For the year ended December 31, 2005	$	9.98	$	0.20	$	0.05		$	0.25		$	(0.20	)	$	–		$	(0.20	)	$	10.03		2.54%
For the year ended December 31, 2006	$	10.03	$	0.24	$	0.97		$	1.21		$	(0.24	)	$	–		$	(0.24	)	$	11.00		12.25%
For the six months ended June 30, 2007 (Unaudited)	$	11.00	$	0.14	$	0.40		$	0.54		$	(0.14	)	$	(0.31	)	$	(0.45	)	$	11.09		4.98%
Class IV Shares
For the year ended December 31, 2003 (e)	$	8.23	$	0.11	$	1.16		$	1.27		$	(0.12	)	$	–		$	(0.12	)	$	9.38		15.47%
For the year ended December 31, 2004	$	9.38	$	0.19	$	0.60		$	0.79		$	(0.19	)	$	–		$	(0.19	)	$	9.98		8.54%
For the year ended December 31, 2005	$	9.98	$	0.21	$	0.05		$	0.26		$	(0.21	)	$	–		$	(0.21	)	$	10.03		2.62%
For the year ended December 31, 2006	$	10.03	$	0.24	$	0.98		$	1.22		$	(0.25	)	$	–		$	(0.25	)	$	11.00		12.30%
For the six months ended June 30, 2007 (Unaudited)	$	11.00	$	0.14	$	0.40		$	0.54		$	(0.14	)	$	(0.31	)	$	(0.45	)	$	11.09		4.98%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of				Ratio of Net
					Net		Ratio of		Investment
					Investment		Expenses		Income
	Net Assets		Ratio of		Income		(Prior to		(Prior to
	at End of		Expenses		to Average		Reimbursements)		Reimbursements)
	Period		to Average		Net		to Average Net		to Average Net		Portfolio
	(000s)		Net Assets (b)		Assets (b)		Assets (b) (c)		Assets (b) (c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002	$	147,289		0.99%		2.22%		1.00%		2.21%		297.08%
For the year ended December 31, 2003	$	182,056		0.98%		1.80%		(f)		(f)		310.16%
For the year ended December 31, 2004	$	189,232		0.98%		1.96%		(f)		(f)		293.17%
For the year ended December 31, 2005	$	178,569		0.99%		1.97%		(f)		(f)		328.26%
For the year ended December 31, 2006	$	154,931		1.01%		2.22%		(f)		(f)		312.59%
For the six months ended June 30, 2007 (Unaudited)	$	144,903		1.01%		2.39%		1.01%		2.39%		116.41%
Class IV Shares
For the year ended December 31, 2003 (e)	$	50,811		0.91%		1.79%		0.96%		1.74%		310.16%
For the year ended December 31, 2004	$	51,061		0.91%		2.02%		0.98%		1.95%		293.17%
For the year ended December 31, 2005	$	47,803		0.91%		2.05%		0.99%		1.96%		328.26%
For the year ended December 31, 2006	$	47,807		0.97%		2.26%		1.01%		2.22%		312.59%
For the six months ended June 30, 2007 (Unaudited)	$	47,610		1.00%		2.40%		1.00%		2.40%		116.41%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

(f)  There were no fee waivers/reimbursements during the period.

See accompanying notes to financial statements.

[Additional columns below]

[Continued from above table, first column(s) repeated]

32 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the J.P. Morgan NVIT Balanced Fund (the “Fund”), (formerly, “J.P. Morgan GVIT Balanced Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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. Investment companies are valued at net asset value by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a

 33

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

34 

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(d) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(e) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(f) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

 35

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(h) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(i) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	192,757,111	$	20,011,018	$	(2,577,470	)	$	17,433,547

(j) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. JPMorgan Investment Management, Inc. (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

36 

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Fee Schedule	Fees
Up to $100 million		0.75%
$100 million or more		0.70%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $321,757 for the six months ended June 30, 2007.

As of the six months ended June 30, 2007, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA would be:

Amount		Amount		Amount
Fiscal Year		Fiscal Year		Fiscal Year
2004		2005		2006
$	32,438	$	41,390	$	16,988

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, the BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder

 37

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I shares and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $148,423 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $1,400.

4. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $229,313,664 and sales of $248,047,186.

For the six months ended June 30, 2007, the Fund had purchases of $184,462,622 and sales of $186,177,654 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

38 

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 39

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

38 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 39

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

40 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 41

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

42 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the S&P 500 Index (60%) and the Lehman Brothers Aggressive Bond Index (40%), for the one-, three-, and five-year periods. The Board also considered that the performance of the Fund’s Class I shares had ranked in the second quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, the fifth quintile over the two-year period, the third quintile over the three- and four-year periods and the fourth quintile over the five-year period. Although the Fund underperformed compared with its peer group over the two- and five-year periods, the Board found that: (i) one-year performance had been good; (ii) recent performance had been very good; and (iii) during the year, changes were made to the Fund’s mandate to get more exposure to small-cap and international securities to improve the Fund’s performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses place the Fund in the third quintile. The Board found that the Fund’s advisory fee was within the range of fees charged by its peer group. Based on its review, the Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated

 43

Supplemental Information (Unaudited) (Continued)

investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund	FOR	30,051,703.188 shares		92.514%
(Formerly Federated GVIT	AGAINST	618,245.021 shares		1.903%
High Income Bond Fund)	ABSTAIN	1,813,550.431 shares		5.583%
	TOTAL	32,483,498.640 shares
NVIT International Index Fund	FOR	4,322,203.982 shares		96.897%
(Formerly GVIT International	AGAINST	2,758.318 shares		0.062%
Index Fund)	ABSTAIN	135,636.840 shares		3.041%
	TOTAL	4,460,599.140 shares
NVIT International Value Fund	FOR	20,032,843.199 shares		93.351%
(Formerly GVIT International	AGAINST	333,588.902 shares		1.554%
Value Fund)	ABSTAIN	1,093,293.879 shares		5.095%
	TOTAL	21,459,725.980 shares
NVIT Mid Cap Index Fund	FOR	35,380,179.120 shares		94.154%
(Formerly GVIT Mid Cap Index Fund)	AGAINST	631,117.844 shares		1.679%
	ABSTAIN	1,565,714.306 shares		4.167%
	TOTAL	37,577,011.270 shares

44 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund	FOR	56,119,814.230 shares		95.554%
(Formerly GVIT S&P 500 Index Fund)	AGAINST	666,195.542 shares		1.134%
	ABSTAIN	1,944,898.888 shares		3.312%
	TOTAL	58,730,908.660 shares
Nationwide Multi-Manager NVIT	FOR	7,632,918.513 shares		92.700%
Small Cap Growth Fund	AGAINST	149,458.111 shares		1.816%
(Formerly GVIT Small Cap	ABSTAIN	451,583.036 shares		5.484%
Growth Fund)	TOTAL	8,233,959.660 shares
Nationwide Multi-Manager NVIT	FOR	48,649,396.525 shares		92.816%
Small Cap Value Fund	AGAINST	979,183.753 shares		1.868%
(Formerly GVIT Small Cap	ABSTAIN	2,786,133.102 shares		5.316%
Value Fund)	TOTAL	52,414,713.380 shares
Nationwide Multi-Manager NVIT	FOR	29,903,181.700 shares		91.311%
Small Company Fund	AGAINST	838,774.923 shares		2.561%
(Formerly GVIT Small Company Fund)	ABSTAIN	2,006,741.307 shares		6.128%
	TOTAL	32,748,697.930 shares
Gartmore NVIT Developing	FOR	21,0177,889.443 shares		91.460%
Markets Fund	AGAINST	424,272.958 shares		1.841%
(Formerly Gartmore GVIT	ABSTAIN	1,543,850.729 shares		6.699%
Developing Markets Fund)	TOTAL	23,046,013.130 shares
Gartmore NVIT Emerging	FOR	17,050,534.593 shares		92.371%
Markets Fund	AGAINST	526,574.722 shares		2.853%
(Formerly Gartmore GVIT	ABSTAIN	881,608.905 shares		4.776%
Emerging Markets Fund)	TOTAL	18,458,718.220 shares
Nationwide NVIT Global	FOR	1,554,847.333 shares		95.589%
Financial Services Fund	AGAINST	19,539.033 shares		1.201%
(Formerly Gartmore GVIT	ABSTAIN	52,206.494 shares		3.210%
Global Financial Services Fund)	TOTAL	1,626,592.860 shares
Nationwide NVIT Global Health	FOR	4,722,963.678 shares		92.815%
Sciences Fund	AGAINST	157,979.030 shares		3.104%
(Formerly Gartmore GVIT	ABSTAIN	207,642.222 shares		4.081%
Global Health Sciences Fund)	TOTAL	5,088,584.930 shares
Nationwide NVIT Global Technology	FOR	8,585,472.039 shares		93.551%
and Communications Fund	AGAINST	102,267.977 shares		1.114%
(Formerly Gartmore GVIT	ABSTAIN	489,577.634 shares		5.335%
Global Technology and Communications Fund)	TOTAL	9,177,317.650 shares
Gartmore NVIT Global	FOR	4,123,270.549 shares		91.923%
Utilities Fund	AGAINST	122,001.533 shares		2.720%
(Formerly Gartmore GVIT	ABSTAIN	240,276.088 shares		5.357%
Global Utilities Fund)	TOTAL	4,485,548.170 shares
Nationwide NVIT Government	FOR	88,471,567.462 shares		92.024%
Bond Fund	AGAINST	1,825,645.181 shares		1.899%
(Formerly Gartmore GVIT	ABSTAIN	5,841,990.727 shares		6.077%
Government Bond Fund)	TOTAL	96,139,203.370 shares

 45

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund	FOR	14,931,435.904 shares		89.942%
(Formerly Gartmore GVIT	AGAINST	409,826.402 shares		2.469%
Growth Fund)	ABSTAIN	1,259,945.064 shares		7.589%
	TOTAL	16,601,207.370 shares
Gartmore NVIT International	FOR	6,251,419.070 shares		93.569%
Growth Fund	AGAINST	139,618.548 shares		2.090%
(Formerly Gartmore GVIT	ABSTAIN	290,025.592 shares		4.341%
International Growth Fund)	TOTAL	6,681,063.210 shares
Nationwide NVIT Investor	FOR	49,489,224.549 shares		90.688%
Destinations Aggressive Fund	AGAINST	1,385,396.474 shares		2.539%
(Formerly Gartmore GVIT	ABSTAIN	3,696,272.337 shares		6.773%
Investor Destinations Aggressive Fund)	TOTAL	54,570,893.360 shares
Nationwide NVIT Investor	FOR	23,091,965.887 shares		89.855%
Destinations Conservative Fund	AGAINST	314,935,884 shares		1.225%
(Formerly Gartmore GVIT	ABSTAIN	2,292,355.179 shares		8.920%
Investor Destinations Conservative Fund)	TOTAL	25,699,256.950 shares
Nationwide NVIT Investor	FOR	188,902,093.059 shares		90.696%
Destinations Moderate Fund	AGAINST	3,018,924.590 shares		1.449%
(Formerly Gartmore GVIT	ABSTAIN	16,359,690.401 shares		7.855%
Investor Destinations Moderate Fund)	TOTAL	208,280,708.050 shares
Nationwide NVIT Investor	FOR	134,792,622.920 shares		91.332%
Destinations Moderately Aggressive Fund	AGAINST	3,489,207.264 shares		2.364%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	9,304,197.656 shares		6.304%
Moderately Aggressive Fund)	TOTAL	147,586,027.840 shares
Nationwide NVIT Investor	FOR	49,627,123.216 shares		91.918%
Destinations Moderately Conservative Fund	AGAINST	856,088.634 shares		1.586%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	3,507,215.650 shares		6.496%
Moderately Conservative Fund)	TOTAL	53,990,427.500 shares
Nationwide NVIT Mid Cap	FOR	10,879,584.971 shares		91.043%
Growth Fund	AGAINST	352,594.958 shares		2.950%
(Formerly Gartmore GVIT Mid	ABSTAIN	717,792.971 shares		6.007%
Cap Growth Fund)	TOTAL	11,949,972.900 shares
Nationwide NVIT Money Market	FOR	221,774,863.241 shares		88.508%
Fund II	AGAINST	12,322,482.494 shares		4.918%
(Formerly Gartmore GVIT Money	ABSTAIN	16,471,740.875 shares		6.574%
Market Fund II)	TOTAL	250,569,086.610 shares
Nationwide NVIT Money Market	FOR	1,578,331,008.328 shares		91.585%
Fund	AGAINST	32,372,133.671 shares		1.878%
(Formerly Gartmore GVIT Money	ABSTAIN	112,652,123.301 shares		6.537%
Market Fund)	TOTAL	1,723,355,265.300 shares
NVIT Nationwide Fund	FOR	125,423,274.735 shares		91.581%
(Formerly Gartmore GVIT	AGAINST	2,767,979.467 shares		2.021%
Nationwide Fund)	ABSTAIN	8,762,255.828 shares		6.398%
	TOTAL	136,953,510.030 shares

46 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund	FOR	2,298,504.956 shares		95.780%
(Formerly Gartmore GVIT	AGAINST	29,630.469 shares		1.235%
Nationwide Leaders Fund)	ABSTAIN	71,637.755 shares		2.985%
	TOTAL	2,399,773.180 shares
Nationwide NVIT U.S. Growth	FOR	4,972,094.773 shares		94.359%
Leaders Fund	AGAINST	122,623.161 shares		2.327%
(Formerly Gartmore GVIT U.S.	ABSTAIN	174,625.606 shares		3.314%
Growth Leaders Fund)	TOTAL	5,269,343.540 shares
Gartmore NVIT Worldwide	FOR	2,666,862.487 shares		94.126%
Leaders Fund	AGAINST	47,702.491 shares		1.684%
(Formerly Gartmore GVIT	ABSTAIN	118,719.882 shares		4.190%
Worldwide Leaders Fund)	TOTAL	2,833,284.860 shares
J.P. Morgan NVIT Balanced Fund	FOR	15,966,867.546 shares		90.900%
(Formerly J.P. Morgan GVIT	AGAINST	259,004.324 shares		1.475%
Balanced Fund)	ABSTAIN	1,339,385.200 shares		7.625%
	TOTAL	17,565,257.070 shares
Van Kampen NVIT Comstock	FOR	27,737,008.009 shares		92.259%
Value Fund	AGAINST	502,564.164 shares		1.672%
(Formerly Van Kampen GVIT	ABSTAIN	1,824,670.107 shares		6.069%
Comstock Value Fund)	TOTAL	30,064,242.280 shares
Van Kampen NVIT Multi Sector	FOR	21,253,297.665 shares		90.281%
Bond Fund	AGAINST	484,100.920 shares		2.056%
(Formerly Van Kampen GVIT	ABSTAIN	1,803,963.645 shares		7.663%
Multi Sector Bond Fund)	TOTAL	23,541,362.230 shares

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth	FOR	10,862,827.499 shares		90.903%
Fund	AGAINST	414,574.660 shares		3.469%
(Formerly Gartmore GVIT Mid	ABSTAIN	672,570.741 shares		5.628%
Cap Growth Fund)	TOTAL	11,949,972.900 shares

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 47

Van Kampen NVIT Comstock Value Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
15	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-VKCV (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending		Expenses Paid		Annualized
Van Kampen NVIT Comstock Value Fund			Account Value		Account Value		During		Expense Ratio*
1/1/07 06/30/07 Period*
Class I	Actual		$	1,000.00	$	1,060.80	$	4.45		0.87%
	Hypothetical	1	$	1,000.00	$	1,020.49	$	4.37		0.87%
Class II	Actual		$	1,000.00	$	1,058.60	$	6.33		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.65	$	6.23		1.24%
Class IV	Actual		$	1,000.00	$	1,060.90	$	4.34		0.85%
	Hypothetical	1	$	1,000.00	$	1,020.58	$	4.27		0.85%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.

¹   Represents the hypothetical 5% return before expenses.

4 

Van Kampen NVIT Comstock Value Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	92.5%
Repurchase Agreements	7.2%
Other Investments*	13.5%
Liabilities in excess of other assets**	-13.2%
	100.0%

Top Holdings***
Citigroup, Inc.	3.9%
Coca-Cola Co.	3.3%
Wyeth	3.2%
Comcast Corp.	3.0%
International Paper Co.	3.0%
Time Warner, Inc.	2.9%
Bristol-Myers Squibb Co.	2.8%
Viacom, Inc.	2.7%
Bank of America Corp.	2.7%
Verizon Communications, Inc.	2.6%
Other	69.9%
	100.0%

Top Industries
Pharmaceuticals	15.9%
Diversified Financial Services	9.2%
Media	8.3%
Insurance	6.6%
Food Products	5.6%
Commercial Banks	5.2%
Diversified Telecommunication Services	4.1%
Beverages	4.0%
Food & Staples Retailing	3.9%
Paper & Forest Products	3.0%
Other	34.2%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Van Kampen NVIT Comstock Value Fund

Common Stock (92.5%)
	Shares or
	Principal Amount		Value
Airline (0.7%) (a)
Southwest Airlines		208,300	$	3,105,753
Beverages (4.0%)
Anheuser-Busch Cos., Inc.		65,150		3,398,224
Coca-Cola Co.		295,300		15,447,143
				18,845,367
Capital Markets (1.7%)
Bank of New York Co., Inc.		160,400		6,646,976
Bear Stearns Cos., Inc. (The)		11,800		1,652,000
				8,298,976
Chemicals (2.9%) (a)
E.I. du Pont de Nemours & Co.		202,800		10,310,352
Rohm & Haas Co.		59,100		3,231,588
				13,541,940
Commercial Banks (5.2%)
Barclays PLC ADR - GB		12,700		708,533
PNC Bank Corp. (a)		46,500		3,328,470
U.S. Bancorp		64,700		2,131,865
Wachovia Corp. (a)		236,705		12,131,131
Wells Fargo & Co.		181,600		6,386,872
				24,686,871
Commercial Services & Supplies (0.3%)
Western Union Co.		79,000		1,645,570
Communications Equipment (0.6%)
Cisco Systems, Inc.*		42,500		1,183,625
Telefonaktiebolaget LM Ericsson ADR - SE (a)		41,300		1,647,457
				2,831,082
Computers & Peripherals (2.7%)
Dell, Inc.*		224,400		6,406,620
Hewlett-Packard Co.		52,300		2,333,626
International Business Machines Corp.		39,500		4,157,375
				12,897,621
Diversified Financial Services (9.2%)
Bank of America Corp.		264,034		12,908,622
Citigroup, Inc.		363,200		18,628,528
JP Morgan Chase & Co.		138,500		6,710,325
Merrill Lynch & Co., Inc.		65,500		5,474,490
				43,721,965
Diversified Telecommunication Services (4.1%)
AT&T, Inc.		167,800		6,963,700
Verizon Communications, Inc. (a)		298,510		12,289,657
				19,253,357
Electronic Equipment & Instruments (0.2%) (a)
ASM Lithography Holding NV ADR - NL*		12,000		329,400
Cognex Corp.		15,300		344,403
Flextronics International Ltd. - SG*		36,800		397,440
				1,071,243
Food & Staples Retailing (3.9%)
CVS/ Caremark Corp.		184,900		6,739,605
Wal-Mart Stores, Inc.		244,700		11,772,517
				18,512,122
Food Products (5.6%)
Cadbury Schweppes PLC ADR - GB		168,100		9,127,830
Kraft Foods, Inc.		239,211		8,432,188
Unilever NV ADR - NL		290,400		9,008,208
				26,568,226
Health Care Equipment & Supplies (0.6%) (a)
Boston Scientific Corp.*		177,800		2,727,452
Health Care Providers & Services (1.4%) (a)
Cardinal Health, Inc.		92,600		6,541,264
Household Products (2.1%)
Kimberly-Clark Corp.		107,500		7,190,675
Procter & Gamble Co. (The)		49,400		3,022,786
				10,213,461
Industrial Conglomerate (1.4%)
General Electric Co.		172,200		6,591,816
Insurance (6.6%)
AFLAC, Inc.		54,000		2,775,600
American International Group, Inc. (a)		67,300		4,713,019
Berkshire Hathaway, Inc., Class B* (a)		470		1,694,350
Chubb Corp. (The)		178,780		9,679,149
Genworth Financial, Inc. (a)		44,400		1,527,360
Hartford Financial Services Group, Inc. (The)		19,900		1,960,349
MBIA, Inc.		4,400		273,768
MetLife, Inc. (a)		55,700		3,591,536

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Insurance (continued)
Torchmark Corp. (a)		30,600	$	2,050,200
Travelers Cos., Inc. (The)		53,800		2,878,300
				31,143,631
Internet & Catalog Retail (1.0%)
Liberty Media Corp. - Interactive*		219,774		4,907,553
IT Services (0.3%)
First Data Corp.		46,300		1,512,621
Leisure Equipment & Products (2.9%)
Time Warner, Inc.		648,000		13,633,920
Media (8.3%)
Clear Channel Communications, Inc.		51,499		1,947,692
Comcast Corp., Class A* (a)		504,000		14,172,480
Gannett Co. (a)		25,400		1,395,730
Liberty Media Holding Corp. - Capital, Series A*		40,314		4,744,152
News Corp., Class B (a)		184,300		4,227,842
Viacom, Inc., Class B* (a)		310,600		12,930,278
				39,418,174
Metals & Mining (1.7%) (a)
Alcoa, Inc.		197,300		7,996,569
Paper & Forest Products (3.0%) (a)
International Paper Co.		361,436		14,114,076
Pharmaceuticals (15.9%)
Abbott Laboratories (a)		129,100		6,913,305
Bristol-Myers Squibb Co.		421,100		13,289,916
Eli Lilly & Co. (a)		192,200		10,740,136
GlaxoSmithKline PLC ADR - GB (a)		140,100		7,337,037
Pfizer, Inc. (a)		307,300		7,857,661
Roche Holding AG ADR - CH		46,600		4,133,015
Sanofi-Aventis ADR - FR (a)		65,700		2,645,739
Schering-Plough Corp. (a)		248,700		7,570,428
Wyeth		262,400		15,046,016
				75,533,253
Semiconductors & Semiconductor Equipment (1.5%)
Intel Corp.		147,100		3,495,096
KLA-Tencor Corp. (a)		23,600		1,296,820
Texas Instruments, Inc.		56,200		2,114,806
				6,906,722
Software (0.6%)
McAfee, Inc.* (a)		1,000		35,200
Microsoft Corp.		92,300		2,720,081
				2,755,281
Specialty Retail (0.9%)
Home Depot, Inc. (The)		48,000		1,888,800
Lowe’s Cos., Inc. (a)		73,500		2,255,715
				4,144,515
Thrifts & Mortgage Finance (1.8%) (a)
Fannie Mae		38,150		2,492,339
Freddie Mac		103,280		6,269,096
				8,761,435
Tobacco (1.4%)
Altria Group, Inc.		94,250		6,610,696
Total Common Stocks (Cost $386,905,269)				438,492,532
Repurchase Agreements (7.2%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $33,824,848, collateralized by U.S. Government Agency Mortgages with a market value of $34,486,401	$	33,810,197		33,810,197
Securities Held as Collateral for Securities on Loan (13.5%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $64,119,106, collateralized by U.S. Government Agency Mortgages with a market value of $65,371,962		64,090,159		64,090,159
Total Investments (Cost $484,805,625) (b) — 113.2%				536,392,888
Other assets in excess of liabilities — (13.2)%				(62,407,154	)
NET ASSETS — 100.0%			$	473,985,734

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Van Kampen NVIT Comstock Value Fund (Continued)

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CH	Switzerland
FR	France
GB	United Kingdom
NL	Netherlands
SE	Sweden
SG	Singapore

See accompanying notes to financial statements.

8 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Van Kampen
			NVIT Comstock
			Value Fund
Assets:
Investments, at value (cost $386,905,269)*			$	438,492,532
Repurchase agreements, at cost and value				97,900,356
		Total Investments		536,392,888
Interest and dividends receivable				751,849
Receivable for capital shares issued				584,897
Receivable for investments sold				1,304,218
Prepaid expenses				4,511
		Total Assets		539,038,363
Liabilities:
Payable to custodian				17,403
Payable for investments purchased				365,215
Payable upon return of securities loaned				64,090,159
Payable for capital shares redeemed				141,147
Accrued expenses and other payables:
	Investment advisory fees			248,426
	Fund administration and transfer agent fees			26,396
	Distribution fees			60,427
	Administrative servicing fees			77,495
	Compliance program costs			4,827
	Other			21,134
		Total Liabilities		65,052,629
Net Assets			$	473,985,734
Represented by:
Capital			$	412,963,905
Accumulated net investment income				36,330
Accumulated net realized gains from investment transactions				9,398,236
Net unrealized appreciation on investments				51,587,263
Net Assets			$	473,985,734
Net Assets:
Class I Shares			$	113,528,972
Class II Shares				300,286,345
Class IV Shares				60,170,417
Total			$	473,985,734
Shares outstanding (unlimited number of shares authorized):
Class I Shares				8,620,367
Class II Shares				22,891,243
Class IV Shares				4,569,036
Total				36,080,646
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	13.17
Class II Shares			$	13.12
Class IV Shares			$	13.17

* Includes value of securities on loan of $63,202,684.

See accompanying notes to financial statements.

 9

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Van Kampen
		NVIT Comstock
		Value Fund
INVESTMENT INCOME:
Interest income		$	904,685
Dividend income			4,711,430
Income from securities lending			25,778
	Total Income		5,641,893
Expenses:
Investment advisory fees			1,363,199
Fund administration and transfer agent fees			128,004
Distribution fees Class II Shares			310,192
Administrative servicing fees Class I Shares			75,233
Administrative servicing fees Class II Shares			322,663
Administrative servicing fees Class IV Shares			34,490
Custodian fees			5,236
Trustee fees			9,011
Compliance program costs (Note 3)			2,819
Other			39,320
	Total expenses before earnings credit		2,290,167
Earnings credit (Note 6)			(161	)
	Net Expenses		2,290,006
Net Investment Income			3,351,887
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			10,952,884
Net change in unrealized appreciation on investments			9,797,882
Net realized/unrealized gains (losses) on investments			20,750,766
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	24,102,653

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets

		Van Kampen NVIT
		Comstock Value Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	3,351,887		$	4,740,511
Net realized gains on investment transactions			10,952,884			11,140,738
Net change in unrealized appreciation on investments			9,797,882			28,221,129
Change in net assets resulting from operations			24,102,653			44,102,378
Distributions to shareholders from:
Net investment income:
	Class I		(954,573	)		(1,826,431	)
	Class II		(1,853,619	)		(2,003,632	)
	Class IV		(507,365	)		(974,561	)
Net realized gains:
	Class I		(177,572	)		(4,887,144	)
	Class II		(464,395	)		(6,955,945	)
	Class IV		(94,209	)		(2,554,158	)
	Change in net assets from shareholder distributions		(4,051,733	)		(19,201,871	)
	Change in net assets from capital transactions		79,151,044			130,404,112
Change in net assets			99,201,964			155,304,619
Net Assets:
Beginning of period			374,783,770			219,479,151
End of period		$	473,985,734		$	374,783,770
Accumulated net investment income at end of period		$	36,330		$	–

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets (Continued)

		Van Kampen NVIT
		Comstock Value Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	6,402,785		$	19,298,290
	Dividends reinvested		1,132,143			6,713,570
	Cost of shares redeemed		(11,679,297	)		(26,786,383	)
			(4,144,369	)		(774,523	)
Class II Shares
	Proceeds from shares issued		82,320,708			142,785,894
	Dividends reinvested		2,318,010			8,959,569
	Cost of shares redeemed		(57,600	)		(18,984,524	)
			84,581,118			132,760,939
Class IV Shares
	Proceeds from shares issued		1,706,562			2,840,145
	Dividends reinvested		601,573			3,528,716
	Cost of shares redeemed		(3,593,840	)		(7,951,165	)
			(1,285,705	)		(1,582,304	)
Change in net assets from capital transactions		$	79,151,044		$	130,404,112
SHARE TRANSACTIONS:
Class I Shares
	Issued		499,928			1,618,409
	Reinvested		87,498			566,876
	Redeemed		(899,971	)		(2,233,381	)
			(312,545	)		(48,096	)
Class II Shares
	Issued		6,372,632			11,962,003
	Reinvested		179,632			751,926
	Redeemed		(4,560	)		(1,640,417	)
			6,547,704			11,073,512
Class IV Shares
	Issued		132,954			239,370
	Reinvested		46,512			297,869
	Redeemed		(276,845	)		(666,183	)
			(97,379	)		(128,944	)
Total change in shares			6,137,780			10,896,472

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Van Kampen NVIT Comstock Value Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class I Shares
For the year ended December 31, 2002	$	10.38	$	0.12	$	(2.72	)	$	(2.60	)	$	(0.12	)
For the year ended December 31, 2003	$	7.66	$	0.11	$	2.28		$	2.39		$	(0.11	)
For the year ended December 31, 2004	$	9.94	$	0.14	$	1.59		$	1.73		$	(0.14	)
For the year ended December 31, 2005	$	11.53	$	0.20	$	0.29		$	0.49		$	(0.19	)
For the year ended December 31, 2006	$	11.53	$	0.23	$	1.55		$	1.78		$	(0.21	)
For the six months ended June 30, 2007 (Unaudited)	$	12.54	$	0.12	$	0.64		$	0.76		$	(0.11	)
Class II Shares
For the year ended December 31, 2003(e)	$	7.47	$	0.08	$	2.47		$	2.55		$	(0.09	)
For the year ended December 31, 2004	$	9.93	$	0.11	$	1.58		$	1.69		$	(0.12	)
For the year ended December 31, 2005	$	11.50	$	0.14	$	0.31		$	0.45		$	(0.15	)
For the year ended December 31, 2006	$	11.50	$	0.16	$	1.58		$	1.74		$	(0.18	)
For the six months ended June 30, 2007 (Unaudited)	$	12.50	$	0.09	$	0.64		$	0.73		$	(0.09	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
											Net Assets
	Net						Net Asset				at End of
	realized			Total			Value, End		Total		Period
	gains			Distributions			of Period		Return (a)		(000s)
Class I Shares
For the year ended December 31, 2002	$	–		$	(0.12	)	$	7.66		(25.14%)	$	39,424
For the year ended December 31, 2003	$	–		$	(0.11	)	$	9.94		31.43%	$	62,517
For the year ended December 31, 2004	$	–		$	(0.14	)	$	11.53		17.50%	$	112,202
For the year ended December 31, 2005	$	(0.30	)	$	(0.49	)	$	11.53		4.25%	$	103,565
For the year ended December 31, 2006	$	(0.56	)	$	(0.77	)	$	12.54		15.91%	$	112,029
For the six months ended June 30, 2007 (Unaudited)	$	(0.02	)	$	(0.13	)	$	13.17		6.08%	$	113,529
Class II Shares
For the year ended December 31, 2003(e)	$	–		$	(0.09	)	$	9.93		34.20%	$	6,092
For the year ended December 31, 2004	$	–		$	(0.12	)	$	11.50		17.08%	$	34,312
For the year ended December 31, 2005	$	(0.30	)	$	(0.45	)	$	11.50		3.95%	$	60,617
For the year ended December 31, 2006	$	(0.56	)	$	(0.74	)	$	12.50		15.56%	$	204,233
For the six months ended June 30, 2007 (Unaudited)	$	(0.02	)	$	(0.11	)	$	13.12		5.86%	$	300,286

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Ratios / Supplemental Data
						Ratio of Net
		Ratio of		Ratio of		Investment
		Net		Expenses		Income
	Ratio of	Investment		(Prior to		(Prior to
	Expenses	Income		Reimbursements)		Reimbursements)
	to Average	to Average		to Average		to Average		Portfolio
	Net Assets (b)	Net Assets (b)		Net Assets (b) (c)		Net Assets (b) (c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002	1.11%		1.30%		1.11%		1.30%		245.24%
For the year ended December 31, 2003	0.99%		1.37%		(g)		(g)		71.31%
For the year ended December 31, 2004	0.94%		1.41%		(g)		(g)		31.95%
For the year ended December 31, 2005	0.94%		1.65%		(g)		(g)		33.13%
For the year ended December 31, 2006	0.93%		1.84%		(g)		(g)		25.62%
For the six months ended June 30, 2007 (Unaudited)	0.87%		1.82%		0.87%		1.82%		12.08%
Class II Shares
For the year ended December 31, 2003(e)	1.20%		1.27%		1.31%		1.16%		71.31%
For the year ended December 31, 2004	1.20%		1.20%		1.28%		1.11%		31.95%
For the year ended December 31, 2005	1.28%		1.31%		1.31%		1.29%		33.13%
For the year ended December 31, 2006	1.26%		1.45%		(g)		(g)		25.62%
For the six months ended June 30, 2007 (Unaudited)	1.24%		1.43%		1.24%		1.43%		12.08%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from March 28, 2003 (commencement of operations) through December 31, 2003.

(f)  For the period from April 28, 2003 (commencement of operations) through December 31, 2003.

(g)  There were no fee reductions during the period.

See accompanying notes to financial statements.

[Additional columns below]

[Continued from above table, first column(s) repeated]

 13

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

									Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized		Total
	Value,		Net		Gains		from		Net
	Beginning		Investment		(Losses) on		Investment		Investment
	of Period		Income		Investments		Activities		Income
Class IV Shares
For the year ended December 31, 2003(f)	$	7.76	$	0.09	$	2.18	$	2.27	$	(0.09	)
For the year ended December 31, 2004	$	9.94	$	0.15	$	1.57	$	1.72	$	(0.14	)
For the year ended December 31, 2005	$	11.52	$	0.19	$	0.31	$	0.50	$	(0.19	)
For the year ended December 31, 2006	$	11.53	$	0.23	$	1.55	$	1.78	$	(0.21	)
For the six months ended June 30, 2007 (Unaudited)	$	12.54	$	0.12	$	0.64	$	0.76	$	(0.11	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios / Supplemental Data
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	realized			Total			Value, End		Total			Period		to Average
	gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class IV Shares
For the year ended December 31, 2003(f)	$	–		$	(0.09	)	$	9.94		29.38%		$	48,070		0.94%
For the year ended December 31, 2004	$	–		$	(0.14	)	$	11.52		17.42%		$	55,683		0.91%
For the year ended December 31, 2005	$	(0.30	)	$	(0.49	)	$	11.53		4.36%		$	55,297		0.93%
For the year ended December 31, 2006	$	(0.56	)	$	(0.77	)	$	12.54		15.94%		$	58,521		0.90%
For the six months ended June 30, 2007 (Unaudited)	$	(0.02	)	$	(0.13	)	$	13.17		6.09%		$	60,170		0.85%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Net
	Ratio of		Ratio of		Investment
	Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b) (c)		Net Assets (b) (c)		Turnover (d)
Class IV Shares
For the year ended December 31, 2003(f)		1.50%		(g)		(g)		71.31%
For the year ended December 31, 2004		1.42%		(g)		(g)		31.95%
For the year ended December 31, 2005		1.67%		(g)		(g)		33.13%
For the year ended December 31, 2006		1.86%		(g)		(g)		25.62%
For the six months ended June 30, 2007 (Unaudited)		1.83%		0.85%		1.83%		12.08%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(f)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(g)	There were no fee reductions during the period.

See accompanying notes to financial statements.

14 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Van Kampen NVIT Comstock Value Fund (the “Fund”), (formerly, “Van Kampen GVIT Comstock Value Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

16 

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(e) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JP Morgan Chase Bank serves as custodian for the securities lending program of the Fund. JP Morgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

Value of Loaned Securities	Value of Collateral
$63,202,684	$	64,090,159

(g) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(h) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	485,841,563	$	53,093,878	$	(2,542,553	)	$	50,551,325

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Van Kampen Asset Management, Inc. (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Fee Schedule	Fees
Up to $50 million		0.80%
Next $200 million		0.65%
Next $250 million		0.60%
$500 million or more		0.55%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $601,060 for the six months ended June 30, 2007.

18 

As of the six months ended June 30, 2007, the cumulative potential reimbursements for the Class IV shares of the Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA would be:

Amount Fiscal Year 2004		Amount Fiscal Year 2005		Amount Fiscal Year 2006
$	14,072	$	10,247	$	0

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc.) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I and Class II shares of the Fund and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $432,131 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $2,819.

For the six months ended June 30, 2007, the advisers or affiliates of the advisers directly held 2.55% of the shares outstanding of the Fund.

4. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $124,588,511 and sales of $47,001,164.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JP Morgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing

20 

authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 21

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

22 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 25

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

26 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had outperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods. The Board also considered that the performance of the Fund’s Class I shares ranked in the second quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, the fourth quintile over the two- and three-year periods, and the first quintile over the four-year period. The Board also considered that: (i) although the Fund’s two- and three-year performance has been disappointing, longer-term performance has been consistent with the subadviser’s deep value style; (ii) the Fund has performed as a defensive fund, as it is intended to perform; and (iii) the Fund continues to attract assets. Based on its review, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the first quintile. Based on its review, the Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over

 27

Supplemental Information (Unaudited) (Continued)

time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio managers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund	FOR	30,051,703.188 shares		92.514%
(Formerly Federated GVIT	AGAINST	618,245.021 shares		1.903%
High Income Bond Fund)	ABSTAIN	1,813,550.431 shares		5.583%
	TOTAL	32,483,498.640 shares
NVIT International Index Fund	FOR	4,322,203.982 shares		96.897%
(Formerly GVIT International	AGAINST	2,758.318 shares		0.062%
Index Fund)	ABSTAIN	135,636.840 shares		3.041%
	TOTAL	4,460,599.140 shares
NVIT International Value Fund	FOR	20,032,843.199 shares		93.351%
(Formerly GVIT International	AGAINST	333,588.902 shares		1.554%
Value Fund)	ABSTAIN	1,093,293.879 shares		5.095%
	TOTAL	21,459,725.980 shares
NVIT Mid Cap Index Fund	FOR	35,380,179.120 shares		94.154%
(Formerly GVIT Mid Cap Index Fund)	AGAINST	631,117.844 shares		1.679%
	ABSTAIN	1,565,714.306 shares		4.167%
	TOTAL	37,577,011.270 shares
NVIT S&P 500 Index Fund	FOR	56,119,814.230 shares		95.554%
(Formerly GVIT S&P 500 Index Fund)	AGAINST	666,195.542 shares		1.134%
	ABSTAIN	1,944,898.888 shares		3.312%
	TOTAL	58,730,908.660 shares

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT	FOR	7,632,918.513 shares		92.700%
Small Cap Growth Fund	AGAINST	149,458.111 shares		1.816%
(Formerly GVIT Small Cap	ABSTAIN	451,583.036 shares		5.484%
Growth Fund)	TOTAL	8,233,959.660 shares
Nationwide Multi-Manager NVIT	FOR	48,649,396.525 shares		92.816%
Small Cap Value Fund	AGAINST	979,183.753 shares		1.868%
(Formerly GVIT Small Cap	ABSTAIN	2,786,133.102 shares		5.316%
Value Fund)	TOTAL	52,414,713.380 shares
Nationwide Multi-Manager NVIT	FOR	29,903,181.700 shares		91.311%
Small Company Fund	AGAINST	838,774.923 shares		2.561%
(Formerly GVIT Small Company Fund)	ABSTAIN	2,006,741.307 shares		6.128%
	TOTAL	32,748,697.930 shares
Gartmore NVIT Developing	FOR	21,0177,889.443 shares		91.460%
Markets Fund	AGAINST	424,272.958 shares		1.841%
(Formerly Gartmore GVIT	ABSTAIN	1,543,850.729 shares		6.699%
Developing Markets Fund)	TOTAL	23,046,013.130 shares
Gartmore NVIT Emerging	FOR	17,050,534.593 shares		92.371%
Markets Fund	AGAINST	526,574.722 shares		2.853%
(Formerly Gartmore GVIT	ABSTAIN	881,608.905 shares		4.776%
Emerging Markets Fund)	TOTAL	18,458,718.220 shares
Nationwide NVIT Global	FOR	1,554,847.333 shares		95.589%
Financial Services Fund	AGAINST	19,539.033 shares		1.201%
(Formerly Gartmore GVIT	ABSTAIN	52,206.494 shares		3.210%
Global Financial Services Fund)	TOTAL	1,626,592.860 shares
Nationwide NVIT Global Health	FOR	4,722,963.678 shares		92.815%
Sciences Fund	AGAINST	157,979.030 shares		3.104%
(Formerly Gartmore GVIT	ABSTAIN	207,642.222 shares		4.081%
Global Health Sciences Fund)	TOTAL	5,088,584.930 shares
Nationwide NVIT Global Technology	FOR	8,585,472.039 shares		93.551%
and Communications Fund	AGAINST	102,267.977 shares		1.114%
(Formerly Gartmore GVIT	ABSTAIN	489,577.634 shares		5.335%
Global Technology and Communications Fund)	TOTAL	9,177,317.650 shares
Gartmore NVIT Global	FOR	4,123,270.549 shares		91.923%
Utilities Fund	AGAINST	122,001.533 shares		2.720%
(Formerly Gartmore GVIT	ABSTAIN	240,276.088 shares		5.357%
Global Utilities Fund)	TOTAL	4,485,548.170 shares
Nationwide NVIT Government	FOR	88,471,567.462 shares		92.024%
Bond Fund	AGAINST	1,825,645.181 shares		1.899%
(Formerly Gartmore GVIT	ABSTAIN	5,841,990.727 shares		6.077%
Government Bond Fund)	TOTAL	96,139,203.370 shares
Nationwide NVIT Growth Fund	FOR	14,931,435.904 shares		89.942%
(Formerly Gartmore GVIT	AGAINST	409,826.402 shares		2.469%
Growth Fund)	ABSTAIN	1,259,945.064 shares		7.589%
	TOTAL	16,601,207.370 shares

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Gartmore NVIT International	FOR	6,251,419.070 shares		93.569%
Growth Fund	AGAINST	139,618.548 shares		2.090%
(Formerly Gartmore GVIT	ABSTAIN	290,025.592 shares		4.341%
International Growth Fund)	TOTAL	6,681,063.210 shares
Nationwide NVIT Investor	FOR	49,489,224.549 shares		90.688%
Destinations Aggressive Fund	AGAINST	1,385,396.474 shares		2.539%
(Formerly Gartmore GVIT	ABSTAIN	3,696,272.337 shares		6.773%
Investor Destinations Aggressive Fund)	TOTAL	54,570,893.360 shares
Nationwide NVIT Investor	FOR	23,091,965.887 shares		89.855%
Destinations Conservative Fund	AGAINST	314,935,884 shares		1.225%
(Formerly Gartmore GVIT	ABSTAIN	2,292,355.179 shares		8.920%
Investor Destinations Conservative Fund)	TOTAL	25,699,256.950 shares
Nationwide NVIT Investor	FOR	188,902,093.059 shares		90.696%
Destinations Moderate Fund	AGAINST	3,018,924.590 shares		1.449%
(Formerly Gartmore GVIT	ABSTAIN	16,359,690.401 shares		7.855%
Investor Destinations Moderate Fund)	TOTAL	208,280,708.050 shares
Nationwide NVIT Investor	FOR	134,792,622.920 shares		91.332%
Destinations Moderately Aggressive Fund	AGAINST	3,489,207.264 shares		2.364%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	9,304,197.656 shares		6.304%
Moderately Aggressive Fund)	TOTAL	147,586,027.840 shares
Nationwide NVIT Investor	FOR	49,627,123.216 shares		91.918%
Destinations Moderately Conservative Fund	AGAINST	856,088.634 shares		1.586%
(Formerly Gartmore GVIT Investor Destinations	ABSTAIN	3,507,215.650 shares		6.496%
Moderately Conservative Fund)	TOTAL	53,990,427.500 shares
Nationwide NVIT Mid Cap	FOR	10,879,584.971 shares		91.043%
Growth Fund	AGAINST	352,594.958 shares		2.950%
(Formerly Gartmore GVIT Mid	ABSTAIN	717,792.971 shares		6.007%
Cap Growth Fund)	TOTAL	11,949,972.900 shares
Nationwide NVIT Money Market	FOR	221,774,863.241 shares		88.508%
Fund II	AGAINST	12,322,482.494 shares		4.918%
(Formerly Gartmore GVIT Money	ABSTAIN	16,471,740.875 shares		6.574%
Market Fund II)	TOTAL	250,569,086.610 shares
Nationwide NVIT Money Market	FOR	1,578,331,008.328 shares		91.585%
Fund	AGAINST	32,372,133.671 shares		1.878%
(Formerly Gartmore GVIT Money	ABSTAIN	112,652,123.301 shares		6.537%
Market Fund)	TOTAL	1,723,355,265.300 shares
NVIT Nationwide Fund	FOR	125,423,274.735 shares		91.581%
(Formerly Gartmore GVIT	AGAINST	2,767,979.467 shares		2.021%
Nationwide Fund)	ABSTAIN	8,762,255.828 shares		6.398%
	TOTAL	136,953,510.030 shares
NVIT Nationwide Leaders Fund	FOR	2,298,504.956 shares		95.780%
(Formerly Gartmore GVIT	AGAINST	29,630.469 shares		1.235%
Nationwide Leaders Fund)	ABSTAIN	71,637.755 shares		2.985%
	TOTAL	2,399,773.180 shares

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT U.S. Growth	FOR	4,972,094.773 shares		94.359%
Leaders Fund	AGAINST	122,623.161 shares		2.327%
(Formerly Gartmore GVIT U.S.	ABSTAIN	174,625.606 shares		3.314%
Growth Leaders Fund)	TOTAL	5,269,343.540 shares
Gartmore NVIT Worldwide	FOR	2,666,862.487 shares		94.126%
Leaders Fund	AGAINST	47,702.491 shares		1.684%
(Formerly Gartmore GVIT	ABSTAIN	118,719.882 shares		4.190%
Worldwide Leaders Fund)	TOTAL	2,833,284.860 shares
J.P. Morgan NVIT Balanced Fund	FOR	15,966,867.546 shares		90.900%
(Formerly J.P. Morgan GVIT	AGAINST	259,004.324 shares		1.475%
Balanced Fund)	ABSTAIN	1,339,385.200 shares		7.625%
	TOTAL	17,565,257.070 shares
Van Kampen NVIT Comstock	FOR	27,737,008.009 shares		92.259%
Value Fund	AGAINST	502,564.164 shares		1.672%
(Formerly Van Kampen GVIT	ABSTAIN	1,824,670.107 shares		6.069%
Comstock Value Fund)	TOTAL	30,064,242.280 shares
Van Kampen NVIT Multi Sector	FOR	21,253,297.665 shares		90.281%
Bond Fund	AGAINST	484,100.920 shares		2.056%
(Formerly Van Kampen GVIT	ABSTAIN	1,803,963.645 shares		7.663%
Multi Sector Bond Fund)	TOTAL	23,541,362.230 shares

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth	FOR	10,862,827.499 shares		90.903%
Fund	AGAINST	414,574.660 shares		3.469%
(Formerly Gartmore GVIT Mid	ABSTAIN	672,570.741 shares		5.628%
Cap Growth Fund)	TOTAL	11,949,972.900 shares

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 31

Gartmore NVIT Worldwide Leaders Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-WWL (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Gartmore NVIT Worldwide Leaders Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Gartmore NVIT Worldwide Leaders Fund
					Ending
			Beginning		Account
			Account Value,		Value,		Expenses Paid		Annualized
			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,123.60	$	6.58		1.25%
	Hypothetical	1	$	1,000.00	$	1,018.60	$	6.28		1.25%
Class III	Actual		$	1,000.00	$	1,123.60	$	6.63		1.26%
	Hypothetical	1	$	1,000.00	$	1,018.55	$	6.33		1.26%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Gartmore NVIT Worldwide Leaders Fund

Portfolio Summary

June 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stock	96.0%
Repurchase Agreements	1.4%
Other Investments*	2.3%
Other assets in excess of liabilities**	0.3%
	100.0%

Top Holdings***
BHP Billiton PLC	4.6%
Apple, Inc.	4.4%
British Airways	4.3%
MAN AG	4.1%
Union Pacific Corp.	3.9%
Julius Baer Holding Ltd.	3.7%
FedEx Corp.	3.5%
Daimler Chrysler AG	3.5%
McDonald’s Corp.	3.5%
Societe Generale	3.4%
Other	61.1%
	100.0%

Top Industries
Road & Rail	6.8%
Computers & Peripherals	6.9%
Hotels, Restaurants & Leisure	6.9%
Automobiles	6.6%
Oil, Gas & Consumable Fuels	6.6%
Commercial Banks	6.1%
Diversified Telecommunication Services	5.3%
Metals & Mining	4.6%
Airlines	4.3%
Machinery	4.1%
Other	41.8%
	100.0%

Top Countries
United States	49.1%
Japan	12.1%
Germany	11.6%
United Kingdom	8.9%
Switzerland	5.3%
France	3.4%
China	2.7%
Australia	2.0%
Hong Kong	1.5%
Republic of Korea	0.8%
Other	2.6%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Gartmore NVIT Worldwide Leaders Fund

Common Stock (96.0%)
	Shares or
	Principal Amount		Value
AUSTRALIA (2.0%) (a)
Diversified Telecommunication Services (2.0%)
Telstra Corp. Ltd.		469,300	$	1,234,286
CHINA (2.7%) (a)
Commercial Bank (2.7%)
China Construction Bank, Class H		2,479,000		1,704,743
FRANCE (3.4%) (a)
Commercial Bank (3.4%)
Societe Generale		11,600		2,148,997
GERMANY (11.6%) (a)
Auto Components (2.4%)
Continental AG		10,600		1,489,554
Automobiles (3.5%)
Daimler Chrysler AG		23,700		2,181,430
Machinery (4.1%)
MAN AG		17,990		2,567,968
Semiconductors & Semiconductor Equipment (1.6%)
Infineon Technologies AG*		58,100		960,224
				7,199,176
HONG KONG (1.5%) (a)
Real Estate Management & Development (1.5%)
New World Development Co. Ltd.		364,000		910,972
JAPAN (12.1%) (a)
Automobiles (3.1%)
Toyota Motor Corp.		30,800		1,942,682
Road & Rail (2.9%)
East Japan Railway Co.		237		1,826,357
Software (2.7%)
Nintendo Co. Ltd.		4,500		1,641,995
Tobacco (3.4%)
Japan Tobacco, Inc.		432		2,129,694
				7,540,728
REPUBLIC OF KOREA (0.8%) (a)
Semiconductors & Semiconductor Equipment (0.8%)
Hynix Semiconductor, Inc.*		13,700		493,081
SWITZERLAND (5.3%) (a)
Capital Markets (3.7%)
Julius Baer Holding Ltd.		32,100		2,297,311
Commercial Services & Supplies (1.6%)
Adecco SA		12,900		998,217
				3,295,528
UNITED KINGDOM (8.9%) (a)
Airline (4.3%)
British Airways PLC*		321,300		2,687,042
Metals & Mining (4.6%)
BHP Billiton PLC		102,570		2,848,990
				5,536,032
UNITED STATES (47.7%)
Aerospace & Defense (3.0%)
Boeing Co. (The)		19,600		1,884,736
Air Freight & Logistics (3.5%)
FedEx Corp.		19,800		2,197,206
Communications Equipment (2.5%)
Cisco Systems, Inc.*		55,800		1,554,030
Computers & Peripherals (6.9%)
Apple, Inc.*		22,172		2,705,871
Hewlett-Packard Co.		34,800		1,552,776
				4,258,647
Diversified Telecommunication Services (3.3%)
AT&T, Inc.		49,900		2,070,850
Energy Equipment & Services (2.4%)
Diamond Offshore Drilling, Inc.		14,400		1,462,464
Food & Staples Retailing (3.1%)
CVS/ Caremark Corp.		53,300		1,942,785
Hotels, Restaurants & Leisure (6.9%)
McDonald’s Corp.		42,800		2,172,528
Starwood Hotels & Resorts Worldwide, Inc.		31,100		2,085,877
				4,258,405
Industrial Conglomerate (3.0%)
General Electric Co.		48,600		1,860,408
Oil, Gas & Consumable Fuels (6.6%)
ConocoPhillips		26,800		2,103,800
Sunoco, Inc.		25,300		2,015,904
				4,119,704
Real Estate Management & Development (2.6%)
CB Richard Ellis Group, Inc., Class A*		44,900		1,638,850

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Road & Rail (3.9%)
Union Pacific Corp.		21,300	$	2,452,695
				29,700,780
Total Common Stocks (Cost $55,161,142)				59,764,323
Repurchase Agreements (1.4%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $854,869, collateralized by U.S. Government Agency Mortgages with a market value of $871,589	$	854,499		854,499
Securities Held as Collateral for Securities on Loan (2.3%)
Bank of America, 5.42% dated 06/29/07, due 07/02/07, repurchase price $1,416,414, collateralized by U.S. Government Agency Mortgages with a market value of $1,444,095		1,415,775		1,415,775
Total Investments (Cost $57,431,416) (b) — 99.7%				62,034,597
Other assets in excess of liabilities — 0.3%				189,761
NET ASSETS — 100.0%			$	62,224,358

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements

 7

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Gartmore NVIT
			Worldwide Leaders
			Fund
Assets:
Investments, at value (cost $55,161,142)*			$	59,764,323
Repurchase agreements, at cost and value				2,270,274
		Total Investments		62,034,597
Foreign currencies, at value (cost $33,879)				33,884
Interest and dividends receivable				120,322
Receivable for capital shares issued				774
Receivable for investments sold				7,537,380
Unrealized appreciation on spot contracts				7,034
Reclaims receivable				1,412
Prepaid expenses				668
		Total Assets		69,736,071
Liabilities:
Payable to custodian				32,730
Payable for investments purchased				5,806,891
Unrealized depreciation on spot contracts				9,261
Payable upon return of securities loaned				1,415,775
Payable for capital shares redeemed				68,183
Accrued expenses and other payables:
	Investment advisory fees			154,775
	Fund administration and transfer agent fees			4,964
	Administrative servicing fees			7,665
	Compliance program costs			690
	Other			10,779
		Total Liabilities		7,511,713
Net Assets			$	62,224,358
Represented by:
Capital			$	52,659,736
Accumulated net investment income				79,273
Accumulated net realized gains from investment transactions and foreign currency transactions				4,880,758
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				4,604,591
Net Assets			$	62,224,358
Net Assets:
Class I Shares			$	29,017,471
Class III Shares				33,206,887
Total			$	62,224,358
Shares outstanding (unlimited number of shares authorized):
Class I Shares				1,628,589
Class III Shares				1,864,349
Total				3,492,938
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	17.82
Class III Shares			$	17.81

*  Includes value of securities on loan of $1,351,680.

See accompanying notes to financial statements.

8 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Gartmore NVIT
		Worldwide
		Leaders Fund
INVESTMENT INCOME:
Interest income		$	28,891
Dividend income			573,082
Income from securities lending			16,297
	Total Income		618,270
Expenses:
Investment advisory fees			292,407
Fund administration and transfer agent fees			24,896
Administrative servicing fees Class I Shares			19,631
Administrative servicing fees Class III Shares			25,332
Custodian fees			6,090
Trustee fees			1,324
Compliance program costs (Note 3)			403
Other			15,152
	Total expenses before earnings credit		385,235
Earnings credit (Note 6)			(6	)
	Net Expenses		385,229
Net Investment Income			233,041
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			9,532,366
Net realized losses on foreign currency transactions			(9,169	)
Net realized gains on investment transactions and foreign currency transactions			9,523,197
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(2,785,512	)
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			6,737,685
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	6,970,726

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets

		Gartmore NVIT
		Worldwide Leaders Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	233,041		$	460,141
Net realized gains on investment transactions and foreign currency transactions			9,523,197			7,261,673
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(2,785,512	)		3,489,362
Change in net assets resulting from operations			6,970,726			11,211,176
Distributions to shareholders from:
Net investment income:
	Class I		(74,277	)		(242,111	)
	Class III		(84,000	)		(177,137	)
Change in net assets from shareholder distributions			(158,277	)		(419,248	)
Change in net assets from capital transactions			2,854,598			(3,606,433	)
Change in net assets			9,667,047			7,185,495
Net Assets:
Beginning of period			52,557,311			45,371,816
End of period		$	62,224,358		$	52,557,311
Accumulated net investment income at end of period		$	79,273		$	4,509
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	1,419,278		$	2,329,880
	Dividends reinvested		74,275			242,111
	Cost of shares redeemed (a)		(5,240,042	)		(8,715,660	)
			(3,746,489	)		(6,143,669	)
Class III Shares
	Proceeds from shares issued		14,543,031			9,591,417
	Dividends reinvested		83,998			177,137
	Cost of shares redeemed (a)		(8,025,942	)		(7,231,318	)
			6,601,087			2,537,236
Change in net assets from capital transactions		$	2,854,598		$	(3,606,433	)

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets (Continued)

		Gartmore NVIT
		Worldwide Leaders Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		83,673			163,371
	Reinvested		4,212			17,224
	Redeemed		(308,783	)		(622,054	)
			(220,898	)		(441,459	)
Class III Shares
	Issued		857,804			690,316
	Reinvested		4,778			12,550
	Redeemed		(455,125	)		(518,388	)
			407,457			184,478
Total change in shares			186,559			(256,981	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

 11

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Gartmore NVIT Worldwide Leaders Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class I Shares
For the year ended December 31, 2002	$	9.28		(0.04	)		(2.29	)		(2.33	)		(0.08	)
For the year ended December 31, 2003	$	6.85		0.01			2.46			2.47			–
For the year ended December 31, 2004	$	9.32		0.09			1.37			1.46			–
For the year ended December 31, 2005	$	10.78		0.01			2.04			2.05			(0.10	)
For the year ended December 31, 2006	$	12.73		0.13			3.16			3.29			(0.12	)
For the six months ended June 30, 2007 (Unaudited)	$	15.90		0.07			1.90			1.97			(0.05	)
Class III Shares
Period ended December 31, 2003(e)	$	6.89		(0.01	)		2.44			2.43			–
For the year ended December 31, 2004	$	9.32		0.09			1.37			1.46			–
For the year ended December 31, 2005	$	10.78		0.01			2.04			2.05			(0.10	)
For the year ended December 31, 2006	$	12.73		0.12			3.16			3.28			(0.12	)
For the six months ended June 30, 2007 (Unaudited)	$	15.89		0.07			1.89			1.96			(0.04	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios/Supplemental Data
												Net Assets		Ratio of
	Tax						Net Asset					at End of		Expenses
	Return of			Total			Value, End		Total			Period		to Average
	Capital			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class I Shares
For the year ended December 31, 2002		(0.02	)		(0.10	)	$	6.85		(25.39%	)	$	26,467		1.32%
For the year ended December 31, 2003		–			–		$	9.32		36.06%		$	27,624		1.32%
For the year ended December 31, 2004		–			–		$	10.78		15.67%		$	28,776		1.25%
For the year ended December 31, 2005		–			(0.10	)	$	12.73		19.34%		$	29,173		1.29%
For the year ended December 31, 2006		–			(0.12	)	$	15.90		25.88%		$	29,403		1.21%
For the six months ended June 30, 2007 (Unaudited)		–			(0.05	)	$	17.82		12.36%		$	29,017		1.25%
Class III Shares
Period ended December 31, 2003(e)		–			–		$	9.32		35.27%		$	5,853		1.35%
For the year ended December 31, 2004		–			–		$	10.78		15.67%		$	7,376		1.25%
For the year ended December 31, 2005		–			(0.10	)	$	12.73		19.34%		$	16,198		1.29%
For the year ended December 31, 2006		–			(0.12	)	$	15.89		25.81%		$	23,155		1.20%
For the six months ended June 30, 2007 (Unaudited)		–			(0.04	)	$	17.81		12.36%		$	33,207		1.26%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
	Ratio of			Ratio of		Net Investment
	Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average		Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002		0.29%			1.32%		0.29%		529.97%
For the year ended December 31, 2003		0.30%			(f)		(f)		603.34%
For the year ended December 31, 2004		0.95%			(f)		(f)		452.01%
For the year ended December 31, 2005		0.18%			(f)		(f)		360.00%
For the year ended December 31, 2006		0.96%			(f)		(f)		269.37%
For the six months ended June 30, 2007 (Unaudited)		0.70%			1.25%		0.70%		137.48%
Class III Shares
Period ended December 31, 2003(e)		(0.31%	)		(f)		(f)		603.34%
For the year ended December 31, 2004		0.94%			(f)		(f)		452.01%
For the year ended December 31, 2005		0.13%			(f)		(f)		360.00%
For the year ended December 31, 2006		0.93%			(f)		(f)		269.37%
For the six months ended June 30, 2007 (Unaudited)		0.81%			1.26%		0.81%		137.48%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 2, 2003 (commencement of operations) through December 31, 2003.
(f)	There were no fee reductions during the period.

See accompanying notes to financial statements.

12 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT Worldwide Leaders Fund (the “Fund”), (formerly, “GVIT Worldwide Leaders Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service

14 

approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$1,351,680	$	1,415,775

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

16 

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	57,593,701	$	5,168,138	$	(727,242	)	$	4,440,896

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Base Management Fee	Fees
Up to $50 million		0.90%
$50 million or more		0.85%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $185,116 for the six months ended June 30, 2007.

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the MSCI World Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The performance adjusted advisory fee will be paid quarterly.

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (Prior to May 1, 2007. this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA.) The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the

18 

shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $46,019 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $403.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $2,361.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $82,274,038 and sales of $81,750,298.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

20 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 25

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

26 

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

 27

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

30 

NationwideMulti-Manager NVIT Small Cap Growth Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-SCG (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide Multi-Manager NVIT Small Cap Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide Multi-Manager NVIT Small Cap Growth
					Ending
			Beginning,		Account
			Account Value,		Value,		Expenses Paid		Annualized
			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,093.20	$	6.33		1.22%
	Hypothetical	1	$	1,000.00	$	1,018.75	$	6.12		1.22%
Class II	Actual		$	1,000.00	$	1,091.90	$	7.62		1.47%
	Hypothetical	1	$	1,000.00	$	1,017.51	$	7.38		1.47%
Class III	Actual		$	1,000.00	$	1,093.80	$	6.28		1.21%
	Hypothetical	1	$	1,000.00	$	1,018.80	$	6.07		1.21%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide Multi-Manager NVIT Small Cap Growth Fund

Portfolio Summary

June 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stock	93.6%
Repurchase Agreements	6.3%
Other Investments*	23.9%
Liabilities in excess of other assets**	-23.8%
	100.0%

Top Industries
Software	10.9%
Internet Software & Services	9.8%
Health Care Technology	6.2%
Health Care Providers & Services	4.3%
Health Care Equipment & Supplies	4.2%
Semiconductors & Semiconductor Equipment	4.2%
Hotels, Restaurants & Leisure	3.9%
Communications Equipment	3.6%
Specialty Retail	3.3%
Oil, Gas & Consumable Fuels	3.1%
Other	46.5%
	100.0%

Top Holdings***
Allscripts Healthcare Solutions, Inc.	2.3%
Focus Media Holding Ltd. ADR	2.2%
Blackboard, Inc.	2.0%
Kyphon, Inc.	2.0%
Healthways, Inc.	1.9%
ITT Educational Services, Inc.	1.8%
Gaylord Entertainment Co.	1.7%
Chicago Bridge & Iron Co.	1.6%
Bucyrus International, Inc.	1.6%
Novatel Wireless, Inc.	1.5%
Other	81.4%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Growth Fund

Common Stock (93.6%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.4%)
Ceradyne, Inc.*		12,966	$	958,965
EDO Corp.		32,800		1,078,136
				2,037,101
Auto Components (1.6%)
LKQ Corp.*		64,594		1,592,888
Spartan Motors, Inc.		39,900		679,098
				2,271,986
Biotechnology (0.6%)
FEI Co.*		25,700		834,222
				834,222
Capital Markets (0.4%)
FCStone Group, Inc.*		10,000		573,100
				573,100
Chemicals (0.9%)
Zoltek Cos., Inc.*		31,300		1,299,889
				1,299,889
Commercial Services & Supplies (2.2%)
CoStar Group, Inc.*		16,900		893,672
Kenexa Corp.*		34,200		1,289,682
Mobile Mini, Inc.*		33,000		963,600
				3,146,954
Communications Equipment (3.6%)
Acme Packet, Inc.*		70,419		809,114
Bigband Networks, Inc.*		38,100		499,491
Comtech Group, Inc.*		47,600		785,876
Interactive Intelligence, Inc.*		19,500		401,700
Oplink Communications, Inc.*		60,200		903,000
OpNext, Inc.*		50,300		665,972
Optium Corp.*		33,600		425,040
Riverbed Technology, Inc.*		12,000		525,840
				5,016,033
Computers & Peripherals (1.1%)
Synaptics, Inc.*		42,900		1,535,391
				1,535,391
Construction & Engineering (2.3%)
Chicago Bridge & Iron Co.		59,300		2,237,982
Desarrolladora Homex SA de CV ADR — MX*		15,847		960,170
				3,198,152
Diversified Consumer Services (2.4%)
ITT Educational Services, Inc.*		22,400		2,629,312
Sotheby’s Holdings, Inc.		17,400		800,748
				3,430,060
Diversified Financial Services (0.9%)
Financial Federal Corp.		40,775		1,215,911
				1,215,911
Electronic Equipment & Instruments (1.3%)
DTS, Inc.*		25,900		563,843
IPG Photonics Corp.*		34,600		690,270
Mellanox Technologies Ltd.*		28,600		592,592
				1,846,705
Energy Equipment & Services (1.5%)
Allis-Chalmers Energy, Inc.*		26,900		618,431
Drill-Quip, Inc.*		14,600		656,270
Hercules Offshore, Inc.*		24,100		780,358
				2,055,059
Food & Staples Retailing (1.5%)
Central European Distribution Corp.*		42,250		1,462,695
United Natural Foods, Inc.*		24,100		640,578
				2,103,273
Food Products (0.3%)
SunOpta, Inc.*		31,300		348,995
				348,995
Health Care Equipment & Supplies (4.2%)
Accuray, Inc.*		29,900		663,182
Cynosure, Inc.*		29,500		1,074,685
Kyphon, Inc.*		57,590		2,772,958
LifeCell Corp.*		33,100		1,010,874
Natus Medical, Inc.*		28,700		456,904
				5,978,603
Health Care Providers & Services (4.3%)
HealthExtras, Inc.*		38,600		1,141,788
Healthways, Inc.*		58,123		2,753,287
InVentiv Health, Inc.*		10,171		372,360
LHC Group, Inc.*		26,200		686,440
Nighthawk Radiology Holdings, Inc.*		38,600		696,730
Visicu, Inc.*		50,200		459,330
				6,109,935

6 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Health Care Technology (6.2%)
Allscripts Healthcare Solutions, Inc.*		128,754	$	3,280,652
Cerner Corp.*		36,900		2,046,843
Omicell, Inc.*		58,300		1,211,474
Systems Xcellence, Inc.*		35,235		1,013,711
Vital Images, Inc.*		43,200		1,173,312
				8,725,992
Hotels, Restaurants & Leisure (3.9%)
Chipotle Mexican Grill, Inc.*		2,800		238,784
Gaylord Entertainment Co.*		43,800		2,349,432
Scientific Games Corp.*		53,800		1,880,310
Vail Resorts, Inc.*		15,700		955,659
				5,424,185
Insurance (0.7%)
eHealth, Inc.*		22,900		437,161
Security Capital Assurance Ltd.		17,100		527,877
				965,038
Internet & Catalog Retail (2.8%)
Knot, Inc. (The)*		63,800		1,288,122
SINA Corp.*		33,000		1,381,380
Stamps.com, Inc.*		46,300		638,014
VistaPrint Ltd. — BR*		16,500		631,125
				3,938,641
Internet Software & Services (9.8%)
aQuantive, Inc.*		23,000		1,467,400
Bankrate, Inc.*		21,200		1,015,904
Comscore, Inc.*		3,700		85,655
Dealertrack Holdings, Inc.*		54,300		2,000,412
DivX, Inc.*		34,700		520,500
Gmarket, Inc. ADR — KR*		42,100		818,003
Liquidity Services, Inc.*		38,700		726,786
Loopnet, Inc.*		84,500		1,971,385
Opsware, Inc.*		77,700		738,927
Perficient, Inc.*		40,400		836,280
Smith Micro Software, Inc.*		46,100		694,266
Synchronoss Technologies, Inc.*		27,100		795,114
ValueClick, Inc.*		57,349		1,689,502
Vocus, Inc.*		19,700		494,667
				13,854,801
IT Services (1.1%)
CheckFree Corp.*		16,506		663,541
Exlservice Holdings, Inc.*		49,800		933,252
				1,596,793
Machinery (2.3%)
Bucyrus International, Inc., Class A		31,100		2,201,258
Dynamic Materials Corp.		20,500		768,750
Kadant, Inc.*		7,400		230,880
				3,200,888
Media (2.2%)
Focus Media Holding Ltd. ADR*		61,954		3,128,677
				3,128,677
Metals & Mining (0.3%)
Brush Engineered Materials, Inc.*		11,300		474,487
				474,487
Oil, Gas & Consumable Fuels (3.1%)
Arena Resources, Inc.*		6,100		354,471
Bill Barrett Corp.*		43,800		1,613,154
Carrizo Oil & Gas, Inc.*		32,334		1,340,891
GMX Resources, Inc.*		4,800		166,080
Newfield Exploration Co.*		21,000		956,550
				4,431,146
Other Financial (0.2%)
Pinnacle Financial Partners, Inc.*		11,300		331,768
				331,768
Personal Products (0.7%)
Bare Escentuals, Inc.*		28,800		983,520
				983,520
Pharmaceuticals (3.1%)
Adams Respiratory Therapeutics, Inc.*		22,800		898,092
Obagi Medical Products, Inc.*		50,600		896,632
Omrix Biopharmaceuticals, Inc.*		34,745		1,093,078
Salix Pharmaceuticals, Inc.*		56,008		688,898
Sciele Pharma, Inc.*		35,248		830,443
				4,407,143
Road & Rail (2.9%)
J.B. Hunt Transport Services, Inc.		67,800		1,987,896
Kansas City Southern Industries, Inc.*		53,950		2,025,283
				4,013,179

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Growth Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Semiconductors & Semiconductor Equipment (4.2%)
Atheros Communications*		62,900	$	1,939,836
Sigma Designs, Inc.*		54,800		1,429,732
Tessera Technologies, Inc.*		37,844		1,534,574
Trident Microsystems, Inc.*		55,500		1,018,425
				5,922,567
Software (10.9%)
Blackbaud, Inc.		96,800		2,137,344
Blackboard, Inc.*		66,100		2,784,132
Concur Technologies, Inc.*		66,900		1,528,665
Double-Take Software, Inc.*		11,800		193,638
EPIQ Systems, Inc.*		56,115		906,819
FactSet Research Systems, Inc.		29,575		2,021,451
Falconstor Software, Inc.*		88,000		928,400
Innerworkings, Inc.*		79,300		1,270,386
MICROS Systems, Inc.*		23,100		1,256,640
Sourcefire, Inc.*		46,000		643,540
Vasco Data Security International, Inc.*		74,500		1,695,620
				15,366,635
Specialty Retail (3.3%)
Citi Trends, Inc.*		26,900		1,021,124
O’Reilly Automotive, Inc.*		50,600		1,849,430
Zumiez, Inc.*		47,400		1,790,772
				4,661,326
Textiles, Apparel & Luxury Goods (2.6%)
Heelys, Inc.*		55,500		1,435,230
Iconix Brand Group, Inc.*		45,100		1,002,122
Volcom, Inc.*		24,800		1,243,224
				3,680,576
Wireless Telecommunication Services (2.8%)
Novatel Wireless, Inc.*		82,200		2,138,844
Sierra Wireless, Inc.*		74,100		1,844,349
				3,983,193
Total Common Stocks (Cost $97,114,910)				132,091,924
Repurchase Agreements (6.3%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $8,882,450, collateralized by U.S. Government Agency Mortgages with a market value of $9,056,175	$	8,878,603		8,878,603
Securities Held as Collateral for Securities on Loan (23.9%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $33,733,700, collateralized by U.S. Government Agency Mortgages with a market value of $34,392,839		33,718,470		33,718,470
Total Investments (Cost $139,711,983) (a) — 123.8%				174,688,997
Liabilities in excess of other assets — (23.8)%				(33,632,692	)
NET ASSETS — 100.0%			$	141,056,305

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BR	Brazil
KR	Korea
MX	Mexico

See accompanying notes to financial statements

8 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide
			Multi-Manager
			NVIT Small Cap
			Growth Fund
Assets:
Investments, at value (cost $97,114,910)*			$	132,091,924
Repurchase agreements, at cost and value				42,597,073
		Total Investments		174,688,997
Cash				356
Interest and dividends receivable				49,495
Receivable for capital shares issued				7,796
Receivable for investments sold				514,415
Prepaid expenses				245
		Total Assets		175,261,304
Liabilities:
Payable for investments purchased				252,182
Payable upon return of securities loaned				33,718,470
Payable for capital shares redeemed				57,363
Accrued expenses and other payables:
	Investment advisory fees			110,721
	Fund administration and transfer agent fees			8,881
	Distribution fees			4,275
	Administrative servicing fees			15,398
	Compliance program costs			1,855
	Other			35,854
		Total Liabilities		34,204,999
Net Assets			$	141,056,305
Represented by:
Capital			$	126,068,955
Accumulated net investment loss				(611,340	)
Accumulated net realized losses from investment transactions				(19,378,324	)
Net unrealized appreciation on investments				34,977,014
Net Assets			$	141,056,305
Net Assets:
Class I Shares			$	119,628,832
Class II Shares				20,751,328
Class III Shares				676,145
Total			$	141,056,305
Shares outstanding (unlimited number of shares authorized):
Class I Shares				6,667,397
Class II Shares				1,172,149
Class III Shares				37,903
Total				7,877,449
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	17.94
Class II Shares			$	17.70
Class III Shares			$	17.84

*  Includes value of securities on loan of $32,992,636.

See accompanying notes to financial statements.

 9

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide Multi-
		Manager NVIT Small
		Cap Growth Fund
INVESTMENT INCOME:
Interest income		$	128,695
Dividend income			85,432
Income from securities lending			35,890
	Total Income		250,017
Expenses:
Investment advisory fees			650,515
Fund administration and transfer agent fees			43,270
Distribution fees Class II Shares			24,289
Administrative servicing fees Class I Shares			82,054
Administrative servicing fees Class II Shares			13,721
Administrative servicing fees Class III Shares			409
Custodian fees			11,758
Trustee fees			3,953
Compliance program costs (Note 3)			971
Other			31,694
	Total expenses before earnings credit		862,634
Earnings credit (Note 6)			(1,277	)
	Net Expenses		861,357
Net Investment Loss			(611,340	)
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			10,701,895
Net change in unrealized appreciation on investments			2,392,893
Net realized/unrealized gains (losses) on investments			13,094,788
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	12,483,448

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets

		Nationwide Multi-Manager NVIT
		Small Cap Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment loss		$	(611,340	)	$	(1,298,323	)
Net realized gains on investment transactions			10,701,895			14,376,742
Net change in unrealized appreciation/depreciation on investments			2,392,893			(8,951,318	)
Change in net assets resulting from operations			12,483,448			4,127,101
Change in net assets from capital transactions			(14,912,890	)		(22,679,718	)
Change in net assets			(2,429,442	)		(18,552,617	)
Net Assets:
Beginning of period			143,485,747			162,038,364
End of period		$	141,056,305		$	143,485,747
Accumulated net investment income (loss) at end of period		$	(611,340	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	12,652,949		$	33,464,997
	Cost of shares redeemed(a)		(27,473,474	)		(55,081,579	)
			(14,820,525	)		(21,616,582	)
Class II Shares
	Proceeds from shares issued		1,951,984			6,124,785
	Cost of shares redeemed(a)		(1,996,303	)		(7,000,356	)
			(44,319	)		(875,571	)
Class III Shares
	Proceeds from shares issued		26,447			250,844
	Cost of shares redeemed(a)		(74,493	)		(438,409	)
			(48,046	)		(187,565	)
Change in net assets from capital transactions		$	(14,912,890	)	$	(22,679,718	)

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets (Continued)

		Nationwide Multi-Manager NVIT
		Small Cap Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		742,552			2,079,218
	Redeemed		(1,619,508	)		(3,448,232	)
			(876,956	)		(1,369,014	)
Class II Shares
	Issued		116,338			378,616
	Redeemed		(119,425	)		(443,345	)
			(3,087	)		(64,729	)
Class III Shares
	Issued		1,576			15,454
	Redeemed		(4,562	)		(27,259	)
			(2,986	)		(11,805	)
Total change in shares			(883,029	)		(1,445,548	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide Multi-Manager NVIT Small Cap Growth Fund

																	Ratios/Supplemental Data
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total								Net Assets		Ratio of
	Value,		Investment			Gains			from			Net Asset					at End of		Expenses
	Beginning		Income			(Losses) on			Investment			Value, End		Total			Period		to Average
	of Period		(Loss)			Investments			Activities			of Period		Return (a)			(000s)		Net Assets (b)
Class I Shares
For the year ended December 31, 2002	$	14.48		(0.11	)		(4.71	)		(4.82	)	$	9.66		(33.29%	)	$	100,308		1.35%
For the year ended December 31, 2003	$	9.66		(0.11	)		3.42			3.31		$	12.97		34.27%		$	156,978		1.34%
For the year ended December 31, 2004	$	12.97		(0.12	)		1.86			1.74		$	14.71		13.42%		$	156,535		1.21%
For the year ended December 31, 2005	$	14.71		(0.13	)		1.32			1.19		$	15.90		8.09%		$	141,684		1.22%
For the year ended December 31, 2006	$	15.90		(0.14	)		0.65			0.51		$	16.41		3.21%		$	123,771		1.25%
For the six months ended June 30, 2007 (Unaudited)	$	16.41		(0.08	)		1.61			1.53		$	17.94		9.32%		$	119,629		1.22%
Class II Shares
Period ended December 31, 2002 (e)	$	13.59		(0.04	)		(3.92	)		(3.96	)	$	9.63		(29.14%	)	$	1,652		1.63%
For the year ended December 31, 2003	$	9.63		(0.09	)		3.37			3.28		$	12.91		34.06%		$	8,842		1.59%
For the year ended December 31, 2004	$	12.91		(0.12	)		1.82			1.70		$	14.61		13.17%		$	15,917		1.47%
For the year ended December 31, 2005	$	14.61		(0.14	)		1.27			1.13		$	15.74		7.73%		$	19,521		1.46%
For the year ended December 31, 2006	$	15.74		(0.18	)		0.65			0.47		$	16.21		2.99%		$	19,047		1.51%
For the six months ended June 30, 2007 (Unaudited)	$	16.21		(0.09	)		1.58			1.49		$	17.70		9.19%		$	20,751		1.47%
Class III Shares
Period ended December 31, 2002 (f)	$	10.95		(0.04	)		(1.29	)		(1.33	)	$	9.62		(12.15%	)	$	17		1.27%
For the year ended December 31, 2003	$	9.62		(0.05	)		3.33			3.28		$	12.90		34.10%		$	978		1.34%
For the year ended December 31, 2004	$	12.90		(0.14	)		1.87			1.73		$	14.63		13.41%		$	996		1.21%
For the year ended December 31, 2005	$	14.63		(0.14	)		1.31			1.17		$	15.80		8.00%		$	833		1.23%
For the year ended December 31, 2006	$	15.80		(0.16	)		0.67			0.51		$	16.31		3.23%		$	667		1.24%
For the six months ended June 30, 2007 (Unaudited)	$	16.31		(0.07	)		1.60			1.53		$	17.84		9.38%		$	676		1.21%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
	Ratio of			Ratio of		Investment
	Net			Expenses		Income (Loss)
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)			Turnover (d)
Class I Shares
For the year ended December 31, 2002		(1.03%	)		1.35%		(1.03%	)		165.97%
For the year ended December 31, 2003		(1.03%	)		(g)		(g)			121.69%
For the year ended December 31, 2004		(0.90%	)		(g)		(g)			112.22%
For the year ended December 31, 2005		(0.83%	)		(g)		(g)			58.28%
For the year ended December 31, 2006		(0.81%	)		(g)		(g)			58.45%
For the six months ended June 30, 2007 (Unaudited)		(0.86%	)		1.22%		(0.86%	)		35.95%
Class II Shares
Period ended December 31, 2002 (e)		(1.33%	)		(g)		(g)			165.97%
For the year ended December 31, 2003		(1.29%	)		(g)		(g)			121.69%
For the year ended December 31, 2004		(1.16%	)		(g)		(g)			112.22%
For the year ended December 31, 2005		(1.08%	)		(g)		(g)			58.28%
For the year ended December 31, 2006		(1.07%	)		(g)		(g)			58.45%
For the six months ended June 30, 2007 (Unaudited)		(1.10%	)		1.47%		(1.10%	)		35.95%
Class III Shares
Period ended December 31, 2002 (f)		(0.94%	)		(g)		(g)			165.97%
For the year ended December 31, 2003		(1.04%	)		(g)		(g)			121.69%
For the year ended December 31, 2004		(0.91%	)		(g)		(g)			112.22%
For the year ended December 31, 2005		(0.84%	)		(g)		(g)			58.28%
For the year ended December 31, 2006		(0.80%	)		(g)		(g)			58.45%
For the six months ended June 30, 2007 (Unaudited)		(0.84%	)		1.21%		(0.84%	)		35.95%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 7, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from July 5, 2002 (commencement of operations) through December 31, 2002.
(g)	There were no fee waivers/reimbursements during the period.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide Multi-Manager NVIT Small Cap Growth Fund (the “Fund”), (formerly, “GVIT Small Cap Growth Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

14 

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities

16 

loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$32,992,636	$	33,718,470

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	140,555,756	$	37,983,319	$	(3,850,078	)	$	34,133,241

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated. Below is a list of the subadvisers to the Fund:

Subadvisers

— Waddell & Reed Investment Management Company

— Oberweis Asset Management, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.95% based on that Fund’s average daily net assets. From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $410,852 for the six months ended June 30, 2007.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter,

18 

is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II and Class III shares of the Fund.

For the six months ended June 30, 2007, NFS received $102,655 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $971.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $47,687,182 and sales of $64,783,198.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

20 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 25

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

26 

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

 27

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

30 

Nationwide Multi-Manager NVIT Small Cap Value Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
16	Statement of Assets and Liabilities
17	Statement of Operations
18	Statements of Changes in Net Assets
20	Financial Highlights
22	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-SCV (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide Multi-Manager NVIT Small Cap Value Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide Multi-Manager NVIT Small Cap Value
					Ending
			Beginning		Account
			Account Value,		Value,		Expenses Paid		Annualized
			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,060.70	$	5.67		1.11%
	Hypothetical	1	$	1,000.00	$	1,019.30	$	5.57		1.11%
Class II	Actual		$	1,000.00	$	1,058.90	$	6.94		1.36%
	Hypothetical	1	$	1,000.00	$	1,018.06	$	6.83		1.36%
Class III	Actual		$	1,000.00	$	1,059.90	$	5.62		1.10%
	Hypothetical	1	$	1,000.00	$	1,019.35	$	5.52		1.10%
Class IV	Actual		$	1,000.00	$	1,060.00	$	5.57		1.09%
	Hypothetical	1	$	1,000.00	$	1,019.39	$	5.47		1.09%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide Multi-Manager NVIT Small Cap Value Fund

Portfolio Summary

June 30, 2007

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
Common Stock	97.0%
Cash Equivalents	2.2%
U.S. Treasury Notes	0.1%
Other assets in excess of liabilities	0.7%
	100.0%

Top Holdings
AIM Liquid Assets Portfolio, 5.09%, 04/01/42	2.2%
Westar Energy, Inc.	0.8%
Ashford Hospitality Trust	0.7%
Silgan Holdings, Inc.	0.7%
Powerwave Technologies, Inc.	0.7%
Lexington Corporate Properties Trust	0.7%
Sybase, Inc.	0.7%
Infocrossing, Inc.	0.7%
Deluxe Corp.	0.6%
Moog, Inc.	0.6%
Other	91.6%
	100%

Top Industries
Real Estate Investment Trusts (REITs)	9.6%
Commercial Banks	8.8%
Insurance	4.5%
Commercial Services & Supplies	3.6%
Aerospace & Defense	3.5%
Software	3.4%
Chemicals	3.3%
Machinery	3.0%
Specialty Retail	2.9%
Communications Equipment	2.6%
Other	54.8%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund

COMMON STOCK (97.0%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (3.5%)
AAR Corp.*		13,300	$	439,033
Alliant Techsystems, Inc.*		28,900		2,865,435
Ceradyne, Inc.*		27,600		2,041,296
Curtiss-Wright Corp.		29,500		1,374,995
DRS Technologies, Inc.		62,100		3,556,467
EDO Corp.		100,870		3,315,597
Esterline Technologies Corp.*		18,500		893,735
Hexcel Corp.*		83,370		1,756,606
Moog, Inc., Class A*		86,135		3,799,415
Orbital Sciences Corp.*		20,200		424,402
Spirit Aerosystems Holdings, Inc., Class A*		54,300		1,957,515
Triumph Group, Inc.		9,400		615,418
				23,039,914
Air Freight & Logistics (0.2%)
Atlas Air Worldwide Holdings, Inc.*		18,600		1,096,284
				1,096,284
Airlines (0.5%)
ExpressJet Holdings, Inc.*		65,300		390,494
Republic Airways Holdings, Inc.*		81,200		1,652,420
SkyWest, Inc.		53,100		1,265,373
				3,308,287
Auto Components (1.0%)
Aftermarket Technology Corp.*		47,100		1,397,928
American Axle & Manufacturing Holdings, Inc.		13,400		396,908
ArvinMeritor, Inc.		64,800		1,438,560
Lear Corp.*		8,100		288,441
Modine Manufacturing Co.		42,800		967,280
Standard Motor Products, Inc.		24,300		365,229
Tenneco Automotive, Inc.*		41,900		1,468,176
Visteon Corp.*		31,200		252,720
				6,575,242
Biotechnology (0.8%)
Bio-Rad Laboratories, Inc., Class A*		12,900		974,853
Bio-Reference Laboratories, Inc.*		52,540		1,436,969
Cambrex Corp.		117,720		1,562,144
Celera Genomics Group*		11,300		140,120
Exelixis, Inc.*		19,600		237,160
Martek Biosciences Corp.*		1,000		25,970
Medivation, Inc.*		5,200		106,236
Nektar Therapeutics*		6,700		63,583
United Therapeutics Corp.*		5,200		331,552
				4,878,587
Building Products (0.6%)
Ameron International Corp.		7,400		667,406
Apogee Enterprises, Inc.		17,400		484,068
Goodman Global, Inc.*		51,820		1,151,440
NCI Building Systems, Inc.*		16,700		823,811
Universal Forest Products, Inc.		20,200		853,652
				3,980,377
Capital Markets (0.9%)
Knight Capital Group, Inc., Class A*		67,700		1,123,820
MCG Capital Corp.		35,800		573,516
Piper Jaffray Cos.*		5,600		312,088
Sanders Morris Harris Group, Inc.		119,250		1,388,070
SWS Group, Inc.		20,400		441,048
Technology Investment Capital Corp.		64,490		1,018,297
TradeStation Group, Inc.*		101,370		1,180,961
				6,037,800
Chemicals (3.3%)
Agrium, Inc.		45,480		1,989,750
BE Aerospace, Inc.*		10,400		429,520
C.F. Industries Holdings, Inc.		44,100		2,641,149
Cytec Industries, Inc.		9,000		573,930
Fuller (H. B.) Co.		69,700		2,083,333
Hercules, Inc.*		137,630		2,704,429
Innospec, Inc.		10,000		592,100
Methanex Corp.		68,100		1,712,034
Minerals Technologies, Inc.		7,200		482,040
Nalco Holding Co.		73,590		2,020,046
Newmarket Corp.		6,700		324,079
O.M. Group, Inc.*		11,000		582,120
Olin Corp.		9,000		189,000
Rockwood Holdings, Inc.*		24,000		877,200
Sensient Technologies Corp.		73,310		1,861,341
Spartech Corp.		30,300		804,465
Terra Industries, Inc.*		44,600		1,133,732
W.R. Grace & Co.*		30,900		756,741
				21,757,009
Commercial Banks (8.8%)
1st Source Corp.		11,700		291,564
Amcore Financial, Inc.		73,550		2,132,214
Americanwest Bancorp		4,300		78,389
Ameris Bancorp		13,480		302,896
BancFirst Corp.		9,600		411,072
Banco Latinoamericano de Exportaciones, S.A. - PA		15,100		283,880
Bank of Granite		12,800		213,632

6 

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Commercial Banks (continued)
Banner Corp.		4,900	$	166,894
BOK Financial Corp.		27,900		1,490,418
Camden National Corp.		5,500		215,270
Capital Corp. of the West		4,360		104,466
Capitol Bancorp Ltd.		9,400		256,902
Cathay General Bancorp, Inc.		10,600		355,524
Central Pacific Financial Corp.		53,200		1,756,132
Chemical Financial Corp.		14,955		386,886
Citizens Banking Corp.		14,547		266,210
City Holding Co.		29,000		1,111,570
Colonial Bancgroup, Inc.		62,400		1,558,128
Columbia Banking System, Inc.		12,330		360,652
Community Bancorp*		3,500		97,930
Community Bank System, Inc.		15,400		308,308
Community Trust Bancorp, Inc.		28,570		922,811
Cullen/ Frost Bankers, Inc.		20,300		1,085,441
Farmers Capital Bank Corp.		2,900		83,897
First BanCorp. Puerto Rico		52,600		578,074
First Citizens BancShares, Class A		5,440		1,057,536
First Commonwealth Financial Corp.		34,400		375,648
First Community Bankshares, Inc.		10,200		318,138
First Merchants Corp.		11,500		276,345
First Regional Bancorp*		7,200		183,168
First Republic Bancorp, Inc.		41,950		2,251,037
First State Bancorp		79,100		1,684,039
FNB Corp.		7,200		258,480
Glacier Bancorp, Inc.		19,200		390,720
Great Southern Bancorp, Inc.		25,300		684,365
Greater Bay Bancorp		30,400		846,336
Greene County Bancshares, Inc.		4,100		128,166
Hanmi Financial Corp.		171,500		2,925,790
Heartland Financial U.S.A., Inc.		5,900		143,370
Heritage Commerce Corp.		2,900		68,672
Horizon Financial Corp.		9,625		209,729
Iberiabank Corp.		30,900		1,528,005
Independent Bank Corp.		30,900		912,786
Independent Bank Corp., Michigan		32,610		561,218
Integra Bank Corp.		15,800		339,226
Intervest Bancshares Corp.		3,200		90,112
Irwin Financial Corp.		35,100		525,447
Lakeland Financial Corp.		6,800		144,636
Mainsource Financial Group, Inc.		19,810		332,610
Mercantile Bank Corp.		4,260		115,446
Nara Bankcorp, Inc.		23,000		366,390
National Penn Bancshares, Inc.		116,578		1,944,521
NBT Bancorp, Inc.		45,100		1,017,456
Old National Bancorp		47,200		783,992
Pacific Capital Bancorp		31,500		849,870
Peoples Bancorp, Inc.		11,200		303,184
Prosperity Bancshares, Inc.		13,400		438,984
Provident Bankshares Corp.		58,800		1,927,464
R & G Financial Corp. ADR - PR*		34,250		126,725
Renasant Corp.		13,600		309,264
Republic Bancorp, Inc., Class A		5,855		97,134
Royal Bancshares of Pennsylvania, Inc., Class A		6,030		118,851
Santander Bancorp — PR		2,500		37,150
SCBT Financial Corp.		4,614		167,950
Security Bank Corp.		11,200		225,120
Sierra Bancorp		1,200		33,840
Signature Bank*		80,150		2,733,115
Simmons First National Corp., Class A		8,100		223,479
Southwest Bancorp		32,800		788,512
Sterling Bancshares, Inc.		51,700		584,727
Sterling Financial Corp.		36,412		383,054
Sterling Financial Corp. (Spokane)		67,505		1,953,595
Suffolk Bancorp		5,500		175,560
Taylor Capital Group, Inc.		10,400		286,312
TCF Financial Corp.		123,800		3,441,640
Trico Bancshares		11,000		245,960
UMB Financial Corp.		83,600		3,082,332
Umpqua Holdings Corp.		35,096		825,107
Union Bankinghares Corp.		39,200		909,440
United Bankinghares, Inc.		8,700		276,660
W Holding Co., Inc.		79,991		211,176
Washington Trust Bancorp		11,300		284,873
West Coast Bancorp		42,900		1,303,731
				57,627,353
Commercial Services & Supplies (3.6%)
American Ecology Corp.		108,580		2,325,784
Comsys IT Partners, Inc.*		15,200		346,712
Consolidated Graphics, Inc.*		10,400		720,512
CRA International, Inc.*		4,800		231,360
Deluxe Corp.		102,800		4,174,708
Ennis, Inc.		8,600		202,272
FTI Consulting, Inc.*		14,400		547,632
Geo Group, Inc. (The)*		65,800		1,914,780
ICT Group, Inc.*		80,750		1,510,832
IHS, Inc., Class A*		37,540		1,726,840
IKON Office Solutions, Inc.		69,300		1,081,773
Infinity Bio-Energy Ltd.*		155,500		797,715
Kelly Services, Inc.		14,300		392,678
Kforce, Inc.*		24,300		388,314
Learning Tree International, Inc.*		128,630		1,685,053

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund (Continued)

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Commercial Services & Supplies (continued)
LECG Corp.*		39,100	$	590,801
Manhattan Associates, Inc.*		20,200		563,782
Spherion Corp.*		52,600		493,914
TeleTech Holdings, Inc.*		30,600		993,888
United Stationers, Inc.*		11,300		753,032
Viad Corp.		19,700		830,749
Volt Information Sciences, Inc.*		8,800		162,272
Waste Connections, Inc.*		17,400		526,176
Watson Wyatt Worldwide, Inc.		14,500		731,960
				23,693,539
Communications Equipment (2.6%)
ADC Telecommunications, Inc.*		86,950		1,593,793
Arris Group, Inc.*		169,540		2,982,209
Avocent Corp.*		26,600		771,666
Bel Fuse, Inc., Class B		11,100		377,733
Black Box Corp.		13,300		550,354
C-COR, Inc.*		6,600		92,796
Digi International, Inc.*		18,800		277,112
Ditech Networks, Inc.*		14,800		121,212
Dycom Industries, Inc.*		54,520		1,634,510
Finisar Corp.*		31,500		119,070
Foundry Networks, Inc.*		21,700		361,522
Harmonic, Inc.*		125,650		1,114,515
Inter-Tel, Inc.		24,600		588,678
MasTec, Inc.*		27,400		433,468
MRV Communications, Inc.*		18,200		59,150
Ntelos Holding Corp.		25,950		717,258
Polycom, Inc.*		11,600		389,760
Powerwave Technologies, Inc.*		703,800		4,715,460
Sycamore Networks, Inc.*		34,100		137,082
U.T. Starcom, Inc.*		21,500		120,615
				17,157,963
Computers & Peripherals (1.7%)
Adaptec, Inc.*		25,700		97,917
Diebold, Inc.		58,000		3,027,600
Electronics for Imaging, Inc.*		36,100		1,018,742
Emulex Corp.*		90,500		1,976,520
Gateway, Inc.*		48,000		76,320
Hutchinson Technology, Inc.*		12,100		227,601
Hypercom Corp.*		381,100		2,252,301
Imation Corp.		21,300		785,118
Komag, Inc.*		12,200		389,058
Palm, Inc.*		50,900		814,909
Quantum Corp.*		45,700		144,869
				10,810,955
Construction & Engineering (0.5%)
Emcor Group, Inc.*		9,600		699,840
Granite Construction, Inc.		14,400		924,192
Washington Group International, Inc.*		21,950		1,756,220
				3,380,252
Construction Materials (0.1%)
U.S. Concrete, Inc.*		90,810		789,139
				789,139
Consumer Finance (1.0%)
Advance America Cash Advance Centers, Inc.		9,600		170,304
Advanta Corp., Class B		34,900		1,086,786
Cash America International, Inc.		51,700		2,049,905
CompuCredit Corp.*		9,300		325,686
Dollar Financial Corp.*		50,123		1,428,506
World Acceptance Corp.*		37,800		1,615,194
				6,676,381
Consumer Goods (0.3%)
1-800-Flowers.Com, Inc.*		175,220		1,652,325
				1,652,325
Containers & Packaging (1.4%)
AptarGroup, Inc.		16,000		568,960
Greif, Inc.		23,100		1,376,991
Myers Industries, Inc.		44,600		986,106
Rock-Tenn Co.		41,100		1,303,692
Silgan Holdings, Inc.		86,490		4,781,167
				9,016,916
Distributors (0.1%)
Keystone Automotive Industries, Inc.*		7,700		318,549
				318,549
Diversified Consumer Services (0.7%)
Regis Corp.		14,200		543,150
Service Corp. International		186,630		2,385,131
Stewart Enterprises, Inc., Class A		100,700		784,453
Vertrue, Inc.*		19,000		926,820
				4,639,554
Diversified Financial Services (0.1%)
Financial Federal Corp.		19,200		572,544
Marlin Business Services, Inc.*		2,300		49,013
				621,557

8 

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Diversified Telecommunication Services (1.3%)
Atlantic Tele-Network, Inc.		6,500	$	186,160
Cincinnati Bell, Inc.*		437,600		2,529,328
CT Communications, Inc.		45,600		1,391,256
Fairpoint Communications, Inc.		48,700		864,425
General Communication, Inc.*		21,400		274,134
Iowa Telecommunications Services, Inc.		24,600		559,158
North Pittsburgh Systems, Inc.		10,400		221,000
Premiere Global Services, Inc.*		149,100		1,941,282
SureWest Communications		6,900		187,956
				8,154,699
Electric Utilities (1.9%)
Allete, Inc.		20,200		950,410
Cleco Corp.		32,900		806,050
El Paso Electric Co.*		52,600		1,291,856
IDACORP, Inc.		52,100		1,669,284
UIL Holdings Corp.		15,833		524,072
UniSource Energy Corp.		62,800		2,065,492
Westar Energy, Inc.		215,450		5,231,126
				12,538,290
Electrical Equipment (1.2%)
A.O. Smith Corp.		12,200		486,658
Acuity Brands, Inc.		20,500		1,235,740
Belden CDT, Inc.		11,300		625,455
Encore Wire Corp.		57,650		1,697,216
Genlyte Group, Inc.*		7,200		565,488
Graftech International Ltd.*		124,000		2,088,160
Regal-Beloit Corp.		25,600		1,191,424
				7,890,141
Electronic Equipment & Instruments (2.0%)
Aeroflex, Inc.*		34,100		483,197
Agilysys, Inc.		36,100		812,250
Anixter International, Inc.*		15,900		1,195,839
Bell Microproducts, Inc.*		99,700		650,044
Benchmark Electronics, Inc.*		35,125		794,527
Checkpoint Systems, Inc.*		15,700		396,425
Coherent, Inc.*		8,700		265,437
CTS Corp.		54,700		692,502
DTS, Inc.*		102,710		2,235,997
Electro Scientific Industries, Inc.*		3,400		70,720
Insight Enterprises, Inc.*		27,000		609,390
Kemet Corp.*		18,500		130,425
Newport Corp.*		30,700		475,236
P.C. Connection Incorporated*		17,700		234,348
Park Electrochemical Corp.		8,900		250,802
Plexus Corp.*		26,800		616,132
RadiSys Corp.*		5,600		69,440
Synnex Corp.*		3,300		68,013
Technitrol, Inc.		94,300		2,703,581
TTM Technologies, Inc.*		21,000		273,000
Zygo Corp.*		11,000		157,190
				13,184,495
Energy Equipment & Services (1.8%)
Bristow Group, Inc.*		10,100		500,455
Carbo Ceramics, Inc.		9,700		424,957
Complete Production Services*		30,500		788,425
Core Laboratories NV*		8,100		823,689
Drill-Quip, Inc.*		15,000		674,250
Hanover Compressor Co.*		27,030		644,666
Oceaneering International, Inc.*		34,810		1,832,398
Oil States International, Inc.*		29,200		1,207,128
RPC Energy Services, Inc.		60,687		1,034,106
Superior Well Services, Inc.*		15,400		391,314
Trico Marine Services, Inc.*		45,100		1,843,688
Union Drilling, Inc.*		18,300		300,486
Universal Compression Holdings, Inc.*		9,100		659,477
W-H Energy Services, Inc.*		6,700		414,797
				11,539,836
Food & Staples Retailing (0.9%)
Andersons, Inc. (The)		17,100		775,143
Nasch-Finch Co.		35,700		1,767,150
Pantry, Inc.*		10,000		461,000
Performance Food Group Co.*		32,200		1,046,178
Ruddick Corp.		6,500		195,780
Spartan Stores, Inc.		49,700		1,635,627
				5,880,878
Food Products (0.3%)
Ralcorp Holding, Inc.*		9,400		502,430
Reddy Ice Holdings, Inc.		14,800		422,096
Tootsie Roll Industries, Inc.		28,784		797,605
				1,722,131
Gas Distribution (0.2%)
Piedmont Natural Gas Co., Inc.		47,500		1,170,875
				1,170,875
Gas Utilities (1.3%)
Laclede Group, Inc. (The)		61,500		1,960,620
New Jersey Resources Corp.		43,200		2,204,064

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund (Continued)

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Gas Utilities (continued)
NICOR, Inc.		26,000	$	1,115,920
Northwest Natural Gas Co.		100		4,619
South Jersey Industries, Inc.		19,700		696,986
Southwest Gas Corp.		61,500		2,079,315
UGI Corp.		12,600		343,728
				8,405,252
Health Care Equipment & Supplies (1.7%)
CONMED Corp.*		40,100		1,174,128
Cutera, Inc.*		32,400		807,408
D.J. Orthopedics, Inc.*		10,000		412,700
Greatbatch, Inc.*		5,300		171,720
ICU Medical, Inc.*		3,200		137,408
Invacare Corp.		8,600		157,638
Inverness Medical Innovations, Inc.*		60,670		3,095,383
IRIS International, Inc.*		98,150		1,652,846
LifeCell Corp.*		8,300		253,482
SonoSite, Inc.*		74,850		2,352,536
Steris Corp.		12,100		370,260
Surmodics, Inc.*		1,200		60,000
Symmetry Medical, Inc.*		16,000		256,160
				10,901,669
Health Care Providers & Services (2.5%)
Alliance Imaging, Inc.*		59,900		562,461
American Dental Partners*		14,000		363,580
Amerigroup Corp.*		53,800		1,280,440
AMN Healthcare Services, Inc.*		28,500		627,000
Apria Healthcare Group, Inc.*		8,800		253,176
Five Star Quality Care, Inc.*		163,100		1,301,538
Genesis HealthCare Corp.*		600		41,052
Gentiva Health Services, Inc.*		72,200		1,448,332
Healthspring, Inc.*		26,600		506,996
Hythiam, Inc.*		96,860		837,839
Kindred Healthcare, Inc.*		20,900		642,048
Magellan Health Services, Inc.*		17,600		817,872
Molina Healthcare, Inc.*		6,100		186,172
Pediatrix Medical Group, Inc.*		31,980		1,763,697
PSS World Medical, Inc.*		30,900		562,998
Psychiatric Solutions, Inc.*		31,000		1,124,060
Res-Care, Inc.*		7,500		158,550
Rural/ Metro Corp.*		277,206		1,582,846
Sunrise Senior Living, Inc.*		43,840		1,753,162
Universal Health Services, Inc.		5,600		344,400
				16,158,219
Hotels, Restaurants & Leisure (1.4%)
Ameristar Casinos, Inc.		3,300		114,642
Bob Evans Farms, Inc.		2,100		77,385
Domino’s Pizza, Inc.		48,000		876,960
Great Wolf Resorts, Inc.*		104,672		1,491,576
Jack in the Box, Inc.*		30,200		2,142,388
Luby’s, Inc.*		70,540		681,417
Multimedia Games, Inc.*		129,270		1,649,485
Papa John’s International, Inc.*		8,300		238,708
RARE Hospitality International, Inc.*		16,600		444,382
Shuffle Master, Inc.*		84,400		1,401,040
				9,117,983
Household Durables (0.9%)
Directed Electronics, Inc.*		99,250		877,370
Ethan Allen Interiors, Inc.		20,000		685,000
Kimball International, Inc., Class B		24,100		337,641
Sealy Corp.		23,900		394,828
Tupperware Corp.		113,600		3,264,864
WCI Communities, Inc.*		13,000		216,840
				5,776,543
Insurance (4.5%)
American Physicians Capital, Inc.*		10,900		441,450
Amerisafe, Inc.*		19,900		390,637
Argonaut Group, Inc.		27,500		858,275
Aspen Insurance Holdings Ltd. - BM		55,600		1,560,692
CNA Surety Corp.*		56,790		1,073,899
Commerce Group, Inc.		26,000		902,720
Delphi Financial Group, Inc., Class A		56,475		2,361,784
First Mercury Financial Corp.*		40,000		838,800
FPIC Insurance Group, Inc.*		9,400		383,238
Harleysville Group, Inc.		11,900		396,984
Infinity Property & Casualty Corp.		14,900		755,877
IPC Holdings Ltd. — BM		27,200		878,288
James River Group, Inc.		3,400		112,982
LandAmerica Financial Group, Inc.		16,500		1,592,085
Max Re Capital Ltd.		51,600		1,460,280
Navigators Group, Inc. (The)*		13,200		711,480
Odyssey Re Holdings Corp.		83,400		3,577,026
Ohio Casualty Corp.		26,900		1,165,039
Phoenix Co., Inc.		13,300		199,633
Platinum Underwriters Holdings Ltd. - BM		55,000		1,911,250
PMA Capital Corp., Class A*		104,000		1,111,760
ProAssurance Corp.*		2,000		111,340
RLI Corp.		3,700		207,015
Safety Insurance Group, Inc.		28,100		1,163,340
Seabright Insurance Holdings*		17,800		311,144

10 

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Insurance (continued)
Selective Insurance Group, Inc.		40,900	$	1,099,392
Stewart Information Services Corp.		16,000		637,280
United Fire & Casualty Corp.		17,440		617,027
Zenith National Insurance Co.		48,550		2,286,220
				29,116,937
Internet & Catalog Retail (0.4%)
FTD Group, Inc.		108,600		1,999,326
Systemax, Inc.		22,500		468,225
				2,467,551
Internet Software & Services (0.6%)
Ariba, Inc.*		87,200		864,152
Interwoven, Inc.*		36,300		509,652
iPass, Inc.*		4,100		22,222
SonicWALL, Inc.*		109,100		937,169
United Online, Inc.		80,400		1,325,796
				3,658,991
IT Services (1.9%)
Authorize.Net Holdings, Inc.*		15,300		273,717
CACI International, Inc., Class A*		5,500		268,675
Ciber, Inc.*		42,200		345,196
Covansys Corp.*		24,400		827,892
CSG Systems International, Inc.*		19,300		511,643
Forrester Research, Inc.*		20,000		562,600
Gartner, Inc. *		33,400		821,306
Infocrossing, Inc.*		227,220		4,196,753
infoUSA, Inc.		5,000		51,100
ManTech International Corp.*		10,400		320,632
Ness Technologies, Inc.*		55,370		720,364
Perot Systems Corp., Class A*		45,600		777,024
Sapient Corp.*		232,060		1,793,824
SI International, Inc.*		6,500		214,630
Sykes Enterprises, Inc.*		19,200		364,608
				12,049,964
Leisure Equipment & Products (0.8%)
JAKKS Pacific, Inc.*		69,400		1,952,916
K2, Inc.*		73,100		1,110,389
Pool Corp.		26,050		1,016,732
RC2 Corp.*		16,800		672,168
Steinway Musical Instruments, Inc.		13,700		473,883
				5,226,088
Life Sciences Tools & Services (0.1%)
Bruker Bioscience Corp.*		46,000		414,460
PAREXEL International Corp.*		6,100		256,566
				671,026
Machinery (3.0%)
Actuant Corp.		10,400		655,824
Astec Industries, Inc.*		5,400		227,988
Barnes Group, Inc.		66,300		2,100,384
Cascade Corp.		11,600		909,904
Circor International, Inc.		12,800		517,504
Enpro Industries, Inc.*		46,900		2,006,851
Federal Signal Corp.		20,700		328,302
Gehl Co.*		6,100		185,196
Graco, Inc.		6,900		277,932
Hardinge, Inc.		13,200		449,196
Harsco Corp.		10,100		525,200
Idex Corp.		5,000		192,700
Kadant, Inc.*		5,900		184,080
Kennametal, Inc.		16,350		1,341,190
Manitowoc Co.		8,100		651,078
Mueller Industries, Inc.		9,600		330,624
NACCO Industries, Inc., Class A		4,400		684,156
Tennant Co.		11,900		434,350
Toro Co.		52,500		3,091,725
Valmont Industries, Inc.		22,600		1,644,376
Wabash National Corp.		72,020		1,053,653
Wabtec Corp.		40,800		1,490,424
Watts Industries, Inc.		13,700		513,339
				19,795,976
Manufacturing (0.2%)
Blount International, Inc.*		40,500		529,740
L.B. Foster Co.*		29,100		834,588
				1,364,328
Marine (0.8%)
Eagle Bulk Shipping, Inc.		29,500		661,095
Genco Shipping & Trading Ltd. - MH		18,300		755,058
Omega Navigation Enterprises, Inc.		134,100		2,916,675
TBS International Ltd. - BM*		28,700		815,080
				5,147,908
Media (2.0%)
Arbitron, Inc.		57,250		2,950,092
Cox Radio, Inc.*		49,500		704,880
DreamWorks Animation SKG, Inc., Class A*		25,500		735,420

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund (Continued)

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Media (continued)
Emmis Communications Corp.		30,400	$	279,984
Entercom Communications Corp.		32,500		808,925
Lee Enterprises, Inc.		77,100		1,608,306
Lin TV Corp., Class A*		17,000		319,770
LodgeNet Entertainment Corp.*		40,500		1,298,430
Media General, Inc.		2,900		96,483
Morningstar, Inc.*		32,100		1,509,503
Radio One, Inc.*		113,100		798,486
Scholastic Corp.*		40,400		1,451,976
Sinclair Broadcast Group, Inc.		6,300		89,586
Valassis Communications, Inc.*		10,700		183,933
Westwood One, Inc.		41,900		301,261
				13,137,035
Metals & Mining (2.0%)
A.M. Castle & Co.		50,000		1,795,500
Century Aluminum Co.*		47,000		2,567,610
Commercial Metals Co.		20,300		685,531
Compass Minerals International, Inc.		15,300		530,298
Gold Reserve, Inc.*		131,800		735,444
Grupo Simec, SA de C.V. ADR - MX*		94,200		1,175,616
IAMGOLD Corp.		48,000		367,680
NN, Inc.		13,100		154,580
Quanex Corp.		35,900		1,748,330
Reliance Steel & Aluminum Co.		8,300		466,958
Royal Gold, Inc.		25,500		606,135
Ryerson, Inc.		7,600		286,140
Schnitzer Steel Industries, Inc.		8,900		426,666
Worthington Industries, Inc.		57,100		1,236,215
				12,782,703
Multi-Utilities (1.0%)
Avista Corp.		82,000		1,767,100
Black Hills Corp.		5,700		226,575
C.H. Energy Group, Inc.		11,600		521,652
PNM, Inc.		56,000		1,556,240
Vectren Corp.		92,250		2,484,293
				6,555,860
Multiline Retail (0.2%)
Bon-Ton Stores, Inc.		12,200		488,732
Retail Ventures, Inc.*		24,500		395,185
Tuesday Morning Corp.		34,800		430,128
				1,314,045
Oil, Gas & Consumable Fuels (2.5%)
Alon U.S.A. Energy, Inc.		43,400		1,910,034
Aurora Oil & Gas Corp.*		24,700		52,611
Bois d’Arc Energy, Inc.*		15,400		262,262
Cabot Oil & Gas Corp.		7,600		280,288
Callon Petroleum Corp.*		8,200		116,194
Cimarex Energy Co.		12,500		492,625
Comstock Resources, Inc.*		29,200		875,124
Energy Partners Ltd.*		15,656		261,299
Evergreen Energy, Inc.*		183,240		1,104,937
Foundation Coal Holdings, Inc.		39,670		1,612,189
Gulf Island Fabrication, Inc.		12,900		447,630
Harvest Natural Resources, Inc.*		31,300		372,783
Helix Energy Solutions Group, Inc.*		10,700		427,037
Petrohawk Energy Corp.*		23,900		379,054
RAM Energy Resources, Inc.*		343,580		1,862,203
Rossetta Resources, Inc.*		14,200		305,868
St. Mary Land & Exploration Co.		30,200		1,105,924
Stone Energy Corp.*		35,500		1,216,230
Swift Energy Co.*		19,300		825,268
USEC, Inc.*		6,000		131,880
Warren Resources, Inc.*		194,840		2,275,731
				16,317,171
Paper & Forest Products (0.5%)
Buckeye Technologies, Inc.*		93,400		1,444,898
Schweitzer-Mauduit International, Inc.		61,000		1,891,000
				3,335,898
Personal Products (0.6%)
Elizabeth Arden, Inc.*		50,800		1,232,408
Physicians Formula Holdings, Inc.*		72,070		1,133,301
Prestige Brands Holdings, Inc.*		136,800		1,775,664
				4,141,373
Pharmaceuticals (0.9%)
Acadia Pharmaceuticals, Inc.*		11,600		158,572
Adams Respiratory Therapeutics, Inc.*		8,500		334,815
Alpharma, Inc., Class A		9,400		244,494
Arena Pharmaceuticals, Inc.*		5,300		58,247
Auxilium Pharmaceuticals, Inc.*		11,500		183,310
Bradley Pharmaceutical*		8,700		188,877
Cubist Pharmaceuticals, Inc.*		9,400		185,274
Cypress Bioscience, Inc.*		26,700		354,042
Endo Pharmaceuticals Holdings, Inc.*		45,150		1,545,485
K-V Pharmaceutical Co.*		880		23,971

12 

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Pharmaceuticals (continued)
Onyx Pharmaceuticals, Inc.*		24,500	$	659,050
Par Pharmaceutical Cos., Inc.*		6,700		189,141
Perrigo Co.		21,400		419,012
Progenics Pharmaceuticals, Inc.*		11,900		256,683
Regeneron Pharmaceuticals, Inc.*		5,900		105,728
Savient Pharmaceuticals, Inc.*		20,400		253,368
Valeant Pharmaceuticals International		10,700		178,583
Viropharma, Inc.*		37,000		510,600
				5,849,252
Real Estate Investment Trusts (REITs) (9.6%)
American Financial Realty Trust		87,400		901,968
American Home Mortgage Investment Corp.		78,489		1,442,628
Anthracite Capital, Inc.		108,300		1,267,110
Arbor Realty Trust, Inc.		25,700		663,317
Ashford Hospitality Trust		407,480		4,791,965
Biomed Realty Trust, Inc.		32,500		816,400
Capital Trust, Inc., Class A		10,100		344,814
CBL & Associates Properties, Inc.		36,200		1,305,010
CBRE Realty Finance, Inc.		160,100		1,903,589
Cedarshopping Centers, Inc.		73,100		1,048,985
Deerfield Triarc Capital Corp.		74,900		1,095,787
Education Realty Trust, Inc.		86,850		1,218,505
Entertainment Properties Trust		10,720		576,522
Equity Inns, Inc.		91,800		2,056,320
Equity Lifestyle Properties, Inc.		16,700		871,573
Extra Space Storage, Inc.		10,100		166,650
Felcor Lodging Trust, Inc.		117,300		3,053,319
First Industrial Realty Trust		61,920		2,400,019
First Potomac Realty Trust		32,600		759,254
Glimcher Realty Trust		26,000		650,000
Gramercy Capital Corp.		11,600		319,464
Healthcare Realty Trust, Inc.		22,100		613,938
Hersha Hospitality Trust		134,300		1,587,426
Highland Hospitality Corp.		29,400		564,480
Home Properties of New York, Inc.		6,200		321,966
Impac Mortgage Holdings		44,600		205,606
Inland Real Estate Corp.		79,800		1,355,004
InnKeepers U.S.A. Trust		95,400		1,691,442
Lasalle Hotel Properties		11,700		508,014
Lexington Corporate Properties Trust		211,800		4,405,440
LTC Properties, Inc.		40,800		928,200
Mack-Cali Realty Corp.		33,500		1,456,915
Maguire Properties, Inc.		15,500		532,115
MFA Mortgage Investments, Inc.		30,500		222,040
National Retail Properties, Inc.		24,110		527,045
Nationwide Health Properties, Inc.		14,200		386,240
Northstar Realty Finance Corp.		187,610		2,347,001
Omega Healthcare Investors, Inc.		73,080		1,156,856
Parkway Properties, Inc.		31,000		1,488,930
Pennsylvania Real Estate Investment Trust		56,300		2,495,779
Post Properties, Inc.		50,000		2,606,500
Quadra Realty Trust, Inc.*		167,440		2,094,674
Saul Centers, Inc.		25,100		1,138,285
Senior Housing Properties Trust		57,500		1,170,125
Spirit Finance Corp.		129,200		1,881,152
Sunstone Hotel Investors, Inc.		55,500		1,575,645
Urstadt Biddle Properties		34,000		578,340
Washington Real Estate Investment Trust		27,700		941,800
Winston Hotels, Inc.		28,500		427,500
				62,861,657
Real Estate Management & Development (0.1%)
SonomaWest Holdings, Inc.*		2,400		63,600
Tejon Ranch Co.*		19,200		848,640
				912,240
Road & Rail (0.5%)
Arkansas Best Corp.		3,500		136,395
Florida East Coast Industries, Inc.		40,610		3,369,818
				3,506,213
Semiconductors & Semiconductor Equipment (2.5%)
Actel Corp.*		13,200		183,612
Advanced Energy Industries, Inc.*		14,800		335,368
Amis Holdings, Inc.*		27,000		338,040
Amkor Technology, Inc.*		46,800		737,100
Applied Micro Circuits Corp.*		45,000		112,500
Asyst Technologies, Inc.*		52,800		381,744
Axcelis Technologies, Inc.*		45,100		292,699
Brooks Automation, Inc.*		44,800		813,120
Cirrus Logic, Inc.*		32,400		268,920
Cohu, Inc.		14,900		331,525
Credence Systems Corp.*		28,200		101,520
Cypress Semiconductor Corp.*		102,150		2,379,074
DSP Group, Inc.*		13,300		272,251
Eagle Test Systems, Inc.*		8,700		139,722
Entegris, Inc.*		53,338		633,655
Genesis Microchip, Inc.*		8,300		77,688
Kulicke & Soffa Industries, Inc.*		23,600		247,092
Lattice Semiconductor Corp.*		29,800		170,456

 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide Multi-Manager NVIT Small Cap Value Fund (Continued)

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Semiconductors & Semiconductor Equipment (continued)
Mattson Technology, Inc.*		11,700	$	113,490
Microsemi*		10,000		239,500
MKS Instruments, Inc.*		25,400		703,580
On Semiconductor Corp.*		37,200		398,784
Pericom Semiconductor Corp.*		7,400		82,584
Photronics, Inc.*		45,700		680,016
RF Micro Devices, Inc.*		27,200		169,728
Silicon Image, Inc.*		344,050		2,951,949
Silicon Laboratories, Inc.*		11,000		380,710
Silicon Storage Technology, Inc.*		18,100		67,513
Skyworks Solutions, Inc.*		31,200		229,320
Spansion, Inc., Class A*		20,000		222,000
Standard Microsystems Corp.*		14,300		491,062
TriQuint Semiconductor, Inc.*		110,000		556,600
Zoran Corp.*		70,300		1,408,812
				16,511,734
Service Companies (0.1%)
Heidrick & Struggles International, Inc.*		5,760		295,142
				295,142
Software (3.4%)
Actuate Corp.*		252,600		1,715,154
Aspen Technology, Inc.*		39,000		546,000
Citrix Systems, Inc.*		42,300		1,424,241
Corel Corp. ADR — CA*		68,318		905,214
Fair Issac Corp.		75,250		3,019,030
Henry (Jack) & Associates, Inc.		11,500		296,125
Lawson Software, Inc.*		42,700		422,303
Macrovision Corp.*		68,100		2,047,086
Magma Design Automation, Inc.*		21,800		306,072
Mentor Graphics Corp.*		51,200		674,304
NAVTEQ Corp.*		8,900		376,826
Parametric Technology Corp.*		36,520		789,197
Progress Software Corp.*		15,100		480,029
QAD, Inc.		7,400		61,420
Quest Software, Inc.*		15,800		255,802
SPSS, Inc.*		3,100		136,834
Sybase, Inc.*		183,450		4,382,620
THQ, Inc.*		99,250		3,029,110
Tibco Software, Inc.*		175,090		1,584,565
				22,451,932
Specialty Retail (2.9%)
Aaron Rents, Inc.		6,350		185,420
Asbury Automotive Group, Inc.		74,300		1,853,785
Charming Shoppes*		198,400		2,148,672
Circuit City Stores, Inc.		153,900		2,320,812
CSK Auto Corp.*		39,300		723,120
Dress Barn, Inc.*		15,000		307,800
DSW Inc., Class A*		3,000		104,460
Finish Line, Inc., Class A (The)		115,800		1,054,938
Group 1 Automotive, Inc.		39,500		1,593,430
Guitar Center, Inc.*		31,100		1,860,091
Hibbett Sports, Inc.*		14,600		399,748
Lithia Motors, Inc., Class A		7,500		190,050
MarineMax, Inc.*		16,300		326,326
Payless ShoeSource, Inc.*		35,600		1,123,180
Rent-A-Center, Inc.*		50,400		1,321,992
Shoe Carnival, Inc.*		6,900		189,681
Sonic Automotive, Inc.		17,000		492,490
Stage Stores, Inc.		47,125		987,740
Stein Mart, Inc.		28,700		351,862
Talbots, Inc.		30,200		755,906
Tractor Supply Co.*		12,000		624,600
Tween Brands, Inc.*		2,900		129,340
				19,045,443
Textiles, Apparel & Luxury Goods (1.9%)
Brown Shoe Co., Inc.		61,400		1,493,248
Deckers Outdoor Corp.*		5,000		504,500
Hartmarx Corp.*		1,600		12,752
Heelys, Inc.*		18,300		473,238
Kellwood Co.		78,700		2,213,044
Maidenform Brands, Inc.*		32,900		653,394
Movado Group, Inc.		11,400		384,636
Oxford Industries, Inc.		2,500		110,850
Perry Ellis International, Inc.*		36,250		1,166,162
Phillips-Van Heusen Corp.		25,600		1,550,592
Skechers U.S.A., Inc.*		27,100		791,320
Stride Rite Corp.		67,350		1,364,511
UniFirst Corp.		12,900		568,245
Warnaco Group, Inc. (The)*		14,900		586,166
Wolverine World Wide, Inc.		28,900		800,819
				12,673,477
Thrifts & Mortgage Finance (1.7%)
BankUnited Financial Corp., Class A		19,600		393,372
Berkshire Hills Bancorp, Inc.		1,000		31,510
Centerline Holding Co.		20,900		376,200
City Bank		16,500		519,915
Corus Bankshares, Inc.		76,600		1,322,116
Dime Community Bancshares		18,650		245,993
Downey Financial Corp.		13,300		877,534

14 

COMMON STOCK (continued)
	Shares or
	Principal Amount		Value
Thrifts & Mortgage Finance (continued)
Federal Agricultural Mortgage Corp., Class C		5,400	$	184,788
First Financial Holdings, Inc.		11,800		385,978
First Niagara Financial Group, Inc.		78,996		1,034,848
First Place Financial Corp.		10,900		230,208
FirstFed Financial Corp.*		12,000		680,760
Flagstar Bancorp		22,900		275,945
Franklin Bank Corp.*		51,600		768,840
ITLA Capital Corp.		5,300		276,236
MAF Bancorp, Inc.		21,043		1,141,793
Ocwen Financial Corp.*		23,300		310,589
Partners Trust Financial Group		21,100		221,550
Tierone Corp.		23,300		701,330
TrustCo Bank Corp.		36,400		359,632
United Community Financial Corp.		30,100		300,398
WSFS Financial Corp.		9,000		588,870
				11,228,405
Tobacco (0.6%)
Alliance One International, Inc.*		266,300		2,676,315
Universal Corp.		16,700		1,017,364
				3,693,679
Trading Companies & Distributors (1.1%)
Applied Industrial Technologies, Inc.		98,950		2,919,025
Beacon Roofing Supply, Inc.*		42,010		713,750
Electro Rent Corp.		4,900		71,246
Interline Brands, Inc.*		20,400		532,032
Kaman Corp., Class A		53,500		1,668,665
MSC Industrial Direct Co., Class A		5,000		275,000
UAP Holding Corp.		22,800		687,192
Watsco, Inc.		7,700		418,880
				7,285,790
Transportation (1.3%)
Genesis Lease Ltd. ADR - IE		92,000		2,520,800
GulfMark Offshore Services, Inc.*		65,200		3,339,544
Knightsbridge Tankers Ltd. - BR		17,800		543,078
SEACOR Holdings, Inc.*		20,850		1,946,556
				8,349,978
Water Utilities (0.1%)
American States Water Co.		7,700		273,889
SJW Corp.		15,600		519,480
				793,369
Wireless Telecommunication Services (0.1%)
Centennial Communications*		21,600		204,984
Dobson Communications Corp., Class A*		56,600		628,826
				833,810
Total Common Stocks (Cost $557,815,928)				632,873,969
U.S. TREASURY NOTE (0.1%)
U.S. Treasury Notes, 4.25%, 11/30/07	$	660,000		658,247
CASH EQUIVALENT (2.2%)(a)
AIM Liquid Assets Portfolio, 5.09%, 04/01/42		14,143,415		14,143,415
Total Investments (Cost $572,617,510) (b) — 99.3%				647,675,631
Other assets in excess of liabilities — 0.7%				4,398,804
NET ASSETS — 100.0%			$	652,074,435

*  Denotes a non-income producing security.

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BR	Brazil
CA	Canada
IE	Ireland
MH	Marshall Islands
MX	Mexico
PA	Panama
PR	Puerto Rico

At June 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of					Covered by		Appreciation/
Contracts		Long Contracts	Expiration		Contracts		Depreciation
	20	Rusell 2000 Future		09/21/07	$	8,421,000	$	(166,495	)

 15

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide
			Multi-Manager
			NVIT Small Cap
			Value Fund
Assets:
Investments, at value (cost $572,617,510)			$	647,675,631
Cash				4,755,758
Interest and dividends receivable				1,135,023
Receivable for capital shares issued				172,839
Receivable for investments sold				201,294
Prepaid expenses				6,827
		Total Assets		653,947,372
Liabilities:
Payable for variation margin on futures contracts				32,000
Payable for investments purchased				488,713
Payable for capital shares redeemed				717,006
Accrued expenses and other payables:
	Investment advisory fees			471,610
	Fund administration and transfer agent fees			48,096
	Distribution fees			10,058
	Administrative servicing fees			64,673
	Compliance program costs			9,046
	Other			31,735
		Total Liabilities		1,872,937
Net Assets			$	652,074,435
Represented by:
Capital			$	529,827,105
Accumulated net investment income				3,030,520
Accumulated net realized gains from investment transactions and futures				43,963,005
Net unrealized appreciation on investments and futures				75,253,805
Net Assets			$	652,074,435
Net Assets:
Class I Shares			$	550,178,777
Class II Shares				48,342,359
Class III Shares				1,331,470
Class IV Shares				52,221,829
Total			$	652,074,435
Shares outstanding (unlimited number of shares authorized):
Class I Shares				42,510,029
Class II Shares				3,773,747
Class III Shares				102,708
Class IV Shares				4,035,010
Total				50,421,494
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	12.94
Class II Shares			$	12.81
Class III Shares			$	12.96
Class IV Shares			$	12.94

See accompanying notes to financial statements.

16 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide
		Multi-Manager
		NVIT Small Cap
		Value Fund
INVESTMENT INCOME:
Interest income		$	451,364
Dividend income			7,515,190
	Total Income		7,966,554
Expenses:
Investment advisory fees			2,891,102
Fund administration and transfer agent fees			217,578
Distribution fees Class II Shares			64,162
Administrative servicing fees Class I Shares			403,597
Administrative servicing fees Class II Shares			38,371
Administrative servicing fees Class III Shares			936
Administrative servicing fees Class IV Shares			33,828
Custodian fees			29,403
Trustee fees			15,835
Compliance program costs (Note 3)			4,737
Other			68,567
	Total expenses before earnings credit		3,768,116
Earnings credit (Note 6)			(9,071	)
	Net Expenses		3,759,045
Net Investment Income			4,207,509
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			46,465,532
Net realized gains on futures transactions			316,428
Net realized gains on investment transactions and futures			46,781,960
Net change in unrealized depreciation on investments and futures			(11,599,222	)
Net realized/unrealized gains (losses) on investments and futures			35,182,738
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	39,390,247

See accompanying notes to financial statements.

 17

Statements of Changes in Net Assets

		Nationwide Multi-Manager NVIT
		Small Cap Value Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	4,207,509		$	3,272,586
Net realized gains on investment transactions and futures			46,781,960			58,228,530
Net change in unrealized appreciation/depreciation on investments and futures			(11,599,222	)		51,964,832
Change in net assets resulting from operations			39,390,247			113,465,948
Distributions to shareholders from:
Net investment income:
	Class I		(1,571,523	)		(2,667,879	)
	Class II		(105,548	)		(111,406	)
	Class III		(3,960	)		(6,969	)
	Class IV		(156,777	)		(239,140	)
Net realized gains:
	Class I		(9,476,755	)		(45,122,447	)
	Class II		(838,835	)		(4,149,180	)
	Class III		(22,799	)		(114,595	)
	Class IV		(897,932	)		(3,996,332	)
Change in net assets from shareholder distributions			(13,074,129	)		(56,407,948	)
Change in net assets from capital transactions			(70,382,011	)		(93,293,728	)
Change in net assets			(44,065,893	)		(36,235,728	)
Net Assets:
Beginning of period			696,140,328			732,376,056
End of period		$	652,074,435		$	696,140,328
Accumulated net investment income at end of period		$	3,030,520		$	660,819
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	8,475,391		$	52,704,544
	Dividends reinvested		11,048,191			47,790,278
	Cost of shares redeemed (a)		(78,778,740	)		(197,256,487	)
			(59,255,158	)		(96,761,665	)
Class II Shares
	Proceeds from shares issued		2,305,668			15,325,328
	Dividends reinvested		944,375			4,260,582
	Cost of shares redeemed (a)		(12,009,179	)		(11,416,671	)
			(8,759,136	)		8,169,239
Class III Shares
	Proceeds from shares issued		31,912			399,483
	Dividends reinvested		26,758			121,563
	Cost of shares redeemed (a)		(266,830	)		(590,028	)
			(208,160	)		(68,982	)

See accompanying notes to financial statements.

18 

Statements of Changes in Net Assets (Continued)

		Nationwide Multi-Manager NVIT
		Small Cap Value Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class IV Shares
	Proceeds from shares issued	$	983,244		$	2,255,881
	Dividends reinvested		1,054,705			4,235,468
	Cost of shares redeemed (a)		(4,197,506	)		(11,123,669	)
			(2,159,557	)		(4,632,320	)
Change in net assets from capital transactions		$	(70,382,011	)	$	(93,293,728	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		664,107			4,191,846
	Reinvested		859,113			3,844,135
	Redeemed		(6,154,566	)		(15,892,924	)
			(4,631,346	)		(7,856,943	)
Class II Shares
	Issued		183,401			1,206,090
	Reinvested		74,185			345,360
	Redeemed		(960,920	)		(931,854	)
			(703,334	)		619,596
Class III Shares
	Issued		2,495			31,386
	Reinvested		2,078			9,768
	Redeemed		(20,929	)		(47,229	)
			(16,356	)		(6,075	)
Class IV Shares
	Issued		77,103			180,181
	Reinvested		82,014			340,591
	Redeemed		(326,749	)		(890,772	)
			(167,632	)		(370,000	)
Total change in shares			(5,518,668	)		(7,613,422	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

 19

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Nationwide Multi-Manager NVIT Small Cap Value Fund

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class I Shares
For the year ended December 31, 2002	$	10.36		–	(j)		(2.78	)		(2.78	)		–
For the year ended December 31, 2003	$	7.37		(0.02	)		4.21			4.19			–
For the year ended December 31, 2004	$	11.56		(0.01	)		2.01			2.00			–(j	)
For the year ended December 31, 2005	$	12.62		0.03			0.35			0.38			(0.01	)
For the year ended December 31, 2006	$	11.53		0.07			1.91			1.98			(0.06	)
For the six months ended June 30, 2007 (Unaudited)	$	12.45		0.09			0.67			0.76			(0.04	)
Class II Shares
Period ended December 31, 2002 (e)	$	10.26		–	(j)		(2.68	)		(2.68	)		–
For the year ended December 31, 2003 (h)	$	7.37		(0.04	)		4.20			4.16			–
For the year ended December 31, 2004	$	11.53		(0.03	)		1.99			1.96			–
For the year ended December 31, 2005	$	12.55		(0.02	)		0.36			0.34			–(j	)
For the year ended December 31, 2006	$	11.43		0.03			1.91			1.94			(0.03	)
For the six months ended June 30, 2007 (Unaudited)	$	12.34		0.07			0.66			0.73			(0.03	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net											Net Assets		Ratio of
	Realized						Net Asset					at End of		Expenses
	Gains			Total			Value, End		Total			Period		to Average
	(Losses)			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class I Shares
For the year ended December 31, 2002		(0.21	)		(0.21	)	$	7.37		(27.16%	)	$	467,165		1.11%
For the year ended December 31, 2003		–			–		$	11.56		56.85%		$	715,099		1.11%
For the year ended December 31, 2004		(0.94	)		(0.94	)	$	12.62		17.30%		$	754,412		1.11%
For the year ended December 31, 2005		(1.46	)		(1.47	)	$	11.53		3.07%		$	634,107		1.12%
For the year ended December 31, 2006		(1.00	)		(1.06	)	$	12.45		17.29%		$	587,084		1.13%
For the six months ended June 30, 2007 (Unaudited)		(0.23	)		(0.27	)	$	12.94		6.07%		$	550,179		1.11%
Class II Shares
Period ended December 31, 2002 (e)		(0.21	)		(0.21	)	$	7.37		(26.46%	)	$	1,472		1.32%
For the year ended December 31, 2003 (h)		–			–		$	11.53		56.45%		$	18,446		1.36%
For the year ended December 31, 2004		(0.94	)		(0.94	)	$	12.55		17.00%		$	41,804		1.36%
For the year ended December 31, 2005		(1.46	)		(1.46	)	$	11.43		2.78%		$	44,096		1.38%
For the year ended December 31, 2006		(1.00	)		(1.03	)	$	12.34		17.10%		$	55,229		1.38%
For the six months ended June 30, 2007 (Unaudited)		(0.23	)		(0.26	)	$	12.81		5.89%		$	48,342		1.36%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of Net
	Ratio of			Ratio of		Investment
	Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average		Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002		0.01%			1.11%		0.01%		127.77%
For the year ended December 31, 2003		(0.18%	)		(i)		(i)		126.29%
For the year ended December 31, 2004		(0.09%	)		(i)		(i)		132.11%
For the year ended December 31, 2005		0.09%			(i)		(i)		188.69%
For the year ended December 31, 2006		0.47%			(i)		(i)		115.12%
For the six months ended June 30, 2007 (Unaudited)		1.28%			1.11%		1.28%		54.76%
Class II Shares
Period ended December 31, 2002 (e)		0.13%			(i)		(i)		127.77%
For the year ended December 31, 2003 (h)		(0.41%	)		(i)		(i)		126.29%
For the year ended December 31, 2004		(0.30%	)		(i)		(i)		132.11%
For the year ended December 31, 2005		(0.15%	)		(i)		(i)		188.69%
For the year ended December 31, 2006		0.23%			(i)		(i)		115.12%
For the six months ended June 30, 2007 (Unaudited)		0.98%			1.36%		0.98%		54.76%

[Additional columns below]

[Continued from above table, first column(s) repeated]

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from May 6, 2002 (commencement of operations) through December 31, 2002.

(f)  For the period from May 3, 2002 (commencement of operations) through December 31, 2002.

(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	Net investment income (loss) is based on average shares outstanding during the period.

(i)	There were no fee waivers/reimbursements during the period.
(j)	The amount is less than $0.005.

See accompanying notes to financial statements.

20 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

												Distributions
			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net
	Beginning		Income			(Losses) on			Investment			Investment
	of Period		(Loss)			Investments			Activities			Income
Class III Shares
Period ended December 31, 2002 (f)	$	10.48		–	(j)		(2.89	)		(2.89	)		–
For the year ended December 31, 2003 (h)	$	7.38		(0.01	)		4.20			4.19			–
For the year ended December 31, 2004	$	11.57		(0.01	)		2.02			2.01			–	(j)
For the year ended December 31, 2005	$	12.64		0.03			0.35			0.38			(0.01	)
For the year ended December 31, 2006	$	11.55		0.07			1.92			1.99			(0.06	)
For the six months ended June 30, 2007 (Unaudited)	$	12.48		0.09			0.66			0.75			(0.04	)
Class IV Shares
Period ended December 31, 2003 (g)	$	7.49		(0.01	)		4.08			4.07			–
For the year ended December 31, 2004	$	11.56		(0.01	)		2.01			2.00			–	(j)
For the year ended December 31, 2005	$	12.62		0.03			0.35			0.38			(0.01	)
For the year ended December 31, 2006	$	11.53		0.07			1.91			1.98			(0.06	)
For the six months ended June 30, 2007 (Unaudited)	$	12.45		0.09			0.67			0.76			(0.04	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net											Net Assets		Ratio of
	Realized						Net Asset					at End of		Expenses
	Gains			Total			Value, End		Total			Period		to Average
	(Losses)			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class III Shares
Period ended December 31, 2002 (f)		(0.21	)		(0.21	)	$	7.38		(27.88%	)	$	63		1.07%
For the year ended December 31, 2003 (h)		–			–		$	11.57		56.78%		$	2,568		1.11%
For the year ended December 31, 2004		(0.94	)		(0.94	)	$	12.64		17.37%		$	2,029		1.11%
For the year ended December 31, 2005		(1.46	)		(1.47	)	$	11.55		3.06%		$	1,445		1.13%
For the year ended December 31, 2006		(1.00	)		(1.06	)	$	12.48		17.37%		$	1,485		1.12%
For the six months ended June 30, 2007 (Unaudited)		(0.23	)		(0.27	)	$	12.96		5.99%		$	1,331		1.10%
Class IV Shares
Period ended December 31, 2003 (g)		–			–		$	11.56		54.34%		$	53,826		1.10%
For the year ended December 31, 2004		(0.94	)		(0.94	)	$	12.62		17.30%		$	58,521		1.11%
For the year ended December 31, 2005		(1.46	)		(1.47	)	$	11.53		3.07%		$	52,727		1.12%
For the year ended December 31, 2006		(1.00	)		(1.06	)	$	12.45		17.40%		$	52,343		1.12%
For the six months ended June 30, 2007 (Unaudited)		(0.23	)		(0.27	)	$	12.94		6.00%		$	52,222		1.09%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of Net
	Ratio of			Ratio of		Investment
	Net			Expenses		Income
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average		Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class III Shares
Period ended December 31, 2002 (f)		0.60%			(i)		(i)		127.77%
For the year ended December 31, 2003 (h)		(0.13%	)		(i)		(i)		126.29%
For the year ended December 31, 2004		(0.09%	)		(i)		(i)		132.11%
For the year ended December 31, 2005		0.08%			(i)		(i)		188.69%
For the year ended December 31, 2006		0.47%			(i)		(i)		115.12%
For the six months ended June 30, 2007 (Unaudited)		1.28%			1.10%		1.28%		54.76%
Class IV Shares
Period ended December 31, 2003 (g)		(0.18%	)		(i)		(i)		126.29%
For the year ended December 31, 2004		(0.08%	)		(i)		(i)		132.11%
For the year ended December 31, 2005		0.10%			(i)		(i)		188.69%
For the year ended December 31, 2006		0.48%			(i)		(i)		115.12%
For the six months ended June 30, 2007 (Unaudited)		1.31%			1.10%		1.31%		54.76%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 6, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from May 3, 2002 (commencement of operations) through December 31, 2002.
(g)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(h)	Net investment income (loss) is based on average shares outstanding during the period.
(i)	There were no fee waivers/reimbursements during the period.
(j)	The amount is less than $0.005.

 21

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide Multi-Manager NVIT Small Cap Value Fund (the “Fund”), (formerly, “GVIT Small Cap Value Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

22 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

 23

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(d) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(e) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. The Fund did not have securities on loan as of June 30, 2007.

(f) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(g) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	574,680,692	$	100,466,433	$	(27,471,494	)	$	72,994,939

24 

(h) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadvisers for the Fund. The subadvisers listed below manage all or a portion of the Fund’s investments and have the responsibility for making all investment decisions for that portion of the Fund unless otherwise indicated. Below is a list of the subadvisers to the Fund:

Subadvisers*

– J.P. Morgan Investment Management, Inc.

– Epoch Investment Partners, Inc.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadvisers is as follows for the six months ended June 30, 2007:

	Total
Fee Schedule	Fees
Up to $200 million		0.90%
$200 million or more		0.85%

From such fees, pursuant to the subadvisory agreements, NFA paid the subadvisers $1,553,921 for the six months ended June 30, 2007.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007,this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

 25

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, and Class III shares of the Fund and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $499,731 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such cost amounted to $4,737.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

26 

For the six months ended June 30, 2007, the Fund had no contributions to capital due to collection of redemption fees.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $358,588,906 and sales of $441,290,420.

For the six months ended June 30, 2007, the Fund had purchases of $258,563 of U.S. Government securities.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax

 27

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

28 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 29

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

30 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 31

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

32 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 33

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

34 

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

 35

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

36 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

 37

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

38 

NVIT Mid Cap Index Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
13	Statement of Assets and Liabilities
14	Statement of Operations
15	Statements of Changes in Net Assets
17	Financial Highlights
18	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-MCX (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT Mid Cap Index Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

NVIT Mid Cap Index Fund
					Ending
			Beginning		Account
			Account Value,		Value,		Expenses Paid		Annualized
			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,117.60	$	2.36		0.45%
	Hypothetical	1	$	1,000.00	$	1,022.57	$	2.26		0.45%
Class II	Actual		$	1,000.00	$	1,116.20	$	3.57		0.68%
	Hypothetical	1	$	1,000.00	$	1,021.43	$	3.41		0.68%
Class ID	Actual		$	1,000.00	$	1,118.40	$	1.58		0.30%
	Hypothetical	1	$	1,000.00	$	1,023.31	$	1.51		0.30%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

NVIT Mid Cap Index Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	89.7%
Repurchase Agreements	11.9%
Other Investments*	12.8%
Liabilities in excess of other assets**	-14.4%
	100.0%

Top Holdings***
Noble Energy, Inc.	0.8%
Expeditors International of Washington, Inc.	0.7%
Microchip Technology, Inc.	0.6%
Lyondell Chemical Co.	0.6%
Manpower, Inc.	0.6%
Cameron International Corp.	0.6%
Southwestern Energy Co.	0.6%
Harris Corp.	0.6%
Lam Research Corp.	0.5%
Martin Marietta Materials, Inc.	0.5%
Other	93.9%
	100.0%

Top Industries
Oil, Gas & Consumable Fuels	5.8%
Specialty Retail	4.8%
Insurance	4.2%
Machinery	4.1%
Real Estate Investment Trusts (REITs)	3.4%
Chemicals	3.3%
Health Care Providers & Services	3.2%
Commercial Services & Supplies	3.2%
Semiconductors & Semiconductor Equipment	3.1%
Health Care Equipment & Supplies	3.0%
Other	61.9%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT Mid Cap Index Fund

Common Stock (89.7%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (0.4%) (a)
Alliant Techsystems, Inc.*		36,000	$	3,569,400
DRS Technologies, Inc.		44,500		2,548,515
				6,117,915
Air Freight & Logistics (0.7%)
Expeditors International of Washington, Inc.		222,900		9,205,770
Airlines (0.3%) (a)
AirTran Holdings, Inc.*		86,600		945,672
Alaska Air Group, Inc.*		44,200		1,231,412
JetBlue Airways Corp.*		195,000		2,291,250
				4,468,334
Auto Components (0.9%)
ArvinMeritor, Inc. (a)		74,025		1,643,355
BorgWarner Automotive, Inc.		59,000		5,076,360
Gentex Corp.		154,600		3,044,074
Lear Corp.*		77,540		2,761,199
Modine Manufacturing Co. (a)		30,900		698,340
				13,223,328
Automobiles (0.3%)
Avis Budget Group, Inc.*		102,340		2,909,526
Thor Industries, Inc. (a)		35,300		1,593,442
				4,502,968
Beverages (0.3%)
Hansen Natural Corp.* (a)		65,000		2,793,700
PepsiAmericas, Inc.		57,000		1,399,920
				4,193,620
Biotechnology (0.9%) (a)
Cephalon, Inc.*		70,700		5,683,573
PDL Biopharma, Inc.*		118,600		2,763,380
Vertex Pharmaceuticals, Inc.*		135,790		3,878,162
				12,325,115
Building Products (0.5%) (a)
Martin Marietta Materials, Inc.		45,280		7,336,266
Capital Markets (1.7%)
Edwards (A.G.), Inc.		78,700		6,654,085
Jefferies Group, Inc.		115,000		3,102,700
Nuveen Investments, Inc., Class A		80,750		5,018,612
Raymond James Financial, Inc.		92,525		2,859,023
SEI Investments Co.		130,200		3,781,008
Waddell & Reed Financial, Inc.		89,500		2,327,895
				23,743,323
Chemicals (3.3%)
Airgas, Inc.		79,400		3,803,260
Albemarle Corp.		85,800		3,305,874
Cabot Corp.		64,600		3,080,128
Chemtura Corp.		243,800		2,708,618
Cytec Industries, Inc.		41,900		2,671,963
Ferro Corp. (a)		47,100		1,174,203
FMC Corp.		39,800		3,557,722
Lubrizol Corp.		74,500		4,808,975
Lyondell Chemical Co.		224,800		8,344,576
Minerals Technologies, Inc.		21,800		1,459,510
Olin Corp. (a)		82,300		1,728,300
RPM International, Inc. (a)		120,600		2,787,066
Scotts Miracle-Gro Co. (The)(a)		47,800		2,052,532
Sensient Technologies Corp. (a)		47,200		1,198,408
Valspar Corp.		102,400		2,909,184
				45,590,319
Commercial Banks (2.4%)
Associated Banc Corp. (a)		132,215		4,323,430
Bank of Hawaii Corp.		50,000		2,582,000
Cathay General Bancorp, Inc. (a)		48,700		1,633,398
City National Corp.		44,800		3,408,832
Colonial Bancgroup, Inc.		157,000		3,920,290
Cullen/ Frost Bankers, Inc.		65,560		3,505,493
First Community Bancorp		27,450		1,570,415
FirstMerit Corp. (a)		77,600		1,624,168
Greater Bay Bancorp		52,100		1,450,464
SVB Financial Group* (a)		38,900		2,065,979
TCF Financial Corp.		116,300		3,233,140
West America Bankcorp (a)		33,500		1,482,040
Wilmington Trust Corp.		68,300		2,835,133
				33,634,782
Commercial Services & Supplies (3.2%)
Brink’s Co. (The)		52,500		3,249,225
ChoicePoint, Inc.*		84,933		3,605,406
Copart, Inc.*		70,800		2,165,772
Corporate Executive Board Co.		41,400		2,687,274
Deluxe Corp.		51,900		2,107,659
Dun & Bradstreet Corp.		63,500		6,539,230
Herman Miller, Inc. (a)		64,000		2,022,400
Kelly Services, Inc. (a)		19,600		538,216
Korn/ Ferry International*		47,100		1,236,846
Manpower, Inc.		89,600		8,264,704
Mine Safety Appliances Co. (a)		27,800		1,216,528
Navigant Consulting, Inc.*(a)		45,180		838,541
Republic Services, Inc.		176,350		5,403,364

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Commercial Services & Supplies (continued)
Rollins, Inc. (a)		27,700	$	630,729
Stericycle, Inc.*		95,000		4,223,700
				44,729,594
Communications Equipment (2.4%)
3COM Corp.*		401,700		1,659,021
ADC Telecommunications, Inc.*		114,630		2,101,168
Adtran, Inc. (a)		68,500		1,778,945
Andrew Corp.* (a)		166,600		2,405,704
Avocent Corp.* (a)		53,400		1,549,134
CommScope, Inc.*		62,600		3,652,710
Dycom Industries, Inc.* (a)		39,100		1,172,218
F5 Networks, Inc.*		42,700		3,441,620
Harris Corp.		142,800		7,789,740
NeuStar, Inc.*		70,560		2,044,123
Plantronics, Inc. (a)		46,600		1,221,852
Polycom, Inc.*		98,600		3,312,960
Powerwave Technologies, Inc.* (a)		129,100		864,970
U.T. Starcom, Inc.* (a)		105,500		591,855
				33,586,020
Computers & Peripherals (0.8%)
Diebold, Inc.		71,600		3,737,520
Imation Corp.		35,800		1,319,588
Palm, Inc.* (a)		113,000		1,809,130
Western Digital Corp.*		236,800		4,582,080
				11,448,318
Construction & Engineering (1.5%)
Granite Construction, Inc.		35,550		2,281,599
Jacobs Engineering Group, Inc.*		123,700		7,113,987
KBR, Inc.*		173,760		4,557,725
NVR, Inc.* (a)		4,900		3,330,775
Quanta Services, Inc.* (a)		122,400		3,754,008
				21,038,094
Construction Materials (0.2%)
Florida Rock Industries, Inc.		50,200		3,388,500
Consumer Finance (0.6%)
AmeriCredit Corp.* (a)		120,290		3,193,699
Eaton Vance Corp.		131,500		5,809,670
				9,003,369
Containers & Packaging (0.5%)
Packaging Corp. of America		81,200		2,055,172
Sonoco Products Co.		101,100		4,328,091
				6,383,263
Diversified Consumer Services (1.8%)
Career Education Corp.*		99,600		3,363,492
Corinthian Colleges, Inc.* (a)		96,700		1,575,243
DeVry, Inc.		59,700		2,030,994
Global Payments, Inc. (a)		70,490		2,794,929
ITT Educational Services, Inc.*		34,300		4,026,134
Laureate Education, Inc.*		51,900		3,200,154
Matthews International Corp., Class A (a)		34,020		1,483,612
Regis Corp.		45,800		1,751,850
Sotheby’s Holdings, Inc.		60,300		2,775,006
Strayer Education, Inc. (a)		15,600		2,054,676
				25,056,090
Diversified Financial Services (0.6%)
Broadridge Financial Solutions, Inc.		146,040		2,792,285
Leucadia National Corp. (a)		169,900		5,988,975
				8,781,260
Diversified Telecommunication Services (0.1%)
Cincinnati Bell, Inc.*		245,900		1,421,302
Electric Utilities (1.9%)
DPL, Inc. (a)		120,900		3,426,306
Gilead Sciences, Inc.		166,600		4,724,776
Great Plains Energy, Inc. (a)		87,100		2,536,352
Hawaiian Electric Industries, Inc. (a)		78,800		1,866,772
IDACORP, Inc. (a)		50,000		1,602,000
Pepco Holdings, Inc.		206,638		5,827,191
Sierra Pacific Resources*		224,310		3,938,884
Westar Energy, Inc.		97,500		2,367,300
				26,289,581
Electrical Equipment (1.1%)
Ametek, Inc.		107,750		4,275,520
Hubbell, Inc.		59,600		3,231,512
Roper Industries, Inc.		89,700		5,121,870
Thomas & Betts Corp.*		52,600		3,050,800
				15,679,702
Electronic Equipment & Instruments (2.4%)
Amphenol Corp., Class A		187,100		6,670,115
Arrow Electronics, Inc.*		125,400		4,819,122
Avnet, Inc.*		136,000		5,391,040
CDW Corp.*		62,200		5,285,134
Ingram Micro, Inc.*		143,500		3,115,385
Kemet Corp.* (a)		89,300		629,565
National Instruments Corp. (a)		56,150		1,828,805

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Electronic Equipment & Instruments (continued)
Tech Data Corp.*		60,500	$	2,326,830
Vishay Intertechnology, Inc.*		186,750		2,954,385
				33,020,381
Energy Equipment & Services (2.3%)
Cameron International Corp.*		115,300		8,240,491
FMC Technologies, Inc.*		70,321		5,570,830
Grant Prideco, Inc.*		133,300		7,175,539
Hanover Compressor Co.* (a)		103,623		2,471,408
Helmerich & Payne, Inc.		104,300		3,694,306
Tidewater, Inc.		62,000		4,394,560
				31,547,134
Food & Staples Retailing (0.3%)
BJ’s Wholesale Club, Inc.*		70,100		2,525,703
Ruddick Corp. (a)		32,700		984,924
				3,510,627
Food Products (0.9%)
Hormel Foods Corp.		72,400		2,704,140
J.M. Smucker Co.		61,567		3,919,355
Lancaster Colony Corp.		23,300		976,037
Smithfield Foods, Inc.*		128,390		3,953,128
Tootsie Roll Industries, Inc. (a)		24,902		690,035
				12,242,695
Gaming (0.2%)
Boyd Gaming Corp.		47,400		2,331,606
Gas Utilities (1.1%)
AGL Resources, Inc.		77,700		3,145,296
National Fuel Gas Co. (a)		90,800		3,932,548
Oneok, Inc.		116,100		5,852,601
WGL Holdings, Inc. (a)		56,000		1,827,840
				14,758,285
Health Care Equipment & Supplies (3.0%)
Advanced Medical Optics, Inc.* (a)		65,086		2,270,200
Beckman Coulter, Inc.		67,000		4,333,560
Cytyc Corp.*		118,600		5,112,846
Dentsply International, Inc.		162,700		6,224,902
Edwards Lifesciences Corp.* (a)		62,300		3,073,882
Gen-Probe, Inc.*		56,600		3,419,772
Hillenbrand Industry, Inc.		61,900		4,023,500
Intuitive Surgical, Inc.*		39,800		5,523,046
ResMed, Inc.*		78,900		3,255,414
Steris Corp.		71,700		2,194,020
Ventana Medical Systems, Inc.*		35,770		2,763,948
				42,195,090
Health Care Providers & Services (3.2%)
Apria Healthcare Group, Inc.*		42,700		1,228,479
Community Health Systems, Inc.*		102,300		4,138,035
Health Management Associates, Inc., Class A		264,650		3,006,424
Health Net, Inc.*		119,900		6,330,720
Henry Schein, Inc.*		90,200		4,819,386
Kindred Healthcare, Inc.* (a)		34,790		1,068,749
LifePoint Hospitals, Inc.*		63,200		2,444,576
Lincare Holdings, Inc.*		92,930		3,703,260
Omnicare, Inc. (a)		126,900		4,576,014
Psychiatric Solutions, Inc.* (a)		54,000		1,958,040
Triad Hospitals, Inc.*		91,108		4,897,966
Universal Health Services, Inc.		58,700		3,610,050
VCA Antech, Inc.*		85,000		3,203,650
				44,985,349
Health Care Technology (0.5%)
Cerner Corp.*		68,730		3,812,453
Wellcare Health Plans, Inc.*		34,090		3,085,486
				6,897,939
Hotels, Restaurants & Leisure (1.1%)
Applebee’s International, Inc. (a)		81,050		1,953,305
Bob Evans Farms, Inc. (a)		35,500		1,308,175
Brinker International, Inc.		119,180		3,488,399
CBRL Group, Inc. (a)		27,900		1,185,192
Cheesecake Factory, Inc. (The)* (a)		81,950		2,009,414
International Speedway Corp.		34,400		1,813,224
Ruby Tuesday, Inc. (a)		55,900		1,471,847
Scientific Games Corp.*		68,300		2,387,085
				15,616,641
Household Durables (1.4%)
American Greetings Corp., Class A (a)		64,100		1,815,953
Beazer Homes U.S.A., Inc. (a)		41,600		1,026,272
Blyth Industries, Inc.		23,900		635,262
Furniture Brands International, Inc. (a)		55,500		788,100
Hovnanian Enterprises, Inc.* (a)		42,800		707,484
M.D.C. Holdings, Inc. (a)		39,100		1,890,876
Mohawk Industries Co.* (a)		56,300		5,674,477
Ryland Group, Inc. (The) (a)		45,800		1,711,546

8 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Household Durables (continued)
Toll Brothers, Inc.*		133,600	$	3,337,328
Tupperware Corp.		68,300		1,962,942
				19,550,240
Household Products (0.6%)
Church & Dwight, Inc. (a)		65,750		3,186,245
Energizer Holdings, Inc.*		59,060		5,882,376
				9,068,621
Industrial Conglomerates (0.5%)
Carlisle Cos., Inc.		61,800		2,874,318
Sequa Corp., Class A* (a)		6,300		705,600
Teleflex, Inc.		40,400		3,303,912
				6,883,830
Insurance (4.2%)
American Financial Group, Inc.		69,450		2,371,718
Arthur J. Gallagher & Co. (a)		99,700		2,779,636
Brown & Brown, Inc.		115,600		2,906,184
Commerce Group, Inc. (a)		50,130		1,740,514
Everest Re Group Ltd. — BM		67,400		7,322,336
Fidelity National Title Group, Inc., Class A		234,465		5,556,820
First American Financial Corp.		103,800		5,138,100
Hanover Insurance Group, Inc.		51,000		2,488,290
HCC Insurance Holdings, Inc.		116,650		3,897,276
Horace Mann Educators Corp. (a)		41,200		875,088
Mercury General Corp.		34,500		1,901,295
Ohio Casualty Corp.		61,700		2,672,227
Old Republic International Corp.		234,737		4,990,509
Protective Life Corp.		69,700		3,332,357
Stancorp Financial Group, Inc.		54,000		2,833,920
Unitrin, Inc.		42,400		2,085,232
W.R. Berkley Corp.		178,650		5,813,271
				58,704,773
Internet & Catalog Retail (0.2%) (a)
Coldwater Creek, Inc.*		61,400		1,426,322
Netflix, Inc.*		67,150		1,302,039
				2,728,361
Internet Software & Services (0.4%)
Digital River, Inc.*		44,030		1,992,358
ValueClick, Inc.*		107,200		3,158,112
				5,150,470
IT Services (2.1%)
Acxiom Corp.		68,500		1,811,825
Alliance Data Systems Corp.*		67,900		5,247,312
BISYS Group, Inc. (The)*		116,900		1,382,927
Ceridian Corp.*		146,900		5,141,500
CheckFree Corp.*		94,100		3,782,820
CSG Systems International, Inc.*		45,200		1,198,252
DST Systems, Inc.* (a)		59,500		4,712,995
Gartner, Inc.*		54,700		1,345,073
MoneyGram International, Inc. (a)		87,600		2,448,420
MPS Group, Inc.* (a)		100,200		1,339,674
SRA International, Inc.* (a)		41,100		1,038,186
				29,448,984
Leisure Equipment & Products (0.1%) (a)
Callaway Golf Co.		65,400		1,164,774
Life Sciences Tools & Services (1.5%)
Affymetrix, Inc.* (a)		75,000		1,866,750
Charles River Laboratories International, Inc.*		69,400		3,582,428
Covance, Inc.*		66,300		4,545,528
Invitrogen Corp.*		50,530		3,726,587
Pharmaceutical Product Development, Inc.		106,000		4,056,620
Techne Corp.*		38,600		2,208,306
Varian, Inc.*		31,100		1,705,213
				21,691,432
Machinery (4.1%)
AGCO Corp.*		93,100		4,041,471
Crane Co.		49,000		2,227,050
Donaldson Co., Inc. (a)		68,000		2,417,400
Federal Signal Corp. (a)		44,600		707,356
Flowserve Corp.		58,000		4,152,800
Graco, Inc. (a)		73,150		2,946,482
Harsco Corp.		85,400		4,440,800
Joy Global, Inc.		113,600		6,626,288
Kennametal, Inc.		42,400		3,478,072
Lincoln Electric Holdings, Inc.		43,500		3,229,440
Nordson Corp. (a)		33,800		1,695,408
Oshkosh Truck Corp.		78,600		4,945,512
Pentair, Inc.		105,800		4,080,706
SPX Corp.		60,910		5,348,507
Timken Co. (The)		94,500		3,412,395
Trinity Industries, Inc. (a)		81,500		3,548,510
				57,298,197

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Manufacturing (0.6%)
Carpenter Technology Corp.		27,590	$	3,595,253
Hanesbrands, Inc.*		97,500		2,635,425
HNI Corp. (a)		48,700		1,996,700
				8,227,378
Marine (0.2%)(a)
Alexander & Baldwin, Inc.		41,700		2,214,687
Media (1.2%)
Belo Corp., Class A		98,500		2,028,115
Catalina Marketing Corp.		39,400		1,241,100
Entercom Communications Corp. (a)		35,400		881,106
Harte-Hanks, Inc. (a)		52,250		1,341,780
John Wiley & Sons, Inc.		43,400		2,095,786
Lee Enterprises, Inc.		43,400		905,324
Media General, Inc. (a)		26,800		891,636
Scholastic Corp.* (a)		30,800		1,106,952
Valassis Communications, Inc.* (a)		45,000		773,550
Washington Post Co.		5,670		4,400,430
Westwood One, Inc. (a)		60,500		434,995
				16,100,774
Metals & Mining (1.3%)
Arch Coal, Inc. (a)		145,900		5,077,320
Commercial Metals Co.		120,800		4,079,416
Reliance Steel & Aluminum Co. (a)		66,200		3,724,412
Steel Dynamics, Inc.		92,500		3,876,675
Worthington Industries, Inc.		71,200		1,541,480
				18,299,303
Multi-Utilities (3.0%)
Alliant Energy Corp.		120,300		4,673,655
Aquila, Inc.*		357,400		1,461,766
Black Hills Corp. (a)		43,100		1,713,225
Energy East Corp. (a)		159,590		4,163,703
MDU Resources Group, Inc. (a)		184,950		5,185,998
Nstar		107,200		3,478,640
Oklahoma Gas & Electric Co.		100,300		3,675,995
PNM, Inc.		82,450		2,291,286
Puget Energy, Inc.		115,900		2,802,462
Scana Corp.		120,200		4,602,458
Vectren Corp. (a)		74,500		2,006,285
Wisconsin Energy Corp.		125,600		5,555,288
				41,610,761
Multiline Retail (0.6%)
99 Cents Only Stores*		46,900		614,859
Dollar Tree Stores, Inc.*		109,650		4,775,258
Saks, Inc.		153,200		3,270,820
				8,660,937
Office Electronics (0.2%) (a)
Zebra Technologies Corp., Class A*		70,200		2,719,548
Oil, Gas & Consumable Fuels (5.8%)
Cimarex Energy Co.		86,690		3,416,453
Denbury Resources, Inc.*		122,600		4,597,500
Encore Acquisition Co.* (a)		60,050		1,669,390
Equitable Resources, Inc.		127,200		6,304,032
Forest Oil Corp.* (a)		82,470		3,485,182
Frontier Oil Corp.		117,400		5,138,598
Newfield Exploration Co.*		139,000		6,331,450
Noble Energy, Inc.		178,730		11,150,965
Overseas Shipholding Group, Inc. (a)		27,430		2,232,802
Patterson-UTI Energy, Inc.		165,500		4,337,755
Pioneer Natural Resources Co.		129,100		6,288,461
Plains Exploration & Production Co.*		72,380		3,460,488
Pogo Producing Co. (a)		59,200		3,006,768
Pride International, Inc.*		172,800		6,473,088
Quicksilver Resources, Inc.* (a)		57,100		2,545,518
Southwestern Energy Co.*		176,000		7,832,000
Superior Energy Services, Inc.*		87,470		3,491,802
				81,762,252
Paper & Forest Products (0.3%) (a)
Bowater, Inc.		62,400		1,556,880
Louisiana-Pacific Corp.		115,410		2,183,557
				3,740,437
Personal Products (0.3%)
Alberto-Culver Co.		90,770		2,153,064
NBTY, Inc.*		61,050		2,637,360
				4,790,424
Pharmaceuticals (1.4%)
Endo Pharmaceuticals Holdings, Inc.*		142,560		4,879,829
Medicis Pharmaceutical Corp. (a)		61,100		1,865,994
Millennium Pharmaceuticals, Inc.*		327,087		3,457,309
Par Pharmaceutical Cos., Inc.* (a)		38,200		1,078,386
Perrigo Co. (a)		77,800		1,523,324

10 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Pharmaceuticals (continued)
Sepracor, Inc.*		111,200	$	4,561,424
Valeant Pharmaceuticals International		96,800		1,615,592
				18,981,858
Real Estate Investment Trusts (REITs) (3.4%)
AMB Property Corp.		104,170		5,543,927
Cousins Properties, Inc. (a)		45,630		1,323,726
Equity One, Inc. (a)		38,340		979,587
Highwood Properties, Inc.		58,500		2,193,750
Hospitality Properties Trust		99,240		4,117,468
Liberty Property Trust (a)		92,800		4,076,704
Macerich Co. (The)		76,700		6,321,614
Mack-Cali Realty Corp.		70,010		3,044,735
Nationwide Health Properties, Inc.		98,720		2,685,184
Potlatch Corp. (a)		39,898		1,717,609
Rayonier, Inc.		84,377		3,808,778
Regency Centers Corp.		70,500		4,970,250
UDR, Inc. (a)		147,700		3,884,510
Weingharten Realty Investors(a)		81,400		3,345,540
				48,013,382
Road & Rail (0.5%)
Con-way, Inc.		48,700		2,446,688
J.B. Hunt Transport Services, Inc.		109,600		3,213,472
Werner Enterprises, Inc. (a)		51,650		1,040,748
				6,700,908
Semiconductors & Semiconductor Equipment (3.1%)
Atmel Corp.*		432,900		2,406,924
Cree, Inc.* (a)		91,300		2,360,105
Cypress Semiconductor Corp.* (a)		154,180		3,590,852
Fairchild Semiconductor International, Inc.*		124,300		2,401,476
Integrated Device Technology, Inc.*		208,630		3,185,780
International Rectifier Corp.*		74,300		2,768,418
Intersil Corp.		145,300		4,571,138
Lam Research Corp.*		143,260		7,363,564
Lattice Semiconductor Corp.* (a)		106,100		606,892
Micrel, Inc. (a)		60,800		773,376
Microchip Technology, Inc.		229,900		8,515,496
RF Micro Devices, Inc.* (a)		214,100		1,335,984
Semtech Corp.* (a)		80,700		1,398,531
Silicon Laboratories, Inc.*		59,900		2,073,139
TriQuint Semiconductor, Inc.*		129,991		657,755
				44,009,430
Software (2.6%)
Activision, Inc.*		268,500		5,012,895
Advent Software, Inc.* (a)		18,100		589,155
Cadence Design Systems, Inc.*		296,400		6,508,944
Fair Issac Corp. (a)		59,420		2,383,930
Henry (Jack) & Associates, Inc. (a)		77,000		1,982,750
Macrovision Corp.*		55,400		1,665,324
McAfee, Inc.*		167,000		5,878,400
Mentor Graphics Corp.* (a)		81,400		1,072,038
Parametric Technology Corp.*		124,490		2,690,229
Sybase, Inc.*		100,000		2,389,000
Synopsys, Inc.*		146,500		3,871,995
Transaction Systems Architects, Inc.* (a)		41,600		1,400,256
Wind River Systems, Inc.* (a)		74,000		814,000
				36,258,916
Specialty Retail (4.8%)
Advance Auto Parts, Inc.		114,250		4,630,553
Aeropostale, Inc.*		55,900		2,329,912
American Eagle Outfitters Ltd.		202,500		5,196,150
AnnTaylor Stores Corp.*		70,520		2,497,818
Barnes & Noble, Inc.		56,700		2,181,249
Borders Group, Inc. (a)		66,100		1,259,866
Carmax, Inc.*		224,800		5,732,400
Charming Shoppes* (a)		133,700		1,447,971
Chico’s FAS, Inc.*		180,900		4,403,106
Dick’s Sporting Goods, Inc.*		39,720		2,310,512
Foot Locker, Inc.		166,500		3,629,700
Gamestop Corp.*		159,600		6,240,360
O’Reilly Automotive, Inc.* (a)		115,900		4,236,145
Pacific Sunwear of California, Inc.* (a)		77,200		1,698,400
Payless ShoeSource, Inc.*		71,800		2,265,290
PETsMART, Inc.		138,700		4,500,815
Rent-A-Center, Inc.* (a)		75,900		1,990,857
Ross Stores, Inc.		149,900		4,616,920
Urban Outfitters, Inc.*		114,200		2,744,226
Williams Sonoma, Inc. (a)		119,200		3,764,336
				67,676,586
Textiles, Apparel & Luxury Goods (0.3%)
Phillips-Van Heusen Corp.		58,300		3,531,231
Timberland Co., Class A*		51,300		1,292,247
				4,823,478

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Mid Cap Index Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Thrifts & Mortgage Finance (1.7%)
Astoria Financial Corp.		82,050	$	2,054,532
First Niagara Financial Group, Inc. (a)		115,000		1,506,500
IndyMac Bancorp, Inc. (a)		78,300		2,284,011
New York Community Bancorp, Inc. (a)		297,128		5,057,118
PMI Group, Inc.		94,100		4,203,447
Radian Group, Inc. (a)		81,300		4,390,200
Washington Federal, Inc. (a)		85,189		2,070,945
Webster Financial Corp.		55,800		2,380,986
				23,947,739
Tobacco (0.1%) (a)
Universal Corp.		29,100		1,772,772
Trading Companies & Distributors (0.9%)
Fastenal Co.		131,200		5,492,032
GATX Corp.		53,300		2,625,025
MSC Industrial Direct Co., Class A		53,700		2,953,500
United Rentals, Inc.* (a)		67,200		2,186,688
				13,257,245
Transportation (0.2%) (a)
YRC Worldwide, Inc.*		63,000		2,318,400
Water Utility (0.2%) (a)
Aqua America, Inc.		145,300		3,267,797
Wireless Telecommunication Services (0.5%)
Telephone & Data Systems, Inc.		91,900		5,750,183
Telephone & Data Systems, Inc., Special Shares		17,000		978,350
				6,728,533
Total Common Stocks (Cost $1,064,544,211)				1,255,825,807
Repurchase Agreements (11.9%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $166,257,916, collateralized by U.S. Government Agency Mortgages with a market value of $169,509,620	$	166,185,902		166,185,902
Securities held as Collateral for Securities on Loan (12.8%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $178,451,288, collateralized by U.S. Government Agency Mortgages with a market value of $181,938,138		178,370,724		178,370,724
Total Investments (Cost $1,409,100,836) (b) — 114.4%				1,600,382,433
Liabilities in excess of other assets — (14.4)%				(201,004,324	)
NET ASSETS — 100.0%			$	1,399,378,109

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

At June 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	311	S&P 400 Mid Cap Future		09/20/07	$	140,603,100	$	(1,931,281	)
					$	140,603,100	$	(1,931,281	)

See accompanying notes to financial statements.

12 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT Mid Cap
			Index Fund
Assets:
Investments, at value (cost $1,064,544,211)*			$	1,255,825,807
Repurchase agreements, at cost and value				344,556,626
		Total Investments		1,600,382,433
Interest and dividends receivable				1,416,474
Receivable for capital shares issued				979,361
Receivable for investments sold				4,765,648
Receivable for variation margin on futures contracts				27,575
Prepaid expenses				9,159
		Total Assets		1,607,580,650
Liabilities:
Payable to custodian				330,336
Payable for investments purchased				28,731,175
Payable upon return of securities loaned				178,370,724
Payable for capital shares redeemed				341,854
Accrued expenses and other payables:
	Investment advisory fees			255,812
	Fund administration and transfer agent fees			87,565
	Distribution fees			4,851
	Administrative servicing fees			52,285
	Compliance program costs			10,240
	Other			17,699
Total Liabilities				208,202,541
Net Assets			$	1,399,378,109
Represented by:
Capital			$	1,182,404,922
Accumulated net investment income				383,320
Accumulated net realized gains from investment transactions and futures				27,239,552
Net unrealized appreciation on investments and futures				189,350,315
Net Assets			$	1,399,378,109
Net Assets:
Class I Shares			$	550,725,003
Class II Shares				23,338,932
Class ID Shares				825,314,174
Total			$	1,399,378,109
Shares outstanding (unlimited number of shares authorized):
Class I Shares				27,474,608
Class II Shares				1,168,570
Class ID Shares				41,173,726
Total				69,816,904
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	20.04
Class II Shares			$	19.97
Class ID Shares			$	20.04

*  Includes value of securities on loan of $174,561,188.

See accompanying notes to financial statements.

 13

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		NVIT Mid Cap
		Index Fund
INVESTMENT INCOME:
Interest income		$	3,246,479
Dividend income			6,955,726
Income from securities lending			180,053
	Total Income		10,382,258
Expenses:
Investment advisory fees			1,112,918
Fund administration and transfer agent fees			308,194
Distribution fees Class II Shares			28,085
Administrative servicing fees Class I Shares			401,794
Administrative servicing fees Class II Shares			14,287
Custodian fees			16,119
Trustee fees			18,334
Compliance program costs (Note 3)			5,916
Other			76,868
	Total expenses before earnings credit		1,982,515
Earnings credit (Note 6)			(863	)
	Net Expenses		1,981,652
Net Investment Income			8,400,606
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			27,646,404
Net realized gains on futures transactions			10,412,570
Net realized gains on investment transactions and futures			38,058,974
Net change in unrealized appreciation on investments and futures			57,737,542
Net realized/unrealized gains (losses) on investments and futures			95,796,516
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	104,197,122

See accompanying notes to financial statements.

14 

Statements of Changes in Net Assets

		NVIT Mid Cap Index Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	8,400,606		$	7,664,189
Net realized gains on investment transactions and futures			38,058,974			40,381,779
Net change in unrealized appreciation on investments and futures			57,737,542			15,570,091
Change in net assets resulting from operations			104,197,122			63,616,059
Distributions to shareholders from:
Net investment income:
	Class I		(4,380,511	)		(6,407,875	)
	Class II		(155,958	)		(215,877	)
	Class ID		(3,534,131	)		(987,123	)(a)
Net realized gains:
	Class I		(15,211,569	)		(7,900,961	)
	Class II		(645,494	)		(314,967	)
	Class ID		(22,577,560	)		(431,978	)(a)
Change in net assets from shareholder distributions			(46,505,223	)		(16,258,781	)
Change in net assets from capital transactions			618,979,910			77,498,024
Change in net assets			676,671,809			124,855,302
Net Assets:
Beginning of period			722,706,300			597,850,998
End of period		$	1,399,378,109		$	722,706,300
Accumulated net investment income at end of period		$	383,320		$	53,314
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	18,275,074		$	60,983,299
	Dividends reinvested		19,592,038			14,308,811
	Cost of shares redeemed(b)		(77,373,594	)		(141,961,434	)
			(39,506,482	)		(66,669,324	)
Class II Shares
	Proceeds from shares issued		2,228,240			7,833,326
	Dividends reinvested		801,450			530,844
	Cost of shares redeemed(b)		(2,872,633	)		(9,757,506	)
			157,057			(1,393,336	)

See accompanying notes to financial statements.

 15

Statements of Changes in Net Assets (Continued)

		NVIT Mid Cap Index Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class ID Shares
	Proceeds from shares issued	$	28,016,144		$	144,141,583	(a)
	Proceeds from in-kind transactions		609,836,722			–
	Dividends reinvested		26,111,629			1,419,101	(a)
	Cost of shares redeemed(b)		(5,635,160	)		–
			658,329,335			145,560,684
Change in net assets from capital transactions		$	618,979,910		$	77,498,024
SHARE TRANSACTIONS:
Class I Shares
	Issued		921,648			3,343,669
	Reinvested		985,109			816,554
	Redeemed		(3,907,257	)		(7,882,260	)
			(2,000,500	)		(3,722,037	)
Class II Shares
	Issued		111,893			429,627
	Reinvested		40,432			30,439
	Redeemed		(145,300	)		(541,778	)
			7,025			(81,712	)
Class ID Shares
	Issued		1,421,069			8,160,118	(a)
	Proceeds from in-kind transactions		30,476,598			–
	Reinvested		1,311,354			79,724	(a)
	Redeemed		(275,137	)		–
			32,933,884			8,239,842
Total change in shares			30,940,409			4,436,093

(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

16 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

NVIT Mid Cap Index Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class I Shares
For the year ended December 31, 2002	$	13.17		0.04		(2.05	)		(2.01	)		(0.04	)
For the year ended December 31, 2003	$	11.02		0.06		3.75			3.81			(0.06	)
For the year ended December 31, 2004	$	14.77		0.09		2.23			2.32			(0.08	)
For the year ended December 31, 2005	$	16.61		0.16		1.82			1.98			(0.18	)
For the year ended December 31, 2006	$	17.36		0.21		1.48			1.69			(0.21	)
For the six months ended June 30, 2007 (Unaudited)	$	18.59		0.17		2.01			2.18			(0.16	)
Class II Shares
Period ended December 31, 2002 (e)	$	13.64		0.02		(2.53	)		(2.51	)		(0.03	)
For the year ended December 31, 2003	$	11.00		0.03		3.74			3.77			(0.04	)
For the year ended December 31, 2004	$	14.73		0.07		2.22			2.29			(0.06	)
For the year ended December 31, 2005	$	16.56		0.13		1.81			1.94			(0.15	)
For the year ended December 31, 2006	$	17.30		0.19		1.47			1.66			(0.18	)
For the six months ended June 30, 2007 (Unaudited)	$	18.53		0.15		2.00			2.15			(0.14	)
Class ID Shares
Period ended December 31, 2006 (h)	$	18.88		0.16		(0.01	)		0.15			(0.19	)
For the six months ended June 30, 2007 (Unaudited)	$	18.59		0.17		2.02			2.19			(0.17	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions						Ratios/Supplemental Data
	Net											Net Assets		Ratio of
	Realized						Net Asset					at End of		Expenses
	Gains			Total			Value, End		Total			Period		to Average
	(Losses)			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class I Shares
For the year ended December 31, 2002		(0.10	)		(0.14	)	$	11.02		(15.30%	)	$	285,970		0.74%
For the year ended December 31, 2003		–(f	)		(0.06	)	$	14.77		34.65%		$	432,589		0.74%
For the year ended December 31, 2004		(0.40	)		(0.48	)	$	16.61		15.73%		$	532,474		0.60%
For the year ended December 31, 2005		(1.05	)		(1.23	)	$	17.36		12.10%		$	576,339		0.55%
For the year ended December 31, 2006		(0.25	)		(0.46	)	$	18.59		9.89%		$	548,012		0.50%
For the six months ended June 30, 2007 (Unaudited)		(0.57	)		(0.73	)	$	20.04		11.76%		$	550,725		0.45%
Class II Shares
Period ended December 31, 2002 (e)		(0.10	)		(0.13	)	$	11.00		(18.44%	)	$	1,232		0.96%
For the year ended December 31, 2003		–(f	)		(0.04	)	$	14.73		34.30%		$	8,049		0.98%
For the year ended December 31, 2004		(0.40	)		(0.46	)	$	16.56		15.50%		$	15,367		0.78%
For the year ended December 31, 2005		(1.05	)		(1.20	)	$	17.30		11.90%		$	21,512		0.72%
For the year ended December 31, 2006		(0.25	)		(0.43	)	$	18.53		9.74%		$	21,522		0.66%
For the six months ended June 30, 2007 (Unaudited)		(0.57	)		(0.71	)	$	19.97		11.62%		$	23,339		0.68%
Class ID Shares
Period ended December 31, 2006 (h)		(0.25	)		(0.44	)	$	18.59		0.94%		$	153,172		0.31%
For the six months ended June 30, 2007 (Unaudited)		(0.57	)		(0.74	)	$	20.04		11.84%		$	825,314		0.30%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
	Ratio of		Ratio of		Investment
	Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income to		Reimbursements)		Reimbursements)
	Average Net		to Average		to Average		Portfolio
	Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002		0.37%		0.75%		0.36%		27.32%
For the year ended December 31, 2003		0.49%		(g)		(g)		11.58%
For the year ended December 31, 2004		0.62%		(g)		(g)		15.90%
For the year ended December 31, 2005		0.93%		(g)		(g)		19.32%
For the year ended December 31, 2006		1.17%		(g)		(g)		13.76%
For the six months ended June 30, 2007 (Unaudited)		1.72%		0.45%		1.72%		9.25%
Class II Shares
Period ended December 31, 2002 (e)		0.25%		(g)		(g)		27.32%
For the year ended December 31, 2003		0.27%		(g)		(g)		11.58%
For the year ended December 31, 2004		0.45%		(g)		(g)		15.90%
For the year ended December 31, 2005		0.76%		(g)		(g)		19.32%
For the year ended December 31, 2006		1.01%		(g)		(g)		13.76%
For the six months ended June 30, 2007 (Unaudited)		1.48%		0.68%		1.48%		9.25%
Class ID Shares
Period ended December 31, 2006 (h)		1.38%		(g)		(g)		13.76%
For the six months ended June 30, 2007 (Unaudited)		1.60%		0.30%		1.60%		9.25%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 6, 2002 (commencement of operations) through December 31, 2002.
(f)	The amount is less than $0.005.
(g)	There were no fee waivers/reimbursements during the period.
(h)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

 17

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”), Great West Life & Annuity Insurance Company and First Great West Life & Annuity Insurance Company have purchased shares of the NVIT Mid Cap Index Fund (the “Fund”), (formerly “GVIT Mid Cap Index Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a

18 

multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(e) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(f) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date. The collateral for securities sold short includes the deposits with brokers and securities held long as shown in the Statement of Investments for the Fund.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

20 

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

Value of Loaned Securities		Value of Collateral
$	174,561,188	$	178,370,724

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. Dividends and distributions that exceed net investment income and net realized gains for financial reporting purposes, but not for tax purposes, are reported as distributions in excess of net investment income or net realized gains. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	1,420,364,359	$	212,513,697	$	(32,495,623	)	$	180,018,074

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of BlackRock Investment Management, LLC., the Fund’s subadviser (the “subadviser”). The subadviser manages the Fund’s investments and has responsibility for making all investment decisions for the Fund. Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

Fee Schedule	Total Fees
$0 up to $1.5 billion		0.22%
$1.5 billion up to $3 billion		0.21%
$3 billion and more		0.20%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $379,405 for the six months ended June 30, 2007.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.32% until at least May 1, 2008. NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of the six months ended June 30, 2007, there were no reimbursements for all share classes of the Fund.

22 

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $420,847 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $5,916.

4. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $104,420,807 and sales of $83,217,840.

 23

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing

24 

monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 25

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

26 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 27

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

28 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 29

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

30 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 31

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

32 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 33

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

34 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 35

Van Kampen NVIT Multi Sector Bond Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
20	Statement of Assets and Liabilities
21	Statement of Operations
22	Statements of Changes in Net Assets
23	Financial Highlights
24	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-VKMS (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Van Kampen NVIT Multi Sector Bond Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Van Kampen NVIT Multi Sector Bond Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,010.30	$	4.98		1.00%
	Hypothetical	1	$	1,000.00	$	1,019.84	$	5.02		1.00%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Van Kampen NVIT Multi Sector Bond Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Corporate Bonds	33.5%
Asset-Backed Securities	17.4%
Sovereign Bonds	13.4%
Mortgage-Backed Obligations	12.2%
U.S. Treasury Obligations	10.0%
Interest Only Bonds	5.4%
Federal National Mortgage Association	5.4%
Government Bonds	3.0%
Yankee Dollars	0.8%
Repurchase Agreements	0.5%
Options Purchased	0.4%
U.S. Treasury Bills	0.3%
Warrants	0.1%
U.S. Government Agency Long-Term Obligations	0.0%
Federal Home Loan Mortgage Corporation	0.0%
Other Investments*	5.9%
Liabilities in excess of other assets**	-8.3%
	100.0%

Top Holdings***
U.S. Treasury Notes, 6.13%, 08/15/29	5.5%
Federal National Mortgage Association, 4.93%, 08/08/07	3.1%
Bundes Republic of Deutschland (EUR), 5.63%, 01/04/28	2.5%
Federal Home Loan Bank, 4.61%, 07/18/07	2.1%
U.S. Treasury Notes, 8.13%, 08/15/19	2.0%
Bonos Y Oblig Del Estado (EUR), 5.15%, 07/30/09	1.3%
Residential Accredit Loans, Inc., 5.52%, 06/25/37	1.1%
United Kingdom Treasury (GBP), 7.25%, 12/07/07	1.0%
Federal National Mortgage Association TBA, 6.50%, 07/15/37	1.0%
U.S. Treasury Notes, 3.88%, 02/15/13	1.0%
Other	79.4%
	100.0%

Top Industries
Diversified Financial Services	9.6%
Real Estate Investment Trusts (REITs)	4.6%
Banks	4.1%
Oil, Gas & Consumable Fuels	2.5%
Media	2.0%
Automobiles	1.8%
Telephones	1.1%
Health Care Providers & Services	1.1%
Food Products	1.1%
Electric Utilities	0.9%
Other	71.2%
	100.0%

Top Countries
United States	86.6%
Germany	2.5%
Spain	1.5%
Philippines	1.3%
Mexico	1.2%
Brazil	1.2%
Russian Federation	1.1%
United Kingdom	1.0%
Turkey	0.7%
Venezuela	0.6%
Other	2.3%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund

Corporate Bonds (33.5%)
		Principal Amount		Value
Aerospace & Defense (0.1%) (a)
Systems 2001 Asset Trust, 6.66%, 09/15/13		$	261,573	$	271,150
Auto Components (0.1%) (b)
Arvinmeritor, Inc., 8.75%, 03/01/12			225,000		227,250
Automobiles (1.8%)
DaimlerChrysler AG, 8.50%, 01/18/31			180,000		227,464
Ford Motor Credit Co., 7.25%, 10/25/11			1,470,000		1,414,775
General Motors Acceptance Corp., 6.88%, 09/15/11			2,235,000		2,198,467
Sonic Automotive, Inc., Series B, 8.63%, 08/15/13 (b)			445,000		458,350
					4,299,056
Banks (3.2%)
Banco ABN AMRO Real SA, 15.86%, 12/13/07 (a)			600,000		317,272
Bank One Corp., 6.00%, 02/17/09			95,000		95,806
Chase Manhattan Corp., 7.00%, 11/15/09			240,000		247,917
Harborview Mortgage Loan Trust (c) 5.50%, 11/19/36			1,546,050		1,540,007
	5.41%, 01/19/38		424,915		425,234
	5.51%, 01/19/38		1,697,859		1,699,703
JP Morgan & Chase Co. Note, 1.36%, 01/03/12 (d)			855,000		453,709
KFW International Finance, 2.05%, 09/21/09			94,000,000		778,470
Kinder Morgan Finance, 5.70%, 01/05/16			635,000		585,265
Marshall & Ilsley Bank, 3.80%, 02/08/08			605,000		599,436
RSHB Capital 7.18%, 05/16/13 (a)			280,000		291,620
	7.18%, 05/16/13		100,000		104,200
Unicredito Luxem Finance, 5.41%, 10/24/08 (a) (c)			440,000		440,124
					7,578,763
Beverages (0.1%) (a)
FBG Finance Ltd., 5.13%, 06/15/15			250,000		234,299
Building Products (0.0%) (b) (c)
Goodman Global Holdings, 8.36%, 06/15/12			50,000		50,375
Chemicals (0.4%)
Equistar Chemical, 10.13%, 09/01/08 (b)			189,000		196,560
ICI Wilmington, 4.38%, 12/01/08			115,000		113,062
Innophos, Inc., 8.88%, 08/15/14			430,000		445,050
JohnsonDiversey, Inc., 9.63%, 05/15/12 (b)			180,000		187,875
					942,547
Communications Equipment (0.1%) (b)
Nortel Networks Corp., 4.25%, 09/01/08			190,000		187,388
Consumer Goods (0.1%) (c)
Clorox Co., 5.49%, 12/14/07			210,000		210,106
Containers & Packaging (0.5%) (b)
Berry Plastics Corp., 8.88%, 09/15/14			685,000		693,562
Graphic Packaging International, 9.50%, 08/15/13			165,000		171,394
Owens-Illinois, Inc., 7.50%, 05/15/10			230,000		232,013
					1,096,969
Diversified Financial Services (9.6%)
AIG SunAmerica Global Finance, 6.30%, 05/10/11 (a)			395,000		404,548
American General Finance Corp., 4.63%, 05/15/09			95,000		93,688
American Home Mortgage Investment Trust, Series 2004-1 Class 1A, 5.67%, 04/25/44 (c)			198,820		199,056
AXA Financial, Inc., 7.75%, 08/01/10			460,000		489,701
Capmark Financial Group (a) 5.88%, 05/10/12			200,000		197,379
	6.30%, 05/10/17		85,000		83,644
Carrington Mortgage Loan Trust, 5.47%, 09/25/35 (c)			73,664		73,672

6 

Corporate Bonds (continued)
		Principal Amount		Value
Diversified Financial Services (continued)
Caterpillar Financial Services Corp. 5.43%, 08/20/07 (c)		$	220,000	$	220,026
	Series MTNF 3.63%, 11/15/07		75,000		74,512
Countrywide Alternative Loan Trust, 5.51%, 10/25/46 (c)			1,078,878		1,076,479
Countrywide Home Loans, Inc., 3.25%, 05/21/08			220,000		215,618
Deutsche Telekom International Finance (EUR), 8.13%, 05/29/12			160,000		244,602
Farmers Exchange Capital, 7.05%, 07/15/28 (a)			285,000		288,713
Fresenius Medical Care Capital Trust Series IV, 7.88%, 06/15/11			95,000		98,325
General Electric Capital Corp., 4.25%, 12/01/10			100,000		96,487
Harborview Mortgage Loan Trust 5.70%, 11/19/35 (c)			610,648		613,336
	5.57%, 08/21/36 (c)		1,325,526		1,327,044
	5.53%, 11/19/36 (c)		1,539,637		1,544,045
	0.96%, 03/19/37 (d)		2,982		2,243
	5.57%, 10/19/37 (c)		1,122,350		1,124,909
	5.61%, 07/19/45 (c)		333,241		334,011
Household Finance Corp. (EUR), 6.50%, 05/05/09			140,000		195,238
John Hancock Global Funding, Series II, 7.90%, 07/02/10 (a)			155,000		165,438
Luminent Mortgage Trust (c) 5.56%, 04/25/36			777,524		779,059
	5.52%, 10/25/46		985,336		987,441
Mantis Reef Ltd., 4.69%, 11/14/08 (a) (e)			425,000		420,046
MBNA Corp., 5.79%, 05/05/08 (c)			460,000		461,741
MBNA Credit Card Master Note Trust, 5.44%, 08/16/10 (c)			1,750,000		1,751,737
Merrill Lynch Mortgage Investors, Inc., 5.44%, 08/25/35 (c)			196,621		196,741
Nationstar Home Equity Loan Trust, 6.02%, 09/25/36 (c)			1,251,817		1,251,815
Residential Accredit Loans, Inc. (c) 5.51%, 12/25/36			1,279,411		1,272,077
	5.48%, 01/25/37		1,631,606		1,628,882
	5.52%, 06/25/37		2,485,754		2,486,143
	5.58%, 02/25/46		433,180		433,510
	5.59%, 02/25/46		410,958		411,711
	2.47%, 03/25/47		7,450,000		409,750
Residential Capital Corp. 6.38%, 06/30/10			460,000		454,062
	6.50%, 04/17/13 (b)		325,000		314,138
					22,421,567
Electric Power (0.1%)
Ohio Power Co., 6.00%, 06/01/16			225,000		225,215
Wisconsin Electric Power Co., 3.50%, 12/01/07			110,000		109,102
					334,317
Electric Utilities (0.9%)
AES Corp. 9.38%, 09/15/10			53,000		56,379
	7.75%, 03/01/14 (b)		95,000		95,237
	9.00%, 05/15/15 (a)		305,000		322,919
Arizona Public Service Co., 5.80%, 06/30/14			250,000		246,688
Detroit Edison Co., 6.13%, 10/01/10			200,000		203,565
Entergy Gulf States 3.60%, 06/01/08			65,000		63,840
	6.11%, 12/08/08 (c) (a)		270,000		270,723
	5.76%, 12/01/09 (c)		105,000		104,948
Foundation P.A. Coal Co., 7.25%, 08/01/14 (b)			50,000		49,563
Ipalco Enterprises, Inc., 8.38%, 11/14/08			465,000		474,300
NiSource Finance Corp., 5.93%, 11/23/09 (c)			120,000		120,187
					2,008,349
Energy Companies (0.4%)
Hilcorp Energy, 7.75%, 11/01/15 (a) (b)			230,000		223,100
National Grid Transco PLC (EUR), 5.00%, 07/02/18			110,000		144,376
TXU Corp., 4.81%, 11/17/14			300,000		292,476
TXU Energy Co., 7.00%, 03/15/13			225,000		232,085
					892,037

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Value
Energy Equipment & Services (0.0%) (b)
Cie General De Geophysique, 7.50%, 05/15/15		$	40,000	$	40,000
Food Products (1.1%)
Conagra Foods, Inc. 7.00%, 10/01/28			150,000		156,255
	8.25%, 09/15/30		100,000		118,367
Delhaize America, Inc., 9.00%, 04/15/31			356,000		430,101
Michael Foods, 8.00%, 11/15/13			120,000		121,200
Pilgrim’s Pride Corp. 9.63%, 09/15/11 (b)			270,000		280,463
	7.63%, 05/01/15		1,020,000		1,017,450
Sara Lee Corp., 6.13%, 11/01/32			265,000		237,070
Smithfield Foods, Inc., 8.00%, 10/15/09			90,000		92,700
					2,453,606
Gas Utilities (0.2%)
Pacific Energy Partners, 7.13%, 06/15/14			150,000		155,193
Williams Cos., Inc. (The), 7.88%, 09/01/21			255,000		274,125
					429,318
Health Care Equipment & Supplies (0.0%) (a)
Invacare Corp., 9.75%, 02/15/15			80,000		80,600
Health Care Providers & Services (1.1%)
Aramark Corp. (a) 8.50%, 02/01/15			60,000		61,050
	8.86%, 02/01/15 (c) (b)		50,000		50,750
Aramark Services, Inc., 5.00%, 06/01/12 (b)			210,000		184,800
Columbia HCA, 7.69%, 06/15/25			370,000		321,824
Fresenius Medical Capital Trust II, 7.88%, 02/01/08			350,000		353,500
HCA, Inc. 6.25%, 02/15/13 (b)			345,000		311,362
	5.75%, 03/15/14		185,000		156,556
Hospira, Inc., 5.83%, 03/30/10 (c)			490,000		491,230
Sun Healthcare Group, Inc., 9.13%, 04/15/15 (a) (b)			265,000		275,600
Tenet Healthcare Corp. 7.38%, 02/01/13 (b)			310,000		280,163
	9.88%, 07/01/14		65,000		64,350
					2,551,185
Hotels, Restaurants & Leisure (0.5%)
Isle of Capri Casinos, 7.00%, 03/01/14			490,000		463,662
MGM Mirage, Inc., 6.00%, 10/01/09			300,000		297,375
Station Casinos, Inc., 6.00%, 04/01/12			340,000		319,600
					1,080,637
Insurance (0.3%)
Farmers Insurance Exchange, 8.63%, 05/01/24 (a)			250,000		288,857
Munich Re Finance BV, 6.75%, 06/21/23			130,000		189,529
St. Paul Travelers, 5.01%, 08/16/07			240,000		239,897
					718,283
Internet Software & Services (0.0%) (f) (g)
Exodus Communications, Inc. 0.00%, 07/15/10			124,552		0
Rhythms Netconnections 0.00%, 02/15/10			366,692		0
					0
Manufacturing (0.7%)
Interface, Inc. 10.38%, 02/01/10			60,000		64,500
	9.50%, 02/01/14		225,000		242,437
K&F Acquisition, Inc., 7.75%, 11/15/14 (b)			370,000		392,200
Koppers Holdings, Inc., 2.14%, 11/15/14 (d)			255,000		218,025
Koppers, Inc., 9.88%, 10/15/13			47,000		50,173

8 

Corporate Bonds (continued)
		Principal Amount		Value
Manufacturing (continued)
Manitowoc Co., Inc., 10.50%, 08/01/12 (b)		$	214,000	$	225,770
Nalco Co., 7.75%, 11/15/11 (b)			165,000		166,237
Propex Fabrics, Inc., 10.00%, 12/01/12			385,000		344,575
					1,703,917
Media (2.0%)
Cablevision Systems Corp., 9.82%, 04/01/09 (c)			290,000		303,050
CCH I LLC, 11.00%, 10/01/15			210,000		219,187
Comcast Cable Communication, Inc., 6.75%, 01/30/11			300,000		310,517
Dex Media West/ Finance Series B, 9.88%, 08/15/13			75,000		80,250
Echostar DBS Corp. 6.38%, 10/01/11			550,000		539,000
	6.63%, 10/01/14		70,000		66,850
Idearc, Inc., 8.00%, 11/15/16 (b)			535,000		540,350
Intelsat Bermuda Ltd., 8.87%, 01/15/15 (c) (a)			435,000		444,244
Interpublic Group Co., Inc., 6.25%, 11/15/14			205,000		188,088
National Cable PLC (b) 8.75%, 04/15/14			75,000		77,250
	9.13%, 08/15/16		100,000		104,750
Time Warner, Inc., 5.59%, 11/13/09 (c)			645,000		645,620
Umbrella Acquisition, 9.75%, 03/15/15 (a) (b)			320,000		316,000
Valassis Communication, 8.25%, 03/01/15 (a) (b)			480,000		468,000
Viacom, Inc., 6.88%, 04/30/36			380,000		367,127
					4,670,283
Metals & Mining (0.0%) (b) (f) (g)
Murrin Murrin Holdings, 9.38%, 08/31/07			125,000		0
Multiline Retail (0.3%)
May Department Stores Co., 6.70%, 07/15/34			360,000		334,661
Yum! Brands, Inc., 8.88%, 04/15/11			230,000		253,050
					587,711
Oil, Gas & Consumable Fuels (2.5%)
Centerpoint Energy, 6.25%, 02/01/37			70,000		67,416
Chaparral Energy, Inc., 8.88%, 02/01/17 (a)			210,000		207,375
Colorado Interstate Gas, 6.80%, 11/15/15 (b)			150,000		154,262
Consolidated Natural Gas, 6.25%, 11/01/11			260,000		265,584
Consumers Energy Co., 4.80%, 02/17/09			210,000		207,457
Cooper Industries, Inc., 5.25%, 11/15/12			205,000		201,030
Gazprom Capital 6.21%, 11/22/16			310,000		301,940
	8.63%, 04/28/34		190,000		237,434
Hanover Equipment Trust, Series A, 8.62%, 09/01/08 (b)			126,000		125,370
Husky Oil Ltd., 8.90%, 08/15/28			525,000		541,209
Pemex Project Funding Master Trust, 6.66%, 06/15/10 (c) (a)			570,000		584,820
Pemex Project Funding Master Trust (EUR), 6.63%, 04/04/10			250,000		351,793
Petro Shopping Centre, 9.00%, 02/15/12			320,000		337,600
Petroleos Mexicanos 8.63%, 12/01/23			250,000		304,625
	9.50%, 09/15/27		720,000		966,960
Plains All American Pipeline, 6.70%, 05/15/36			230,000		230,267
Pogo Producing Co., 6.88%, 10/01/17 (b)			210,000		208,425
Sandridge Energy, 8.63%, 04/01/15			325,000		333,125
Texas Eastern Transmission, 7.00%, 07/15/32			215,000		235,844
					5,862,536

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)

Corporate Bonds (continued)
		Principal Amount		Value
Paper & Forest Products (0.4%)
P.H. Glatfelter, 7.13%, 05/01/16		$	65,000	$	65,487
Pindo Deli Finance BV (a) 6.00%, 04/28/15 (c)			132,046		112,239
	6.00%, 04/28/18 (c)		446,898		246,911
	11.18%, 04/28/25 (d)		901,231		126,172
Tjiwi Kimia Finance BV 6.00%, 04/28/15 (c)			192,480		169,383
	6.00%, 04/28/15 (c) (a)		183,878		161,813
	6.00%, 04/28/18 (c) (a)		183,062		101,142
	10.36%, 04/28/27 (a) (d)		473,111		63,870
					1,047,017
Real Estate Investment Trusts (REITs) (4.6%)
American Home Mortgage Assets 5.55%, 05/25/46 (c)			1,336,573		1,336,154
	5.55%, 09/25/46 (c)		1,493,817		1,498,496
	5.51%, 10/25/46 (c)		1,870,831		1,873,682
	5.45%, 03/25/47 (c)		1,500,210		1,498,726
	5.51%, 08/25/47 (c)		1,875,000		1,875,000
	5.52%, 08/25/47		1,875,000		1,875,000
Brascan Corp., 7.13%, 06/15/12			250,000		262,630
Brookfield Asset Management, 5.80%, 04/25/17			95,000		92,741
World Financial, 6.91%, 09/01/13 (a)			478,596		493,955
					10,806,384
Semiconductors & Semiconductor Equipment (0.2%) (a) (b)
Freescale Semiconductor, 8.88%, 12/15/14			535,000		510,925
Service Companies (0.5%)
CVS Corp., 6.04%, 12/10/28 (a)			425,425		412,888
Iron Mountain, Inc. 8.63%, 04/01/13			195,000		195,487
	7.75%, 01/15/15		180,000		175,500
Waste Management, Inc., 7.13%, 10/01/07			450,000		451,268
					1,235,143
Specialty Retail (0.3%)
CVS Caremark Corp., 5.75%, 06/01/17			205,000		197,789
CVS Corp., 5.75%, 08/15/11			65,000		64,995
Home Depot, Inc., 5.49%, 12/16/09 (c)			320,000		319,502
					582,286
Telephones (1.1%)
American Tower Corp. 7.50%, 05/01/12			275,000		282,563
	7.13%, 10/15/12 (b)		100,000		102,250
AT&T Corp., 8.00%, 11/15/31 (c)			295,000		350,631
Axtel SA, 11.00%, 12/15/13 (b)			285,000		313,500
France Telecom 8.50%, 03/01/31			115,000		144,497
	8.13%, 01/28/33		90,000		154,895
Nordic Tel Co. Holdings, 8.88%, 05/01/16 (a) (b)			155,000		164,300
Qwest Communications International, 8.86%, 02/15/09 (c)			150,000		151,500
Qwest Corp., 5.63%, 11/15/08			45,000		44,831
SBC Communications, Inc., 6.15%, 09/15/34			140,000		134,233
Sprint Capital Corp., 8.75%, 03/15/32			40,000		44,925
Telecom Italia Capital 4.00%, 11/15/08			110,000		107,662
	4.00%, 01/15/10		195,000		187,458
Telefonica Europe, 8.25%, 09/15/30			220,000		255,699
Verizon New England, 6.50%, 09/15/11			10,000		10,264
Wind Acquisition Financial SA, 10.75%, 12/01/15 (a)			200,000		229,500
					2,678,708
Tobacco (0.1%)
RJ Reynolds Tobacco, 6.50%, 07/15/10			150,000		152,488

10 

Corporate Bonds (continued)
		Principal Amount		Value
Transportation (0.2%)
CHC Helicopter Corp., 7.38%, 05/01/14		$	220,000	$	209,550
Union Pacific Corp. 6.79%, 11/09/07			100,000		100,363
	6.63%, 02/01/08		180,000		181,155
					491,068
Wireless Telecommunication Services (0.0%) (f) (g)
Nextlink Communications, Inc. 0.00%, 06/01/09			350,000		0
	0.00%, 06/01/09		500,000		0
					0
Total Corporate Bonds (Cost $78,190,272)					78,436,268
Asset-Backed Securities (17.4%)
Banc of America Funding Corp., 5.67%, 09/20/35 (c)			286,896		287,930
Bear Stearns, 5.46%, 03/25/37			1,411,646		1,371,988
Bear Stearns Asset Backed, Inc., 5.54%, 03/25/35 (c)			256,335		256,384
Bear Stearns Mortgage Funding Trust (c) 5.57%, 07/25/36			1,275,195		1,273,754
	5.48%, 12/25/36		1,083,588		1,084,474
Capital Auto Receivables Asset Trust 5.38%, 07/15/10			1,650,000		1,649,742
	5.38%, 05/15/11 (c)		1,900,000		1,899,729
Countrywide Alternative Loan Trust (c) 5.60%, 10/25/35			9,930		9,930
	5.58%, 11/20/35		443,714		443,927
	5.70%, 11/20/35		702,423		705,547
	6.73%, 02/25/36		1,083,733		1,090,257
	5.59%, 07/25/46		841,766		843,173
	5.37%, 09/25/46		320,470		320,434
DSLA Mortgage Loan Trust (c) 5.52%, 11/19/37			1,434,922		1,437,684
	5.97%, 04/19/47		1,264,072		1,264,467
First Franklin Mortgage Loan, 5.37%, 07/25/36 (c)			1,142,092		1,142,028
Fremont Home Loan Trust, 5.37%, 10/25/36 (c)			1,230,060		1,229,457
Greenpoint Mortgage Funding Trust, 5.64%, 03/25/36 (c)			1,100,207		1,102,070
GSAMP Trust, 5.39%, 01/25/37 (c)			1,290,550		1,290,461
GSR Mortgage Loan Trust, 5.51%, 08/25/46 (c)			1,349,454		1,350,707
Harborview Mortgage Loan Trust, 5.55%, 07/19/46 (c)			1,072,316		1,073,196
Indymac Index Mortgage Loan Trust (c) 5.44%, 07/25/46			1,725,000		1,729,824
	5.57%, 06/25/47		1,329,861		1,334,485
Residential Asset Mortgage, Inc. (c) 5.39%, 08/25/36			1,131,704		1,131,766
	5.40%, 10/25/36		1,071,896		1,072,003
Securitized Asset Backed Receivables 5.46%, 11/25/36			1,299,008		1,298,553
	5.46%, 08/25/47		1,200,000		1,200,000
Soundview Home Equity Loan Trust (c) 5.40%, 01/25/37			1,172,754		1,172,751
	5.43%, 02/25/37		1,117,618		1,117,345
Structured Asset Investment Loan Trust, 5.66%, 11/25/33 (c)			28,003		28,034
Structured Asset Mortgage Investments, Inc. (c)
	5.51%, 02/25/36		445,755		446,222
	5.63%, 02/25/36		877,919		881,371
	5.59%, 04/25/36		1,396,129		1,399,474
	5.55%, 07/25/36		702,044		704,121
	5.55%, 07/25/36		1,167,060		1,170,536
	5.55%, 08/25/36		1,100,764		1,103,787
Structured Asset Securities Corp., 5.52%, 06/25/35 (c)			134,139		134,152
Washington Mutual, Inc. (c)
	5.59%, 04/25/45		576,819		577,860
	5.61%, 08/25/45		141,477		141,548
	5.58%, 10/25/45		326,805		326,971
	5.57%, 11/25/45		367,375		368,016
	5.57%, 12/25/45		322,388		322,687
	5.97%, 04/25/46		1,062,975		1,064,055
	5.42%, 05/25/46		95,255		95,261

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)

Asset-Backed Securities (continued)
		Principal Amount		Value
Zuni Mortgage Loan Trust, 5.45%, 08/25/36 (c)		$	868,315	$	867,874
Total Asset-Backed Securities (Cost $40,826,713)					40,816,035
Sovereign Bonds (13.4%)
Argentina (0.4%)
Republic of Argentina 0.00%, 04/10/05 (f)			390,000		182,520
	5.83%, 12/31/33		1,850,000		824,637
	8.38%, 12/31/33		49,788		47,929
					1,055,086
Brazil (1.2%)
Citigroup, Inc. Brazil LTN Note, 6.00%, 05/18/09			250,000		306,519
Federal Republic of Brazil 14.50%, 10/15/09			520,000		616,200
	10.50%, 07/14/14		180,000		226,620
	8.88%, 10/14/19		856,000		1,039,184
	Series B 8.88%, 04/15/24		470,000		578,100
					2,766,623
Canada (0.3%)
Canadian Government (CAD), 5.25%, 06/01/12			700,000		677,120
Colombia (0.4%)
Republic of Columbia 9.75%, 04/09/11			108,307		116,971
	8.25%, 12/22/14		155,000		173,367
	11.75%, 02/25/20		100,000		147,750
	7.38%, 09/18/37		410,000		455,100
					893,188
Ecuador (0.1%)
Republic of Ecuador 9.38%, 12/15/15			100,000		88,750
	10.00%, 08/15/30		290,000		237,800
					326,550
Germany (2.5%)
Bundes Republic of Deutschland (EUR),
	5.63%, 01/04/28		3,820,000		5,762,026
Italy (0.1%)
Buoni Poliennali Del Tesson (EUR), 5.25%, 11/01/29			120,000		167,949
Ivory Coast (0.0%) (f)
Ivory Coast, 2.50%, 03/30/18			285,000		94,050
Japan (0.2%)
Japanese Government (JPY), 0.80%, 03/20/13			50,000,000		389,684
Mexico (1.2%)
Mexican Fixed Rate Bonds (MXN) 9.50%, 12/18/14			14,250,000		1,452,569
	8.00%, 12/17/15		6,360,000		600,029
United Mexican States, 8.38%, 01/14/11			710,000		770,350
					2,822,948
Peru (0.4%)
Republic of Peru 9.88%, 02/06/15			145,000		179,945
	8.38%, 05/03/16		120,000		139,500
	8.75%, 11/21/33		390,000		505,050
					824,495
Philippines (1.3%)
Republic of Philippines 9.00%, 02/15/13			270,000		301,050
	8.88%, 03/17/15		1,060,000		1,215,025
	9.50%, 02/02/30		1,208,000		1,574,870
					3,090,945
Russian Federation (1.1%)
Russian Federation 11.00%, 07/24/18			516,000		718,066
	12.75%, 06/24/28		960,000		1,691,491
	7.50%, 03/31/30		239,743		264,077
					2,673,634
Spain (1.5%)
Bonos Y Oblig Del Estado (EUR) 5.15%, 07/30/09			2,250,000		3,083,066
	6.15%, 01/31/13		330,000		480,055
					3,563,121
Sweden (0.3%) (b)
Swedish Government (SEK), 5.00%, 01/28/09			4,500,000		665,818

12 

Sovereign Bonds (continued)
		Principal Amount		Value
Turkey (0.7%)
Citigroup, Inc. Turkey LTN Note, 12.00%, 08/14/08 (a)		$	500,000	$	629,075
Republic of Turkey 17.96%, 08/13/08 (d)			865,200		543,915
	11.88%, 01/15/30		156,000		239,070
Turkey Government Bond, 18.28%, 02/04/09 (d)			441,100		256,995
					1,669,055
Ukraine (0.1%) (a) (b)
Ukraine Government, 6.58%, 11/21/16			230,000		227,987
United Kingdom (1.0%)
United Kingdom Treasury (GBP), 7.25%, 12/07/07			1,200,000		2,422,746
Venezuela (0.6%)
Republic of Venezuela
	10.75%, 09/19/13		640,000		710,720
	8.50%, 10/08/14		270,000		273,375
	9.25%, 09/15/27		340,000		354,450
					1,338,545
Total Sovereign Bonds (Cost $26,059,119)					31,431,570
Mortgage-Backed Obligations (12.2%)
American Home Mortgage, 5.51%, 05/25/47 (c)			1,846,119		1,845,301
Bear Stearns Mortgage, 5.49%, 03/25/37 (c)			1,602,286		1,604,042
Countrywide Alternative Loan Trust (c) 6.50%, 10/25/46			335,494		335,284
	5.46%, 04/25/47		1,511,167		1,511,123
Deutsche Alt-A Securities, Inc. (c) 5.47%, 02/25/47			1,729,584		1,724,981
	6.75%, 02/25/47		438,953		438,559
Federal Home Loan Mortgage Corp.
Pool # 170271 12.00%, 08/01/15			224,708		244,951
Gold, Pool # C90381 7.50%, 11/01/20			1,304		1,365
Gold, Pool # C00712 6.50%, 02/01/29			30,709		31,372
Gold, Pool # C29808 8.00%, 08/01/29			20,462		21,560
Gold, Pool # C39060 8.00%, 06/01/30			501		528
Gold, Pool # C41333 7.50%, 08/01/30			20,136		21,020
Gold, Pool # C41531 8.00%, 08/01/30			8,202		8,645
Gold, Pool # C42327 8.00%, 09/01/30			2,480		2,614
Gold, Pool # C44964 7.50%, 11/01/30			40,591		42,372
Gold, Pool # C01104 8.00%, 12/01/30			35,561		37,481
Gold, Pool # C01132 8.00%, 01/01/31			31,578		33,284
Gold, Pool # C46946 8.00%, 01/01/31			12,294		12,958
Gold, Pool # C01150 8.00%, 02/01/31			28,832		30,389
Gold, Pool # C48997 8.00%, 03/01/31			88,875		93,675
Gold, Pool # C49587 8.00%, 03/01/31			19,553		20,615
Gold, Pool # C50477 8.00%, 04/01/31			34,564		36,442
Gold, Pool # C53597 8.00%, 06/01/31			151,906		160,157
Gold, Pool # C53381 8.00%, 06/01/31			4,825		5,086
Gold, Pool # C53657 8.00%, 06/01/31			10,607		11,183
Gold, Pool # C60019 7.50%, 11/01/31			8,475		8,840
Gold, Pool # C67851 7.50%, 06/01/32			152,906		159,207
	5.66%, 03/01/37		1,062,009		1,059,651
Federal National Mortgage Association
Pool # 50946 6.50%, 12/01/23			24,620		24,957
Pool # 346286 6.50%, 05/01/26			77,207		78,525

 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)

Mortgage-Backed Obligations (continued)
		Principal Amount		Value
Pool # 370191 6.50%, 01/01/27		$	5,900	$	6,000
Pool # 251752 6.50%, 06/01/28			120,713		123,203
Pool # 252009 6.50%, 07/01/28			297,006		303,134
Pool # 415967 6.50%, 10/01/28			98,534		100,567
Pool # 457953 6.50%, 01/01/29			95,127		97,089
Pool # 482616 6.50%, 02/01/29			184,400		188,193
Pool # 323591 6.50%, 03/01/29			203,477		207,675
Pool # 511954 7.50%, 10/01/29			8,129		8,503
Pool # 519145 7.50%, 10/01/29			21,321		22,304
Pool # 523284 7.50%, 11/01/29			2,178		2,279
Pool # 527589 7.50%, 01/01/30			9,598		10,040
Pool # 517874 7.50%, 02/01/30			35,213		36,778
Pool # 253113 7.50%, 03/01/30			18,661		19,526
Pool # 540017 8.00%, 05/01/30			6,016		6,338
Pool # 540091 7.50%, 06/01/30			17,894		18,689
Pool # 535399 8.00%, 07/01/30			30,517		32,149
Pool # 535533 8.00%, 10/01/30			104,012		109,572
Pool # 563324 7.00%, 12/01/30			79,191		81,313
Pool # 564363 8.00%, 01/01/31			2,322		2,447
Pool # 253673 7.50%, 03/01/31			28,867		30,150
Pool # 564993 7.50%, 03/01/31			14,733		15,388
Pool # 253674 8.00%, 03/01/31			1,812		1,909
Pool # 613017 8.00%, 03/01/31			1,232		1,304
Pool # 576112 7.00%, 05/01/31			2,978		3,087
Pool # 577407 7.50%, 07/01/31			55,439		57,863
Pool # 545239 8.00%, 09/01/31			41,256		43,462
Pool # 545604 8.00%, 09/01/31			14,766		15,629
Pool # 606566 7.50%, 10/01/31			18,994		19,824
Pool # 545551 8.00%, 04/01/32			23,475		24,730
Pool # 630601 7.00%, 05/01/32			222,960		230,949
Pool # 545759 6.50%, 07/01/32			183,849		187,105
Pool # 642656 7.00%, 07/01/32			57,628		59,693
Pool # 254695 6.50%, 04/01/33			295,127		299,880
Pool # 555533 6.50%, 04/01/33			87,703		89,408
Pool # 741875 6.50%, 09/01/33			31,417		31,923
Pool # 836295 7.00%, 10/01/35			607,999		624,288
Pool # 868995 7.47%, 05/01/36			1,968,609		2,016,259
Pool # 886574 7.50%, 08/01/36			1,163,026		1,195,653
Federal National Mortgage Association TBA(h)
	6.50%, 08/01/36		1,300,000		1,310,969
	6.50%, 07/15/37		2,250,000		2,271,094
Government National Mortgage Association
Pool # 780699 9.50%, 12/15/17			165,423		178,733
Pool # 780378 11.00%, 01/15/19			184,684		203,235
Pool # 780141 10.00%, 12/15/20			154,391		170,465
Pool # 780709 11.00%, 01/15/21			210,164		230,708
Pool # 780349 10.00%, 09/15/21			195,568		215,595
Greenpoint Mortgage Funding Trust, 5.52%, 03/25/47 (c)			1,815,421		1,819,313
GS Mortgage Securities Corp., 6.25%, 01/25/37 (c)			462,658		460,962

14 

Mortgage-Backed Obligations (continued)
		Principal Amount		Value
Harborview Mortgage Loan Trust (c) 5.52%, 03/19/38		$	1,628,926	$	1,631,297
	6.41%, 03/19/38		330,968		330,554
Harborview Nim Corp., 6.41%, 03/19/37 (c)			341,368		340,941
Lehman Brothers, 5.44%, 09/15/21 (c) (a)			751,461		751,458
Residential Asset Mortgage, Inc., 5.48%, 02/25/37 (c)			1,161,992		1,161,230
SLM Student Loan Trust, 5.35%, 10/27/14 (c)			1,575,144		1,575,316
Total Mortgage-Backed Obligations (Cost $28,735,507)					28,582,340
Interest Only Bonds (5.4%)
Bear Stearns Structured Products, Inc. (c)
	1.32%, 02/27/36 (a)		18,627,332		493,624
	2.08%, 06/26/36		21,136,794		822,221
	1.75%, 01/27/37		27,311,910		1,007,809
	1.84%, 01/27/37		19,633,676		746,080
	2.44%, 01/27/37		16,713,022		715,535
Countrywide Alternative Loan Trust (c)
	1.42%, 09/25/35		23,519,074		488,756
	2.05%, 12/20/35 (a)		7,038,160		180,135
	3.16%, 12/20/35 (a)		8,303,159		364,534
	5.47%, 05/25/36		410,917		410,963
	2.72%, 02/25/37		6,411,451		312,558
	2.70%, 03/20/46		5,819,638		245,804
	2.46%, 12/20/46		21,854,465		997,984
	2.57%, 02/25/47		14,440,341		736,165
	2.81%, 03/20/47		10,556,224		562,478
	2.70%, 05/25/47		6,953,214		368,090
Federal Home Loan Mortgage Corp. Series 2129 (c)
	1.63%, 06/17/27		1,324,605		54,656
	Series 2557, Class IW 6.00%, 04/15/32		986,043		164,631
	Series 2649, Class IM 7.00%, 07/15/33		424,122		119,130
Federal National Mortgage Association Series 2003-82, Class IA
	6.00%, 08/25/32		283,437		41,772
	Series 03-39, Class IO
	6.00%, 05/25/33		388,753		93,486
	6.50%, 05/25/33 (c)		918,002		241,106
	6.50%, 05/25/33 (c)		370,670		92,816
	Series 2003-44, Class IB
	6.00%, 06/25/33		428,448		103,417
	6.50%, 06/25/33 (c)		369,939		96,727
Greenpoint Mortgage Funding Trust (c)
	2.21%, 08/25/45		3,363,193		99,887
	2.11%, 10/25/45		4,549,949		135,134
	2.35%, 10/25/45		1,939,052		46,149
Harborview Mortgage Loan Trust (c)
	1.62%, 11/19/34		8,936,281		164,763
	1.97%, 05/19/35		6,521,644		149,794
	1.66%, 06/19/35		4,631,228		104,926
	2.32%, 03/19/37		5,574,078		239,511
	0.00%, 07/19/47 (f)		41		21
	2.44%, 07/19/47		6,640,119		235,517
Indymac Index Mortgage Loan Trust,
	1.24%, 07/25/35 (c)		4,173,613		130,425
Residential Accredit, 2.90%, 05/25/47 (c)			14,950,000		864,297
Structured Asset Mortgage, 1.23%, 04/25/37 (c)			24,075,000		1,016,639
Total Interest Only Bonds (Cost $11,351,415)					12,647,540
Warrants (0.1%)*
Banks (0.1%)
Central Bank of Nigeria (f) (g)			500		0
Mexican Warrant			366		31,110
Republic of Venezuela (f)			1,250		0
Republic of Argentina 5.83%, 12/15/35			4,154,313		165,134
	8.28%, 12/15/35		130,001		18,950
					215,194

 15

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)

Warrants (continued)
		Shares or
		Principal Amount		Value
Communications Equipment (0.0%)
XO Holdings, Inc. (b) expiring
	0.00%, 01/16/10		248	$	1,106
	0.00%, 01/16/10		499		369
	0.00%, 01/16/10		374		146
	0.00%, 01/16/10		374		60
					1,681
Total Warrants (Cost $22,326)					216,875
Yankee Dollars (0.8%)
Banks (0.8%)
ABN AMRO Real SA, 16.20%, 02/22/10		$	410,000	$	242,604
Argentina Securities, Inc., 2006 M3, 5.37%, 10/25/36 (c)			1,265,085		1,265,143
JP Morgan & Chase Co., 7.00%, 06/28/17			6,000,000		231,257
RSHB Capital, 6.30%, 05/15/17 (a)			106,000		103,753
Total Yankee Dollars (Cost $1,589,966)					1,842,757
Government Bonds (3.0%) (d)
Federal Home Loan Bank 4.18%, 07/11/07			2,000,000		1,997,450
	4.61%, 07/18/07		5,000,000		4,988,665
Total Government Bonds (Cost $6,985,460)					6,986,115
Federal National Mortgage Association (5.4%)
Federal National Mortgage Association 4.93%, 08/08/07 (d)			7,200,000		7,162,258
	5.13%, 06/01/35		1,164,574		1,161,887
	5.01%, 09/01/35		1,029,640		1,014,408
	5.10%, 11/01/35		1,194,006		1,172,120
	4.74%, 06/01/36		1,189,561		1,169,632
Federal National Mortgage Association TBA, 7.00%, 07/01/36 (h)			925,000		949,570
Total Federal National Mortgage Association (Cost $12,675,071)					12,629,875
Federal Home Loan Mortgage Corporation (0.0%)
IOETTE, Series 1103, Class N, 1,156.50%, 06/15/21			11		150
U.S. Treasury Bills (0.3%) (d)
U.S. Treasury Bills, 2.81%, 07/12/07			700,000		699,345
U.S. Treasury Obligations (10.0%) (b)
U.S. Treasury Notes 5.75%, 08/15/10			1,000,000		1,024,531
	3.88%, 02/15/13		2,360,000		2,241,447
	8.13%, 08/15/19		3,625,000		4,583,925
	7.63%, 02/15/25		1,000,000		1,273,438
	6.38%, 08/15/27		1,300,000		1,486,063
	6.13%, 08/15/29		11,475,000		12,871,725
Total U.S. Treasury Obligations (Cost $23,804,991)					23,481,129
U.S. Government Agency Long-Term Obligations (0.0%)
Federal Home Loan Mortgage Corp., Pool #C69951, 6.50%, 08/01/32			44,168		44,984

16 

Repurchase Agreements (0.5%) (c)
	Principal Amount		Value
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $1,034,818, collateralized by U.S. Government Agency Mortgages with a market value of $1,055,057, 5.20%, 04/01/42	$	1,034,370	$	1,034,370
90 Day Euro Future Put option (strike price 94.75), expiring December 2007		685		256,875
90 Day Euro Future Put option (strike price 94.75), expiring March 2008		221		109,119
90 Day Euro Future Put option (strike price 94.75), expiring September 2007		592		162,800
90 Day Turkish Lira Put option (strike price 1.356), expiring May 2008		1,392,000		149,585
Brazilian Real Put option (strike price 2.00), expiring May 2008		1,347,000		50,453
Swiss Franc Put option (strike price 1.185), expiring March 2008		8,725,000		290,263
Total Options Purchased (Cost $827,245)				1,019,095

Securities Held As Collateral For Securities On Loan (5.9%)
	Principal Amount		Value
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $13,925,399, collateralized by U.S. Government Agency Mortgages with a market value of $14,197,494	$	13,919,112	$	13,919,112
Total Investments (Cost $246,766,265) (i) — 108.3%				253,787,560
Liabilities in excess of other assets — (8.3)%				(19,386,429	)
NET ASSETS — 100.0%			$	234,401,131

*	Denotes a non-income producing security.
(a)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(b)	All or a part of the security was on loan as of June 30, 2007.
(c)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(d)	The rate reflected in the Statement of Investments is the effective yield as of June 30, 2007.
(e)	Illiquid security.
(f)	Security in default.
(g)	Fair Valued Security.
(h)	Mortgage Dollar Rolls
(i)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

 17

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Van Kampen NVIT Multi Sector Bond Fund (Continued)

CAD	Principal amount denominated in Canadian Dollar.
EUR	Principal amount denominated in Euro.
GBP	Principal amount denominated in British Pound.
IO	Interest Only (IO) bonds represent the “interest only” portion of payments on a pool of underlying mortgages or mortgage- backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
JPY	Principal amount denominated in Japanese Yen.
MXN	Principal amount denominated in Mexican Peso.
SEK	Principal amount denominated in Swedish Krone.
TBA	To Be Announced.

At June 30, 2007, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Date		Received/			Contract			Market			Appreciation/
Currency	Delivery		(Delivered)			Value			Value			(Depreciation)
Short Contract:
Euro		07/31/07		(4,556,000	)	$	(6,212,333	)	$	(6,172,321	)	$	40,012
Swedish Krone		08/21/07		(3,000,000	)		(440,938	)		(439,958	)		980
Total Short Contracts						$	(6,653,271	)	$	(6,612,279	)	$	40,992
Long Contracts:
Japanese Yen		07/09/07		710,000,000		$	5,961,627		$	5,774,207		$	(187,420	)
Japanese Yen		07/09/07		1,523,000,000			12,791,440			12,386,081			(405,359	)
Total Long Contracts						$	18,753,067		$	18,160,288		$	(592,779	)

At June 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of					Covered by		Appreciation
Contracts		Long Contracts	Expiration		Contracts		(Depreciation)
	2	Japanese Gov’t Bond		09/10/07	$	2,144,586	$	(8,935	)
	196	U.S. 2 yr. Note Future		09/28/07		39,941,125		(66,102	)
	475	U.S. 10 yr. Swap		09/17/07		48,642,970		(551,446	)
	597	U.S. 10 yr. Note Future		09/19/07		63,104,766		(1,088,627	)
	202	U.S. Treasury Bond		08/24/07		21,023,781		(197,190	)
					$	174,857,228	$	(1,912,300	)

					Market Value			Unrealized
Number of					Covered by			Appreciation
Contracts		Long Contracts	Expiration		Contracts			(Depreciation)
	550	U.S. Treasury Bond		09/22/07	$	(59,262,500	)	$	829,907
					$	(59,262,500	)	$	827,907

18 

The following is a summary of written option activity for the period ended June 30, 2007, by the Fund (Dollar amount in thousands):

Covered Call Options	Contract		Premiums Received
Balance at beginning of period		0	$	0
Options written		5,478		181
Options expired		0		0
Options outstanding at end of period		5,478		181

At June 30, 2007, the Fund had the following outstanding written options:

WRITTEN OPTION CONTRACTS

Exercise

Number of

Premiums

Contracts

Type

Expiration Date

Price

Contracts

Received

Value

Brazilian Real

Put

May 2008

2.25

2,694

43,778

32,764

Turkish Lira

Put

May 2008

1.5215

2,784

137,390

132,675

Net Unrealized Appreciation on Written Option Contracts

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Unrealized
	Appreciation
Contracts	(Depreciation)
Brazilian Real	$	(11,014	)
Turkish Lira		(4,715	)
Net Unrealized Appreciation on Written Option Contracts	$	(15,729	)

See accompanying notes to financial statements.

 19

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Van Kampen NVIT
			Multi Sector
			Bond Fund
Assets:
Investments, at value (cost $231,812,783)*			$	238,834,078
Repurchase agreements, at cost and value				14,953,482
		Total Investments		253,787,560
Cash				83,016
Deposits with brokers for futures				322,136
Interest and dividends receivable				2,660,998
Receivable for capital shares issued				51,106
Receivable for investments sold				4,947,094
Unrealized appreciation on futures contracts				119,829
Unrealized appreciation on forward foreign currency contracts				40,992
Reclaims receivable				7,031
Receivable for variation margin on futures contracts				143,346
Prepaid expenses				2,918
		Total Assets		262,166,026
Liabilities:
Call options written, at value (premiums received $181,168)				165,439
Foreign currencies payable to custodian, at value (Cost $120,050)				119,290
Payable for investments purchased				12,647,218
Unrealized depreciation on forward foreign currency contracts				592,779
Payable upon return of securities loaned				13,919,112
Payable for capital shares redeemed				91,852
Accrued expenses and other payables:
	Investment advisory fees			143,953
	Fund administration and transfer agent fees			24,452
	Administrative servicing fees			15,627
	Compliance program costs			3,218
	Other			41,955
		Total Liabilities		27,764,895
Net Assets			$	234,401,131
Represented by:
Capital			$	228,353,233
Accumulated net investment income				1,041,947
Accumulated net realized losses from investment transactions, futures, options and foreign currency transactions				(406,267	)
Net unrealized appreciation on investments, futures, options and translation of assets and liabilities denominated in foreign currencies				5,412,218
Net Assets			$	234,401,131
Net Assets:
Class I Shares			$	234,401,131
Shares outstanding (unlimited number of shares authorized):
Class I Shares				24,072,574
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	9.74

*  Includes value of securities on loan of $30,997,095.

See accompanying notes to financial statements.

20 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Van Kampen NVIT
		Multi Sector
		Bond Fund
INVESTMENT INCOME:
Interest income		$	6,042,271
Dividend income			15,862
Income from securities lending			17,801
	Total Income		6,075,934
Expenses:
Investment advisory fees			884,173
Fund administration and transfer agent fees			100,490
Administrative servicing fees Class I Shares			162,679
Custodian fees			696
Trustee fees			5,597
Compliance program costs (Note 3)			1,660
Other			40,697
	Total expenses before earnings credit		1,195,992
Earnings credit (Note 6)			(348	)
	Net Expenses		1,195,644
Net Investment Income			4,880,290
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			1,660,051
Net realized losses on futures transactions			(806,726	)
Net realized losses on option transactions			(61,347	)
Net realized losses on foreign currency transactions			(1,307,818	)
Net realized losses on investment transactions, futures, options and foreign currency transactions			(515,840	)
Net change in unrealized depreciation on investments, futures, options and translation of assets and liabilities denominated in foreign currencies			(1,844,180	)
Net realized/unrealized gains (losses) on investments, futures, options and translation of assets and liabilities denominated in foreign currencies			(2,360,020	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	2,520,270

See accompanying notes to financial statements.

 21

Statements of Changes in Net Assets

		Van Kampen NVIT
		Multi Sector Bond Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	4,880,290		$	10,526,982
Net realized losses on investment transactions, futures, options and foreign currency transactions			(515,840	)		(261,147	)
Net change in unrealized appreciation/depreciation on investments, futures, options and translation of assets and liabilities denominated in foreign currencies			(1,844,180	)		990,904
	Change in net assets resulting from operations		2,520,270			11,256,739
Distributions to shareholders from:
Net investment income:
	Class I		(4,140,972	)		(9,963,083	)
Net realized gains:
	Class I		(11,962	)		(554,113	)
	Change in net assets from shareholder distributions		(4,152,934	)		(10,517,196	)
	Change in net assets from capital transactions		(4,993,415	)		(18,670,729	)
Change in net assets			(6,626,079	)		(17,931,186	)
Net Assets:
Beginning of period			241,027,210			258,958,396
End of period		$	234,401,131		$	241,027,210
Accumulated net investment income at end of period		$	1,041,947		$	302,629
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	19,386,142		$	25,985,872
	Dividends reinvested		4,152,889			10,517,150
	Cost of shares redeemed (a)		(28,532,446	)		(55,173,751	)
Change in net assets from capital transactions		$	(4,993,415	)	$	(18,670,729	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		1,960,835			2,653,323
	Reinvested		423,191			1,080,579
	Redeemed		(2,893,027	)		(5,639,901	)
Total change in shares			(509,001	)		(1,905,999	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

22 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Van Kampen NVIT Multi Sector Bond Fund

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class I Shares
For the year ended December 31, 2002	$	9.14		0.42		0.22			0.64		(0.50	)
For the year ended December 31, 2003	$	9.28		0.36		0.74			1.10		(0.52	)
For the year ended December 31, 2004	$	9.86		0.42		0.21			0.63		(0.49	)
For the year ended December 31, 2005	$	10.00		0.42		(0.20	)		0.22		(0.39	)
For the year ended December 31, 2006	$	9.78		0.43		0.02			0.45		(0.40	)
For the six months ended June 30, 2007 (Unaudited)	$	9.81		0.20		(0.10	)		0.10		(0.17	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios/Supplemental Data
	Net										Net Assets		Ratio of
	Realized						Net Asset				at End of		Expenses
	Gains			Total			Value, End		Total		Period		to Average
	(Losses)			Distributions			of Period		Return (a)		(000s)		Net Assets (b)
Class I Shares
For the year ended December 31, 2002		–			(0.50	)	$	9.28		7.21%	$	209,280		1.01%
For the year ended December 31, 2003		–			(0.52	)	$	9.86		12.12%	$	226,525		1.01%
For the year ended December 31, 2004		–			(0.49	)	$	10.00		6.53%	$	238,502		1.01%
For the year ended December 31, 2005		(0.05	)		(0.44	)	$	9.78		2.18%	$	258,958		1.03%
For the year ended December 31, 2006		(0.02	)		(0.42	)	$	9.81		4.84%	$	241,027		1.02%
For the six months ended June 30, 2007 (Unaudited)		–(e	)		(0.17	)	$	9.74		1.03%	$	234,401		1.00%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
	Ratio of Net		Ratio of		Investment
	Investment		Expenses		Income
	Income		(Prior to		(Prior to
	to Average		Reimbursements)		Reimbursements)
	Net		to Average		to Average		Portfolio
	Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover
Class I Shares
For the year ended December 31, 2002		4.61%		1.02%		4.60%		385.94%
For the year ended December 31, 2003		3.75%		(d)		(d)		296.62%
For the year ended December 31, 2004		4.23%		(d)		(d)		212.84%
For the year ended December 31, 2005		4.26%		(d)		(d)		157.82%
For the year ended December 31, 2006		4.24%		(d)		(d)		100.56%
For the six months ended June 30, 2007 (Unaudited)		4.09%		1.00%		4.09%		44.33%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	There were no fee reductions during the period.
(e)	The amount is less than $0.01.

See accompanying notes to financial statements.

 23

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Van Kampen NVIT Multi Sector Bond Fund (the “Fund”), (formerly, “Van Kampen GVIT Multi Sector Bond Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

24 

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service

 25

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

26 

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$30,997,095	$	31,531,050*

*  Includes $17,611,938 of collateral in the form of U.S. Government Securities, interest rates ranging from 0.00% to 9.00%, and maturity dates ranging from 09/14/07 to 02/15/36.

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal

 27

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	246,915,510	$	9,229,048	$	(2,356,998	)	$	6,872,050

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Morgan Stanley Investment Management, Inc. (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Fee Schedule	Fees
Up to $200 million		0.75%
$200 million or more		0.70%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $347,655 for the six months ended June 30, 2007.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

28 

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired and became a wholly owned subsidiary of Citi.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $178,799 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $1,660.

4. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $110,936,244 and sales of $100,335,431.

For the six months ended June 30, 2007, the Fund had purchases of $159,613,441 and sales of $86,946,194 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

 29

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credits) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risk not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

30 

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 31

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

32 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 33

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

34 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 35

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

36 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 37

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

38 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 39

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

40 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 41

Gartmore NVIT Emerging Markets Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
12	Statement of Operations
13	Statements of Changes in Net Assets
15	Financial Highlights
17	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-EM (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Gartmore NVIT Emerging Markets Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Gartmore NVIT Emerging Markets Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,201.40	$	7.15		1.31%
	Hypothetical	1	$	1,000.00	$	1,018.30	$	6.58		1.31%
Class II	Actual		$	1,000.00	$	1,199.90	$	8.56		1.57%
	Hypothetical	1	$	1,000.00	$	1,017.01	$	7.88		1.57%
Class III	Actual		$	1,000.00	$	1,201.50	$	7.15		1.31%
	Hypothetical	1	$	1,000.00	$	1,018.30	$	6.58		1.31%
Class VI	Actual		$	1,000.00	$	1,201.00	$	7.80		1.43%
	Hypothetical	1	$	1,000.00	$	1,017.71	$	7.18		1.43%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Gartmore NVIT Emerging Markets Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	93.4%
Participation Notes	4.7%
Repurchase Agreements	1.3%
Other Investments*	4.5%
Liabilities in excess of other assets**	-3.9%
	100.0%

Top Holdings***
Companhia Vale do Rio Doce, Preferred Shares, Class A	2.5%
Lojas Renner SA	2.5%
America Movil SA de CV ADR	2.5%
Hon Hai Precision Industry Co. Ltd.	2.3%
Gazprom ADR	2.3%
Petroleo Brasileiro SA ADR	2.2%
Sberbank RF	2.1%
Bharti Tele-Ventures Ltd.	2.0%
China Mobile Ltd.	2.0%
China Petroleum & Chemical Corp.	1.9%
Other	77.7%
	100.0%

Top Industries
Commercial Banks	13.0%
Oil, Gas & Consumable Fuels	11.2%
Metals & Mining	10.9%
Wireless Telecommunication Services	9.6%
Semiconductors & Semiconductor Equipment	5.9%
Insurance	4.2%
Electronic Equipment & Instruments	3.5%
Construction & Engineering	3.5%
Multiline Retail	3.2%
Construction Materials	2.9%
Other	32.1%
	100.0%

Top Countries
Republic of Korea	15.5%
Brazil	13.9%
Taiwan	10.5%
Russian Federation	9.8%
China	8.4%
Hong Kong	7.3%
Mexico	6.6%
South Africa	6.6%
India	5.7%
Malaysia	4.0%
Other	11.7%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Gartmore NVIT Emerging Markets Fund

Common Stock (93.4%)
	Shares or
	Principal Amount		Value
ARGENTINA (1.0%)
Metals & Mining (1.0%)
Tenaris SA ADR		80,700	$	3,951,072
BRAZIL (13.9%)
Commercial Banks (2.2%)
Banco Bradesco SA, Preferred Shares		177,618		4,286,601
Unibanco GDR		35,600		4,018,172
				8,304,773
Diversified Telecommunication Services (1.1%)
Brasil Telecom Participacoes SA		69,400		4,195,924
Insurance (1.1%)
Porto Seguro SA		104,600		4,014,730
Metals & Mining (2.5%)
Companhia Vale do Rio Doce, Preferred Shares, Class A		253,272		9,477,995
Multiline Retail (2.5%)
Lojas Renner SA		509,900		9,468,060
Oil, Gas & Consumable Fuels (2.5%)
Petroleo Brasileiro SA ADR		79,119		8,440,415
Petroleo Brasileiro SA ADR		10,300		1,249,081
				9,689,496
Paper & Forest Products (0.8%)
Aracruz Celulose SA ADR		48,250		3,196,080
Transportation Infrastructure (1.2%)
Companhia de Consessoes Rodoviarias		248,739		4,622,572
				52,969,630
CHINA (8.4%)
Commercial Bank (0.9%) (a) (b)
China Construction Bank, Class H		4,833,000		3,323,528
Construction Materials (1.9%) (a) (b)
Anhui Conch Cement Co. Ltd.		1,006,000		7,072,984
Insurance (1.0%) (a) (b)
Ping An Insurance (Group) Co. of China Ltd.		569,500		4,023,317
Media (0.8%)
Focus Media Holding Ltd. ADR*		60,600		3,060,300
Oil, Gas & Consumable Fuels (3.8%) (b)
China Petroleum & Chemical Corp. (a)		6,370,000		7,107,051
China Shenhua Energy Co.		1,047,500		3,655,249
PetroChina Co. Ltd.		2,492,000		3,701,620
				14,463,920
				31,944,049
CZECH REPUBLIC (1.5%) (b)
Electric Utility (1.5%)
CEZ AS		109,900		5,655,994
HONG KONG (7.3%)
Multi-Utility (1.4%) (b)
China Resources Power Holdings Co. Ltd.		2,253,800		5,386,037
Personal Products (0.7%) (a) (b)
Hengan International Group Co. Ltd.		762,000		2,709,654
Real Estate Management & Development (1.5%) (a)
Country Garden Holdings Co.*		927,000		782,489
Shimao Property Holdings Ltd. (b)		2,190,200		4,899,742
				5,682,231
Textiles, Apparel & Luxury Goods (0.3%) (b)
Ports Design Ltd.		416,500		1,171,615
Transportation (1.4%) (a) (b)
Pacific Basin Shipping Ltd.		4,521,000		5,083,276
Wireless Telecommunication Services (2.0%) (b)
China Mobile Ltd.		704,800		7,583,251
				27,616,064
HUNGARY (1.0%) (b)
Oil, Gas & Consumable Fuels (1.0%)
MOL Magyar Olaj-es Gazipari		24,300		3,664,083
INDIA (1.2%)
IT Services (1.2%)
Satyam Computer Services Ltd. ADR		177,800		4,402,328
INDONESIA (1.7%) (b)
Automobiles (0.8%) (a)
PT Astra International, Inc.		1,640,500		3,079,991
Diversified Telecommunication Services (0.9%)
PT Telekomunikasi Indonesia		3,065,543		3,327,309
				6,407,300

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
KAZAKHSTAN (0.7%) (b)
Oil, Gas & Consumable Fuels (0.7%)
Kazmunaigas Exploration Production GDR		132,100	$	2,805,545
MALAYSIA (4.0%)
Commercial Bank (1.4%) (b)
Bumiputra Commerce Holdings Berhad		1,609,900		5,459,019
Food Products (1.2%) (b)
IOI Corporation Berhad		2,965,300		4,478,468
Hotels, Restaurants & Leisure (0.9%) (b)
Genting Berhard		1,440,000		3,448,393
Wireless Telecommunication Services (0.5%) (a)
Maxis Communications Berhad		444,900		2,011,722
				15,397,602
MEXICO (6.6%)
Commercial Bank (1.6%)
Grupo Financiero Banorte SA de CV		1,308,376		5,992,636
Food & Staples Retailing (1.1%)
Wal-Mart de Mexico SA de CV		1,128,560		4,283,158
Industrial Conglomerate (0.5%) (a)
Grupo Carso SA de CV		518,759		2,007,232
Metals & Mining (0.9%) (a)
Industrias CH SA*		762,300		3,521,130
Wireless Telecommunication Services (2.5%)
America Movil SA de CV ADR		152,751		9,459,870
				25,264,026
PAKISTAN (0.1%)
Commercial Bank (0.1%)
MCB Bank Ltd. GDR		15,784		378,829
POLAND (0.7%) (b)
Commercial Bank (0.7%)
Bank Zachodni WBK SA		24,284		2,511,239
REPUBLIC OF KOREA (15.5%)
Airline (0.3%) (b)
Korean Air Lines Co. Ltd.		21,110		1,198,152
Building Products (0.6%) (b)
KCC Corp.		5,300		2,409,239
Chemicals (0.9%) (b)
LG Chem Ltd.		38,756		3,270,043
Commercial Banks (1.8%) (b)
Industrial Bank of Korea		265,700		5,411,845
Korea Exchange Bank		103,590		1,540,878
				6,952,723
Construction & Engineering (3.0%) (b)
Hyundai Development Co.		61,800		4,398,979
Hyundai Heavy Industries		18,383		6,851,867
				11,250,846
Diversified Financial Services (0.7%) (b)
Shinhan Financial Group Ltd.		46,600		2,837,500
Insurance (1.0%) (b)
Samsung Fire & Marine Insurance Co. Ltd.		18,924		3,644,392
Machinery (1.5%) (b)
Hanjin Heavy Industries & Construction Co. Ltd.		80,120		5,683,447
Metals & Mining (2.2%) (b)
Korea Zinc Co. Ltd.		14,387		2,443,227
POSCO ADR		12,638		6,069,601
				8,512,828
Multiline Retail (0.7%)
Lotte Shopping Co. Ltd. GDR		144,286		2,802,034
Semiconductors & Semiconductor Equipment (2.8%)
Samsung Electrical Co. Ltd. (b)		9,809		5,999,030
Samsung Electronics Co. Ltd. GDR		18,912		4,505,784
				10,504,814
				59,066,018
RUSSIAN FEDERATION (9.8%)
Automobiles (0.7%) (b)
JSC Severstal-Avto		85,406		2,882,452
Commercial Bank (2.1%) (b)
Sberbank RF		2,036		7,866,907
Electric Utility (1.0%)
RAO Unified Energy System GDR		27,270		3,688,267
Metals & Mining (1.3%)
Chelyabinsk Zink Plant*		4,200		630,000
Norilsk Nickel ADR		18,850		4,184,700
				4,814,700
Oil, Gas & Consumable Fuels (3.2%)
Gazprom ADR		208,049		8,719,334
Surgutneftegaz ADR		64,660		3,530,436
				12,249,770

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Gartmore NVIT Emerging Markets Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
RUSSIAN FEDERATION (continued)
Real Estate Investment Trust (REIT) (0.1%)
AFI Development PLC GDR*		36,668	$	414,348
Wireless Telecommunication Services (1.4%)
Mobile Telesystems ADR		86,401		5,233,309
				37,149,753
SOUTH AFRICA (6.6%) (b)
Commercial Bank (1.0%) (a)
ABSA Group Ltd.		197,065		3,654,776
Food & Staples Retailing (0.5%)
Massmart Holdings Ltd.		145,300		1,772,591
Health Care Providers & Services (0.9%) (a)
Network Healthcare Holdings Ltd.		1,682,700		3,430,960
Industrial Conglomerate (1.1%)
Barloworld Ltd.		154,507		4,299,263
Metals & Mining (1.1%) (a)
Anglo Platinum Ltd.		25,944		4,266,646
Specialty Retail (0.8%)
Truworths International Ltd.		615,200		3,169,368
Wireless Telecommunication Services (1.2%)
MTN Group Ltd.		325,076		4,424,985
				25,018,589
TAIWAN (10.5%)
Computers & Peripherals (0.9%) (b)
Asustek Computer, Inc.		1,213,000		3,336,503
Construction Materials (1.0%) (b)
Taiwan Cement Corp.		3,223,464		3,735,152
Electronic Equipment & Instruments (2.3%) (b)
Delta Electronics, Inc.		200		788
Hon Hai Precision Industry Co. Ltd.		1,032,400		8,918,742
				8,919,530
Insurance (1.1%) (b)
Shin Kong Financial Holding Co. Ltd.		3,667,287		4,262,405
Semiconductors & Semiconductor Equipment (4.3%)
Advanced Semiconductor Engineering, Inc.* (b)		2,729,000		3,712,375
MediaTek, Inc. (b)		259,000		4,030,272
Taiwan Semiconductor Manufacturing Co. Ltd. (b)		2,924,112		6,263,359
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		195,011		2,170,476
				16,176,482
Textiles, Apparel & Luxury Goods (0.9%) (b)
Formosa Taffeta Co. Ltd.		3,129,000		3,425,602
				39,855,674
THAILAND (1.2%)
Metals & Mining (1.2%)
Banpu Public Co. Ltd.		583,167		4,527,865
TURKEY (1.0%) (a) (b)
Commercial Bank (1.0%)
Turkiye Vakiflar Bankasi		1,465,309		3,740,030
VENEZUELA (0.7%)
Metals & Mining (0.7%)
Ternium SA		94,800		2,871,492
Total Common Stocks (Cost $250,346,620)				355,197,182
Participation Notes (4.7%)
INDIA (4.5%)
Chemicals (1.4%) (b)
Reliance Industries Ltd.* 0.00%, 03/09/09		133,103		5,558,381
Construction & Engineering (0.5%) (a)
Unitech Ltd. 0.00%, 07/08/10		148,259		1,836,929
Diversified Consumer Services (0.6%) (a)
Max India Ltd. 0.00%, 07/12/10		387,454		2,305,351
Wireless Telecommunication Services (2.0%) (b)
Bharti Tele-Ventures Ltd. 0.00%, 01/24/17		373,184		7,661,468
				17,362,129

8 

Participation Notes (continued)
		Principal
		Amount		Value
PAKISTAN (0.2%) (b)
Commercial Bank (0.2%)
Muslim Commercial Bank Ltd.* 0.00%, 09/22/09			111,550	$	673,762
Total Participation Notes (Cost $14,392,584)					18,035,891
Repurchase Agreements (1.3%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $5,098,559 collateralized by U.S. Government Agency Mortgages with a market value of $5,198,278		$	5,096,351		5,096,351
Securities held as Collateral for Securities on Loan (4.5%)
Morgan Stanley Repurchase Agreement,
	5.42%, dated 06/29/07, due 07/02/07, repurchase price $16,921,722, collateralized by U.S. Government Agency Mortgages with a market value of $17,252,364		16,914,082		16,914,082
Total Investments (Cost $286,749,637) (c) — 103.9%					395,243,506
Liabilities in excess of other assets — (3.9)%					(14,831,153	)
NET ASSETS — 100.0%				$	380,412,353

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	Fair Valued Security.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CH	Switzerland
GDR	Global Depository Receipt

See accompanying notes to financial statements.

 9

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Gartmore NVIT
			Emerging
			Markets Fund
Assets:
Investments, at value (cost $264,739,204)*			$	373,233,073
Repurchase agreements, at cost and value				22,010,433
		Total Investments		395,243,506
Cash				18,937
Foreign currencies, at value (cost $2,536,725)				2,532,016
Interest and dividends receivable				776,825
Receivable for capital shares issued				681,222
Receivable for investments sold				910,854
Unrealized appreciation on spot contracts				16,929
Reclaims receivable				693
Prepaid expenses				3,322
		Total Assets		400,184,304
Liabilities:
Payable for investments purchased				1,790,224
Payable upon return of securities loaned				16,914,082
Payable for capital shares redeemed				46,686
Accrued expenses and other payables:
	Investment advisory fees			943,348
	Fund administration and transfer agent fees			23,818
	Distribution fees			18,617
	Administrative servicing fees			13,381
	Compliance program costs			3,711
	Other			18,084
		Total Liabilities		19,771,951
Net Assets			$	380,412,353
Represented by:
Capital			$	243,007,393
Accumulated net investment income				585,260
Accumulated net realized gains from investment transactions and foreign currency transactions				28,327,038
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				108,492,662
Net Assets			$	380,412,353
Net Assets:
Class I Shares			$	55,855,820
Class II Shares				9,162,331
Class III Shares				229,912,140
Class VI Shares				85,482,062
Total			$	380,412,353
Shares outstanding (unlimited number of shares authorized):
Class I Shares				2,981,748
Class II Shares				492,241
Class III Shares				12,282,016
Class VI Shares				4,568,204
Total				20,324,209

See accompanying notes to financial statements.

10 

Statement of Assets and Liabilities (Continued)

	Gartmore NVIT
	Emerging
	Markets Fund
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares	$	18.73
Class II Shares	$	18.61
Class III Shares	$	18.72
Class VI Shares	$	18.71

* Includes value of securities on loan of $16,207,168.

See accompanying notes to financial statements.

 11

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Gartmore NVIT
		Emerging
		Markets Fund
INVESTMENT INCOME:
Interest income		$	153,898
Dividend income			3,879,442
Income from securities lending			41,009
Foreign tax withholding			(334,505	)
	Total Income		3,739,844
Expenses:
Investment advisory fees			1,768,564
Fund administration and transfer agent fees			106,066
Distribution fees Class II Shares			10,687
Distribution fees Class VI Shares			91,135
Administrative servicing fees Class I Shares			31,265
Administrative servicing fees Class II Shares			6,117
Administrative servicing fees Class III Shares			133,106
Custodian fees			12,199
Trustee fees			7,285
Compliance program costs (Note 3)			2,168
Other			45,368
	Total expenses before earnings credit		2,213,960
Earnings credit (Note 6)			(26	)
	Net Expenses		2,213,934
Net Investment Income			1,525,910
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			28,643,173
Net realized losses on foreign currency transactions			(60,063	)
Net realized gains on investment transactions and foreign currency transactions			28,583,110
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			31,114,191
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			59,697,301
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	61,223,211

See accompanying notes to financial statements.

12 

Statements of Changes in Net Assets

		Gartmore NVIT
		Emerging Markets Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	1,525,910		$	2,286,127
Net realized gains on investment transactions and foreign currency transactions			28,583,110			39,886,741
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			31,114,191			38,542,921
Change in net assets resulting from operations			61,223,211			80,715,789
Distributions to shareholders from:
Net investment income:
	Class I		(148,864	)		(275,675	)
	Class II		(14,404	)		(43,726	)
	Class III		(594,509	)		(1,298,960	)
	Class VI		(182,873	)		(320,989	)
Net realized gains:
	Class I		(5,931,932	)		(439,001	)
	Class II		(979,635	)		(94,779	)
	Class III		(24,362,174	)		(2,057,003	)
	Class VI		(9,036,777	)		(584,008	)
Change in net assets from shareholder distributions			(41,251,168	)		(5,114,141	)
Change in net assets from capital transactions			37,498,081			21,361,870
Change in net assets			57,470,124			96,963,518
Net Assets:
Beginning of period			322,942,229			225,978,711
End of period		$	380,412,353		$	322,942,229
Accumulated net investment income at end of period		$	585,260		$	–
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	8,149,607		$	22,214,857
	Dividends reinvested		6,080,792			714,675
	Cost of shares redeemed (a)		(7,865,749	)		(18,646,183	)
			6,364,650			4,283,349
Class II Shares
	Proceeds from shares issued		2,745			866
	Dividends reinvested		994,038			138,505
	Cost of shares redeemed (a)		(1,108,442	)		(1,954,044	)
			(111,659	)		(1,814,673	)
Class III Shares
	Proceeds from shares issued		27,955,227			67,681,656
	Dividends reinvested		24,956,668			3,355,956
	Cost of shares redeemed (a)		(32,217,355	)		(72,974,650	)
			20,694,540			(1,937,038	)

See accompanying notes to financial statements.

 13

Statements of Changes in Net Assets (Continued)

		Gartmore NVIT
		Emerging Markets Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
Class VI Shares
	Proceeds from shares issued	$	15,325,034		$	38,630,037
	Dividends reinvested		9,219,645			904,995
	Cost of shares redeemed (a)		(13,994,129	)		(18,704,800	)
			10,550,550			20,830,232
Change in net assets from capital transactions		$	37,498,081		$	21,361,870
SHARE TRANSACTIONS:
Class I Shares
	Issued		447,844			1,509,696
	Reinvested		328,648			53,520
	Redeemed		(429,638	)		(1,243,463	)
			346,854			319,753
Class II Shares
	Issued		50			44
	Reinvested		54,063			10,466
	Redeemed		(60,812	)		(136,828	)
			(6,699	)		(126,318	)
Class III Shares
	Issued		1,485,643			4,531,283
	Reinvested		1,350,219			251,415
	Redeemed		(1,832,234	)		(5,092,979	)
			1,003,628			(310,281	)
Class VI Shares
	Issued		818,590			2,538,913
	Reinvested		498,792			67,913
	Redeemed		(783,823	)		(1,325,799	)
			533,559			1,281,027
Total change in shares			1,877,342			1,164,181

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

14 

Financial Highlights

(Selected Data For A Share of Capital Stock Outstanding Throughout the Periods Indicated)

Gartmore NVIT Emerging Markets Fund

			Investment Activities								Distributions
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net			Net
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total
	of Period		Income		Investments			Activities			Income			Gains			Distributions
Class I Shares
For the year ended December 31, 2002	$	7.08		0.05		(1.14	)		(1.09	)		(0.01	)		–			(0.01	)
For the year ended December 31, 2003	$	5.99		0.09		3.80			3.89			(0.05	)		–			(0.05	)
For the year ended December 31, 2004	$	9.84		0.13		1.89			2.02			(0.11	)		(0.93	)		(1.04	)
For the year ended December 31, 2005	$	10.83		0.10		3.38			3.48			(0.07	)		(1.16	)		(1.23	)
For the year ended December 31, 2006	$	13.08		0.12		4.58			4.70			(0.10	)		(0.17	)		(0.27	)
For the six months ended June 30, 2007 (Unaudited)	$	17.52		0.09		3.41			3.50			(0.06	)		(2.23	)		(2.29	)
Class II Shares
Period ended December 31, 2002 (e)	$	7.71		0.01		(1.73	)		(1.72	)		(0.01	)		–			(0.01	)
For the year ended December 31, 2003	$	5.99		0.04		3.81			3.85			(0.03	)		–			(0.03	)
For the year ended December 31, 2004	$	9.82		0.11		1.87			1.98			(0.09	)		(0.93	)		(1.02	)
For the year ended December 31, 2005	$	10.79		0.07		3.37			3.44			(0.05	)		(1.16	)		(1.21	)
For the year ended December 31, 2006	$	13.02		0.09		4.55			4.64			(0.08	)		(0.17	)		(0.25	)
For the six months ended June 30, 2007 (Unaudited)	$	17.42		0.06		3.39			3.45			(0.03	)		(2.23	)		(2.26	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

								Ratios/Supplemental Data
																Ratio of Net
														Ratio of		Investment
														Expenses		Income
	Paid-in											Ratio of Net		(Prior to		(Prior to
	capital							Net Assets		Ratio of		Investment		Reimbursements)		Reimbursements)
	from		Net Asset					at End of		Expenses to		Income to		to Average		to Average
	redemption		Value, End		Total			Period		Average Net		Average Net		Net Assets		Net Assets		Portfolio
	fees		of Period		Return (a)			(000s)		Assets (b)		Assets (b)		(b)(c)		(b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002		0.01	$	5.99		(15.23%	)	$	10,005		1.43%		0.63%		(g)		(g)		219.84%
For the year ended December 31, 2003		0.01	$	9.84		65.26%		$	16,993		1.39%		1.17%		(g)		(g)		133.49%
For the year ended December 31, 2004		0.01	$	10.83		20.74%		$	20,280		1.47%		1.08%		(g)		(g)		151.18%
For the year ended December 31, 2005		–	$	13.08		32.64%		$	30,292		1.46%		0.89%		(g)		(g)		132.22%
For the year ended December 31, 2006		0.01	$	17.52		36.72%		$	46,161		1.33%		0.81%		(g)		(g)		114.19%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.73		20.14%		$	55,856		1.31%		0.97%		1.31%		0.97%		35.32%
Class II Shares
Period ended December 31, 2002 (e)		0.01	$	5.99		(22.23%	)	$	454		1.71%		0.44%		(g)		(g)		219.84%
For the year ended December 31, 2003		0.01	$	9.82		64.66%		$	6,360		1.66%		0.35%		(g)		(g)		133.49%
For the year ended December 31, 2004		0.01	$	10.79		20.44%		$	8,178		1.72%		0.87%		(g)		(g)		151.18%
For the year ended December 31, 2005		–	$	13.02		32.33%		$	8,141		1.71%		0.61%		(g)		(g)		132.22%
For the year ended December 31, 2006		0.01	$	17.42		36.31%		$	8,692		1.58%		0.61%		(g)		(g)		114.19%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.61		19.99%		$	9,162		1.57%		0.70%		1.57%		0.70%		35.32%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 4, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from May 2, 2002 (commencement of operations) through December 31, 2002.
(g)	There were no fee waivers/reimbursements during the period.
(h)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

 15

Financial Highlights

(Selected Data For A Share of Capital Stock Outstanding Throughout the Periods Indicated)

			Investment Activities								Distributions
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net			Net
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total
	of Period		Income		Investments			Activities			Income			Gains			Distributions
Class III Shares
Period ended December 31, 2002 (f)	$	7.90		0.01		(1.91	)		(1.90	)		(0.02	)		–			(0.02	)
For the year ended December 31, 2003	$	5.99		0.06		3.82			3.88			(0.04	)		–			(0.04	)
For the year ended December 31, 2004	$	9.84		0.12		1.90			2.02			(0.11	)		(0.93	)		(1.04	)
For the year ended December 31, 2005	$	10.83		0.08		3.40			3.48			(0.07	)		(1.16	)		(1.23	)
For the year ended December 31, 2006	$	13.08		0.12		4.57			4.69			(0.10	)		(0.17	)		(0.27	)
For the six months ended June 30, 2007 (Unaudited)	$	17.51		0.09		3.41			3.50			(0.06	)		(2.23	)		(2.29	)
Class VI Shares
Period ended December 31, 2004 (h)	$	10.11		0.05		1.62			1.67			(0.10	)		(0.86	)		(0.96	)
For the year ended December 31, 2005	$	10.83		0.07		3.40			3.47			(0.07	)		(1.16	)		(1.23	)
For the year ended December 31, 2006	$	13.07		0.10		4.58			4.68			(0.09	)		(0.17	)		(0.26	)
For the six months ended June 30, 2007 (Unaudited)	$	17.50		0.08		3.41			3.49			(0.05	)		(2.23	)		(2.28	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

								Ratios/Supplemental Data
																Ratio of Net
																Investment
														Ratio of		Income
	Paid-in											Ratio of Net		Expenses		(Prior to
	capital							Net Assets		Ratio of		Investment		(Prior to		Reimbursements)
	from		Net Asset					at End of		Expenses to		Income to		Reimbursements)		to Average
	redemption		Value, End		Total			Period		Average Net		Average Net		to Average		Net Assets		Portfolio
	fees		of Period		Return (a)			(000s)		Assets (b)		Assets (b)		Net Assets (b)(c)		(b)(c)		Turnover (d)
Class III Shares
Period ended December 31, 2002 (f)		0.01	$	5.99		(23.99%	)	$	11,435		1.39%		0.61%		(g)		(g)		219.84%
For the year ended December 31, 2003		0.01	$	9.84		65.22%		$	46,902		1.42%		0.89%		(g)		(g)		133.49%
For the year ended December 31, 2004		0.01	$	10.83		20.76%		$	66,844		1.48%		1.08%		(g)		(g)		151.18%
For the year ended December 31, 2005		–	$	13.08		32.65%		$	151,546		1.45%		0.75%		(g)		(g)		132.22%
For the year ended December 31, 2006		0.01	$	17.51		36.64%		$	197,467		1.33%		0.87%		(g)		(g)		114.19%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.72		20.15%		$	229,912		1.31%		0.96%		1.31%		0.96%		35.32%
Class VI Shares
Period ended December 31, 2004 (h)		0.01	$	10.83		16.70%		$	8,862		1.68%		0.97%		(g)		(g)		151.18%
For the year ended December 31, 2005		–	$	13.07		32.49%		$	36,000		1.55%		0.59%		(g)		(g)		132.22%
For the year ended December 31, 2006		0.01		17.50		36.56%		$	70,623		1.43%		0.69%		(g)		(g)		114.19%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.71		20.10%		$	85,482		1.43%		0.83%		1.43%		0.83%		35.32%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from March 4, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from May 2, 2002 (commencement of operations) through December 31, 2002.
(g)	There were no fee waivers/reimbursements during the period.
(h)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

16 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT Emerging Markets Fund (the “Fund”), (formerly, “Gartmore GVIT Emerging Markets Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

18 

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Participation Notes

Participation notes are synthetic equity instruments that allow investors to gain equity exposure to the underlying shares without ownership of the underlying shares. This is a more cost efficient way of gaining exposure to the local Indian market as custody and settlement costs are high. These securities are priced at parity, which is the value of the underlying security and adjusted by the appropriate foreign exchange rate.

The level and type of risk involved in the purchase of a participation note by a Fund is similar to the risk involved in the purchase of the underlying security or other emerging market securities. Such notes therefore may be considered to have speculative elements. However, participation notes are also dependent on the individual credit of the issuer of the note, which may be a trust or other special purpose vehicle or finance subsidiary established by a major financial institution for the limited purpose of issuing the note. Like other structured products, participation notes are frequently secured by collateral consisting of a combination of debt or related equity securities to which payments under the notes are linked. If so secured, the Fund would look to this underlying collateral for satisfaction of claims in the event that the issuer of a participation note defaulted under the terms of the note.

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33¹/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$16,207,168	$	16,914,082

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

20 

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	287,104,851	$	110,439,785	$	(2,301,130	)	$	108,138,655

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Global Asset Management Trust (“GGAMT”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Base Management Fee	Fees
Up to $500 million		1.05%
Next $1.5 billion		1.00%
Next $2 billion or more		0.95%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $903,171 for the six months ended June 30, 2007.

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the MSCI Emerging Markets Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The performance adjusted advisory fee will be paid quarterly.

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.40% for all classes until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

For the six months ended June 30, 2007, there were no cumulative potential reimbursements for all share classes of the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

22 

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $192,783 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $2,168.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

 23

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $61,534.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $115,302,438 and sales of $116,944,894.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

24 

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 25

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

26 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 27

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

28 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 29

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

30 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 31

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

32 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 33

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

34 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 35

Gartmore NVIT International Growth Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IGR (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Gartmore NVIT International Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

					Ending
			Beginning		Account
			Account Value,		Value,		Expenses Paid		Annualized
Gartmore NVIT International Growth Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,144.90	$	6.75		1.27%
	Hypothetical	1	$	1,000.00	$	1,018.50	$	6.38		1.27%
Class III	Actual		$	1,000.00	$	1,145.00	$	6.54		1.23%
	Hypothetical	1	$	1,000.00	$	1,018.70	$	6.18		1.23%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Gartmore NVIT International Growth Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	99.1%
Repurchase Agreements	1.1%
Liabilities in excess of other assets	-0.2%
	100.0%

Top Holdings*
Total SA	2.5%
Komatsu Ltd.	2.2%
Royal Dutch Shell PLC	2.2%
Computershare Ltd.	2.1%
Nintendo Co. Ltd.	2.0%
MAN AG	2.0%
BG Group PLC	2.0%
Mittal Steel Co. NV	2.0%
Compagnie Generale des Etablissements Michelin	2.0%
New World Development Co. Ltd.	1.9%
Other	79.1%
	100.0%

Top Industries
Metals & Mining	11.6%
Oil, Gas & Consumable Fuels	10.3%
Automobiles	7.7%
Machinery	5.9%
Real Estate Management & Development	5.3%
Insurance	5.1%
Commercial Banks	4.9%
Auto Components	3.3%
Tobacco	3.2%
Capital Markets	3.2%
Other	39.5%
	100.0%

Top Countries
United Kingdom	23.4%
Japan	12.4%
Germany	11.1%
Switzerland	10.5%
France	8.3%
Australia	4.0%
Netherlands	3.7%
Sweden	3.5%
Italy	3.5%
United States	3.4%
Other	16.2%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Gartmore NVIT International Growth Fund

Common Stock (99.1%)
	Shares or
	Principal Amount		Value
AUSTRALIA (4.0%) (a)
Biotechnology (1.9%)
CSL Ltd.		29,680	$	2,208,783
IT Services (2.1%)
Computershare Ltd.		249,200		2,377,240
				4,586,023
AUSTRIA (1.5%) (a)
Oil, Gas & Consumable Fuels (1.5%)
OMV AG		26,000		1,734,153
BRAZIL (1.8%)
Metals & Mining (1.8%)
Cia Vale Do Rio Sponsored ADR		55,490		2,091,973
CANADA (1.4%)
Metals & Mining (1.4%)
Hudbay Minerals, Inc.		76,800		1,605,228
CAYMAN ISLANDS (1.0%)
Oil, Gas & Consumable Fuels (1.0%)
Global Santa Fe Corp.		16,700		1,206,575
FINLAND (1.8%) (a)
Communications Equipment (1.8%)
Nokia OYJ		74,600		2,094,935
FRANCE (8.3%)
Auto Components (2.0%) (a)
Compagnie Generale des Etablissements Michelin		16,300		2,277,582
Chemicals (1.0%)
Rhodia SA (Euronext)*		26,676		1,212,981
Electrical Equipment (1.4%) (a)
Alstom RGPT		9,410		1,568,973
Oil, Gas & Consumable Fuels (2.5%) (a)
Total SA		35,800		2,902,286
Textiles, Apparel & Luxury Goods (1.4%) (a)
LVMH Moet Hennessy Louis Vuitton SA		14,293		1,644,443
				9,606,265
GERMANY (11.1%) (a)
Auto Components (1.3%)
Continental AG		11,000		1,545,763
Automobiles (3.4%)
Daimler Chrysler AG		19,400		1,785,643
Volkswagen AG		13,570		2,157,830
				3,943,473
Food & Staples Retailing (1.4%)
Metro AG		19,700		1,628,058
Insurance (1.5%)
Allianz AG		7,500		1,748,791
Machinery (2.0%)
MAN AG		16,200		2,312,456
Pharmaceutical (1.5%)
Merck KGAA		12,165		1,664,233
				12,842,774
HONG KONG (1.9%) (a)
Real Estate Management & Development (1.9%)
New World Development Co. Ltd.		899,000		2,249,900
ITALY (3.5%) (a)
Automobiles (1.9%)
Fiat SpA		73,300		2,176,986
Commercial Bank (1.6%)
UniCredito Italiano SPA		204,950		1,830,334
				4,007,320
JAPAN (12.4%) (a)
Automobiles (2.4%)
Suzuki Motor Corp.		50,000		1,420,074
Toyota Motor Corp.		22,300		1,406,552
				2,826,626
Machinery (2.2%)
Komatsu Ltd.		88,000		2,550,823
Office Electronics (1.5%)
Canon, Inc.		29,700		1,741,910
Real Estate Management & Development (1.7%)
Mitsui Fudosan Co. Ltd.		69,000		1,934,190
Road & Rail (1.1%)
East Japan Railway Co.		157		1,209,866
Software (2.0%)
Nintendo Co. Ltd.		6,400		2,335,282
Tobacco (1.5%)
Japan Tobacco, Inc.		360		1,774,745
				14,373,442

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
MALAYSIA (1.0%) (a)
Hotels, Restaurants & Leisure (1.0%)
Genting Berhard		496,500	$	1,188,977
MEXICO (1.5%)
Commercial Bank (1.5%)
Grupo Financiero Banorte SA de CV		391,000		1,790,862
NETHERLANDS (3.7%) (a)
Household Durables (1.7%)
Koninklijke Philips Electronics NV		46,600		1,974,552
Metals & Mining (2.0%)
Mittal Steel Co. NV		36,800		2,298,011
				4,272,563
REPUBLIC OF KOREA (1.3%)
Metals & Mining (1.3%)
Posco ADR		13,000		1,560,000
RUSSIAN FEDERATION (0.5%)
Pharmaceutical (0.5%)
Pharmstandard GDR*		31,800		533,604
SINGAPORE (2.7%) (a)
Airline (1.0%)
Singapore Airlines Ltd.		93,000		1,143,142
Real Estate Management & Development (1.7%)
City Developments Ltd.		180,000		2,035,284
				3,178,426
SWEDEN (3.5%) (a)
Commercial Bank (1.8%)
Skandinaviska Enskilda Banken AB		63,600		2,048,366
Machinery (1.7%)
Atlas Copco AB, B Shares		121,800		2,029,385
				4,077,751
SWITZERLAND (10.5%) (a)
Capital Markets (3.2%)
Credit Suisse Group		27,110		1,925,041
Julius Baer Holding Ltd.		24,600		1,760,556
				3,685,597
Commercial Services & Supplies (1.0%)
Adecco SA		14,900		1,152,979
Construction Materials (1.2%)
Holcim Ltd.		13,400		1,447,523
Electrical Equipment (1.7%)
ABB Ltd.		85,400		1,926,053
Food Products (1.5%)
Nestle SA		4,600		1,748,308
Insurance (1.9%)
Zurich Financial Services AG		7,100		2,195,365
				12,155,825
UNITED KINGDOM (23.4%) (a)
Aerospace & Defense (1.2%)
Rolls-Royce Group PLC		129,970		1,399,312
Airline (1.5%)
British Airways PLC*		210,330		1,758,996
Chemicals (1.6%)
Imperial Chemical Industries PLC		149,200		1,855,781
Independent Power Producers & Energy Traders (1.6%)
International Power PLC		218,200		1,875,391
Insurance (1.7%)
Prudential PLC		135,900		1,934,247
Metals & Mining (5.1%)
Anglo American PLC		30,800		1,808,142
BHP Billiton PLC		67,700		1,880,439
Xstrata PLC		37,200		2,214,404
				5,902,985
Multiline Retail (2.2%)
Marks & Spencer Group PLC		91,500		1,149,044
Whitbread PLC		38,900		1,375,619
				2,524,663
Oil, Gas & Consumable Fuels (4.2%)
BG Group PLC		140,700		2,306,203
Royal Dutch Shell PLC, A Shares		62,100		2,527,089
				4,833,292
Tobacco (1.7%)
Imperial Tobacco Group PLC		42,500		1,959,307
Trading Companies & Distributors (0.9%)
SIG PLC		41,400		1,099,076
Water Utility (1.7%)
Pennon Group PLC		162,317		1,995,417
				27,138,467

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Gartmore NVIT International Growth Fund (Continued)

Common Stock (continued)
	Principal
	Amount		Value
UNITED STATES (2.3%)
Energy Equipment & Services (1.2%)
Diamond Offshore Drilling, Inc.		13,650	$	1,386,294
Oil, Gas & Consumable Fuels (1.1%)
Sunoco, Inc.		16,400		1,306,752
				2,693,046
Total Common Stocks (Cost $95,570,916)				114,988,109
Repurchase Agreements (1.1%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $1,302,139, collateralized by U.S. Government Agency Mortgages with a market value of $1,327,607	$	1,301,575	$	1,301,575
Total Investments (Cost $96,872,491) (b) — 100.2%				116,289,684
Liabilities in excess of other assets — (0.2)%				(245,465	)
NET ASSETS — 100.0%			$	116,044,219

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
GDR	Global Depository Receipt

At June 30, 2007, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Date		Received/			Contract			Market			Appreciation/
Currency	Delivery		(Delivered)			Value			Value			(Depreciation)
Short Contract:
British Sterling Pound		07/03/07		(1,448,006	)	$	(2,898,921	)	$	(2,907,351	)	$	(8,430	)
Japanese Yen		07/03/07		(13,432,127	)		(109,325	)		(109,151	)		174
Total Short Contracts						$	(3,008,246	)	$	(3,016,502	)	$	(8,256	)
Long Contracts:
Swiss Franc		07/03/07		1,410,225			1,145,221			1,155,056			9,835
Euro		05/08/08		1,602,322			2,170,666			2,184,857			14,191
Euro		07/02/07		430,179			579,322			582,165			2,843
Euro		07/03/07		36,939			49,743			49,994			251
British Sterling Pound		07/03/07		38,059			76,196			76,415			219
British Sterling Pound		07/02/07		65,655			131,455			131,830			375
Swedish Krone		07/03/07		4,159,319			606,168			608,448			2,280
Total Long Contracts						$	4,758,771		$	4,788,765		$	29,994

See accompanying notes to financial statements.

8 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Gartmore NVIT
			International
			Growth Fund
Assets:
Investments, at value (cost $95,570,916)			$	114,988,109
Repurchase agreements, at cost and value				1,301,575
		Total Investments		116,289,684
Foreign currencies, at value (cost $50,506)				50,506
Interest and dividends receivable				115,875
Receivable for capital shares issued				30,154
Receivable for investments sold				4,516,539
Unrealized appreciation on forward foreign currency contracts				30,168
Reclaims receivable				66,940
Prepaid expenses				1,575
		Total Assets		121,101,441
Liabilities:
Payable to custodian				49,711
Payable for investments purchased				4,705,118
Unrealized depreciation on forward foreign currency contracts				8,430
Payable for capital shares redeemed				8,031
Accrued expenses and other payables:
	Investment advisory fees			256,964
	Fund administration and transfer agent fees			8,707
	Administrative servicing fees			1,989
	Compliance program costs			1,129
	Other			17,143
		Total Liabilities		5,057,222
Net Assets			$	116,044,219
Represented by:
Capital			$	87,079,805
Accumulated net investment loss				(14,089	)
Accumulated net realized gains from investment transactions and foreign currency transactions				9,539,018
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				19,439,485
Net Assets			$	116,044,219
Net Assets:
Class I Shares			$	18,644,951
Class III Shares				97,399,268
Total			$	116,044,219
Shares outstanding (unlimited number of shares authorized):
Class I Shares				1,472,863
Class III Shares				7,687,845
Total				9,160,708
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	12.66
Class III Shares			$	12.67

See accompanying notes to financial statements.

 9

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Gartmore NVIT
		International
		Growth Fund
INVESTMENT INCOME:
Interest income		$	18,377
Dividend income			1,168,827
Foreign tax withholding			(108,723	)
	Total Income		1,078,481
Expenses:
Investment advisory fees			486,013
Fund administration and transfer agent fees			39,127
Administrative servicing fees Class I Shares			12,832
Administrative servicing fees Class III Shares			50,789
Custodian fees			12,120
Trustee fees			2,209
Compliance program costs (Note 3)			663
Other			23,814
	Total expenses before earnings credit		627,567
Earnings credit (Note 6)			(69	)
	Net Expenses		627,498
Net Investment Income			450,983
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			9,662,726
Net realized losses on foreign currency transactions			(2,091	)
Net realized gains on investment transactions and foreign currency transactions			9,660,635
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			3,288,968
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			12,949,603
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	13,400,586

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets

		Gartmore NVIT
		International Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
From Investment Activities:
Operations:
Net investment income		$	450,983		$	394,337
Net realized gains on investment transactions and foreign currency transactions			9,660,635			9,444,282
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			3,288,968			9,362,360
Change in net assets resulting from operations			13,400,586			19,200,979
Distributions to shareholders from:
Net investment income:
	Class I		(72,351	)		(95,995	)
	Class III		(392,721	)		(663,102	)
Net realized gains:
	Class I		(1,473,604	)		(20,316	)
	Class III		(7,597,748	)		(139,839	)
Change in net assets from shareholder distributions			(9,536,424	)		(919,252	)
Change in net assets from capital transactions			21,083,168			28,866,534
Change in net assets			24,947,330			47,148,261
Net Assets:
Beginning of period			91,096,889			43,948,628
End of period		$	116,044,219		$	91,096,889
Accumulated net investment loss at end of period		$	(14,089	)	$	(1,252	)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	7,250,242		$	10,963,811
	Dividends reinvested		1,545,953			116,310
	Cost of shares redeemed (a)		(6,743,994	)		(4,525,152	)
			2,052,201			6,554,969
Class III Shares
	Proceeds from shares issued		17,460,877			39,604,056
	Dividends reinvested		7,990,455			802,936
	Cost of shares redeemed (a)		(6,420,365	)		(18,095,427	)
			19,030,967			22,311,565
Change in net assets from capital transactions		$	21,083,168		$	28,866,534

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets (Continued)

		Gartmore NVIT
		International Growth Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
SHARE TRANSACTIONS:
Class I Shares
	Issued		558,645			1,077,817
	Reinvested		123,086			11,875
	Redeemed		(541,128	)		(441,805	)
			140,603			647,887
Class III Shares
	Issued		1,344,843			3,849,101
	Reinvested		635,677			81,924
	Redeemed		(501,809	)		(1,806,122	)
			1,478,711			2,124,903
Total change in shares			1,619,314			2,772,790

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Gartmore NVIT International Growth Fund

			Investment Activities									Distributions
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net			Net
	Beginning		Income			(Losses) on			Investment			Investment			realized			Total
	of Period		(Loss)			Investments			Activities			Income			gains			Distributions
Class I Shares
For the year ended December 31, 2002	$	6.14		0.01			(1.50	)		(1.49	)		–			–			–
For the year ended December 31, 2003	$	4.66		0.07			1.59			1.66			–			–			–
For the year ended December 31, 2004	$	6.32		0.07			0.83			0.90			(0.06	)		–			(0.06	)
For the year ended December 31, 2005	$	7.16		0.07			2.08			2.15			(0.08	)		(0.02	)		(0.10	)
For the year ended December 31, 2006	$	9.21		0.08			2.92			3.00			(0.12	)		(0.02	)		(0.14	)
For the six months ended June 30, 2007 (Unaudited)	$	12.07		0.05			1.69			1.74			(0.05	)		(1.10	)		(1.15	)
Class III Shares
Period ended December 31, 2002 (e)	$	5.95		(0.01	)		(1.28	)		(1.29	)		–			–			–
For the year ended December 31, 2003	$	4.67		0.02			1.63			1.65			–			–			–
For the year ended December 31, 2004	$	6.32		0.05			0.86			0.91			(0.06	)		–			(0.06	)
For the year ended December 31, 2005	$	7.17		0.06			2.09			2.15			(0.08	)		(0.02	)		(0.10	)
For the year ended December 31, 2006	$	9.22		0.07			2.93			3.00			(0.12	)		(0.02	)		(0.14	)
For the six months ended June 30, 2007 (Unaudited)	$	12.08		0.06			1.69			1.75			(0.06	)		(1.10	)		(1.16	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

								Ratios/Supplemental Data
																Ratio of Net
												Ratio of		Ratio of		Investment
	Paid-in											Net		Expenses		Income
	capital							Net Assets		Ratio of		Investment		(Prior to		(Prior to
	from		Net Asset					at End of		Expenses to		Income to		Reimbursements)		Reimbursements)
	redemption		End Value,		Total			Period		Average Net		Average Net		to Average		to Average		Portfolio
	fees		of Period		Return (a)			(000s)		Assets (b)		Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
For the year ended December 31, 2002		0.01	$	4.66		(24.10%	)	$	6,859		1.29%		0.53%		1.33%		0.49%		257.38%
For the year ended December 31, 2003		–	$	6.32		35.62%		$	3,678		1.25%		0.83%		(f)		(f)		331.02%
For the year ended December 31, 2004		–	$	7.16		14.19%		$	3,647		1.33%		0.98%		(f)		(f)		262.03%
For the year ended December 31, 2005		–	$	9.21		30.21%		$	6,302		1.34%		0.94%		(f)		(f)		215.52%
For the year ended December 31, 2006		–	$	12.07		32.96%		$	16,082		1.24%		0.41%		(f)		(f)		169.26%
For the six months ended June 30, 2007 (Unaudited)		–	$	12.66		14.49%		$	18,645		1.27%		0.79%		1.27%		0.79%		98.66%
Class III Shares
Period ended December 31, 2002 (e)		0.01	$	4.67		(21.51%	)	$	2,232		1.32%		0.08%		(f)		(f)		257.38%
For the year ended December 31, 2003		–	$	6.32		35.33%		$	6,912		1.33%		0.24%		(f)		(f)		331.02%
For the year ended December 31, 2004		–	$	7.17		14.35%		$	12,023		1.35%		0.98%		(f)		(f)		262.03%
For the year ended December 31, 2005		–	$	9.22		30.17%		$	37,647		1.33%		0.54%		(f)		(f)		215.52%
For the year ended December 31, 2006		–	$	12.08		32.95%		$	75,015		1.22%		0.59%		(f)		(f)		169.26%
For the six months ended June 30, 2007 (Unaudited)		–	$	12.67		14.50%		$	97,399		1.23%		0.91%		1.23%		0.91%		98.66%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 2, 2002 (commencement of operations) through December 31, 2002.
(f)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT International Growth Fund (the “Fund”), (formerly, “Gartmore GVIT International Growth Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

14 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

16 

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33¹/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. The Fund did not have securities on loan as of June 30, 2007.

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	97,208,563	$	19,403,516	$	(322,395	)	$	19,081,121

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Global Asset Management Trust (“GGAMT”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Base Management Fee	Fees
Up to $500 million		0.90%
$500 million up to $2 billion		0.85%
$2 billion or more		0.80%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $258,434 for the six months ended June 30, 2007.

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the MSCI All Country World ex U.S. Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The first performance adjusted advisory fee will be paid quarterly.

18 

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.25% for all classes until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

For the six months ended June 30, 2007, there were no cumulative potential reimbursements for all share classes of the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $75,966 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $663.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $6,583.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $111,577,754 and sales of $100,546,311.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In

20 

addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 21

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

22 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 25

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

26 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 27

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 31

Nationwide NVIT Global Health Sciences Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GHS (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide NVIT Global Health Sciences Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value,		Account Value		Expenses Paid		Annualized
Nationwide NVIT Global Health Sciences Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,071.20	$	5.85		1.14%
	Hypothetical	1	$	1,000.00	$	1,019.15	$	5.72		1.14%
Class II	Actual		$	1,000.00	$	1,070.90	$	7.24		1.41%
	Hypothetical	1	$	1,000.00	$	1,017.81	$	7.08		1.41%
Class III	Actual		$	1,000.00	$	1,072.00	$	5.96		1.16%
	Hypothetical	1	$	1,000.00	$	1,019.05	$	5.82		1.16%
Class VI	Actual		$	1,000.00	$	1,070.40	$	7.24		1.41%
	Hypothetical	1	$	1,000.00	$	1,017.81	$	7.08		1.41%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Global Health Sciences Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	100.1%
Repurchase Agreements	0.2%
Other Investments*	8.9%
Liabilities in excess of other assets**	-9.2%
	100.0%

Top Holdings***
Merck & Co., Inc.	6.3%
Pfizer, Inc.	5.9%
Johnson & Johnson	5.6%
Wyeth	4.6%
Gilead Sciences, Inc.	4.3%
Bristol-Myers Squibb Co.	4.1%
UnitedHealth Group, Inc.	3.8%
Baxter International, Inc.	3.8%
Amgen, Inc.	3.5%
Schering-Plough Corp.	3.2%
Other	54.9%
	100.0%

Top Industries
Pharmaceuticals	38.7%
Biotechnology	19.1%
Health Care Providers & Services	17.0%
Health Care Equipment & Supplies	16.8%
Life Sciences Tools & Services	5.3%
Food & Staples Retailing	1.3%
Chemicals	0.7%
Commercial Services & Supplies	0.7%
Health Care Technology	0.5%
Other	-0.1%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Global Health Sciences Fund

Common Stock (100.1%)
	Shares or
	Principal Amount		Value
Biotechnology (19.1%)
Amgen, Inc.*		37,900	$	2,095,491
Applera Corp.		17,700		540,558
Array BioPharma, Inc.* (a)		19,390		226,281
Biogen, Inc.*		16,450		880,075
Celgene Corp.*		17,340		994,102
Cephalon, Inc.*		3,120		250,817
Genentech, Inc.*		17,540		1,327,077
Genzyme Corp.*		21,750		1,400,700
Gilead Sciences, Inc.*		66,816		2,590,456
PerkinElmer, Inc.		23,840		621,270
Pharmion Corp.*		18,760		543,102
				11,469,929
Chemicals (0.7%)
Sigma-Aldrich Corp.		10,200		435,234
Commercial Services & Supplies (0.7%)
Stericycle, Inc.*		9,070		403,252
Food & Staples Retailing (1.3%)
CVS/ Caremark Corp.		20,638		752,255
Health Care Equipment & Supplies (16.8%)
Advanced Medical Optics, Inc.*		8,000		279,040
Alcon, Inc. — CH		2,300		310,293
Bard (C.R.), Inc.		2,958		244,420
Baxter International, Inc.		40,500		2,281,770
Becton, Dickinson & Co.		3,280		244,360
Boston Scientific Corp.*		23,020		353,127
Cerus Corp.* (a)		25,120		169,811
Cytyc Corp.*		6,600		284,526
Dentsply International, Inc.		8,620		329,801
Gen-Probe, Inc.* (a)		6,670		403,001
Hologic, Inc.*		7,440		411,506
Hospira, Inc.*		11,880		463,795
IDEXX Laboratories, Inc.*		3,500		331,205
Insulet Corp.*		4,300		61,060
Intuitive Surgical, Inc.*		1,440		199,829
Inverness Medical Innovations, Inc.* (a)		11,240		573,465
Matria Healthcare, Inc.* (a)		3,970		120,212
Medtronic, Inc.		33,340		1,729,012
St. Jude Medical, Inc.*		7,200		298,728
Steris Corp. (a)		9,630		294,678
Tomotherapy, Inc.*		5,700		124,944
Xtent, Inc.* (a)		19,870		198,700
Zimmer Holdings, Inc.*		4,250		360,783
				10,068,066
Health Care Providers & Services (17.0%)
Aetna, Inc.		22,580		1,115,452
Amedisys, Inc.*		6,630		240,868
Cardinal Health, Inc.		12,816		905,322
Coventry Health Care, Inc.*		6,740		388,561
Manor Care, Inc.		13,840		903,614
McKesson Corp.		8,730		520,657
Medco Health Solutions, Inc.*		8,500		662,915
Psychiatric Solutions, Inc.*		11,720		424,967
Quest Diagnostics, Inc.		8,220		424,563
Skilled Healthcare Group, Inc.* (a)		6,010		93,215
Sun Healthcare Group, Inc.*		21,667		313,955
UnitedHealth Group, Inc.		44,800		2,291,072
WellPoint, Inc.*		23,990		1,915,122
				10,200,283
Health Care Technology (0.5%) (a)
TriZetto Group, Inc. (The)*		16,330		316,149
Life Sciences Tools & Services (5.3%)
Bruker Bioscience Corp.* (a)		34,200		308,142
Charles River Laboratories International, Inc.*		5,160		266,359
Covance, Inc.*		11,649		798,655
Illumina, Inc.* (a)		5,550		225,275
Pharmaceutical Product Development, Inc.		16,540		632,986
Thermo Fisher Scientific, Inc.*		18,510		957,337
				3,188,754
Pharmaceuticals (38.7%)
Abbott Laboratories		27,300		1,461,915
Allergan, Inc.		15,580		898,031
Astellas Pharma, Inc.		8,600		374,123
Barr Pharmaceuticals, Inc.*		5,220		262,201
Bristol-Myers Squibb Co.		77,510		2,446,216
Dyax Corp.* (a)		29,080		121,845
Eli Lilly & Co.		10,720		599,034
Johnson & Johnson		53,998		3,327,357
Merck & Co., Inc.		75,936		3,781,613
Pfizer, Inc.		139,272		3,561,185
Sanofi-Aventis		2,050		165,596
Schering-Plough Corp.		63,498		1,932,879
Shire PLC		13,600		335,670
Shire PLC ADR — GB		2,200		163,086
Teva Pharmaceutical Industries Ltd. ADR — IL		18,990		783,337

6 

Common Stock (continued)
	Principal
	Amount		Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International (a)		14,300	$	238,667
Wyeth		48,395		2,774,969
				23,227,724
Total Common Stocks (Cost $56,253,163)				60,061,646
Repurchase Agreements (0.2%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $128,822, collateralized by U.S. Government Agency Mortgages with a market value of $131,341	$	128,766		128,766
Securities Held As Collateral for Securities on Loan (8.9%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $5,335,309, collateralized by U.S. Government Agency Mortgages with a market value of $5,439,558		5,332,900		5,332,900
Total Investments (Cost $61,714,829) (b) — 109.2%				65,523,312
Liabilities in excess of other assets — (9.2)%				(5,493,942	)
NET ASSETS — 100.0%			$	60,029,370

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CH	Switzerland
GB	United Kingdom
IL	Israel

See accompanying notes to financial statements.

 7

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide
			NVIT Global
			Health Sciences Fund
Assets:
Investments, at value (cost $56,253,163)*			$	60,061,646
Repurchase agreements, at cost and value				5,461,666
		Total Investments		65,523,312
Foreign currencies, at value (cost $230)				230
Interest and dividends receivable				40,252
Receivable for capital shares issued				4,693
Receivable for investments sold				556,809
Prepaid expenses				623
		Total Assets		66,125,919
Liabilities:
Payable for investments purchased				535,386
Payable upon return of securities loaned				5,332,900
Payable for capital shares redeemed				66,086
Accrued expenses and other payables:
	Investment advisory fees			136,768
	Fund administration and transfer agent fees			2,876
	Distribution fees			3,349
	Administrative servicing fees			5,450
	Compliance program costs			801
	Other			12,933
		Total Liabilities		6,096,549
Net Assets			$	60,029,370
Represented by:
Capital			$	53,558,558
Accumulated net investment income				49,869
Accumulated net realized gains from investment transactions and foreign currency transactions				2,612,460
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				3,808,483
Net Assets			$	60,029,370
Net Assets:
Class I Shares			$	6,293,237
Class II Shares				2,209,932
Class III Shares				37,475,661
Class VI Shares				14,050,540
Total			$	60,029,370
Shares outstanding (unlimited number of shares authorized):
Class I Shares				564,199
Class II Shares				200,260
Class III Shares				3,352,533
Class VI Shares				1,264,335
Total				5,381,327
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	11.15
Class II Shares			$	11.04
Class III Shares			$	11.18
Class VI Shares			$	11.11

* Includes value of securities on loan of $5,189,242.

See accompanying notes to financial statements.

8 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Global Health
		Sciences Fund
INVESTMENT INCOME:
Interest income		$	7,875
Dividend income			400,955
Income from securities lending			6,990
Foreign tax withholding			(1,410	)
	Total Income		414,410
Expenses:
Investment advisory fees			253,547
Fund administration and transfer agent fees			19,161
Distribution fees Class II Shares			2,794
Distribution fees Class VI Shares			16,288
Administrative servicing fees Class I Shares			4,470
Administrative servicing fees Class II Shares			1,598
Administrative servicing fees Class III Shares			26,706
Administrative servicing fees Class VI Shares			9,855
Custodian fees			11,753
Trustee fees			1,413
Compliance program costs (Note 3)			400
Other			16,435
	Total expenses before earnings credit		364,420
Earnings credit (Note 6)			(46	)
	Net Expenses		364,374
Net Investment Income			50,036
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			3,001,248
Net realized losses on foreign currency transactions			(12,649	)
Net realized gains on investment transactions and foreign currency transactions			2,988,599
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			975,333
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			3,963,932
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	4,013,968

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets

		Nationwide NVIT
		Global Health Sciences Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
From Investment Activities:
Operations:
Net investment income		$	50,036		$	90,702
Net realized gains on investment transactions and foreign currency transactions			2,988,599			1,897,224
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			975,333			(544,398	)
Change in net assets resulting from operations			4,013,968			1,443,528
Distributions to shareholders from:
Net realized gains:
	Class I		(123,391	)		–
	Class II		(43,771	)		–
	Class III		(735,324	)		–
	Class VI		(276,421	)		–
Change in net assets from shareholder distributions			(1,178,907	)		–
Change in net assets from capital transactions			(1,831,947	)		(8,192,346	)
Change in net assets			1,003,114			(6,748,818	)
Net Assets:
Beginning of period			59,026,256			65,775,074
End of period		$	60,029,370		$	59,026,256
Accumulated net investment income (loss) at end of period		$	49,869		$	(167	)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	715,850		$	5,163,982
	Dividends reinvested		123,390			–
	Cost of shares redeemed (a)		(1,513,258	)		(6,533,200	)
			(674,018	)		(1,369,218	)
Class II Shares
	Proceeds from shares issued		364			815
	Dividends reinvested		43,771			–
	Cost of shares redeemed (a)		(241,435	)		(325,807	)
			(197,300	)		(324,992	)
Class III Shares
	Proceeds from shares issued		4,258,150			9,541,825
	Dividends reinvested		735,321			–
	Cost of shares redeemed (a)		(7,251,184	)		(17,700,833	)
			(2,257,713	)		(8,159,008	)
Class VI Shares
	Proceeds from shares issued		2,035,871			4,874,986
	Dividends reinvested		276,420			–
	Cost of shares redeemed (a)		(1,015,207	)		(3,214,114	)
			1,297,084			1,660,872
Change in net assets from capital transactions		$	(1,831,947	)	$	(8,192,346	)

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT
		Global Health Sciences Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
SHARE TRANSACTIONS:
Class I Shares
	Issued		64,599			497,062
	Reinvested		11,207			–
	Redeemed		(135,691	)		(622,036	)
			(59,885	)		(124,974	)
Class II Shares
	Reinvested		4,019			–
	Redeemed		(22,013	)		(31,669	)
			(17,994	)		(31,669	)
Class III Shares
	Issued		375,006			902,993
	Reinvested		66,666			–
	Redeemed		(652,934	)		(1,698,205	)
			(211,262	)		(795,212	)
Class VI Shares
	Issued		181,927			465,167
	Reinvested		25,198			–
	Redeemed		(92,816	)		(311,088	)
			114,309			154,079
Total change in shares			(174,832	)		(797,776	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

 11

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Nationwide NVIT Global Health Sciences Fund

			Investment Activities									Distributions
						Net Realized
						and												Paid-in
	Net Asset		Net			Unrealized			Total									Capital
	Value,		Investment			Gains			from			Net						from
	Beginning		Income			(Losses) on			Investment			Realized			Total			Redemption
	of Period		(Loss)			Investments			Activities			Gains			Distributions			Fees
Class I Shares
Period ended December 31, 2002 (e)	$	9.51		(0.02	)		(1.31	)		(1.33	)		–			–			0.01
For the year ended December 31, 2003	$	8.19		(0.02	)		3.01			2.99			(1.23	)		(1.23	)		0.01
For the year ended December 31, 2004	$	9.96		(0.03	)		0.80			0.77			(0.05	)		(0.05	)		0.01
For the year ended December 31, 2005	$	10.69		(0.03	)		0.92			0.89			(1.24	)		(1.24	)		–
For the year ended December 31, 2006	$	10.34		0.03			0.25			0.28			–			–			–
For the six months ended June 30, 2007 (Unaudited)	$	10.62		0.01			0.74			0.75			(0.22	)		(0.22	)		–
Class II Shares
Period ended December 31, 2003 (g)	$	8.72		(0.01	)		2.46			2.45			(1.23	)		(1.23	)		0.01
For the year ended December 31, 2004	$	9.95		(0.06	)		0.80			0.74			(0.05	)		(0.05	)		0.01
For the year ended December 31, 2005	$	10.65		(0.05	)		0.91			0.86			(1.24	)		(1.24	)		–
For the year ended December 31, 2006	$	10.27		(0.01	)		0.26			0.25			–			–			–
For the six months ended June 30, 2007 (Unaudited)	$	10.52		–			0.74			0.74			(0.22	)		(0.22	)		–

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratios/Supplemental Data
														Ratio of
												Ratio of		Investment
										Ratio of Net		Expenses		Income (Loss)
										Investment		(Prior to		(Prior to
						Net Assets		Ratio of		Income		Reimbursements)		Reimbursements)
	Net Asset					at End of		Expenses to		(Loss) to		to Average		to Average
	Value, End		Total			Period		Average Net		Average Net		Net Assets		Net Assets			Portfolio
	of Period		Return (a)			(000s)		Assets (b)		Assets (b)		(b)(c)		(b)(c)			Turnover (d)
Class I Shares
Period ended December 31, 2002 (e)	$	8.19		(13.88%	)	$	370		1.22%		(0.25%)		(f)		(f)			764.93%
For the year ended December 31, 2003	$	9.96		36.69%		$	4,434		1.24%		(0.36%)		(f)		(f)			542.89%
For the year ended December 31, 2004	$	10.69		7.86%		$	7,910		1.26%		(0.28%)		(f)		(f)			424.94%
For the year ended December 31, 2005	$	10.34		8.44%		$	7,747		1.26%		(0.22%)		(f)		(f)			366.90%
For the year ended December 31, 2006	$	10.62		2.71%		$	6,626		1.19%		0.24%		(f)		(f)			243.33%
For the six months ended June 30, 2007 (Unaudited)	$	11.15		7.12%		$	6,293		1.14%		0.25%		1.14%		0.25%			63.77%
Class II Shares
Period ended December 31, 2003 (g)	$	9.95		28.27%		$	2,232		1.49%		(0.59%)		(f)		(f)			542.89%
For the year ended December 31, 2004	$	10.65		7.56%		$	3,208		1.50%		(0.54%)		(f)		(f)			424.94%
For the year ended December 31, 2005	$	10.27		8.19%		$	2,567		1.51%		(0.47%)		(f)		(f)			366.90%
For the year ended December 31, 2006	$	10.52		2.43%		$	2,296		1.44%		(0.05%)				(f)			243.33%
For the six months ended June 30, 2007 (Unaudited)	$	11.04		7.09%		$	2,210		1.41%		(0.02%)		1.41%		(0.02%	)		63.77%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 6, 2002 (recommencement of sales to the public) through December 31, 2002.
(f)	There were no fee reductions during the period.
(g)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(h)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

			Investment Activities									Distributions
						Net Realized
						and												Paid-in
	Net Asset		Net			Unrealized			Total									Capital
	Value,		Investment			Gains			from			Net						from
	Beginning		Income			(Losses) on			Investment			Realized			Total			Redemption
	of Period		(Loss)			Investments			Activities			Gains			Distributions			Fees
Class III Shares
For the year ended December 31, 2002	$	10.14		(0.03	)		(1.92	)		(1.95	)		–			–			0.01
For the year ended December 31, 2003	$	8.20		(0.03	)		3.03			3.00			(1.23	)		(1.23	)		0.01
For the year ended December 31, 2004	$	9.98		(0.03	)		0.80			0.77			(0.05	)		(0.05	)		0.01
For the year ended December 31, 2005	$	10.71		(0.02	)		0.91			0.89			(1.24	)		(1.24	)		–
For the year ended December 31, 2006	$	10.36		0.02			0.26			0.28			–			–			–
For the six months ended June 30, 2007 (Unaudited)	$	10.64		0.01			0.75			0.76			(0.22	)		(0.22	)		–
Class VI Shares
Period ended December 31, 2004 (h)	$	10.70		(0.02	)		0.02			–			–			–			0.01
For the year ended December 31, 2005	$	10.71		(0.03	)		0.90			0.87			(1.24	)		(1.24	)		–
For the year ended December 31, 2006	$	10.34		–			0.25			0.25			–			–			–
For the six months ended June 30, 2007 (Unaudited)	$	10.59		–			0.74			0.74			(0.22	)		(0.22	)		–

[Additional columns below]

[Continued from above table, first column(s) repeated]

						Ratios/Supplemental Data
														Ratio of
										Ratio of Net		Ratio of		Investment
										Investment		Expenses		Income (Loss)
						Net Assets		Ratio of		Income		(Prior to		(Prior to
	Net Asset					at End of		Expenses to		(Loss) to		Reimbursements)		Reimbursements)
	Value, End		Total			Period		Average Net		Average Net		to Average		to Average			Portfolio
	of Period		Return (a)			(000s)		Assets (b)		Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)			Turnover (d)
Class III Shares
For the year ended December 31, 2002	$	8.20		(19.13%	)	$	11,652		1.23%		(0.37%)		1.24%		(0.38%	)		764.93%
For the year ended December 31, 2003	$	9.98		36.77%		$	27,026		1.22%		(0.39%)		(f)		(f)			542.89%
For the year ended December 31, 2004	$	10.71		7.84%		$	39,723		1.26%		(0.29%)		(f)		(f)			424.94%
For the year ended December 31, 2005	$	10.36		8.42%		$	45,169		1.25%		(0.24%)		(f)		(f)			366.90%
For the year ended December 31, 2006	$	10.64		2.70%		$	37,921		1.19%		0.19%		(f)		(f)			243.33%
For the six months ended June 30, 2007 (Unaudited)	$	11.18		7.20%		$	37,476		1.16%		0.23%		1.16%		0.23%			63.77%
Class VI Shares
Period ended December 31, 2004 (h)	$	10.71		0.09%		$	4,981		1.35%		(0.36%)		(f)		(f)			424.94%
For the year ended December 31, 2005	$	10.34		8.23%		$	10,292		1.42%		(0.43%)		(f)		(f)			366.90%
For the year ended December 31, 2006	$	10.59		2.42%		$	12,183		1.43%		(0.04%)		(f)		(f)			243.33%
For the six months ended June 30, 2007 (Unaudited)	$	11.11		7.04%		$	14,051		1.41%		(0.03%)		1.41%		(0.03%	)		63.77%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 6, 2002 (recommencement of sales to the public) through December 31, 2002.
(f)	There were no fee reductions during the period.
(g)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(h)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Global Health Sciences Fund (the “Fund”), (formerly, “Gartmore GVIT Global Health Sciences Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

14 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/ market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33¹/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the

16 

borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$5,189,242	$	5,332,900

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	62,074,200	$	4,557,965	$	(1,108,853	)	$	3,449,112

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Base Management Fee	Fees
$0 up to $500 million		0.90%
$500 million up to $2 billion		0.85%
$2 billion and more		0.80%

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the Goldman Sachs Healthcare Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The performance adjusted advisory fee will be paid quarterly.

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

18 

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $44,746 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA of certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $400.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $9,628.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $38,068,300 and sales of $40,491,688.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a

20 

liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 21

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

22 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 25

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

26 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 27

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 31

Nationwide NVIT Global Technology and Communications Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GTC (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
Nationwide NVIT Global Technology and			Account Value,		Account Value		Expenses Paid		Annualized
Communications Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,135.50	$	6.46		1.22%
	Hypothetical	1	$	1,000.00	$	1,018.75	$	6.12		1.22%
Class II	Actual		$	1,000.00	$	1,136.50	$	7.79		1.47%
	Hypothetical	1	$	1,000.00	$	1,017.51	$	7.38		1.47%
Class III	Actual		$	1,000.00	$	1,136.90	$	6.57		1.24%
	Hypothetical	1	$	1,000.00	$	1,018.65	$	6.23		1.24%
Class VI	Actual		$	1,000.00	$	1,135.80	$	6.99		1.32%
	Hypothetical	1	$	1,000.00	$	1,018.25	$	6.63		1.32%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Global Technology and Communications Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	94.5%
Repurchase Agreements	1.4%
Other Investments*	16.6%
Liabilities in excess of other assets**	-12.5%
	100.0%

Top Holdings***
Cisco Systems, Inc.	4.7%
Google, Inc.	4.3%
Microsoft Corp.	4.0%
Intel Corp.	3.9%
International Business Machines Corp.	3.6%
QUALCOMM, Inc.	2.7%
Oracle Corp.	2.7%
Foundry Networks, Inc.	2.7%
Texas Instruments, Inc.	2.5%
Dell, Inc.	2.0%
Other	66.9%
	100.0%

Top Industries
Communications Equipment	22.3%
Software	20.3%
Semiconductors & Semiconductor Equipment	17.7%
Computers & Peripherals	13.0%
Internet Software & Services	10.4%
IT Services	8.5%
Wireless Telecommunication Services	1.0%
Electronic Equipment & Instruments	0.8%
Household Durables	0.5%
Other	5.5%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Global Technology and Communications Fund

Common Stock (94.5%)
	Shares or
	Principal Amount		Value
Communications Equipment (20.9%)
Alcatel-Lucent ADR - FR		27,750	$	388,500
Cisco Systems, Inc.*		78,218		2,178,371
Comverse Technology, Inc.*		33,600		700,560
Corning, Inc.*		30,325		774,804
Foundry Networks, Inc.*		73,503		1,224,560
Harmonic, Inc.* (a)		44,220		392,231
Juniper Networks, Inc.*		17,805		448,152
Motorola, Inc.		24,820		439,314
Nokia Corp. ADR - FI		16,095		452,430
Nortel Networks Corp.* (a)		8,845		212,722
OpNext, Inc.* (a)		25,290		334,840
Powerwave Technologies, Inc.*		67,554		452,612
QUALCOMM, Inc.		29,055		1,260,697
Sonus Networks, Inc.* (a)		37,410		318,733
				9,578,526
Computers & Peripherals (13.0%)
Apple, Inc.*		7,029		857,819
Dell, Inc.*		32,924		939,980
Gateway, Inc.* (a)		271,970		432,432
Hewlett-Packard Co.		12,164		542,758
International Business Machines Corp.		15,565		1,638,216
Network Appliance, Inc.*		17,950		524,140
Seagate Technology		15,661		340,940
Sun Microsystems, Inc.*		132,013		694,389
				5,970,674
Diversified Telecommunication Services (1.4%)
American Tower Corp.*		15,075		633,150
Electronic Equipment & Instruments (0.8%)
Authentec, Inc.*		37,800		391,230
Household Durables (0.5%)
Syntax-Brillian Corp.*		42,630		209,740
Internet Software & Services (10.4%)
Digital River, Inc.*		8,860		400,915
eBay, Inc.*		28,945		931,450
Google, Inc., Class A*		3,765		1,970,526
Opsware, Inc.* (a)		36,320		345,403
Verisign, Inc.*		11,590		367,751
Vocus, Inc.*		21,850		548,653
Yahoo!, Inc.*		7,105		192,759
				4,757,457
IT Services (8.5%)
Accenture Ltd.		17,490		750,146
Business & Decision* (b)		22,575		716,296
Capgemini SA (b)		7,800		570,186
Cognizant Technology Solutions Corp.*		11,530		865,788
Gartner, Inc.*		14,708		361,670
WNS Holdings Ltd. ADR - IN* (a)		12,869		366,252
Wright Express Corp.* (a)		7,820		267,991
				3,898,329
Semiconductors & Semiconductor Equipment (17.7%)
Anadigics, Inc.* (a)		26,670		367,779
Analog Devices, Inc.		13,815		519,997
Brooks Automation, Inc.*		23,892		433,640
Cirrus Logic, Inc.*		40,580		336,814
Eagle Test Systems, Inc.* (a)		18,800		301,928
Intel Corp.		75,856		1,802,339
Marvell Technology Group Ltd. - BM*		32,391		589,840
MEMC Electronic Materials, Inc.*		13,640		833,677
Microchip Technology, Inc.		8,110		300,394
Qimonda AG ADR - DE* (a)		48,811		754,130
RF Micro Devices, Inc.*		47,689		297,579
SiRF Technology Holdings, Inc.* (a)		19,557		405,612
Texas Instruments, Inc.		30,776		1,158,101
				8,101,830
Software (20.3%)
Adobe Systems, Inc.*		14,609		586,551
Amdocs Ltd. - GG*		8,506		338,709
Autodesk, Inc.*		12,161		572,540
Autonomy Corp. PLC* (b)		33,600		481,914
BEA Systems, Inc.*		51,340		702,844
Borland Software Corp.* (a)		55,530		329,848
Business Objects SA Sponsored ADR - FR* (a)		5,686		220,844
Double-Take Software, Inc.* (a)		23,215		380,958
Glu Mobile, Inc.* (a)		39,503		549,092
Informatica Corp.* (a)		15,884		234,607
McAfee, Inc.*		13,725		483,120
Microsoft Corp.		61,750		1,819,772
Nuance Communications, Inc.*		20,720		346,646
Oracle Corp.*		62,325		1,228,426
Parametric Technology Corp.* (a)		16,347		353,259
UbiSoft Entertainment SA* (b)		13,214		697,160
				9,326,290

6 

Common Stock (continued)
	Principal
	Amount		Value
Wireless Telecommunication Services (1.0%)
SBA Communications Corp.*		13,864	$	465,692
Total Common Stocks (Cost $40,107,127)				43,332,918
Repurchase Agreements (1.4%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07. Repurchase price $637,845, collateralized by U.S. Government Agency Mortgages with a market value of $650,320	$	637,568		637,568
Securities Held As Collateral for Securities on Loan (16.6%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, Repurchase price $7,633,073, collateralized by U.S. Government Agency Mortgages with a market value of $7,782,220,		7,629,628		7,629,628
Total Investments (Cost $48,374,323) (c) — 112.5%				51,600,114
Liabilities in excess of other assets — (12.5)%				(5,734,654	)
NET ASSETS — 100.0%			$	45,865,460

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	Fair Valued Security.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
DE	Germany
FI	Finland
FR	France
GG	Guernsey
IN	India

See accompanying notes to financial statements.

 7

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Global Technology and
			Communications Fund
Assets:
Investments, at value (cost $40,107,127)*			$	43,332,918
Repurchase agreements, at cost and value				8,267,196
		Total Investments		51,600,114
Foreign currencies, at value (cost $1,058,816)				1,040,361
Interest and dividends receivable				7,277
Receivable for capital shares issued				15,890
Receivable for investments sold				2,754,648
Prepaid expenses				558
		Total Assets		55,418,848
Liabilities:
Payable to custodian				3,783
Payable for investments purchased				1,793,620
Payable upon return of securities loaned				7,629,627
Payable for capital shares redeemed				1,262
Accrued expenses and other payables:
	Investment advisory fees			104,457
	Fund administration and transfer agent fees			1,901
	Distribution fees			1,902
	Administrative servicing fees			5,765
	Compliance program costs			627
	Other			10,444
		Total Liabilities		9,553,388
Net Assets			$	45,865,460
Represented by:
Capital			$	45,835,326
Accumulated net investment loss				(134,286	)
Accumulated net realized losses from investment transactions and foreign currency transactions				(3,042,914	)
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				3,207,334
Net Assets			$	45,865,460
Net Assets:
Class I Shares			$	14,852,005
Class II Shares				1,491,908
Class III Shares				21,604,215
Class VI Shares				7,917,332
Total			$	45,865,460
Shares outstanding (unlimited number of shares authorized):
Class I Shares				3,057,033
Class II Shares				309,142
Class III Shares				4,410,127
Class VI Shares				1,633,686
Total				9,409,988

See accompanying notes to financial statements.

8 

Statement of Assets and Liabilities (Continued)

	Nationwide NVIT
	Global Technology and
	Communications Fund
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares	$	4.86
Class II Shares	$	4.83
Class III Shares	$	4.90
Class VI Shares	$	4.85

* Includes value of securities on loan of $7,359,644.

See accompanying notes to financial statements.

 9

Statement of Assets and Liabilities (Continued)

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT Global
		Technology and
		Communications Fund
INVESTMENT INCOME:
Interest income		$	32,658
Dividend income			105,396
Income from securities lending			11,439
Foreign tax withholding			(1,118	)
	Total Income		148,375
Expenses:
Investment advisory fees			209,233
Fund administration and transfer agent fees			15,098
Distribution fees Class II Shares			1,798
Distribution fees Class VI Shares			8,934
Administrative servicing fees Class I Shares			10,545
Administrative servicing fees Class II Shares			1,047
Administrative servicing fees Class III Shares			18,229
Custodian fees			1,294
Trustee fees			1,054
Compliance program costs (Note 3)			361
Other			15,465
	Total expenses before earnings credit		283,058
Earnings credit (Note 6)			(397	)
	Net Expenses		282,661
Net Investment Loss			(134,286	)
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			4,883,876
Net realized losses on foreign currency transactions			(11,838	)
Net realized gains on investment transactions and foreign currency transactions			4,872,038
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			944,748
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			5,816,786
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,682,500

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets

			Nationwide NVIT Global Technology
			and Communications Fund
			Six Months			Year Ended
			Ended			December 31,
			June 30, 2007			2006
			(Unaudited)
From Investment Activities:
Operations:
Net investment loss			$	(134,286	)	$	(218,887	)
Net realized gains on investment transactions and foreign currency transactions				4,872,038			3,339,802
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				944,748			1,150,137
	Change in net assets resulting from operations			5,682,500			4,271,052
	Change in net assets from capital transactions			(9,165,292	)		6,957,378
Change in net assets				(3,482,792	)		11,228,430
Net Assets:
Beginning of period				49,348,252			38,119,822
End of period			$	45,865,460		$	49,348,252
Accumulated net investment income (loss) at end of period			$	(134,286	)	$	–
CAPITAL TRANSACTIONS:
Class I Shares
		Proceeds from shares issued	$	3,095,073		$	9,165,165
		Cost of shares redeemed(a)		(7,694,517	)		(7,978,266	)
				(4,599,444	)		1,186,899
Class II Shares
		Proceeds from shares issued		537			6,473
		Cost of shares redeemed(a)		(134,644	)		(279,498	)
				(134,107	)		(273,025	)
Class III Shares
		Proceeds from shares issued		4,121,259			13,887,206
		Cost of shares redeemed(a)		(8,577,579	)		(10,758,480	)
				(4,456,320	)		3,128,726
Class VI Shares
		Proceeds from shares issued		2,694,396			5,689,971
		Cost of shares redeemed(a)		(2,669,817	)		(2,775,193	)
				24,579			2,914,778
Change in net assets from capital transactions			$	(9,165,292	)	$	6,957,378
SHARE TRANSACTIONS:
Class I Shares
		Issued		696,772			2,211,282
		Redeemed		(1,761,634	)		(1,989,020	)
				(1,064,862	)		222,262
Class II Shares
		Issued		28			1,340
		Redeemed		(30,156	)		(72,674	)
				(30,128	)		(71,334	)

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Global Technology
		and Communications Fund
		Six Months			Year Ended
		Ended			December 31,
		June 30, 2007			2006
		(Unaudited)
Class III Shares
	Issued		903,688			3,453,364
	Redeemed		(1,886,990	)		(2,694,465	)
			(983,302	)		758,899
Class VI Shares
	Issued		595,103			1,408,404
	Redeemed		(605,570	)		(690,571	)
			(10,467	)		717,833
Total change in shares			(2,088,759	)		1,627,660

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

 12

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Nationwide NVIT Global Technology and Communications Fund

			Investment Activities
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from
	Beginning		Income			(Losses) on			Investment
	of Period		(Loss)			Investments			Activities
Class I Shares
For the year ended December 31, 2002	$	4.21		(0.03	)		(1.77	)		(1.80	)
For the year ended December 31, 2003	$	2.39		(0.03	)		1.35			1.32
For the year ended December 31, 2004	$	3.71		(0.02	)		0.18			0.16
For the year ended December 31, 2005	$	3.87		(0.02	)		–			(0.02	)
For the year ended December 31, 2006	$	3.85		(0.02	)		0.45			0.43
For the six months ended June 30, 2007 (Unaudited)	$	4.28		(0.01	)		0.59			0.58
Class II Shares
Period ended December 31, 2003 (f)	$	2.45		(0.01	)		1.28			1.27
For the year ended December 31, 2004	$	3.72		(0.05	)		0.20			0.15
For the year ended December 31, 2005	$	3.87		(0.04	)		0.01			(0.03	)
For the year ended December 31, 2006	$	3.84		(0.03	)		0.44			0.41
For the six months ended June 30, 2007 (Unaudited)	$	4.25		(0.02	)		0.60			0.58
Class III Shares
Period ended December 31, 2002 (e)	$	3.29		(0.01	)		(0.85	)		(0.86	)
For the year ended December 31, 2003	$	2.41		(0.02	)		1.35			1.33
For the year ended December 31, 2004	$	3.74		(0.04	)		0.20			0.16
For the year ended December 31, 2005	$	3.90		(0.02	)		–			(0.02	)
For the year ended December 31, 2006	$	3.88		(0.02	)		0.45			0.43
For the six months ended June 30, 2007 (Unaudited)	$	4.31		(0.01	)		0.60			0.59
Class VI Shares
Period ended December 31, 2004 (h)	$	3.59		(0.01	)		0.29			0.28
For the year ended December 31, 2005	$	3.87		(0.02	)		(0.01	)		(0.03	)
For the year ended December 31, 2006	$	3.84		(0.02	)		0.45			0.43
For the six months ended June 30, 2007 (Unaudited)	$	4.27		(0.01	)		0.59			0.58

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions											Ratios/Supplemental Data
												Net Assets		Ratio of
							Net Asset					at End of		Expenses to
	Return of			Total			Value, End		Total			Period		Average Net
	Capital			Distributions			of Period		Return (a)			(000s)		Assets (b)
Class I Shares
For the year ended December 31, 2002		(0.02	)		(0.02	)	$	2.39		(42.78%	)	$	7,791		1.34%
For the year ended December 31, 2003		–			–		$	3.71		55.23%		$	15,960		1.24%
For the year ended December 31, 2004		–			–		$	3.87		4.31%		$	20,144		1.30%
For the year ended December 31, 2005		–			–		$	3.85		(0.52%	)	$	15,010		1.28%
For the year ended December 31, 2006		–			–		$	4.28		11.17%		$	17,631		1.15%
For the six months ended June 30, 2007 (Unaudited)		–			–		$	4.86		13.55%		$	14,852		1.22%
Class II Shares
Period ended December 31, 2003 (f)		–			–		$	3.72		51.84%		$	2,128		1.49%
For the year ended December 31, 2004		–			–		$	3.87		4.03%		$	2,409		1.53%
For the year ended December 31, 2005		–			–		$	3.84		(0.78%	)	$	1,575		1.53%
For the year ended December 31, 2006		–			–		$	4.25		10.68%		$	1,443		1.39%
For the six months ended June 30, 2007 (Unaudited)		–			–		$	4.83		13.65%		$	1,492		1.47%
Class III Shares
Period ended December 31, 2002 (e)		(0.02	)		(0.02	)	$	2.41		(26.14%	)	$	5,822		1.37%
For the year ended December 31, 2003		–			–		$	3.74		55.19%		$	33,398		1.25%
For the year ended December 31, 2004		–			–		$	3.90		4.28%		$	22,656		1.28%
For the year ended December 31, 2005		–			–		$	3.88		(0.51%	)	$	17,975		1.29%
For the year ended December 31, 2006		–			–		$	4.31		11.08%		$	23,256		1.14%
For the six months ended June 30, 2007 (Unaudited)		–			–		$	4.90		13.69%		$	21,604		1.24%
Class VI Shares
Period ended December 31, 2004 (h)		–			–		$	3.87		7.80%		$	2,693		1.46%
For the year ended December 31, 2005		–			–		$	3.84		(0.78%	)	$	3,559		1.39%
For the year ended December 31, 2006		–			–		$	4.27		11.20%		$	7,018		1.24%
For the six months ended June 30, 2007 (Unaudited)		–			–		$	4.85		13.58%		$	7,917		1.32%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
	Ratio of			Ratio of		Investment
	Net			Expenses		Income (Loss)
	Investment			(Prior to		(Prior to
	Income			Reimbursements)		Reimbursements)
	(Loss) to			to Average		to Average
	Average Net			Net		Net			Portfolio
	Assets (b)			Assets (b)(c)		Assets (b)(c)			Turnover (d)
Class I Shares
For the year ended December 31, 2002		(0.65%	)		1.39%		(0.70%	)		879.28%
For the year ended December 31, 2003		(0.94%	)		(g)		(g)			1,045.37%
For the year ended December 31, 2004		(0.69%	)		(g)		(g)			728.29%
For the year ended December 31, 2005		(0.63%	)		(g)		(g)			571.34%
For the year ended December 31, 2006		(0.55%	)		(g)		(g)			352.39%
For the six months ended June 30, 2007 (Unaudited)		(0.56%	)		1.23%		(0.56%	)		117.24%
Class II Shares
Period ended December 31, 2003 (f)		(1.27%	)		(g)		(g)			1,045.37%
For the year ended December 31, 2004		(0.98%	)		(g)		(g)			728.29%
For the year ended December 31, 2005		(0.89%	)		(g)		(g)			571.34%
For the year ended December 31, 2006		(0.79%	)		(g)		(g)			352.39%
For the six months ended June 30, 2007 (Unaudited)		(0.81%	)		1.47%		(0.81%	)		117.24%
Class III Shares
Period ended December 31, 2002 (e)		(3.49%	)		1.79%		(3.91%	)		879.28%
For the year ended December 31, 2003		(1.00%	)		(g)		(g)			1,045.37%
For the year ended December 31, 2004		(0.73%	)		(g)		(g)			728.29%
For the year ended December 31, 2005		(0.64%	)		(g)		(g)			571.34%
For the year ended December 31, 2006		(0.55%	)		(g)		(g)			352.39%
For the six months ended June 30, 2007 (Unaudited)		(0.59%	)		1.24%		(0.59%	)		117.24%
Class VI Shares
Period ended December 31, 2004 (h)		(0.44%	)		(g)		(g)			728.29%
For the year ended December 31, 2005		(0.73%	)		(g)		(g)			571.34%
For the year ended December 31, 2006		(0.65%	)		(g)		(g)			352.39%
For the six months ended June 30, 2007 (Unaudited)		(0.65%	)		1.33%		(0.65%	)		117.24%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 2, 2002 (commencement of operations) through December 31, 2002.
(f)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.
(g)	There were no fee waivers/reimbursements during the period.
(h)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Global Technology and Communications Fund (the “Fund”), (formerly, “Gartmore GVIT Global Technology and Communications Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

14 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/ market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

16 

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33¹/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$7,359,644	$	7,629,627

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	49,063,704	$	3,031,467	$	(495,057	)	$	2,536,410

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Base Management Fee	Fees
$0 up to $500 million		0.88%
$500 million up to $2 billion		0.83%
$2 billion and more		0.78%

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the Goldman Sachs Technology Composite Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

18 

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The performance adjusted advisory fee will be paid quarterly.

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.23% for all classes until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the fund (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

For the six months ended June 30, 2007, there were no cumulative potential reimbursements for all share classes of the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $28,367 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $361.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

20 

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $12,986.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $51,016,251 and sales of $60,143,401.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a

 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

22 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 25

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

26 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 27

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

28 

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

 31

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

32 

NVIT International Value Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
11	Statement of Assets and Liabilities
13	Statement of Operations
14	Statements of Changes in Net Assets
16	Financial Highlights
18	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IV (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT International Value Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value,		Account Value		Expenses Paid		Annualized
NVIT International Value Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,077.50	$	5.20		1.01%
	Hypothetical	1	$	1,000.00	$	1,019.79	$	5.07		1.01%
Class II	Actual		$	1,000.00	$	1,076.60	$	6.49		1.26%
	Hypothetical	1	$	1,000.00	$	1,018.55	$	6.33		1.26%
Class III	Actual		$	1,000.00	$	1,077.20	$	5.20		1.01%
	Hypothetical	1	$	1,000.00	$	1,019.79	$	5.07		1.01%
Class IV	Actual		$	1,000.00	$	1,077.60	$	5.10		0.99%
	Hypothetical	1	$	1,000.00	$	1,019.89	$	4.97		0.99%
Class VI	Actual		$	1,000.00	$	1,075.90	$	6.49		1.26%
	Hypothetical	1	$	1,000.00	$	1,018.55	$	6.33		1.26%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

NVIT International Value Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	95.6%
Repurchase Agreements	3.4%
Rights	0.0%
Other Investments*	16.8%
Liabilities in excess of other assets**	-15.8%
	100.0%

Top Holdings***
Unilever PLC	2.4%
BP PLC	2.3%
Novartis AG	2.3%
Sanofi-Aventis	2.2%
HSBC Holdings PLC	2.1%
Royal Bank of Scotland Group PLC	2.0%
Total SA	1.8%
Sumitomo Mitsui Financial Group, Inc.	1.7%
GlaxoSmithKline PLC	1.7%
Deutsche Post AG	1.7%
Other	79.8%
	100.0%

Top Industries
Commercial Banks	16.4%
Oil, Gas & Consumable Fuels	8.4%
Pharmaceuticals	7.6%
Insurance	5.9%
Diversified Telecommunication Services	3.9%
Media	3.7%
Food Products	3.6%
Automobiles	3.2%
Household Durables	3.0%
Food & Staples Retailing	2.9%
Other	41.4%
	100.0%

Top Countries
United Kingdom	23.2%
Japan	22.9%
Germany	9.4%
France	8.9%
Switzerland	6.6%
Italy	4.8%
United States	3.4%
Australia	3.4%
Republic of Korea	2.4%
Hong Kong	1.9%
Other	13.1%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT International Value Fund

Common Stock (95.6%)
	Shares or
	Principal Amount		Value
AUSTRALIA (3.4%) (a)
Commercial Bank (0.8%) (b)
National Australia Bank Ltd.		113,096	$	3,929,450
Containers & Packaging (0.9%)
AmCor Ltd.		659,895		4,177,736
Diversified Financial Services (0.6%) (b)
SunCorp-Metway Ltd.		156,075		2,665,010
Diversified Telecommunication Services (0.2%)
Telstra Corp. Ltd.		284,730		1,107,516
Hotels, Restaurants & Leisure (0.7%) (b)
Tabcorp Holdings Ltd.		228,575		3,320,347
Insurance (0.2%) (b)
Insurance Australia Group Ltd.		233,409		1,125,594
				16,325,653
BELGIUM (0.9%) (a) (b)
Diversified Financial Services (0.9%)
Fortis NV		98,390		4,173,663
BRAZIL (0.9%)
Oil, Gas & Consumable Fuels (0.4%)
Petroleo Brasileiro SA ADR		15,060		1,826,326
Telephones (0.5%)
Tele Norte Leste Participacoes SA		139,000		2,636,830
				4,463,156
FINLAND (1.6%) (a)
Communications Equipment (0.7%)
Nokia OYJ		116,180		3,262,595
Paper & Forest Products (0.9%)
M-Real OYJ, B Shares		34,600		225,738
UPM-Kymmene OYJ		160,579		3,951,459
				4,177,197
				7,439,792
FRANCE (8.9%)
Automobiles (0.5%) (a) (b)
Peugeot SA		28,280		2,278,010
Commercial Banks (2.1%) (a) (b)
BNP Paribas		30,070		3,571,437
Credit Agricole SA		155,970		6,328,269
				9,899,706
Diversified Telecommunication Services (0.7%) (a)
France Telecom SA		130,480		3,578,213
Household Durables (0.7%)
Thomson		168,610		3,224,201
Media (0.6%) (a) (b)
Lagardere SA		32,560		2,823,579
Oil, Gas & Consumable Fuels (2.1%)
Total SA (a)		107,960		8,752,258
Total SA ADR - FR		15,392		1,246,444
				9,998,702
Pharmaceutical (2.2%) (a) (b)
Sanofi-Aventis		131,220		10,599,762
				42,402,173
GERMANY (9.4%) (a)
Air Freight & Logistics (1.7%)
Deutsche Post AG		245,630		7,950,435
Automobiles (0.7%)
Bayerische Motoren Werke AG		53,710		3,456,292
Diversified Telecommunication Services (1.1%) (b)
Deutsche Telekom AG		293,470		5,404,400
Electric Utility (1.1%)
E. On AG		29,837		4,981,125
Household Products (0.5%) (b)
Henkel KGaA		47,190		2,486,444
Industrial Conglomerate (1.2%)
Siemens AG		38,490		5,511,236
Insurance (1.9%)
Allianz AG		17,140		3,996,570
Hannover Rueckversicherung AG (b)		21,730		1,052,110
Muenchener Rueckversicherungs AG		22,190		4,069,008
				9,117,688
Machinery (0.4%) (b)
Heidelberger Druckmaschinen		41,410		1,997,370
Textiles, Apparel & Luxury Goods (0.8%) (b)
Adidas AG		59,890		3,818,890
				44,723,880
GREECE (0.9%) (a)
Electric Utility (0.9%)
Public Power Corp.		155,760		4,389,312

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
HONG KONG (1.9%) (a)
Commercial Bank (0.6%) (b)
BOC Hong Kong Holdings Ltd.		1,280,400	$	3,048,598
Electric Utility (0.1%)
Hong Kong Electric Holdings		74,000		373,295
Electrical Equipment (0.3%) (b)
Johnson Electric Holdings Ltd.		2,419,000		1,343,419
Industrial Conglomerate (0.9%)
Hutchison Whampoa Ltd.		437,600		4,344,242
				9,109,554
IRELAND (0.3%) (a)
Commercial Bank (0.3%)
Bank of Ireland		78,255		1,576,421
ISRAEL (0.6%)
Pharmaceutical (0.6%)
Teva Pharmaceutical Industries Ltd. ADR - IL		72,330		2,983,613
ITALY (4.8%) (a)
Commercial Bank (0.9%)
UniCredito Italiano SPA		494,520		4,416,379
Diversified Telecommunication Services (1.0%)
Telecom Italia SPA		1,685,700		4,614,608
Insurance (0.7%)
Unipol SPA		921,390		3,316,131
Media (0.9%) (b)
Mediaset SPA		430,190		4,443,336
Oil, Gas & Consumable Fuels (1.3%) (b)
Eni SPA		97,980		3,552,117
Saras SPA		411,610		2,623,515
				6,175,632
				22,966,086
JAPAN (22.9%) (a)
Auto Components (0.8%)
NGK Spark Plug Co. Ltd.		37,000		642,774
NOK Corp. (b)		154,400		3,259,243
				3,902,017
Automobiles (1.5%)
Nissan Motor Co. Ltd.		495,700		5,307,559
Toyota Motor Corp.		29,700		1,873,300
				7,180,859
Building Products (0.6%)
JS Group Corp.		133,100		2,698,802
Capital Markets (0.9%) (b)
Nomura Holdings, Inc.		227,800		4,425,181
Chemicals (1.3%)
Kuraray Co. Ltd. (b)		148,700		1,743,264
Sumitomo Chemical Co. Ltd.		246,100		1,651,633
Teijin Ltd.		491,200		2,686,928
				6,081,825
Commercial Banks (4.3%)
77 Bank Ltd. (The) (b)		360,200		2,337,991
Mitsubishi UFJ Financial Group, Inc.		592		6,525,042
Mitsui Trust Holdings, Inc.		181,400		1,578,463
Shinsei Bank Ltd.		499,300		2,018,182
Sumitomo Mitsui Financial Group, Inc.		882		8,223,365
				20,683,043
Consumer Finance (0.8%) (b)
Credit Saison Co. Ltd.		104,900		2,730,621
Shohkoh Fund & Co. Ltd.		6,816		1,142,101
				3,872,722
Food & Staples Retailing (2.9%)
AEON Mall Co. Ltd.		322,900		5,994,318
Lawson, Inc. (b)		32,500		1,124,267
Matsumotokiyoshi Co. Ltd. (b)		92,437		2,029,784
Seven & I Holdings Co. Ltd.		169,500		4,845,812
				13,994,181
Household Durables (1.8%)
Funai Electric Co. Ltd. (b)		9,900		577,067
Sekisui Chemical Co. Ltd.		491,200		3,796,733
Sekisui House Ltd.		315,300		4,203,315
				8,577,115
Household Products (0.1%)
Kao Corp.		13,000		336,629
Machinery (1.7%)
Hino Motors Ltd. (b)		590,400		3,529,997
Kubota Corp.		296,500		2,397,015
THK Co. Ltd.		81,600		2,043,761
				7,970,773
Media (0.9%) (b)
Dentsu, Inc.		1,542		4,371,996

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Value Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Office Electronics (1.2%)
Canon, Inc. (b)		47,908	$	2,809,813
Ricoh Co. Ltd.		118,900		2,751,249
				5,561,062
Paper & Forest Products (0.6%)
Nippon Paper Group, Inc.		791		2,634,155
Pharmaceuticals (0.8%)
Astellas Pharma, Inc.		34,000		1,479,091
Takeda Pharmaceutical Co. Ltd.		38,400		2,480,998
				3,960,089
Road & Rail (1.0%)
Central Japan Railway Co.		8		84,415
Nippon Express Co. Ltd.		827,600		4,705,127
				4,789,542
Semiconductors & Semiconductor Equipment (1.2%)
Rohm Co. Ltd.		66,600		5,911,172
Trading Companies & Distributors (0.5%)
Mitsubishi Corp.		98,900		2,591,697
				109,542,860
MALAYSIA (0.5%) (a)
Commercial Bank (0.5%)
Malayan Banking Berhad		746,200		2,595,004
MEXICO (0.4%)
Beverages (0.4%)
Coca-Cola Femsa SA de CV ADR - MX		44,710		1,979,759
NETHERLANDS (1.3%) (a)
Household Durables (0.5%)
Koninklijke Philips Electronics NV		58,530		2,480,055
Insurance (0.8%)
Aegon NV		186,558		3,671,440
				6,151,495
REPUBLIC OF KOREA (2.4%)
Automobiles (0.5%) (a)
Hyundai Motor Co. Ltd.		30,960		2,443,860
Diversified Telecommunication Services (0.9%)
KT Corp. Sponsored ADR - KR		98,810		2,318,083
SK Telecom Co. Ltd. ADR - KR		81,790		2,236,956
				4,555,039
Electric Utility (0.4%)
Korea Electric Power Corp. ADR - KR		81,780		1,790,982
Semiconductors & Semiconductor Equipment (0.6%) (a)
Samsung Electrical Co. Ltd.		4,654		2,846,313
				11,636,194
SINGAPORE (1.1%) (a)
Commercial Banks (1.1%)
DBS Group Holdings Ltd.		334,240		4,981,163
United Overseas Bank Ltd.		8,800		126,534
				5,107,697
SOUTH AFRICA (0.4%) (a)
Commercial Bank (0.4%)
Nedcor Ltd.		109,207		2,036,027
SPAIN (1.1%)
Commercial Bank (0.6%) (a)
Banco Santander Central Hispano SA		169,662		3,118,387
Oil, Gas & Consumable Fuels (0.5%) (b)
Repsol YPF SA		56,020		2,217,510
				5,335,897
SWEDEN (1.0%)
Communications Equipment (0.9%)
Telefonaktiebolaget LM Ericsson, B Shares (a)		904,500		3,609,115
Telefonaktiebolaget LM Ericsson ADR - SE		10,790		430,413
				4,039,528
Paper & Forest Products (0.1%) (a)
Svenska Cellusoa AB, B Shares		29,550		494,322
				4,533,850
SWITZERLAND (6.6%) (a)
Capital Markets (1.1%)
UBS AG		89,400		5,347,819
Chemicals (1.6%)
Ciba Specialty Chemicals AG		95,148		6,183,791
Clariant AG		95,210		1,541,536
				7,725,327
Food Products (1.2%)
Nestle SA		14,273		5,424,695

8 

Common Stock (continued)
	Shares or
	Principal Amount		Value
SWITZERLAND (continued)
Insurance (0.4%) (b)
Swiss Reinsurance		22,217	$	2,026,691
Pharmaceutical (2.3%)
Novartis AG		192,780		10,825,441
				31,349,973
TAIWAN (1.1%)
Computers & Peripherals (0.5%) (a)
Compal Electronics, Inc.		2,415,000		2,606,704
Semiconductors & Semiconductor Equipment (0.6%)
United MicroElectrical Components & Equipment Corp. ADR - TW		786,371		2,689,389
				5,296,093
UNITED KINGDOM (23.2%) (a)
Beverages (0.8%)
SABMiller PLC		149,600		3,787,236
Commercial Banks (4.8%)
HBOS PLC		172,174		3,386,205
HSBC Holdings PLC		548,483		10,041,985
Royal Bank of Scotland Group PLC		765,988		9,691,445
				23,119,635
Commercial Services & Supplies (1.0%)
Rentokil Initial PLC		1,500,610		4,815,860
Containers & Packaging (0.7%)
Rexam PLC		319,615		3,182,875
Electric Power (0.6%)
British Energy PLC		248,645		2,682,083
Food Products (2.4%)
Unilever PLC		346,969		11,202,454
Industrial Conglomerate (0.4%)
Smiths Group PLC		82,600		1,958,722
Insurance (1.9%)
Friends Provident PLC		1,194,402		4,275,061
Old Mutual PLC		1,476,410		4,974,609
				9,249,670
Media (1.3%)
Reed Elsevier PLC		272,900		3,526,588
Trinity Mirror PLC		190,960		2,012,888
WPP Group PLC		32,500		486,037
				6,025,513
Metals & Mining (0.9%)
BHP Billiton PLC		162,240		4,506,388
Multi-Utility (0.5%)
Centrica PLC		289,820		2,251,467
Multiline Retail (0.5%)
Debenhams PLC		988,080		2,561,324
Oil, Gas & Consumable Fuels (4.1%)
BP PLC		927,293		11,156,361
Royal Dutch Shell PLC		46,344		1,886,518
Royal Dutch Shell PLC, A Shares (b)		158,848		6,464,140
				19,507,019
Pharmaceutical (1.7%)
GlaxoSmithKline PLC		307,378		8,006,393
Wireless Telecommunication Services (1.6%)
Vodafone Group PLC		2,341,987		7,846,769
				110,703,408
Total Common Stocks (Cost $409,476,786)				456,821,560
Repurchase Agreements (3.4%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $16,381,470, collateralized by various U.S. Government Agency Mortgages with a market value of $16,701,862	$	16,374,375		16,374,375
Rights (0.0%)
ITALY (0.0%)
Unipol SPA Rights		878,490		0

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Value Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount	Value
UNITED KINGDOM (continued)
Wireless Telecommunication Services (continued)

Securities Held As Collateral for Securities on Loan (16.8%)
		Shares or
		Principal Amount		Value
Morgan Stanley Repurchase Agreement,
	5.42%, dated 06/29/07, due 07/02/07, repurchase price $80,370,407, collateralized by U.S. Government Agency Mortgages with a market value of $81,940,805	$	80,334,123	$	80,334,123
Total Investments (Cost $506,185,284) (c) — 115.8%					553,530,058
Liabilities in excess of other assets — (15.8)%					(75,629,706	)
NET ASSETS — 100.0%				$	477,900,352

(a)	Fair Valued Security.
(b)	All or a part of the security was on loan as of June 30, 2007.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
FR	France
IL	Israel
KR	Korea
MX	Mexico
SE	Sweden
TW	Taiwan

At June 30, 2007, the Fund’s open forward foreign currency contracts were as follows:

							Unrealized
	Delivery		Contract		Market		Appreciation/
Currency	Date		Value		Value		(Depreciation)
Short Contracts:
Euro		07/03/07		514,467		515,286		(819	)
Total Short Contracts			$	514,467	$	515,286	$	(819	)

							Unrealized
	Delivery		Contract		Market		Appreciation/
Currency	Date		Value		Value		(Depreciation)
Long Contracts:
British Pound		07/02/07		378,877		379,995		1,118
Japanese Yen		07/02/07		465,618		465,278		(340	)
Japanese Yen		07/03/07		160,765		161,327		562
Total Long Contracts			$	1,005,260	$	1,006,600	$	1,340

See accompanying notes to financial statements.

10 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT Nationwide
			Value Fund
Assets:
Investments, at value (cost $409,476,786)*			$	456,821,560
Repurchase agreements, at cost and value				96,708,498
		Total Investments		553,530,058
Foreign currencies, at value (cost $4,007,477)				4,032,036
Interest and dividends receivable				805,816
Receivable for capital shares issued				497,129
Receivable for investments sold				1,717,027
Unrealized appreciation on forward foreign currency contracts				1,680
Reclaims receivable				188,884
Prepaid expenses				4,616
		Total Assets		560,777,246
Liabilities:
Payable to custodian				211,316
Payable for investments purchased				1,734,019
Unrealized depreciation on forward foreign currency contracts				1,159
Payable upon return of securities loaned				80,334,123
Payable for capital shares redeemed				132,787
Accrued expenses and other payables:
	Investment advisory fees			291,087
	Fund administration and transfer agent fees			32,014
	Distribution fees			46,149
	Administrative servicing fees			56,275
	Compliance program costs			4,907
	Other			33,058
		Total Liabilities		82,876,894
Net Assets			$	477,900,352
Represented by:
Capital			$	408,443,395
Accumulated net investment income				2,887,087
Accumulated net realized gains from investment transactions and foreign currency transactions				19,185,209
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				47,384,661
Net Assets			$	477,900,352
Net Assets:
Class I Shares			$	3,602,606
Class II Shares				2,891,610
Class III Shares				175,782,150
Class IV Shares				66,785,910
Class VI Shares				228,838,076
Total			$	477,900,352

See accompanying notes to financial statements.

 11

Statement of Assets and Liabilities (Continued)

	NVIT Nationwide
	Value Fund
Shares outstanding (unlimited number of shares authorized):
Class I Shares		194,654
Class II Shares		156,931
Class III Shares		9,526,804
Class IV Shares		3,609,071
Class VI Shares		12,440,483
Total		25,927,943
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares	$	18.51
Class II Shares	$	18.43
Class III Shares	$	18.45
Class IV Shares	$	18.51
Class VI Shares	$	18.39

* Includes value of securities on loan of $76,697,581.

See accompanying notes to financial statements.

12 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		NVIT International
		Value Fund
INVESTMENT INCOME:
Interest income		$	410,927
Dividend income			8,556,687
Income from securities lending			240,059
	Total Income		9,207,673
Expenses:
Investment advisory fees			1,624,286
Fund administration and transfer agent fees			146,390
Distribution fees Class II Shares			3,643
Distribution fees Class VI Shares			232,050
Administrative servicing fees Class I Shares			2,812
Administrative servicing fees Class II Shares			2,296
Administrative servicing fees Class III Shares			133,724
Administrative servicing fees Class IV Shares			44,289
Administrative servicing fees Class VI Shares			143,736
Custodian fees			8,758
Trustee fees			9,388
Compliance program costs (Note 3)			2,857
Other			51,960
	Total expenses before earnings credit		2,406,189
Earnings credit (Note 6)			(118	)
	Net Expenses		2,406,071
Net Investment Income			6,801,602
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			25,100,224
Net realized gains on foreign currency transactions			176,777
Net realized gains on investment transactions and foreign currency transactions			25,277,001
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			346,460
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			25,623,461
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	32,425,063

See accompanying notes to financial statements.

 13

Statements of Changes in Net Assets

		NVIT International
		Value Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
From Investment Activities:
Operations:
Net investment income		$	6,801,602		$	5,228,316
Net realized gains on investment transactions and foreign currency transactions			25,277,001			33,825,686
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			346,460			21,481,221
Change in net assets resulting from operations			32,425,063			60,535,223
Distributions to shareholders from:
Net investment income:
	Class I		(35,098	)		(85,866	)
	Class II		(24,760	)		(51,959	)
	Class III		(1,711,758	)		(2,882,315	)
	Class IV		(653,036	)		(1,399,739	)
	Class VI		(1,973,127	)		(1,546,737	)
Net realized gains:
	Class I		(236,344	)		(266,274	)
	Class II		(189,984	)		(183,372	)
	Class III		(11,553,312	)		(8,950,355	)
	Class IV		(4,387,787	)		(4,384,367	)
	Class VI		(14,829,379	)		(5,073,827	)
Change in net assets from shareholder distributions			(35,594,585	)		(24,824,811	)
Change in net assets from capital transactions			98,688,156			113,805,438
Change in net assets			95,518,634			149,515,850
Net Assets:
Beginning of period			382,381,718			232,865,868
End of period		$	477,900,352		$	382,381,718
Accumulated net investment income at end of period		$	2,887,087		$	483,264
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	30,213		$	2,999
	Dividends reinvested		271,442			352,140
	Cost of shares redeemed (a)		(692,580	)		(1,219,298	)
			(390,925	)		(864,159	)
Class II Shares
	Proceeds from shares issued		134			10
	Dividends reinvested		214,744			235,331
	Cost of shares redeemed (a)		(294,704	)		(451,731	)
			(79,826	)		(216,390	)
Class III Shares
	Proceeds from shares issued		12,471,206			50,239,173
	Dividends reinvested		13,265,057			11,832,664
	Cost of shares redeemed (a)		(19,129,105	)		(25,715,267	)
			6,607,158			36,356,570

See accompanying notes to financial statements.

14 

Statements of Changes in Net Assets (Continued)

		NVIT International
		Value Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
Class IV Shares
	Proceeds from shares issued	$	533,739		$	996,727
	Dividends reinvested		5,040,896			5,784,106
	Cost of shares redeemed (a)		(5,942,575	)		(14,128,707	)
			(367,940	)		(7,347,874	)
Class VI Shares
	Proceeds from shares issued		77,496,958			85,048,295
	Dividends reinvested		16,802,488			6,620,561
	Cost of shares redeemed (a)		(1,379,757	)		(5,791,565	)
			92,919,689			85,877,291
Change in net assets from capital transactions		$	98,688,156		$	113,805,438
SHARE TRANSACTIONS:
Class I Shares
	Issued		1,595			117
	Reinvested		14,778			21,668
	Redeemed		(36,247	)		(69,240	)
			(19,874	)		(47,455	)
Class II Shares
	Issued		–			1
	Reinvested		11,744			14,561
	Redeemed		(15,456	)		(26,369	)
			(3,712	)		(11,807	)
Class III Shares
	Issued		659,181			2,868,523
	Reinvested		724,534			729,902
	Redeemed		(994,176	)		(1,474,980	)
			389,539			2,123,445
Class IV Shares
	Issued		27,967			55,499
	Reinvested		274,450			356,063
	Redeemed		(311,126	)		(805,890	)
			(8,709	)		(394,328	)
Class VI Shares
	Issued		4,077,965			4,846,861
	Reinvested		920,558			409,211
	Redeemed		(72,979	)		(332,891	)
			4,925,544			4,923,181
Total change in shares			5,282,788			6,593,036

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

 15

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

NVIT International Value Fund

			Investment Activities						Distributions
					Net Realized
					and
	Net Asset				Unrealized		Total
	Value,		Net		Gains		from		Net			Net
	Beginning		Investment		(Losses) on		Investment		Investment			Realized			Total
	of Period		Income		Investments		Activities		Income			Gains			Distributions
Class I Shares
Period ended December 31, 2003 (f)	$	9.25		0.02		3.90		3.92		–			–			–
For the year ended December 31, 2004	$	13.26		0.18		2.46		2.64		(0.33	)		–			(0.33	)
For the year ended December 31, 2005	$	15.58		0.35		1.43		1.78		(0.21	)		(0.55	)		(0.76	)
For the year ended December 31, 2006	$	16.60		0.35		3.18		3.53		(0.37	)		(1.18	)		(1.55	)
For the six months ended June 30, 2007 (Unaudited)	$	18.58		0.31		1.11		1.42		(0.19	)		(1.30	)		(1.49	)
Class II Shares
Period ended December 31, 2003 (f)	$	9.25		0.01		3.87		3.88		–			–			–
For the year ended December 31, 2004	$	13.22		0.14		2.46		2.60		(0.30	)		–			(0.30	)
For the year ended December 31, 2005	$	15.53		0.23		1.51		1.74		(0.18	)		(0.55	)		(0.73	)
For the year ended December 31, 2006	$	16.54		0.30		3.17		3.47		(0.33	)		(1.18	)		(1.51	)
For the six months ended June 30, 2007 (Unaudited)	$	18.50		0.28		1.12		1.40		(0.17	)		(1.30	)		(1.47	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

							Ratios/Supplemental Data
															Ratio of Net
													Ratio of		Investment
											Ratio of		Expenses		Income
	Paid-in										Net		(Prior to		(Prior to
	Capital						Net Assets		Ratio of		Investment		Reimbursements)		Reimbursements)
	from		Net Asset				at End of		Expenses to		Income to		to Average		to Average
	Redemption		Value, End		Total		Period		Average Net		Average Net		Net Assets		Net Assets		Portfolio
	Fees		of Period		Return (a)		(000s)		Assets (b)		Assets (b)		(b)(c)		(b)(c)		Turnover (d)
Class I Shares
Period ended December 31, 2003 (f)		0.09	$	13.26		45.08%	$	542		1.20%		0.56%		(e)		(e)		91.20%
For the year ended December 31, 2004		0.01	$	15.58		20.29%	$	6,247		0.86%		1.33%		(e)		(e)		42.68%
For the year ended December 31, 2005		–	$	16.60		12.09%	$	4,349		0.91%		1.92%		(e)		(e)		48.94%
For the year ended December 31, 2006		–	$	18.58		22.67%	$	3,985		1.01%		1.95%		(e)		(e)		48.61%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.51		7.75%	$	3,603		1.01%		3.08%		1.01%		3.08%		31.06%
Class II Shares
Period ended December 31, 2003 (f)		0.09	$	13.22		44.64%	$	1,523		1.45%		0.20%		(e)		(e)		91.20%
For the year ended December 31, 2004		0.01	$	15.53		20.00%	$	3,368		1.10%		1.69%		(e)		(e)		42.68%
For the year ended December 31, 2005		–	$	16.54		11.79%	$	2,852		1.17%		1.40%		(e)		(e)		48.94%
For the year ended December 31, 2006		–	$	18.50		22.40%	$	2,972		1.26%		1.68%		(e)		(e)		48.61%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.43		7.66%	$	2,892		1.26%		2.86%		1.26%		2.86%		31.06%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	There were no fee reductions during the period.
(f)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(g)	The NVIT International Value Fund retained the history of the Market Street International Fund and the existing shares of the Fund were designated Class IV shares.
(h)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

16 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

			Investment Activities								Distributions
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net			Net
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total
	of Period		Income		Investments			Activities			Income			Gains			Distributions
Class III Shares
Period ended December 31, 2003 (f)	$	9.25		0.05		3.84			3.89			–			–			–
For the year ended December 31, 2004	$	13.23		0.18		2.45			2.63			(0.33	)		–			(0.33	)
For the year ended December 31, 2005	$	15.54		0.24		1.54			1.78			(0.21	)		(0.55	)		(0.76	)
For the year ended December 31, 2006	$	16.56		0.34		3.18			3.52			(0.37	)		(1.18	)		(1.55	)
For the six months ended June 30, 2007 (Unaudited)	$	18.53		0.30		1.11			1.41			(0.19	)		(1.30	)		(1.49	)
Class IV Shares
For the year ended December 31, 2002	$	11.20		0.18		(1.41	)		(1.23	)		(0.12	)		–			(0.12	)
For the year ended December 31, 2003 (g)	$	9.85		0.18		3.41			3.59			(0.27	)		–			(0.27	)
For the year ended December 31, 2004	$	13.26		0.22		2.39			2.61			(0.31	)		–			(0.31	)
For the year ended December 31, 2005	$	15.57		0.25		1.52			1.77			(0.19	)		(0.55	)		(0.74	)
For the year ended December 31, 2006	$	16.60		0.34		3.18			3.52			(0.37	)		(1.18	)		(1.55	)
For the six months ended June 30, 2007 (Unaudited)	$	18.57		0.30		1.13			1.43			(0.19	)		(1.30	)		(1.49	)
Class VI Shares
Period ended December 31, 2004 (h)	$	13.63		0.13		1.95			2.08			(0.17	)		–			(0.17	)
For the year ended December 31, 2005	$	15.55		0.20		1.55			1.75			(0.19	)		(0.55	)		(0.74	)
For the year ended December 31, 2006	$	16.56		0.30		3.17			3.47			(0.36	)		(1.18	)		(1.54	)
For the six months ended June 30, 2007 (Unaudited)	$	18.49		0.25		1.13			1.38			(0.18	)		(1.30	)		(1.48	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

								Ratios/Supplemental Data
																Ratio of Net
														Ratio of		Investment
												Ratio of		Expenses		Income
	Paid-in											Net		(Prior to		(Prior to
	Capital							Net Assets		Ratio of		Investment		Reimbursements)		Reimbursements)
	from		Net Asset					at End of		Expenses to		Income to		to Average		to Average
	Redemption		Value, End		Total			Period		Average Net		Average Net		Net Assets		Net Assets		Portfolio
	Fees		of Period		Return (a)			(000s)		Assets (b)		Assets (b)		(b)(c)		(b)(c)		Turnover (d)
Class III Shares
Period ended December 31, 2003 (f)		0.09	$	13.23		44.75%		$	9,620		1.13%		1.30%		(e)		(e)		91.20%
For the year ended December 31, 2004		0.01	$	15.54		20.26%		$	69,043		0.86%		1.42%		(e)		(e)		42.68%
For the year ended December 31, 2005		–	$	16.56		12.05%		$	116,151		0.93%		1.64%		(e)		(e)		48.94%
For the year ended December 31, 2006		–	$	18.53		22.75%		$	169,278		1.01%		1.87%		(e)		(e)		48.61%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.45		7.72%		$	175,782		1.01%		3.16%		1.01%		3.16%		31.06%
Class IV Shares
For the year ended December 31, 2002		–	$	9.85		(11.10%	)	$	59,335		1.00%		1.63%		(e)		(e)		35.00%
For the year ended December 31, 2003 (g)		0.09	$	13.26		38.52%		$	77,347		1.12%		1.62%		(e)		(e)		91.20%
For the year ended December 31, 2004		0.01	$	15.57		20.04%		$	73,953		1.00%		1.56%		(e)		(e)		42.68%
For the year ended December 31, 2005		–	$	16.60		11.97%		$	66,597		1.03%		1.56%		(e)		(e)		48.94%
For the year ended December 31, 2006		–	$	18.57		22.74%		$	67,200		1.02%		1.93%		(e)		(e)		48.61%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.51		7.76%		$	66,786		0.99%		3.16%		0.99%		3.16%		31.06%
Class VI Shares
Period ended December 31, 2004 (h)		0.01	$	15.55		15.45%		$	13,117		1.11%		0.63%		(e)		(e)		42.68%
For the year ended December 31, 2005		–	$	16.56		11.80%		$	42,916		1.19%		1.41%		(e)		(e)		48.94%
For the year ended December 31, 2006		–	$	18.49		22.41%		$	138,946		1.26%		1.40%		(e)		(e)		48.61%
For the six months ended June 30, 2007 (Unaudited)		–	$	18.39		7.59%		$	228,838		1.26%		3.12%		1.26%		3.12%		31.06%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	There were no fee reductions during the period.
(f)	For the period from April 28, 2003 (commencement of operations) through December 31, 2003.
(g)	The NVIT International Value Fund retained the history of the Market Street International Fund and the existing shares of the Fund were designated Class IV shares.
(h)	For the period from April 28, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

 17

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT International Value Fund (the “Fund”), (formerly “GVIT International Value Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

18 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

20 

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33¹/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

	Value of
Value of Loaned Securities	Collateral
$76,697,581	$	80,334,123

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

 21

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	507,249,114	$	53,975,034	$	(7,694,090	)	$	46,280,944

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the The Boston Company (“TBC”), an affiliate of the Dreyfus Corporation, the Fund’s subadviser (the “subadviser”). The subadviser manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Fee Schedule	Fees
Up to $500 million		0.75%
$500 million up to $2 billion		0.70%
$2 billion or more		0.65%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadvisor $812,143 for the year end June 30, 2007.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

22 

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VI shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class I, Class II, Class III, and Class VI shares of the Fund and 0.20% of Class IV shares of the Fund.

For the six months ended June 30, 2007, NFS received $325,315 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $2,857.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III and Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III and Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III and Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III and Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

 23

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $19,400.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $190,968,393 and sales of $128,796,944.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

24 

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 25

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

26 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 27

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

28 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 29

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

30 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 31

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

32 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 33

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

34 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 35

NVIT Nationwide Leaders Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-NL (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT Nationwide Leaders Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
NVIT Nationwide Leaders Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,054.80	$	5.45		1.07%
	Hypothetical	1	$	1,000.00	$	1,019.49	$	5.37		1.07%
Class III	Actual		$	1,000.00	$	1,054.00	$	5.35		1.05%
	Hypothetical	1	$	1,000.00	$	1,019.59	$	5.27		1.05%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

NVIT Nationwide Leaders Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	92.7%
Repurchase Agreements	8.4%
Liabilities in excess of other assets	-1.1%
	100.0%

Top Holdings*
Procter & Gamble Co. (The)	8.3%
Intel Corp.	7.8%
Microsoft Corp.	7.0%
3M Co.	5.1%
ConocoPhillips	4.9%
Johnson & Johnson	4.7%
Bank of America Corp.	4.7%
Pfizer, Inc.	4.6%
Colgate-Palmolive Co.	4.6%
Archer-Daniels Midland Co.	4.5%
Other	43.8%
	100.0%

Top Industries
Household Products	12.9%
Pharmaceuticals	12.4%
Semiconductors & Semiconductor Equipment	10.1%
Oil, Gas & Consumable Fuels	8.9%
Software	7.0%
Industrial Conglomerates	5.0%
Diversified Financial Services	4.7%
Food Products	4.5%
Multi-Utilities	4.4%
Multiline Retail	4.2%
Other	25.9%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT Nationwide Leaders Fund

Common Stock (92.7%)
	Shares or
	Principal Amount		Value
Beverages (3.1%)
Constellation Brands, Inc.*		42,000	$	1,019,760
Chemicals (4.2%)
Syngenta AG ADR — CH		35,000		1,362,550
Communications Equipment (2.1%)
Cisco Systems, Inc.*		24,100		671,185
Diversified Financial Services (4.7%)
Bank of America Corp.		31,300		1,530,257
Food Products (4.5%)
Archer-Daniels Midland Co.		44,100		1,459,269
Household Products (12.9%)
Colgate-Palmolive Co.		22,900		1,485,065
Procter & Gamble Co. (The)		44,200		2,704,598
				4,189,663
Independent Power Producers & Energy Traders (3.7%)
Dynegy, Inc.*		127,100		1,199,824
Industrial Conglomerate (5.0%)
3M Co.		18,900		1,640,331
Multi-Utilities (4.4%)
Sempra Energy		23,900		1,415,597
Multiline Retail (4.2%)
Macy’s, Inc.		34,300		1,364,454
Oil, Gas & Consumable Fuels (8.9%)
ConocoPhillips		20,200		1,585,700
Occidental Petroleum Corp.		22,400		1,296,512
				2,882,212
Pharmaceuticals (12.4%)
Johnson & Johnson		24,900		1,534,338
Pfizer, Inc.		58,500		1,495,845
Wyeth		17,140		982,808
				4,012,991
Semiconductors & Semiconductor Equipment (10.1%)
Intel Corp.		106,900		2,539,944
MEMC Electronic Materials, Inc.*		12,100		739,552
				3,279,496
Software (7.0%)
Microsoft Corp.		76,700		2,260,349
Specialty Retail (2.2%)
TJX Cos., Inc.		25,600		704,000
Wireless Telecommunication Services (3.3%)
Vodafone Group PLC ADR — GB		32,170		1,081,877
Total Common Stocks (Cost $29,639,441)				30,073,815
Repurchase Agreements (8.4%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $2,717,061, collateralized by U.S. Government Agency Mortgages with a market value of $2,770,202	$	2,715,884		2,715,884
Total Investments (Cost $32,355,325) (a) — 101.1%				32,789,699
Liabilities in excess of other assets — (1.1)%				(345,644	)
NET ASSETS — 100.0%			$	32,444,055

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CH	Switzerland
GB	United Kingdom

See accompanying notes to financial statements.

6 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT Nationwide
			Leaders Fund
Assets:
Investments, at value (cost $29,639,441)			$	30,073,815
Repurchase agreements, at cost and value				2,715,884
		Total Investments		32,789,699
Interest and dividends receivable				73,022
Receivable for capital shares issued				4,618
Prepaid expenses				361
		Total Assets		32,867,700
Liabilities:
Payable for investments purchased				327,151
Payable for capital shares redeemed				13,945
Accrued expenses and other payables:
	Investment advisory fees			68,017
	Fund administration and transfer agent fees			1,077
	Administrative servicing fees			1,992
	Compliance program costs			415
	Other			11,048
		Total Liabilities		423,645
Net Assets			$	32,444,055
Represented by:
Capital			$	30,820,615
Accumulated net investment income				78,829
Accumulated net realized gains from investment transactions				1,110,237
Net unrealized appreciation on investments				434,374
Net Assets			$	32,444,055
Net Assets:
Class I Shares			$	3,006,729
Class III Shares				29,437,326
Total			$	32,444,055
Shares outstanding (unlimited number of shares authorized):
Class I Shares				219,547
Class III Shares				2,145,273
Total				2,364,820
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	13.70
Class III Shares			$	13.72

See accompanying notes to financial statements.

 7

Statement of Assets and Liabilities (Continued)

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		NVIT Nationwide
		Leaders Fund
INVESTMENT INCOME:
Interest income		$	33,662
Dividend income			311,203
	Total Income		344,865
Expenses:
Investment advisory fees			134,251
Fund administration and transfer agent fees			11,346
Administrative servicing fees Class I Shares			2,093
Administrative servicing fees Class III Shares			20,915
Custodian fees			651
Trustee fees			805
Compliance program costs (Note 3)			256
Printing fees			10,820
Other			2,107
	Total expenses before earnings credit		183,244
Earnings credit (Note 6)			(301	)
	Net Expenses		182,943
Net Investment Income			161,922
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			1,146,311
Net change in unrealized appreciation on investments			513,334
Net realized/unrealized gains (losses) on investments			1,659,645
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,821,567

See accompanying notes to financial statements.

8 

Statements of Changes in Net Assets

		NVIT Nationwide
		Leaders Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
From Investment Activities:
Operations:
Net investment income		$	161,922		$	156,776
Net realized gains on investment transactions			1,146,311			4,291,531
Net change in unrealized appreciation/depreciation on investments			513,334			(505,637	)
Change in net assets resulting from operations			1,821,567			3,942,670
Distributions to shareholders from:
Net investment income:
	Class I		(7,632	)		(14,150	)
	Class III		(75,461	)		(186,218	)
Net realized gains:
	Class I		(162,897	)		(178,468	)
	Class III		(1,545,917	)		(2,368,591	)
Change in net assets from shareholder distributions			(1,791,907	)		(2,747,427	)
Change in net assets from capital transactions			(2,292,997	)		11,744,477
Change in net assets			(2,263,337	)		12,939,720
Net Assets:
Beginning of period			34,707,392			21,767,672
End of period		$	32,444,055		$	34,707,392
Accumulated net investment income at end of period		$	78,829		$	–
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	1,122,850		$	1,716,707
	Dividends reinvested		170,529			192,618
	Cost of shares redeemed (a)		(676,427	)		(1,100,195	)
			616,952			809,130
Class III Shares
	Proceeds from shares issued		6,449,063			13,944,033
	Dividends reinvested		1,621,373			2,554,807
	Cost of shares redeemed (a)		(10,980,385	)		(5,563,493	)
			(2,909,949	)		10,935,347
Change in net assets from capital transactions		$	(2,292,997	)	$	11,744,477

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets (Continued)

		NVIT Nationwide
		Leaders Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		79,545			128,119
	Reinvested		12,548			13,989
	Redeemed		(48,725	)		(82,023	)
			43,368			60,085
Class III Shares
	Issued		455,466			999,718
	Reinvested		119,131			185,065
	Redeemed		(774,412	)		(410,234	)
			(199,815	)		774,549
Total change in shares			(156,447	)		834,634

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

10 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

NVIT Nationwide Leaders Fund

			Investment Activities								Distributions
					Net
					Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net			Net
	Beginning		Investment		(Losses) on			Investment			Investment			Realized			Total
	of Period		Income		Investments			Activities			Income			Gains			Distributions
Class I Shares
Period ended December 31, 2002 (e)	$	11.20		0.03		(1.75	)		(1.72	)		(0.06	)		–			(0.06	)
For the year ended December 31, 2003	$	9.44		0.01		2.37			2.38			(0.02	)		–			(0.02	)
For the year ended December 31, 2004	$	11.81		0.06		2.15			2.21			(0.05	)		(0.20	)		(0.25	)
For the year ended December 31, 2005	$	13.78		0.15		1.21			1.36			(0.17	)		(2.08	)		(2.25	)
For the year ended December 31, 2006	$	12.89		0.10		1.96			2.06			(0.12	)		(1.09	)		(1.21	)
For the six months ended June 30, 2007 (Unaudited)	$	13.74		0.07		0.68			0.75			(0.04	)		(0.75	)		(0.79	)
Class III Shares
For the year ended December 31, 2002	$	10.08		0.04		(0.64	)		(0.60	)		(0.06	)		–			(0.06	)
For the year ended December 31, 2003	$	9.44		0.01		2.39			2.40			(0.02	)		–			(0.02	)
For the year ended December 31, 2004	$	11.83		0.06		2.15			2.21			(0.05	)		(0.20	)		(0.25	)
For the year ended December 31, 2005	$	13.80		0.16		1.20			1.36			(0.17	)		(2.08	)		(2.25	)
For the year ended December 31, 2006	$	12.91		0.10		1.97			2.07			(0.12	)		(1.09	)		(1.21	)
For the six months ended June 30, 2007 (Unaudited)	$	13.77		0.07		0.67			0.74			(0.04	)		(0.75	)		(0.79	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

								Ratios/Supplemental Data
																Ratio of Net
														Ratio of		Investment
												Ratio of		Expenses		Income
	Paid-in											Net		(Prior to		(Prior to
	Capital							Net Assets		Ratio of		Investment		Reimbursements)		Reimbursements)
	from		Net Asset					at End of		Expenses to		Income to		to Average		to Average
	Redemption		Value, End		Total			Period		Average Net		Average Net		Net Assets		Net Assets		Portfolio
	Fees		of Period		Return (a)			(000s)		Assets (b)		Assets (b)		(b)(c)		(b)(c)		Turnover (d)
Class I Shares
Period ended December 31, 2002 (e)		0.02	$	9.44		(15.17%	)	$	247		1.12%		1.03%		(f)		(f)		105.28%
For the year ended December 31, 2003		0.01	$	11.81		25.38%		$	530		1.14%		0.05%		(f)		(f)		244.94%
For the year ended December 31, 2004		0.01	$	13.78		18.79%		$	927		1.19%		0.55%		(f)		(f)		259.37%
For the year ended December 31, 2005		–	$	12.89		10.31%		$	1,496		1.16%		1.18%		(f)		(f)		483.17%
For the year ended December 31, 2006		–	$	13.74		16.05%		$	2,421		1.12%		0.55%		(f)		(f)		671.16%
For the six months ended June 30, 2007 (Unaudited)		–	$	13.70		5.48%		$	3,007		1.07%		0.96%		1.07%		0.96%		404.98%
Class III Shares
For the year ended December 31, 2002		0.02	$	9.44		(5.78%	)	$	8,463		1.15%		0.80%		1.16%		0.79%		105.28%
For the year ended December 31, 2003		0.01	$	11.83		25.59%		$	8,801		1.13%		0.16%		(f)		(f)		244.94%
For the year ended December 31, 2004		0.01	$	13.80		18.77%		$	9,617		1.17%		0.48%		(f)		(f)		259.37%
For the year ended December 31, 2005		–	$	12.91		10.30%		$	20,271		1.16%		1.26%		(f)		(f)		483.17%
For the year ended December 31, 2006		–	$	13.77		16.12%		$	32,286		1.10%		0.63%		(f)		(f)		671.16%
For the six months ended June 30, 2007 (Unaudited)		–	$	13.72		5.40%		$	29,437		1.05%		0.93%		1.06%		0.93%		404.98%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 9, 2002 (recommencement of operations) through December 31, 2002.
(f)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 11

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Nationwide Leaders Fund (the “Fund”), (formerly, Gartmore GVIT Nationwide Leaders Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

12 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/ market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(e) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(f) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(g) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33¹/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. The Fund did not have securities on loan as of June 30, 2007.

14 

(h) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(i) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	33,246,198	$	99,916	$	(556,415	)	$	(456,499	)

(j) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

Base Management Fee	Fees
Up to $500 million		0.80%
$500 million up to $2 billion		0.70%
$2 billion or more		0.65%

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the S&P 500 Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The performance adjusted advisory fee will be paid quarterly.

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.15% for all classes until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, depending on the fund (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of June 30, 2007, there were no cumulative potential reimbursements for all share classes of the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

16 

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $572,602 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $256.

As of June 30, 2007, the adviser or affiliates of the adviser directly held 5.89% of the shares outstanding of the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $4,319.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $133,437,634 and sales of $139,045,037.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing

18 

authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 19

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

20 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 23

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

24 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 25

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

26 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 27

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 29

Nationwide NVIT Investor Destinations Aggressive Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IDA (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder Nationwide NVIT Investor Destinations

Aggressive Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Investor Destinations
Aggressive Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During		Expense
			January 1, 2007		Value,		Period*2		Ratio*2
					June 30, 2007
Class II	Actual		$	1,000.00	$	1,080.60	$	2.79		0.54%
	Hypothetical	1	$	1,000.00	$	1,022.12	$	2.71		0.54%
Class VI	Actual		$	1,000.00	$	1,080.80	$	2.94		0.57%
	Hypothetical	1	$	1,000.00	$	1,021.97	$	2.86		0.57%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

4 

Portfolio Summary Nationwide NVIT Investor Destinations Aggressive Fund

June 30, 2007

Asset Allocation
Mutual Funds	100.0%
	100.0%

Asset Allocation Detail
Equity Funds	95.0%
Fixed Income Funds	5.0%
	100.0%

Top Holdings
NVIT S&P 500 Index Fund, ID Class	39.9%
Nationwide International Index Fund, Institutional Class	28.9%
NVIT Mid Cap Index Fund, ID Class	15.0%
NVIT Small Cap Index Fund, ID Class	9.9%
Nationwide NVIT Bond Index Fund, ID Class	5.0%
NVIT International Index Fund, ID Class	1.3%
	100.0%

 5

Statements of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Investor Destinations Aggressive Fund

MUTUAL FUNDS (100.0%)(a)
	Shares		Value
Equity Funds (95.0%)
NVIT Small Cap Index Fund, ID Class		7,745,976	$	78,621,659
Nationwide International Index Fund, Institutional Class		19,258,631		228,792,539
NVIT International Index Fund, ID Class		870,306		10,269,615
NVIT Mid Cap Index Fund, ID Class		5,904,909		118,334,381
NVIT S&P 500 Index Fund, ID Class		30,156,880		315,742,533
Fixed Income Funds (5.0%)
Nationwide NVIT Bond Index Fund, ID Class		4,039,143		39,704,775
Total Investments (Cost $714,390,914) (b) — 100.0%				791,465,502
Other assets in excess of liabilities — 0.0%				40,649
NET ASSETS — 100.0%			$	791,506,151

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

See accompanying notes to financial statements.

6 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Investor
			Destinations
			Aggressive Fund
Assets:
Investments in affiliates, at value (cost $714,390,914)			$	791,465,502
Cash				42
Receivable for capital shares issued				406,276
Prepaid expenses				7,831
		Total Assets		791,879,651
Liabilities:
Payable for capital shares redeemed				45,167
Accrued expenses and other payables:
	Investment advisory fees			84,880
	Distribution fees			163,232
	Administrative servicing fees			25,939
	Compliance program costs			9,470
	Other			44,812
		Total Liabilities		373,500
Net Assets			$	791,506,151
Represented by:
Capital			$	626,967,720
Accumulated net investment loss				(1,323,719	)
Accumulated net realized gains from investment transactions				88,787,562
Net unrealized appreciation on investments				77,074,588
Net Assets			$	791,506,151
Net Assets:
Class II Shares				779,626,900
Class VI Shares				11,879,251
Total			$	791,506,151
Shares outstanding (unlimited number of shares authorized):
Class II Shares				55,690,318
Class VI Shares				851,759
Total				56,542,077
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):*
Class II Shares			$	14.00
Class VI Shares			$	13.95

* Not subject to a front-end sales charge.

See accompanying notes to financial statements.

 7

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Investor Destinations
		Aggressive Fund
INVESTMENT INCOME:
Dividend income		$	306,764
Dividend income from affiliates			7,113,542
	Total Income		7,420,306
Expenses:
Investment advisory fees			496,080
Distribution fees Class II Shares			939,359
Distribution fees Class VI Shares			14,651
Administrative servicing fees Class II Shares			493,915
Administrative servicing fees Class VI Shares			9,355
Trustee fees			17,486
Compliance program costs (Note 3)			5,195
Other			77,635
	Total expenses before earnings credit		2,053,676
Earnings credit (Note 6)			(73	)
	Net Expenses		2,053,603
Net Investment Income			5,366,703
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains on investment transactions with affiliates			80,558,357
Realized gain distributions from underlying funds			8,342,550
Net realized gains on investment transactions			88,900,907
Net change in unrealized depreciation on investments			(35,208,122	)
Net realized/unrealized gains (losses) on investments			53,692,785
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	59,059,488

See accompanying notes to financial statements.

8 

Statements of Changes in Net Assets

		Nationwide NVIT Investor
		Destinations Aggressive Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	5,366,703		$	10,281,100
Net realized gains on investment transactions			88,900,907			28,548,029
Net change in unrealized appreciation/depreciation on investment transactions			(35,208,122	)		64,406,969
Change in net assets resulting from operations			59,059,488			103,236,098
Distributions to shareholders from:
Net investment income:
	Class II		(7,625,191	)		(13,328,298	)
	Class VI		(127,628	)		(202,117	)
Net realized gains on investments:
	Class II		(24,266,362	)		(9,376,448	)
	Class VI		(371,136	)		(110,753	)
Change in net assets from shareholder distributions			(32,390,317	)		(23,017,616	)
Change in net assets from capital transactions			25,848,979			73,623,124
Change in net assets			52,518,150			153,841,606
Net Assets:
Beginning of period			738,988,001			585,146,395
End of period		$	791,506,151		$	738,988,001
Accumulated net investment income (loss) at end of period		$	(1,323,719	)	$	1,062,397
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	34,696,554		$	84,347,700
	Dividends reinvested		31,891,512			22,704,733
	Cost of shares redeemed (a)		(40,831,480	)		(36,462,630	)
			25,756,586			70,589,803
Class VI Shares
	Proceeds from shares issued		1,960,219			8,533,521
	Dividends reinvested		498,763			312,870
	Cost of shares redeemed (a)		(2,366,589	)		(5,813,070	)
			92,393			3,033,321
Change in net assets from capital transactions		$	25,848,979		$	73,623,124
SHARE TRANSACTIONS:
Class II Shares
	Issued		2,472,512			6,662,995
	Reinvested		2,285,780			1,809,129
	Redeemed		(2,925,483	)		(2,887,780	)
			1,832,809			5,584,344

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Investor
		Destinations Aggressive Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS: (continued)
Class VI Shares
	Issued		140,457			667,757
	Reinvested		35,884			24,781
	Redeemed		(170,014	)		(457,870	)
			6,327			234,668
Total change in shares			1,839,136			5,819,012

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

10 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Investor Destinations Aggressive Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class II Shares
For the year ended December 31, 2002	$	10.11		0.09		(1.96	)		(1.87	)		(0.09	)
For the year ended December 31, 2003	$	8.15		0.12		2.46			2.58			(0.12	)
For the year ended December 31, 2004 (e)	$	10.49		0.17		1.28			1.45			(0.17	)
For the year ended December 31, 2005	$	11.52		0.22		0.68			0.90			(0.22	)
For the year ended December 31, 2006	$	11.97		0.20		1.78			1.98			(0.26	)
For the six months ended June 30, 2007 (Unaudited)	$	13.51		0.10		0.98			1.08			(0.14	)
Class VI Shares
Period ended December 31, 2004 (f)	$	10.52		0.17		1.15			1.32			(0.17	)
For the year ended December 31, 2005	$	11.52		0.23		0.68			0.91			(0.24	)
For the year ended December 31, 2006	$	11.96		0.20		1.77			1.97			(0.28	)
For the six months ended June 30, 2007 (Unaudited)	$	13.47		0.10		0.98			1.08			(0.15	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	realized			Total			Value, End		Total			Period		to Average
	gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class II Shares
For the year ended December 31, 2002		–			(0.09	)		8.15		(18.50%	)	$	19,493		0.56%
For the year ended December 31, 2003		(0.12	)		(0.24	)		10.49		31.87%		$	94,500		0.55%
For the year ended December 31, 2004 (e)		(0.25	)		(0.42	)		11.52		14.03%		$	332,097		0.56%
For the year ended December 31, 2005		(0.23	)		(0.45	)		11.97		7.93%		$	577,843		0.56%
For the year ended December 31, 2006		(0.18	)		(0.44	)		13.51		16.87%		$	727,599		0.57%
For the six months ended June 30, 2007 (Unaudited)		(0.45	)		(0.59	)		14.00		8.06%		$	779,627		0.54%
Class VI Shares
Period ended December 31, 2004 (f)		(0.15	)		(0.32	)		11.52		12.58%		$	440		0.41%
For the year ended December 31, 2005		(0.23	)		(0.47	)		11.96		7.95%		$	7,303		0.51%
For the year ended December 31, 2006		(0.18	)		(0.46	)		13.47		16.92%		$	11,389		0.56%
For the six months ended June 30, 2007 (Unaudited)		(0.45	)		(0.60	)		13.95		8.08%		$	11,879		0.57%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
For the year ended December 31, 2002		1.41%		(g)		(g)		111.74%
For the year ended December 31, 2003		1.60%		(g)		(g)		49.13%
For the year ended December 31, 2004 (e)		2.13%		(g)		(g)		18.26%
For the year ended December 31, 2005		2.04%		(g)		(g)		9.12%
For the year ended December 31, 2006		1.56%		(g)		(g)		7.82%
For the six months ended June 30, 2007 (Unaudited)		1.41%		0.54%		1.41%		70.36%
Class VI Shares
Period ended December 31, 2004 (f)		3.59%		(g)		(g)		18.26%
For the year ended December 31, 2005		3.82%		(g)		(g)		9.12%
For the year ended December 31, 2006		1.72%		(g)		(g)		7.82%
For the six months ended June 30, 2007 (Unaudited)		1.39%		0.57%		1.39%		70.36%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.
(g)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 11

Notes to Financial Statements

June 30, 2007 (Unaudited)

1.  Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Investor Destinations Aggressive Fund (the “Fund”) (formerly, “Gartmore GVIT Investor Destinations Aggressive Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value.

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

12 

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(h) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(i) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/ tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal

14 

Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	714,395,529	$	77,734,544	$	(664,571	)	$	77,069,973

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3.  Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The Funds do not pay a fee for these.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”). These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $572,602 in Administrative Services Fees from the Fund.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $5,195.

Because the Fund invests primarily in other affiliated funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4.  Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $1,019.

5.  Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $547,663,125 and sales of $540,759,911.

6.  Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7.  Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

16 

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9.  Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 17

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

18 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 19

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

20 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 21

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

22 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

 (ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had outperformed its secondary benchmark (which is a more appropriate indicator of performance than the Fund’s primary benchmark) for the one- and three-year periods. The Board also considered that the performance of the Fund’s Class II shares had ranked in the fourth quintile of the Fund’s Lipper-constructed Performance Group over the one-, three- and four-year periods, and in the fifth quintile over the two-year period. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fifth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the first quintile. The Board also considered that the Fund’s contractual advisory fee compared with its peer group was relatively high, but within the range of fees charged by the peer group, total expenses were relatively low, and the advisory fee should be consistent among all of the Investor Destination Funds offered by the Trust. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2005 and 2006. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 23

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR            30,051,703.188 shares AGAINST   618,245.021 shares ABSTAIN   1,813,550.431 shares TOTAL       32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR            4,322,203.982 shares AGAINST   2,758.318 shares ABSTAIN   135,636.840 shares TOTAL       4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR            20,032,843.199 shares AGAINST   333,588.902 shares ABSTAIN   1,093,293.879 shares TOTAL       21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR            35,380,179.120 shares AGAINST   631,117.844 shares ABSTAIN   1,565,714.306 shares TOTAL       37,577,011.270 shares	94.154% 1.679% 4.167%

24 

	Number of Shares
Fund	Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR             56,119,814.230 shares AGAINST   666,195.542 shares ABSTAIN   1,944,898.888 shares TOTAL       58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR             7,632,918.513 shares AGAINST   149,458.111 shares ABSTAIN   451,583.036 shares TOTAL        8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR             48,649,396.525 shares AGAINST   979,183.753 shares ABSTAIN   2,786,133.102 shares TOTAL       52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR             29,903,181.700 shares AGAINST   838,774.923 shares ABSTAIN   2,006,741.307 shares TOTAL       32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR             21,0177,889.443 shares AGAINST   424,272.958 shares ABSTAIN   1,543,850.729 shares TOTAL       23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR             17,050,534.593 shares AGAINST   526,574.722 shares ABSTAIN   881,608.905 shares TOTAL       18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR             1,554,847.333 shares AGAINST   19,539.033 shares ABSTAIN   52,206.494 shares TOTAL       1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR             4,722,963.678 shares AGAINST   157,979.030 shares ABSTAIN   207,642.222 shares TOTAL       5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR             8,585,472.039 shares AGAINST   102,267.977 shares ABSTAIN   489,577.634 shares TOTAL        9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR             4,123,270.549 shares AGAINST   122,001.533 shares ABSTAIN   240,276.088 shares TOTAL        4,485,548.170 shares	91.923% 2.720% 5.357%

 25

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR             88,471,567.462 shares AGAINST   1,825,645.181 shares ABSTAIN   5,841,990.727 shares TOTAL       96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR             14,931,435.904 shares AGAINST   409,826.402 shares ABSTAIN   1,259,945.064 shares TOTAL       16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR             6,251,419.070 shares AGAINST   139,618.548 shares ABSTAIN   290,025.592 shares TOTAL       6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR             49,489,224.549 shares AGAINST   1,385,396.474 shares ABSTAIN   3,696,272.337 shares TOTAL       54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR             23,091,965.887 shares AGAINST   314,935,884 shares ABSTAIN   2,292,355.179 shares TOTAL       25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR             188,902,093.059 shares AGAINST   3,018,924.590 shares ABSTAIN   16,359,690.401 shares TOTAL       208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR            134,792,622.920 shares AGAINST   3,489,207.264 shares ABSTAIN   9,304,197.656 shares TOTAL       147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR             49,627,123.216 shares AGAINST   856,088.634 shares ABSTAIN   3,507,215.650 shares TOTAL       53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR            10,879,584.971 shares AGAINST   352,594.958 shares ABSTAIN   717,792.971 shares TOTAL       11,949,972.900 shares	91.043% 2.950% 6.007%

26 

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR             221,774,863.241 shares AGAINST   12,322,482.494 shares ABSTAIN   16,471,740.875 shares TOTAL       250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR             1,578,331,008.328 shares AGAINST   32,372,133.671 shares ABSTAIN   112,652,123.301 shares TOTAL       1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR             125,423,274.735 shares AGAINST   2,767,979.467 shares ABSTAIN   8,762,255.828 shares TOTAL       136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR             2,298,504.956 shares AGAINST   29,630.469 shares ABSTAIN   71,637.755 shares TOTAL       2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR             4,972,094.773 shares AGAINST   122,623.161 shares ABSTAIN   174,625.606 shares TOTAL       5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR             2,666,862.487 shares AGAINST   47,702.491 shares ABSTAIN   118,719.882 shares TOTAL       2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR             15,966,867.546 shares AGAINST   259,004.324 shares ABSTAIN   1,339,385.200 shares TOTAL       17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR             27,737,008.009 shares AGAINST   502,564.164 shares ABSTAIN   1,824,670.107 shares TOTAL       30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR             21,253,297.665 shares AGAINST   484,100.920 shares ABSTAIN   1,803,963.645 shares TOTAL       23,541,362.230 shares	90.281% 2.056% 7.663%

 27

Supplemental Information (Unaudited) (Continued)

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR            10,862,827.499 shares AGAINST   414,574.660 shares ABSTAIN   672,570.741 shares TOTAL       11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

28 

Nationwide NVIT Investor Destinations Moderately Aggressive Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IDMA (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder Nationwide NVIT Investor Destinations

Moderately Aggressive Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Investor Destinations
Moderately Aggressive Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During		Expense
			January 1, 2007		Value,		Period*2		Ratio*2
					June 30, 2007
Class II	Actual		$	1,000.00	$	1,070.30	$	2.77		0.54%
	Hypothetical	1	$	1,000.00	$	1,022.12	$	2.71		0.54%
Class VI	Actual		$	1,000.00	$	1,070.40	$	2.82		0.55%
	Hypothetical	1	$	1,000.00	$	1,022.07	$	2.76		0.55%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

4 

Portfolio Summary Nationwide NVIT Investor Destinations Moderately Aggressive Fund

June 30, 2007

Asset Allocation
Mutual Funds	95.1%
Fixed Contract	4.9%
	100.0%

Asset Allocation Detail
Equity Funds	79.9%
Fixed Income Funds	15.2%
Fixed Contract	4.9%
	100.0%

Top Holdings
NVIT S&P 500 Index Fund, ID Class	34.9%
Nationwide International Index Fund, Institutional Class	24.7%
Nationwide NVIT Bond Index Fund, ID Class	15.0%
NVIT Mid Cap Index Fund, ID Class	14.9%
NVIT Small Cap Index Fund, ID Class	5.0%
Nationwide Fixed Contract, 3.95%	4.9%
NVIT International Index Fund, ID Class	0.4%
Nationwide NVIT Enhanced Income Fund, ID Class	0.2%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Investor Destinations Moderately Aggressive Fund

Mutual Funds (95.1%) (a)
	Shares or
	Principal Amount		Value
Equity Funds (79.9%)
NVIT Small Cap Index Fund, ID Class		10,801,027	$	109,630,423
Nationwide International Index Fund, Institutional Class		45,951,140		545,899,546
NVIT International Index Fund, ID Class		821,543		9,694,204
NVIT Mid Cap Index Fund, ID Class		16,467,668		330,012,071
NVIT S&P 500 Index Fund, ID Class		73,589,075		770,477,612
Fixed Income Funds (15.2%)
Nationwide NVIT Bond Index Fund, ID Class		33,793,203		332,187,182
Nationwide NVIT Enhanced Income Fund, ID Class		334,940		3,349,404
Total Mutual Funds (Cost $1,920,644,637)				2,101,250,442

Fixed Contract (4.9%) (a) (b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.95%	$	106,940,767	$	106,940,767
Total Investments (Cost $2,027,585,404) (c) — 100.0%				2,208,191,209
Other assets in excess of liabilities — 0.0%				679,520
NET ASSETS — 100.0%			$	2,208,870,729

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

6 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Investor
			Destinations Moderately
			Aggressive Fund
Assets:
Investments in affiliates, at value (cost $2,027,585,404)			$	2,208,191,209
Cash				92
Interest and dividends receivable				23,146
Receivable for capital shares issued				2,251,771
Prepaid expenses				22,098
	Total Assets			2,210,488,316
Liabilities:
Payable for capital shares redeemed				649,667
Accrued expenses and other payables:
	Investment advisory fees			235,962
	Distribution fees			453,778
	Administrative servicing fees			175,701
	Compliance program costs			24,086
	Other			78,393
		Total Liabilities		1,617,587
Net Assets			$	2,208,870,729
Represented by:
Capital			$	1,860,133,783
Accumulated net investment loss				(2,457,129	)
Accumulated net realized gains from investment transactions				170,588,270
Net unrealized appreciation on investments				180,605,805
Net Assets			$	2,208,870,729
Net Assets:
Class II Shares				2,191,602,254
Class VI Shares				17,268,475
Total			$	2,208,870,729
Shares outstanding (unlimited number of shares authorized):
Class II Shares				161,137,164
Class VI Shares				1,274,795
Total				162,411,959
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):*
Class II Shares			$	13.60
Class VI Shares			$	13.55

* Not subject to a front-end sales charge.

See accompanying notes to financial statements.

 7

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Investor Destinations
		Moderately
		Aggressive Fund
INVESTMENT INCOME:
Dividend income		$	651,141
Interest income from affiliates			2,042,979
Dividend income from affiliates			21,896,970
	Total Income		24,591,090
Expenses:
Investment advisory fees			1,334,175
Distribution fees Class II Shares			2,545,018
Distribution fees Class VI Shares			20,729
Administrative servicing fees Class II Shares			1,412,690
Administrative servicing fees Class VI Shares			12,441
Trustee fees			45,526
Compliance program costs (Note 3)			13,694
Other			177,552
	Total expenses before earnings credit		5,561,825
Earnings credit (Note 6)			(107	)
	Net Expenses		5,561,718
Net Investment Income			19,029,372
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains on investment transactions with affiliates			151,997,438
Realized gain distributions from underlying funds			19,295,422
Net realized gains on investment transactions			171,292,860
Net change in unrealized depreciation on investments			(50,200,240	)
Net realized/unrealized gains (losses) on investments			121,092,620
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	140,121,992

See accompanying notes to financial statements.

8 

Statements of Changes in Net Assets

		Nationwide NVIT Investor
		Destinations Moderately Aggressive Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	19,029,372		$	29,797,318
Net realized gains on investment transactions			171,292,860			49,012,199
Net change in unrealized appreciation/depreciation on investment transactions			(50,200,240	)		132,025,065
Change in net assets resulting from operations			140,121,992			210,834,582
Distributions to shareholders from:
Net investment income:
	Class II		(24,058,965	)		(35,276,724	)
	Class VI		(204,011	)		(229,357	)
Net realized gains on investments:
	Class II		(41,053,058	)		(18,562,857	)
	Class VI		(320,408	)		(101,698	)
Change in net assets from shareholder distributions			(65,636,442	)		(54,170,636	)
Change in net assets from capital transactions			241,522,754			526,525,287
Change in net assets			316,008,304			683,189,233
Net Assets:
Beginning of period			1,892,862,425			1,209,673,192
End of period		$	2,208,870,729		$	1,892,862,425
Accumulated net investment income (loss) at end of period		$	(2,457,129	)	$	2,776,475
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	213,944,086		$	522,869,063
	Dividends reinvested		65,111,933			53,839,471
	Cost of shares redeemed (a)		(42,082,514	)		(53,814,683	)
			236,973,505			522,893,851
Class VI Shares
	Proceeds from shares issued		7,770,460			6,561,532
	Dividends reinvested		524,418			331,055
	Cost of shares redeemed (a)		(3,745,629	)		(3,261,151	)
			4,549,249			3,631,436
Change in net assets from capital transactions		$	241,522,754		$	526,525,287
SHARE TRANSACTIONS:
Class II Shares
	Issued		15,828,522			42,081,999
	Reinvested		4,813,029			4,367,597
	Redeemed		(3,095,391	)		(4,336,564	)
			17,546,160			42,113,032

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Investor
		Destinations Moderately Aggressive Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS: (continued)
Class VI Shares
	Issued		585,368			522,334
	Reinvested		38,923			26,815
	Redeemed		(277,067	)		(262,144	)
			347,224			287,005
Total change in shares			17,893,384			42,400,037

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

10 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Investor Destinations Moderately Aggressive Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class II Shares
For the year ended December 31, 2002	$	10.09		0.12		(1.59	)		(1.47	)		(0.12	)
For the year ended December 31, 2003	$	8.49		0.14		2.10			2.24			(0.13	)
For the year ended December 31, 2004 (e)	$	10.60		0.19		1.08			1.27			(0.19	)
For the year ended December 31, 2005	$	11.52		0.24		0.57			0.81			(0.24	)
For the year ended December 31, 2006	$	11.85		0.23		1.45			1.68			(0.27	)
For the six months ended June 30, 2007 (Unaudited)	$	13.10		0.12		0.80			0.92			(0.16	)
Class VI Shares
Period ended December 31, 2004 (f)	$	10.63		0.17		0.98			1.15			(0.17	)
For the year ended December 31, 2005	$	11.51		0.25		0.57			0.82			(0.26	)
For the year ended December 31, 2006	$	11.83		0.24		1.44			1.68			(0.29	)
For the six months ended June 30, 2007 (Unaudited)	$	13.06		0.11		0.80			0.91			(0.16	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	realized			Total			Value, End		Total			Period		to Average
	gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class II Shares
For the year ended December 31, 2002		(0.01	)		(0.13	)	$	8.49		(14.59%	)	$	71,962		0.56%
For the year ended December 31, 2003		–			(0.13	)	$	10.60		26.64%		$	290,666		0.56%
For the year ended December 31, 2004 (e)		(0.16	)		(0.35	)	$	11.52		12.09%		$	734,244		0.55%
For the year ended December 31, 2005		(0.24	)		(0.48	)	$	11.85		7.07%		$	1,202,098		0.57%
For the year ended December 31, 2006		(0.16	)		(0.43	)	$	13.10		14.54%		$	1,880,752		0.57%
For the six months ended June 30, 2007 (Unaudited)		(0.26	)		(0.42	)	$	13.60		7.03%		$	2,191,602		0.54%
Class VI Shares
Period ended December 31, 2004 (f)		(0.10	)		(0.27	)	$	11.51		10.92%		$	2,751		0.41%
For the year ended December 31, 2005		(0.24	)		(0.50	)	$	11.83		7.16%		$	7,575		0.48%
For the year ended December 31, 2006		(0.16	)		(0.45	)	$	13.06		14.56%		$	12,112		0.56%
For the six months ended June 30, 2007 (Unaudited)		(0.26	)		(0.42	)	$	13.55		7.04%		$	17,268		0.55%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
For the year ended December 31, 2002		1.89%		(g)		(g)		43.38%
For the year ended December 31, 2003		1.73%		(g)		(g)		22.22%
For the year ended December 31, 2004 (e)		2.11%		(g)		(g)		11.44%
For the year ended December 31, 2005		2.23%		(g)		(g)		7.53%
For the year ended December 31, 2006		1.97%		(g)		(g)		5.40%
For the six months ended June 30, 2007 (Unaudited)		1.84%		0.54%		1.84%		64.52%
Class VI Shares
Period ended December 31, 2004 (f)		4.26%		(g)		(g)		11.44%
For the year ended December 31, 2005		2.59%		(g)		(g)		7.53%
For the year ended December 31, 2006		1.99%		(g)		(g)		5.40%
For the six months ended June 30, 2007 (Unaudited)		1.85%		0.55%		1.85%		64.52%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.
(g)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 11

Notes to Financial Statements

June 30, 2007 (Unaudited)

1.  Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Investor Destinations Moderately Aggressive Fund (the “Fund”) (formerly, “Gartmore GVIT Investor Destinations Moderately Aggressive Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities, including 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 the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 0-10%.

2.  Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value. Under most circumstances, the fixed interest contract is valued at par value each day, which is deemed to be fair value. The par value is calculated each day by the summation of the following factors: prior day’s par value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.

12 

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/ market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(h) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(i) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

14 

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/ loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	2,027,636,244	$	186,152,211	$	(5,597,246	)	$	180,554,965

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The Funds do not pay a fee for these.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, (2007), The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $1,540,900 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $13,694.

Because the Fund invests primarily in other affiliated funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $12,627.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $1,437,630,314 and sales of $1,269,500,216.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a

16 

commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

18 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 19

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

20 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

22 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 23

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had outperformed its secondary benchmark (which is a more appropriate indicator of performance than the Fund’s primary benchmark) for the one- and three-year periods. The Board also considered that the performance of the Fund’s Class II had ranked in the first quintile of its Lipper-constructed Performance Group over the one- and two-year periods. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the first quintile. The Board considered that total expenses were relatively low, and the advisory fee should be consistent among all of the Investor Destination Funds offered by the Trust. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on

24 

December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR             30,051,703.188 shares AGAINST   618,245.021 shares ABSTAIN   1,813,550.431 shares TOTAL       32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR             4,322,203.982 shares AGAINST   2,758.318 shares ABSTAIN   135,636.840 shares TOTAL       4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR             20,032,843.199 shares AGAINST   333,588.902 shares ABSTAIN   1,093,293.879 shares TOTAL       21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR             35,380,179.120 shares AGAINST   631,117.844 shares ABSTAIN   1,565,714.306 shares TOTAL       37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR             56,119,814.230 shares AGAINST   666,195.542 shares ABSTAIN   1,944,898.888 shares TOTAL       58,730,908.660 shares	95.554% 1.134% 3.312%

 25

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR             7,632,918.513 shares AGAINST   149,458.111 shares ABSTAIN   451,583.036 shares TOTAL       8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR             48,649,396.525 shares AGAINST   979,183.753 shares ABSTAIN   2,786,133.102 shares TOTAL       52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR             29,903,181.700 shares AGAINST   838,774.923 shares ABSTAIN   2,006,741.307 shares TOTAL       32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR             21,0177,889.443 shares AGAINST   424,272.958 shares ABSTAIN   1,543,850.729 shares TOTAL       23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR             17,050,534.593 shares AGAINST   526,574.722 shares ABSTAIN   881,608.905 shares TOTAL       18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR             1,554,847.333 shares AGAINST   19,539.033 shares ABSTAIN   52,206.494 shares TOTAL       1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR             4,722,963.678 shares AGAINST   157,979.030 shares ABSTAIN   207,642.222 shares TOTAL       5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR             8,585,472.039 shares AGAINST   102,267.977 shares ABSTAIN   489,577.634 shares TOTAL       9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR             4,123,270.549 shares AGAINST   122,001.533 shares ABSTAIN   240,276.088 shares TOTAL       4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR             88,471,567.462 shares AGAINST   1,825,645.181 shares ABSTAIN   5,841,990.727 shares TOTAL       96,139,203.370 shares	92.024% 1.899% 6.077%

26 

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR             14,931,435.904 shares AGAINST   409,826.402 shares ABSTAIN   1,259,945.064 shares TOTAL       16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR             6,251,419.070 shares AGAINST   139,618.548 shares ABSTAIN   290,025.592 shares TOTAL       6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR             49,489,224.549 shares AGAINST   1,385,396.474 shares ABSTAIN   3,696,272.337 shares TOTAL       54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR             23,091,965.887 shares AGAINST   314,935,884 shares ABSTAIN   2,292,355.179 shares TOTAL       25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR             188,902,093.059 shares AGAINST   3,018,924.590 shares ABSTAIN   16,359,690.401 shares TOTAL       208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR             134,792,622.920 shares AGAINST   3,489,207.264 shares ABSTAIN   9,304,197.656 shares TOTAL       147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR             49,627,123.216 shares AGAINST   856,088.634 shares ABSTAIN   3,507,215.650 shares TOTAL       53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR             10,879,584.971 shares AGAINST   352,594.958 shares ABSTAIN   717,792.971 shares TOTAL       11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR             221,774,863.241 shares AGAINST   12,322,482.494 shares ABSTAIN   16,471,740.875 shares TOTAL       250,569,086.610 shares	88.508% 4.918% 6.574%

 27

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR             1,578,331,008.328 shares AGAINST   32,372,133.671 shares ABSTAIN   112,652,123.301 shares TOTAL       1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR             125,423,274.735 shares AGAINST   2,767,979.467 shares ABSTAIN   8,762,255.828 shares TOTAL       136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR             2,298,504.956 shares AGAINST   29,630.469 shares ABSTAIN   71,637.755 shares TOTAL       2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR             4,972,094.773 shares AGAINST   122,623.161 shares ABSTAIN   174,625.606 shares TOTAL       5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR             2,666,862.487 shares AGAINST   47,702.491 shares ABSTAIN   118,719.882 shares TOTAL       2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR             15,966,867.546 shares AGAINST   259,004.324 shares ABSTAIN   1,339,385.200 shares TOTAL       17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR             27,737,008.009 shares AGAINST   502,564.164 shares ABSTAIN   1,824,670.107 shares TOTAL       30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR             21,253,297.665 shares AGAINST   484,100.920 shares ABSTAIN   1,803,963.645 shares TOTAL       23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR             10,862,827.499 shares AGAINST   414,574.660 shares ABSTAIN   672,570.741 shares TOTAL       11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

28 

Nationwide NVIT Investor Destinations Moderate Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IDM (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder
Expense Example Nationwide NVIT Investor Destinations

Moderate Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

					Ending
			Beginning		Account		Expenses Paid		Annualized
Nationwide NVIT Investor Destinations				Account Value,		Value,		During		Expense
Moderate Fund				January 1, 2007		June 30, 2007		Period*2		Ratio*2
Class II	Actual		$	1,000.00	$	1,054.40	$	2.70		0.53%
	Hypothetical	1	$	1,000.00	$	1,022.17	$	2.66		0.53%
Class VI	Actual		$	1,000.00	$	1,053.50	$	2.85		0.56%
	Hypothetical	1	$	1,000.00	$	1,022.02	$	2.81		0.56%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

4 

Portfolio Summary Nationwide NVIT Investor Destinations Moderate Fund

June 30, 2007

Asset Allocation
Mutual Funds	88.2%
Fixed Contract	11.8%
	100.0%

Asset Allocation Detail
Equity Funds	59.9%
Fixed Income Funds	28.3%
Fixed Contract	11.8%
	100.0%

Top Holdings
NVIT S&P 500 Index Fund, ID Class	29.9%
Nationwide NVIT Bond Index Fund, ID Class	25.1%
Nationwide International Index Fund, Institutional Class	14.7%
Nationwide Fixed Contract, 3.95%	11.8%
NVIT Mid Cap Index Fund, ID Class	10.0%
NVIT Small Cap Index Fund, ID Class	5.0%
Nationwide NVIT Enhanced Income Fund, ID Class	3.2%
NVIT International Index Fund, ID Class	0.3%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Investor Destinations Moderate Fund

Mutual Funds (88.2%)(a)
	Shares or
	Principal Amount		Value
Equity Funds (59.9%)
NVIT Small Cap Index Fund, ID Class		14,048,999	$	142,597,342
Nationwide International Index Fund, Institutional Class		35,682,134		423,903,758
NVIT International Index Fund, ID Class		821,543		9,694,204
NVIT Mid Cap Index Fund, ID Class		14,279,769		286,166,575
NVIT S&P 500 Index Fund, ID Class		82,044,013		859,000,811
Fixed Income Funds (28.3%)
Nationwide NVIT Bond Index Fund, ID Class		73,258,571		720,131,752
Nationwide NVIT Enhanced Income Fund, ID Class		9,246,405		92,464,052
Total Mutual Funds (Cost $2,374,024,072)				2,533,958,494

Fixed Contract (11.8%)(a) (b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.95%	$	337,893,311	$	337,893,311
Total Investments (Cost $2,711,917,384) (c) — 100.0%				2,871,851,805
Liabilities in excess of other assets — 0.0%				(76,196	)
NET ASSETS — 100.0%			$	2,871,775,609

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

6 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Investor
			Destinations
			Moderate Fund
Assets:
Investments in affiliates, at value (cost $2,711,917,384)			$	2,871,851,805
Cash				60
Interest and dividends receivable				73,133
Receivable for capital shares issued				1,076,734
Prepaid expenses				29,407
		Total Assets		2,873,031,139
Liabilities:
Payable for capital shares redeemed				190,149
Accrued expenses and other payables:
	Investment advisory fees			305,831
	Distribution fees			588,143
	Administrative servicing fees			36,364
	Compliance program costs			32,230
	Other			102,813
		Total Liabilities		1,255,530
Net Assets			$	2,871,775,609
Represented by:
Capital			$	2,512,750,654
Accumulated net investment loss				(1,831,852	)
Accumulated net realized gains from investment transactions				200,922,386
Net unrealized appreciation on investments				159,934,421
Net Assets			$	2,871,775,609
Net Assets:
Class II Shares			$	2,848,400,698
Class VI Shares				23,374,911
Total			$	2,871,775,609
Shares outstanding (unlimited number of shares authorized):
Class II Shares				226,497,597
Class VI Shares				1,865,144
Total				228,362,741
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):*
Class II Shares			$	12.58
Class VI Shares			$	12.53

* Not subject to a front-end sales charge.

See accompanying notes to financial statements.

 7

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Investor Destinations
		Moderate Fund
INVESTMENT INCOME:
Interest income		$	6,375,286
Dividend income from affiliates			33,047,396
	Total Income		39,422,682
Expenses:
Investment advisory fees			1,746,229
Distribution fees Class II Shares			3,329,678
Distribution fees Class VI Shares			28,488
Administrative servicing fees Class II Shares			1,684,918
Administrative servicing fees Class VI Shares			17,634
Trustee fees			60,320
Compliance program costs (Note 3)			17,996
Other			235,430
	Total expenses before earnings credit		7,120,693
Earnings credit (Note 6)			(101	)
	Net Expenses		7,120,592
Net Investment Income			32,302,090
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains on investment transactions with affiliates			185,702,785
Realized gain distributions from underlying funds			17,689,112
Net realized gains on investment transactions			203,391,897
Net change in unrealized depreciation on investments			(94,618,444	)
Net realized/unrealized gains (losses) on investments			108,773,453
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	141,075,543

See accompanying notes to financial statements.

8 

Statements of Changes in Net Assets

		Nationwide NVIT Investor
		Destinations Moderate Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	32,302,090		$	47,432,705
Net realized gains on investment transactions			203,391,897			50,919,554
Net change in unrealized appreciation/depreciation on investment transactions			(94,618,444	)		129,388,515
Change in net assets resulting from operations			141,075,543			227,740,774
Distributions to shareholders from:
Net investment income:
	Class II		(36,344,928	)		(51,810,785	)
	Class VI		(324,492	)		(477,558	)
Net realized gains on investments:
	Class II		(43,372,304	)		(18,140,929	)
	Class VI		(357,115	)		(162,221	)
Change in net assets from shareholder distributions			(80,398,839	)		(70,591,493	)
Change in net assets from capital transactions			286,703,293			755,371,878
Change in net assets			347,379,997			912,521,159
Net Assets:
Beginning of period			2,524,395,612			1,611,874,453
End of period		$	2,871,775,609		$	2,524,395,612
Accumulated net investment income (loss) at end of period		$	(1,831,852	)	$	2,535,478
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	264,214,938		$	760,256,687
	Dividends reinvested		79,717,041			69,951,702
	Cost of shares redeemed (a)		(59,023,871	)		(78,686,222	)
			284,908,108			751,522,167
Class VI Shares
	Proceeds from shares issued		4,526,692			8,528,933
	Dividends reinvested		681,605			639,779
	Cost of shares redeemed (a)		(3,413,112	)		(5,319,001	)
			1,795,185			3,849,711
Change in net assets from capital transactions		$	286,703,293		$	755,371,878
SHARE TRANSACTIONS:
Class II Shares
	Issued		21,001,020			64,533,522
	Reinvested		6,365,190			5,957,371
	Redeemed		(4,693,425	)		(6,664,139	)
			22,672,785			63,826,754

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Investor
		Destinations Moderate Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS: (continued)
Class VI Shares
	Issued		363,209			722,303
	Reinvested		54,604			54,630
	Redeemed		(270,342	)		(449,155	)
			147,471			327,778
Total change in shares			22,820,256			64,154,532

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

10 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Investor Destinations Moderate Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class II Shares
For the year ended December 31, 2002	$	10.06		0.15		(1.11	)		(0.96	)		(0.15	)
For the year ended December 31, 2003	$	8.94		0.17		1.60			1.77			(0.17	)
For the year ended December 31, 2004 (e)	$	10.54		0.21		0.78			0.99			(0.21	)
For the year ended December 31, 2005	$	11.26		0.26		0.33			0.59			(0.26	)
For the year ended December 31, 2006	$	11.40		0.26		1.01			1.27			(0.28	)
For the six months ended June 30, 2007 (Unaudited)	$	12.28		0.15		0.52			0.67			(0.17	)
Class VI Shares
Period ended December 31, 2004 (g)	$	10.54		0.19		0.72			0.91			(0.19	)
For the year ended December 31, 2005	$	11.24		0.27		0.33			0.60			(0.27	)
For the year ended December 31, 2006	$	11.38		0.26		1.02			1.28			(0.30	)
For the six months ended June 30, 2007 (Unaudited)	$	12.25		0.15		0.51			0.66			(0.18	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	realized			Total			Value, End		Total			Period		to Average
	gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class II Shares
For the year ended December 31, 2002		(0.01	)		(0.16	)	$	8.94		(9.60%	)	$	165,555		0.56%
For the year ended December 31, 2003		–			(0.17	)	$	10.54		20.05%		$	566,916		0.56%
For the year ended December 31, 2004 (e)		(0.06	)		(0.27	)	$	11.26		9.54%		$	1,118,116		0.56%
For the year ended December 31, 2005		(0.19	)		(0.45	)	$	11.40		5.34%		$	1,596,055		0.56%
For the year ended December 31, 2006		(0.11	)		(0.39	)	$	12.28		11.35%		$	2,503,358		0.57%
For the six months ended June 30, 2007 (Unaudited)		(0.20	)		(0.37	)	$	12.58		5.44%		$	2,848,401		0.53%
Class VI Shares
Period ended December 31, 2004 (g)		(0.02	)		(0.21	)	$	11.24		8.72%		$	9,384		0.41%
For the year ended December 31, 2005		(0.19	)		(0.46	)	$	11.38		5.50%		$	15,820		0.47%
For the year ended December 31, 2006		(0.11	)		(0.41	)	$	12.25		11.44%		$	21,038		0.56%
For the six months ended June 30, 2007 (Unaudited)		(0.20	)		(0.38	)	$	12.53		5.35%		$	23,375		0.56%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
For the year ended December 31, 2002		2.41%		(f)		(f)		21.58%
For the year ended December 31, 2003		2.01%		(f)		(f)		9.90%
For the year ended December 31, 2004 (e)		2.19%		(f)		(f)		5.54%
For the year ended December 31, 2005		2.41%		(f)		(f)		4.20%
For the year ended December 31, 2006		2.32%		(f)		(f)		5.69%
For the six months ended June 30, 2007 (Unaudited)		2.36%		0.53%		2.36%		75.09%
Class VI Shares
Period ended December 31, 2004 (g)		3.84%		(f)		(f)		5.54%
For the year ended December 31, 2005		2.56%		(f)		(f)		4.20%
For the year ended December 31, 2006		2.30%		(f)		(f)		5.69%
For the six months ended June 30, 2007 (Unaudited)		2.32%		0.56%		2.32%		75.09%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(f)	There were no fee reductions during the period.
(g)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.

See accompanying notes to financial statements.

 11

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Investor Destinations Moderate Fund (the “Fund”) (formerly, “Gartmore GVIT Investor Destinations Moderate Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities, including 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 the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 5-15%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value. Under most circumstances, the fixed interest contract is valued at par value each day, which is deemed to be fair value. The par value is calculated each day by the summation of the following factors: prior day’s par value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.

12 

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/ market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(h) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(i) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

14 

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/ loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	2,711,953,028	$	171,995,837	$	(12,097,060	)	$	159,898,777

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The Funds do not pay a fee for these.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $2,016,438 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $17,996.

Because the Fund invests primarily in other affiliated funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $3,847.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $1,987,033,357 and sales of $1,799,659,505.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The

16 

interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

18 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 19

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

20 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

22 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 23

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its secondary benchmark (which is a more appropriate indicator of performance than the Fund’s primary benchmark) for the one-year period and outperformed its secondary benchmark for the three-year period. The Board also considered that the performance of the Fund’s Class II shares had ranked in the first quintile of the Fund’s Lipper-constructed Performance Group over the one-year period. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the second quintile. The Board considered that total expenses were relatively low, and the advisory fee should be consistent among all of the Investor Destination Funds offered by the Trust. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the

24 

Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR             30,051,703.188 shares AGAINST   618,245.021 shares ABSTAIN   1,813,550.431 shares TOTAL       32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR             4,322,203.982 shares AGAINST   2,758.318 shares ABSTAIN   135,636.840 shares TOTAL       4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR             20,032,843.199 shares AGAINST   333,588.902 shares ABSTAIN   1,093,293.879 shares TOTAL       21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR             35,380,179.120 shares AGAINST   631,117.844 shares ABSTAIN   1,565,714.306 shares TOTAL       37,577,011.270 shares	94.154% 1.679% 4.167%

 25

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR             56,119,814.230 shares AGAINST   666,195.542 shares ABSTAIN   1,944,898.888 shares TOTAL       58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR             7,632,918.513 shares AGAINST   149,458.111 shares ABSTAIN   451,583.036 shares TOTAL       8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR             48,649,396.525 shares AGAINST   979,183.753 shares ABSTAIN   2,786,133.102 shares TOTAL       52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR             29,903,181.700 shares AGAINST   838,774.923 shares ABSTAIN   2,006,741.307 shares TOTAL       32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR             21,0177,889.443 shares AGAINST   424,272.958 shares ABSTAIN   1,543,850.729 shares TOTAL       23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR             17,050,534.593 shares AGAINST   526,574.722 shares ABSTAIN   881,608.905 shares TOTAL       18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR             1,554,847.333 shares AGAINST   19,539.033 shares ABSTAIN   52,206.494 shares TOTAL       1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR             4,722,963.678 shares AGAINST   157,979.030 shares ABSTAIN   207,642.222 shares TOTAL       5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR             8,585,472.039 shares AGAINST   102,267.977 shares ABSTAIN   489,577.634 shares TOTAL       9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR             4,123,270.549 shares AGAINST   122,001.533 shares ABSTAIN   240,276.088 shares TOTAL       4,485,548.170 shares	91.923% 2.720% 5.357%

26 

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR             88,471,567.462 shares AGAINST   1,825,645.181 shares ABSTAIN   5,841,990.727 shares TOTAL       96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR             14,931,435.904 shares AGAINST   409,826.402 shares ABSTAIN   1,259,945.064 shares TOTAL       16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR             6,251,419.070 shares AGAINST   139,618.548 shares ABSTAIN   290,025.592 shares TOTAL       6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR             49,489,224.549 shares AGAINST   1,385,396.474 shares ABSTAIN   3,696,272.337 shares TOTAL       54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR             23,091,965.887 shares AGAINST   314,935,884 shares ABSTAIN   2,292,355.179 shares TOTAL       25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR             188,902,093.059 shares AGAINST   3,018,924.590 shares ABSTAIN   16,359,690.401 shares TOTAL       208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR             134,792,622.920 shares AGAINST   3,489,207.264 shares ABSTAIN   9,304,197.656 shares TOTAL       147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR             49,627,123.216 shares AGAINST   856,088.634 shares ABSTAIN   3,507,215.650 shares TOTAL       53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR             10,879,584.971 shares AGAINST   352,594.958 shares ABSTAIN   717,792.971 shares TOTAL       11,949,972.900 shares	91.043% 2.950% 6.007%

 27

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR             221,774,863.241 shares AGAINST   12,322,482.494 shares ABSTAIN   16,471,740.875 shares TOTAL       250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR             1,578,331,008.328 shares AGAINST   32,372,133.671 shares ABSTAIN   112,652,123.301 shares TOTAL       1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR             125,423,274.735 shares AGAINST   2,767,979.467 shares ABSTAIN   8,762,255.828 shares TOTAL       136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR             2,298,504.956 shares AGAINST   29,630.469 shares ABSTAIN   71,637.755 shares TOTAL       2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR             4,972,094.773 shares AGAINST   122,623.161 shares ABSTAIN   174,625.606 shares TOTAL       5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR             2,666,862.487 shares AGAINST   47,702.491 shares ABSTAIN   118,719.882 shares TOTAL       2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR             15,966,867.546 shares AGAINST   259,004.324 shares ABSTAIN   1,339,385.200 shares TOTAL       17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR             27,737,008.009 shares AGAINST   502,564.164 shares ABSTAIN   1,824,670.107 shares TOTAL       30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR             21,253,297.665 shares AGAINST   484,100.920 shares ABSTAIN   1,803,963.645 shares TOTAL       23,541,362.230 shares	90.281% 2.056% 7.663%

28 

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR            10,862,827.499 shares AGAINST   414,574.660 shares ABSTAIN   672,570.741 shares TOTAL       11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 29

Nationwide NVIT Investor Destinations Moderately Conservative Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IDMC (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder Nationwide NVIT Investor Destinations

Moderately Conservative Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Investor Destinations
Moderately Conservative Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During		Expense
			January 1, 2007		Value,		Period*2		Ratio*2
					June 30, 2007
Class II	Actual		$	1,000.00	$	1,041.40	$	2.68		0.53%
	Hypothetical	1	$	1,000.00	$	1,022.17	$	2.66		0.53%
Class VI	Actual		$	1,000.00	$	1,041.30	$	2.83		0.56%
	Hypothetical	1	$	1,000.00	$	1,022.02	$	2.81		0.56%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

4 

Portfolio Summary Nationwide NVIT Investor Destinations Moderately Conservative Fund

June 30, 2007

Asset Allocation
Mutual Funds	82.9%
Fixed Contract	17.0%
Other assets in excess of liabilities	0.1%
	100.0%

Asset Allocation Detail
Fixed Income Funds	43.0%
Equity Funds	39.9%
Fixed Contract	17.0%
Other	0.1%
	100.0%

Top Holdings
Nationwide NVIT Bond Index Fund, ID Class	35.1%
NVIT S&P 500 Index Fund, ID Class	19.9%
Nationwide Fixed Contract, 3.95%	17.0%
NVIT Mid Cap Index Fund, ID Class	9.9%
Nationwide International Index Fund, Institutional Class	8.8%
Nationwide NVIT Enhanced Income Fund, ID Class	7.9%
NVIT International Index Fund, ID Class	1.3%
Other	0.1%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Investor Destinations Moderately Conservative Fund

MUTUAL FUNDS (82.9%)(a)
	Shares or
	Principal Amount		Value
Equity Funds (39.9%)
NVIT S&P 500 Index Fund, ID Class		14,253,605	$	149,235,242
NVIT Mid Cap Index Fund, ID Class		3,721,262		74,574,094
NVIT International Index Fund, ID Class		821,543		9,694,204
Nationwide International Index Fund, Institutional Class		5,524,315		65,628,865
Fixed Income Funds (43.0%)
Nationwide NVIT Enhanced Income Fund, ID Class		5,908,200		59,081,997
Nationwide NVIT Bond Index Fund, ID Class		26,727,329		262,729,643
Total Mutual Funds (Cost $597,982,435)				620,944,045

FIXED CONTRACT (17.0%)(a) (b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.95%	$	127,832,194	$	127,832,194
Total Investments (Cost $725,814,629) (c) — 99.9%				748,776,239
Other assets in excess of liabilities — 0.1%				422,829
NET ASSETS — 100.0%			$	749,199,068

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

6 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Investor
			Destinations Moderately
			Conservative Fund
Assets:
Investments in affiliates, at value (cost $725,814,629)			$	748,776,239
Cash				63
Interest and dividends receivable				27,668
Receivable for capital shares issued				868,148
Prepaid expenses				7,332
		Total Assets		749,679,450
Liabilities:
Payable for capital shares redeemed				190,341
Accrued expenses and other payables:
	Investment advisory fees			78,962
	Distribution fees			151,851
	Administrative servicing fees			5,842
	Compliance program costs			8,238
	Other			45,148
		Total Liabilities		480,382
Net Assets			$	749,199,068
Represented by:
Capital			$	692,574,081
Accumulated net investment loss				(172,956	)
Accumulated net realized gains from investment transactions				33,836,333
Net unrealized appreciation on investments				22,961,610
Net Assets			$	749,199,068
Net Assets:
Class II Shares			$	743,148,363
Class VI Shares				6,050,705
Total			$	749,199,068
Shares outstanding (unlimited number of shares authorized):
Class II Shares				65,506,048
Class VI Shares				535,240
Total				66,041,288
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):*
Class II Shares			$	11.34
Class VI Shares			$	11.30

* Not subject to a front-end sales charge.

See accompanying notes to financial statements.

 7

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Investor Destinations
		Moderately
		Conservative Fund
INVESTMENT INCOME:
Interest income from affiliates		$	2,255,315
Dividend income from affiliates			9,575,401
	Total Income		11,830,716
Expenses:
Investment advisory fees			439,887
Distribution fees Class II Shares			840,132
Distribution fees Class VI Shares			5,813
Administrative servicing fees Class II Shares			421,057
Administrative servicing fees Class VI Shares			3,526
Trustee fees			15,583
Compliance program costs (Note 3)			4,445
Other			71,478
	Total expenses before earnings credit		1,801,921
Earnings credit (Note 6)			(23	)
	Net Expenses		1,801,898
Net Investment Income			10,028,818
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains on investment transactions with affiliates			31,453,564
Realized gain distributions from underlying funds			3,974,841
Net realized gains on investment transactions			35,428,405
Net change in unrealized depreciation on investments			(18,077,552	)
Net realized/unrealized gains (losses) on investments			17,350,853
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	27,379,671

See accompanying notes to financial statements.

8 

Statements of Changes in Net Assets

		Nationwide NVIT Investor Destinations
		Moderately Conservative Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	10,028,818		$	15,557,112
Net realized gains on investment transactions			35,428,405			19,456,603
Net change in unrealized appreciation/depreciation on investment transactions			(18,077,552	)		12,268,968
Change in net assets resulting from operations			27,379,671			47,282,683
Distributions to shareholders from:
Net investment income:
	Class II		(10,499,545	)		(16,134,868	)
	Class VI		(81,492	)		(112,038	)
Net realized gains on investments:
	Class II		(19,126,179	)		(7,615,982	)
	Class VI		(146,726	)		(54,581	)
Change in net assets from shareholder distributions			(29,853,942	)		(23,917,469	)
Change in net assets from capital transactions			114,259,469			84,357,639
Change in net assets			111,785,198			107,722,853
Net Assets:
Beginning of period			637,413,870			529,691,017
End of period		$	749,199,068		$	637,413,870
Accumulated net investment income (loss) at end of period		$	(172,956	)	$	379,263
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	112,391,318		$	150,330,307
	Dividends reinvested		29,625,664			23,750,847
	Cost of shares redeemed (a)		(30,221,585	)		(88,939,907	)
			111,795,397			85,141,247
Class VI Shares
	Proceeds from shares issued		2,972,038			2,826,367
	Dividends reinvested		228,218			166,619
	Cost of shares redeemed (a)		(736,184	)		(3,776,594	)
			2,464,072			(783,608	)
Change in net assets from capital transactions		$	114,259,469		$	84,357,639
SHARE TRANSACTIONS:
Class II Shares
	Issued		9,675,686			13,566,353
	Reinvested		2,609,818			2,166,399
	Redeemed		(2,616,451	)		(8,046,126	)
			9,669,053			7,686,626

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Investor Destinations
		Moderately Conservative Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS: (continued)
Class VI Shares
	Issued		258,306			254,900
	Reinvested		20,176			15,249
	Redeemed		(64,085	)		(340,660	)
			214,397			(70,511	)
Total change in shares			9,883,450			7,616,115

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

10 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Investor Destinations Moderately Conservative Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class II Shares
For the year ended December 31, 2002	$	10.04		0.18		(0.60	)		(0.42	)		(0.18	)
For the year ended December 31, 2003	$	9.43		0.21		1.07			1.28			(0.21	)
For the year ended December 31, 2004 (e)	$	10.48		0.23		0.50			0.73			(0.23	)
For the year ended December 31, 2005	$	10.91		0.28		0.20			0.48			(0.28	)
For the year ended December 31, 2006	$	10.91		0.30		0.60			0.90			(0.31	)
For the six months ended June 30, 2007 (Unaudited)	$	11.35		0.15		0.31			0.46			(0.17	)
Class VI Shares
Period ended December 31, 2004 (f)	$	10.44		0.20		0.49			0.69			(0.20	)
For the year ended December 31, 2005	$	10.90		0.30		0.20			0.50			(0.30	)
For the year ended December 31, 2006	$	10.90		0.30		0.59			0.89			(0.32	)
For the six months ended June 30, 2007 (Unaudited)	$	11.32		0.15		0.31			0.46			(0.18	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
												Net Assets		Ratio of
	Net						Net Asset					at End of		Expenses
	realized			Total			Value, End		Total			Period		to Average
	gains			Distributions			of Period		Return (a)			(000s)		Net Assets (b)
Class II Shares
For the year ended December 31, 2002		(0.01	)		(0.19	)	$	9.43		(4.15%	)	$	95,669		0.56%
For the year ended December 31, 2003		(0.02	)		(0.23	)	$	10.48		13.70%		$	258,529		0.56%
For the year ended December 31, 2004 (e)		(0.07	)		(0.30	)	$	10.91		7.16%		$	425,066		0.56%
For the year ended December 31, 2005		(0.20	)		(0.48	)	$	10.91		4.49%		$	525,426		0.56%
For the year ended December 31, 2006		(0.15	)		(0.46	)	$	11.35		8.42%		$	633,782		0.57%
For the six months ended June 30, 2007 (Unaudited)		(0.30	)		(0.47	)	$	11.34		4.14%		$	743,148		0.53%
Class VI Shares
Period ended December 31, 2004 (f)		(0.03	)		(0.23	)	$	10.90		6.67%		$	719		0.41%
For the year ended December 31, 2005		(0.20	)		(0.50	)	$	10.90		4.65%		$	4,265		0.48%
For the year ended December 31, 2006		(0.15	)		(0.47	)	$	11.32		8.39%		$	3,632		0.57%
For the six months ended June 30, 2007 (Unaudited)		(0.30	)		(0.48	)	$	11.30		4.13%		$	6,051		0.56%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
For the year ended December 31, 2002		2.96%		(g)		(g)		35.19%
For the year ended December 31, 2003		2.32%		(g)		(g)		12.61%
For the year ended December 31, 2004 (e)		2.35%		(g)		(g)		7.18%
For the year ended December 31, 2005		2.66%		(g)		(g)		11.32%
For the year ended December 31, 2006		2.69%		(g)		(g)		17.68%
For the six months ended June 30, 2007 (Unaudited)		2.89%		0.53%		2.89%		83.62%
Class VI Shares
Period ended December 31, 2004 (f)		3.37%		(g)		(g)		7.18%
For the year ended December 31, 2005		2.65%		(g)		(g)		11.32%
For the year ended December 31, 2006		2.65%		(g)		(g)		17.68%
For the six months ended June 30, 2007 (Unaudited)		2.98%		0.56%		2.98%		83.62%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(f)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.
(g)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 11

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Investor Destinations Moderately Conservative Fund (the “Fund”) (formerly, “Gartmore GVIT Investor Destinations Moderately Conservative Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities, including 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 the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 10-20%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value. Under most circumstances, the fixed interest contract is valued at par value each day, which is deemed to be fair value. The par value is calculated each day by the summation of the following factors: prior day’s par value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.

12 

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(h) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(i) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

14 

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	725,820,140	$	27,323,000	$	(4,366,901	)	$	22,956,099

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The Funds do not pay a fee for these.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, Inc, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $508,087 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $4,445.

Because the Fund invests primarily in other affiliated funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $1,547.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $549,069,250 and sales of $477,384,139.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The

16 

interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

18 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 19

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

20 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

22 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 23

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its secondary benchmark (which is a more appropriate indicator of performance than the Fund’s primary benchmark) for the one-year period and outperformed its secondary benchmark for the three- year period. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the fourth quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the second quintile. The Board considered that total expenses were relatively low, and the advisory fee should be consistent among all of the Investor Destination Funds offered by the Trust. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA

24 

will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR            30,051,703.188 shares AGAINST   618,245.021 shares ABSTAIN   1,813,550.431 shares TOTAL       32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR             4,322,203.982 shares AGAINST   2,758.318 shares ABSTAIN   135,636.840 shares TOTAL       4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR             20,032,843.199 shares AGAINST   333,588.902 shares ABSTAIN   1,093,293.879 shares TOTAL       21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR             35,380,179.120 shares AGAINST   631,117.844 shares ABSTAIN   1,565,714.306 shares TOTAL       37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR             56,119,814.230 shares AGAINST   666,195.542 shares ABSTAIN   1,944,898.888 shares TOTAL       58,730,908.660 shares	95.554% 1.134% 3.312%

 25

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR             7,632,918.513 shares AGAINST   149,458.111 shares ABSTAIN   451,583.036 shares TOTAL       8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR             48,649,396.525 shares AGAINST   979,183.753 shares ABSTAIN   2,786,133.102 shares TOTAL       52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR             29,903,181.700 shares AGAINST   838,774.923 shares ABSTAIN   2,006,741.307 shares TOTAL       32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR             21,0177,889.443 shares AGAINST   424,272.958 shares ABSTAIN   1,543,850.729 shares TOTAL       23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR             17,050,534.593 shares AGAINST   526,574.722 shares ABSTAIN   881,608.905 shares TOTAL       18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR             1,554,847.333 shares AGAINST   19,539.033 shares ABSTAIN   52,206.494 shares TOTAL       1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR             4,722,963.678 shares AGAINST   157,979.030 shares ABSTAIN   207,642.222 shares TOTAL       5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR             8,585,472.039 shares AGAINST   102,267.977 shares ABSTAIN   489,577.634 shares TOTAL       9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR             4,123,270.549 shares AGAINST   122,001.533 shares ABSTAIN   240,276.088 shares TOTAL       4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR             88,471,567.462 shares AGAINST   1,825,645.181 shares ABSTAIN   5,841,990.727 shares TOTAL       96,139,203.370 shares	92.024% 1.899% 6.077%

26 

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR             14,931,435.904 shares AGAINST   409,826.402 shares ABSTAIN   1,259,945.064 shares TOTAL       16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR             6,251,419.070 shares AGAINST   139,618.548 shares ABSTAIN   290,025.592 shares TOTAL       6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR             49,489,224.549 shares AGAINST   1,385,396.474 shares ABSTAIN   3,696,272.337 shares TOTAL       54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR             23,091,965.887 shares AGAINST   314,935,884 shares ABSTAIN   2,292,355.179 shares TOTAL       25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR             188,902,093.059 shares AGAINST   3,018,924.590 shares ABSTAIN   16,359,690.401 shares TOTAL       208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR             134,792,622.920 shares AGAINST   3,489,207.264 shares ABSTAIN   9,304,197.656 shares TOTAL       147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR             49,627,123.216 shares AGAINST   856,088.634 shares ABSTAIN   3,507,215.650 shares TOTAL       53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR             10,879,584.971 shares AGAINST   352,594.958 shares ABSTAIN   717,792.971 shares TOTAL       11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR             221,774,863.241 shares AGAINST   12,322,482.494 shares ABSTAIN   16,471,740.875 shares TOTAL       250,569,086.610 shares	88.508% 4.918% 6.574%

 27

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR             1,578,331,008.328 shares AGAINST   32,372,133.671 shares ABSTAIN   112,652,123.301 shares TOTAL       1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR             125,423,274.735 shares AGAINST   2,767,979.467 shares ABSTAIN   8,762,255.828 shares TOTAL       136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR             2,298,504.956 shares AGAINST   29,630.469 shares ABSTAIN   71,637.755 shares TOTAL       2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR             4,972,094.773 shares AGAINST   122,623.161 shares ABSTAIN   174,625.606 shares TOTAL       5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR             2,666,862.487 shares AGAINST   47,702.491 shares ABSTAIN   118,719.882 shares TOTAL       2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR             15,966,867.546 shares AGAINST   259,004.324 shares ABSTAIN   1,339,385.200 shares TOTAL       17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR             27,737,008.009 shares AGAINST   502,564.164 shares ABSTAIN   1,824,670.107 shares TOTAL       30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR             21,253,297.665 shares AGAINST   484,100.920 shares ABSTAIN   1,803,963.645 shares TOTAL       23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR             10,862,827.499 shares AGAINST   414,574.660 shares ABSTAIN   672,570.741 shares TOTAL       11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

28 

Nationwide NVIT Investor Destinations Conservative Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
7	Statement of Assets and Liabilities
8	Statement of Operations
9	Statements of Changes in Net Assets
11	Financial Highlights
12	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-IDC (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Shareholder Nationwide NVIT Investor Destinations

Conservative Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Investor Destinations
Conservative Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During		Expense
			January 1, 2007		Value,		Period*2		Ratio*2
					June 30, 2007
Class II	Actual		$	1,000.00	$	1,027.20	$	2.76		0.55%
	Hypothetical	1	$	1,000.00	$	1,022.07	$	2.76		0.55%
Class VI	Actual		$	1,000.00	$	1,027.10	$	2.81		0.56%
	Hypothetical	1	$	1,000.00	$	1,022.02	$	2.81		0.56%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.
2	Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund prospectus.

4 

Portfolio Summary Nationwide NVIT Investor Destinations Conservative Fund

June 30, 2007

Asset Allocation
Mutual Funds	79.7%
Fixed Contract	20.4%
Liabilities in excess of other assets	-0.1%
	100.0%

Asset Allocation Detail
Fixed Income Funds	54.7%
Equity Funds	20.0%
Money Market Funds	5.0%
Fixed Contract	20.4%
Other	-0.1%
	100.0%

Top Holdings
Nationwide NVIT Bond Index Fund, ID Class	40.1%
Nationwide Fixed Contract, 3.95%	20.4%
Nationwide NVIT Enhanced Income Fund, ID Class	14.6%
NVIT S&P 500 Index Fund, ID Class	10.0%
NVIT Money Market Fund, ID Class	5.0%
NVIT Mid Cap Index Fund, ID Class	5.0%
NVIT International Index Fund, ID Class	3.2%
Nationwide International Index Fund, Institutional Class	1.8%
Other	-0.1%
	100.0%

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Investor Destinations Conservative Fund

MUTUAL FUNDS (79.7%)(a)
	Shares or
	Principal Amount		Value
Equity Funds (20.0%)
Nationwide International Index Fund, Institutional Class		472,187	$	5,609,576
NVIT International Index Fund, ID Class		821,543		9,694,204
NVIT Mid Cap Index Fund, ID Class		756,374		15,157,741
NVIT S&P 500 Index Fund, ID Class		2,897,152		30,333,177
Fixed Income Funds (54.7%)
Nationwide NVIT Bond Index Fund, ID Class		12,417,209		122,061,167
Nationwide NVIT Enhanced Income Fund, ID Class		4,440,349		44,403,489
Money Market Funds (5.0%)
NVIT Money Market Fund, ID Class		15,195,560		15,195,560
Total Mutual Funds (Cost $240,588,243)				242,454,914

FIXED CONTRACT (20.4%)(a) (b)
	Shares or
	Principal Amount		Value
Nationwide Fixed Contract, 3.95%	$	61,972,062	$	61,972,062
Total Investments (Cost $302,560,305) (c) — 100.1%				304,426,976
Liabilities in excess of other assets — (0.1)%				(155,228	)
NET ASSETS — 100.0%			$	304,271,748

(a)	Investment in affiliate.
(b)	The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

See accompanying notes to financial statements.

6 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Investor Destinations
			Conservative Fund
Assets:
Investments in affiliates, at value (cost $302,560,305)			$	304,426,976
Cash				193
Interest and dividends receivable				63,343
Receivable for capital shares issued				27,863
Prepaid expenses				3,852
		Total Assets		304,522,227
Liabilities:
Payable for capital shares redeemed				101,881
Accrued expenses and other payables:
	Investment advisory fees			32,446
	Distribution fees			62,398
	Administrative servicing fees			17,471
	Compliance program costs			4,123
	Other			32,160
		Total Liabilities		250,479
Net Assets			$	304,271,748
Represented by:
Capital			$	296,873,005
Accumulated net investment income				60,075
Accumulated net realized gains from investment transactions				5,471,997
Net unrealized appreciation on investments				1,866,671
Net Assets			$	304,271,748
Net Assets:
Class II Shares			$	299,111,741
Class VI Shares				5,160,007
Total			$	304,271,748
Shares outstanding (unlimited number of shares authorized):
Class II Shares				28,992,722
Class VI Shares				502,040
Total				29,494,762
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):*
Class II Shares			$	10.32
Class VI Shares			$	10.28

* Not subject to a front-end sales charge.

See accompanying notes to financial statements.

 7

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Investor Destinations
		Conservative Fund
INVESTMENT INCOME:
Interest income from affiliates		$	1,287,222
Dividend income from affiliates			4,849,932
	Total Income		6,137,154
Expenses:
Investment advisory fees			198,885
Distribution fees Class II Shares			376,585
Distribution fees Class VI Shares			5,890
Administrative servicing fees Class II Shares			204,421
Administrative servicing fees Class VI Shares			3,482
Trustee fees			7,074
Compliance program costs (Note 3)			2,167
Other			42,454
	Total expenses before earnings credit		840,958
Earnings credit (Note 6)			(101	)
	Net Expenses		840,857
Net Investment Income			5,296,297
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Realized gains on investment transactions with affiliates			7,253,128
Realized gain distributions from underlying funds			893,264
Net realized gains on investment transactions			8,146,392
Net change in unrealized depreciation on investments			(4,979,877	)
Net realized/unrealized gains (losses) on investments			3,166,515
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	8,462,812

See accompanying notes to financial statements.

8 

Statements of Changes in Net Assets

		Nationwide NVIT Investor
		Destinations Conservative Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	5,296,297		$	9,414,168
Net realized gains on investment transactions			8,146,392			5,936,728
Net change in unrealized appreciation/depreciation on investment transactions			(4,979,877	)		2,833,228
Change in net assets resulting from operations			8,462,812			18,184,124
Distributions to shareholders from:
Net investment income:
	Class II		(5,223,572	)		(9,362,448	)
	Class VI		(88,144	)		(183,662	)
Net realized gains on investments:
	Class II		(7,040,572	)		(3,126,505	)
	Class VI		(122,000	)		(56,609	)
Change in net assets from shareholder distributions			(12,474,288	)		(12,729,224	)
Change in net assets from capital transactions			(2,268,770	)		20,121,133
Change in net assets			(6,280,246	)		25,576,033
Net Assets:
Beginning of period			310,551,994			284,975,961
End of period		$	304,271,748		$	310,551,994
Accumulated net investment income at end of period		$	60,075		$	75,494
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	33,294,548		$	103,068,728
	Dividends reinvested		12,264,082			12,488,923
	Cost of shares redeemed (a)		(47,129,300	)		(96,645,803	)
			(1,570,670	)		18,911,848
Class VI Shares
	Proceeds from shares issued		1,238,082			5,171,391
	Dividends reinvested		210,142			240,271
	Cost of shares redeemed (a)		(2,146,324	)		(4,202,377	)
			(698,100	)		1,209,285
Change in net assets from capital transactions		$	(2,268,770	)	$	20,121,133
SHARE TRANSACTIONS:
Class II Shares
	Issued		3,147,025			9,975,165
	Reinvested		1,184,293			1,217,177
	Redeemed		(4,447,543	)		(9,378,104	)
			(116,225	)		1,814,238

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Investor
		Destinations Conservative Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS: (continued)
Class VI Shares
	Issued		117,294			499,380
	Reinvested		20,378			23,454
	Redeemed		(205,073	)		(406,223	)
			(67,401	)		116,611
Total change in shares			(183,626	)		1,930,849

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

10 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

Nationwide NVIT Investor Destinations Conservative Fund

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class II Shares
For the year ended December 31, 2002	$	10.01		0.21		(0.18	)		0.03		(0.21	)
For the year ended December 31, 2003	$	9.83		0.24		0.53			0.77		(0.24	)
For the year ended December 31, 2004 (f)	$	10.32		0.24		0.23			0.47		(0.24	)
For the year ended December 31, 2005	$	10.45		0.29		0.05			0.34		(0.29	)
For the year ended December 31, 2006	$	10.27		0.32		0.29			0.61		(0.32	)
For the six months ended June 30, 2007 (Unaudited)	$	10.46		0.18		0.11			0.29		(0.18	)
Class VI Shares
For the year ended December 31, 2004 (e)	$	10.26		0.21		0.25			0.46		(0.21	)
For the year ended December 31, 2005	$	10.45		0.31		0.04			0.35		(0.31	)
For the year ended December 31, 2006	$	10.26		0.31		0.29			0.60		(0.33	)
For the six months ended June 30, 2007 (Unaudited)	$	10.43		0.18		0.11			0.29		(0.19	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
											Net Assets		Ratio of
	Net						Net Asset				at End of		Expenses
	realized			Total			Value, End		Total		Period		to Average
	gains			Distributions			of Period		Return (a)		(000s)		Net Assets (b)
Class II Shares
For the year ended December 31, 2002		–			(0.21	)	$	9.83		0.40%	$	90,358		0.56%
For the year ended December 31, 2003		(0.04	)		(0.28	)	$	10.32		7.91%	$	90,624		0.56%
For the year ended December 31, 2004 (f)		(0.10	)		(0.34	)	$	10.45		4.65%	$	256,277		0.56%
For the year ended December 31, 2005		(0.23	)		(0.52	)	$	10.27		3.31%	$	280,331		0.57%
For the year ended December 31, 2006		(0.10	)		(0.42	)	$	10.46		6.16%	$	304,610		0.57%
For the six months ended June 30, 2007 (Unaudited)		(0.25	)		(0.43	)	$	10.32		2.72%	$	299,112		0.55%
Class VI Shares
For the year ended December 31, 2004 (e)		(0.06	)		(0.27	)	$	10.45		4.48%	$	1,454		0.41%
For the year ended December 31, 2005		(0.23	)		(0.54	)	$	10.26		3.39%	$	4,645		0.47%
For the year ended December 31, 2006		(0.10	)		(0.43	)	$	10.43		6.13%	$	5,942		0.57%
For the six months ended June 30, 2007 (Unaudited)		(0.25	)		(0.44	)	$	10.28		2.71%	$	5,160		0.56%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
For the year ended December 31, 2002		3.30%		(g)		(g)		28.70%
For the year ended December 31, 2003		2.55%		(g)		(g)		24.84%
For the year ended December 31, 2004 (f)		2.39%		(g)		(g)		15.34%
For the year ended December 31, 2005		2.79%		(g)		(g)		30.49%
For the year ended December 31, 2006		3.10%		(g)		(g)		45.93%
For the six months ended June 30, 2007 (Unaudited)		3.36%		0.55%		3.36%		94.15%
Class VI Shares
For the year ended December 31, 2004 (e)		3.00%		(g)		(g)		15.34%
For the year ended December 31, 2005		2.95%		(g)		(g)		30.49%
For the year ended December 31, 2006		3.13%		(g)		(g)		45.93%
For the six months ended June 30, 2007 (Unaudited)		3.38%		0.56%		3.38%		94.15%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from April 30, 2004 (commencement of operations) through December 31, 2004.
(f)	On April 30, 2004, the existing share Class of the Fund was renamed Class II Shares.
(g)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 11

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Investor Destinations Conservative Fund (the “Fund”) (formerly, “Gartmore GVIT Investor Destinations Conservative Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund is constructed as a “fund of funds,” which means that the Fund pursues its investment objective by allocating the Fund’s investments primarily among other mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities, including 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 the Fund a fixed rate of interest. The fixed interest rate must be at least 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. Nationwide will calculate the interest rate in the same way that it calculates guaranteed interest rates for similar contracts. Because the contract is guaranteed by Nationwide, assuming no default, the Fund receives no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions the Fund’s performance may be hurt by its investment in the Nationwide Contract, the portfolio management team believes that the relatively stable nature of the Nationwide Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. The Fund’s target allocation range is 20-30%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Shares of the Underlying Funds in which the Fund invests are valued at their respective net asset values as reported by the Underlying Funds. The securities in the Underlying Funds generally are valued as of the close of business of the regular session of trading on the New York Stock Exchange (usually at 4 p.m. Eastern time). The Underlying Funds generally value securities and assets at current market value. Under most circumstances, the fixed interest contract is valued at par value each day, which is deemed to be fair value. The par value is calculated each day by the summation of the following factors: prior day’s par value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.

The following policies, (b) through (h), represent the accounting policies applicable to the Underlying Funds.

12 

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(h) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(i) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

14 

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	302,594,293	$	3,859,368	$	(2,026,685	)	$	1,832,683

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides various administrative and accounting services for the Funds (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and, serves as Transfer Agent and Dividend Disbursing Agent for each of the Funds (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The Funds do not pay a fee for these.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VI shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of each class of shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $229,431 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $2,167.

Because the Fund invests primarily in other affiliated funds, the Fund is a shareholder of those Underlying Funds. The Underlying Funds do not charge the Fund any sales charge for buying or selling shares. However, the Fund indirectly pays a portion of the operating expenses, including management fees of the Underlying Funds and short-term investments the Fund holds. These expenses are deducted from the Underlying Funds before their share prices are calculated and are in addition to the fees and expenses of the Fund. Actual indirect expenses vary depending on how the Fund’s assets are spread among the underlying investments.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class VI shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $2,229.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $230,822,102 and sales of $235,921,395.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The

16 

interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

18 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 19

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

20 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

22 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

  (i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 23

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

  (ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its secondary benchmark (which is a more appropriate indicator of performance than the Fund’s primary benchmark) for the one-year period and had outperformed its secondary benchmark for the three-year period. The Board also considered that the Fund’s portfolio manager had changed during 2006 and considered the services provided by the adviser to the Fund that are in addition to the advisory services that are provided to the underlying funds. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed the Fund in the second quintile. The Board considered that total expenses were relatively low, and the advisory fee should be consistent among all of the Investor Destination Funds offered by the Trust. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2005 and 2006. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA

24 

will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR             30,051,703.188 shares AGAINST   618,245.021 shares ABSTAIN   1,813,550.431 shares TOTAL       32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR             4,322,203.982 shares AGAINST   2,758.318 shares ABSTAIN   135,636.840 shares TOTAL       4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR             20,032,843.199 shares AGAINST   333,588.902 shares ABSTAIN   1,093,293.879 shares TOTAL       21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR             35,380,179.120 shares AGAINST   631,117.844 shares ABSTAIN   1,565,714.306 shares TOTAL       37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR            56,119,814.230 shares AGAINST  666,195.542 shares ABSTAIN  1,944,898.888 shares TOTAL      58,730,908.660 shares	95.554% 1.134% 3.312%

 25

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR             7,632,918.513 shares AGAINST   149,458.111 shares ABSTAIN   451,583.036 shares TOTAL        8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR             48,649,396.525 shares AGAINST   979,183.753 shares ABSTAIN   2,786,133.102 shares TOTAL       52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR             29,903,181.700 shares AGAINST   838,774.923 shares ABSTAIN   2,006,741.307 shares TOTAL       32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR             21,0177,889.443 shares AGAINST   424,272.958 shares ABSTAIN   1,543,850.729 shares TOTAL       23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR             17,050,534.593 shares AGAINST   526,574.722 shares ABSTAIN   881,608.905 shares TOTAL       18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR             1,554,847.333 shares AGAINST   19,539.033 shares ABSTAIN   52,206.494 shares TOTAL       1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR             4,722,963.678 shares AGAINST   157,979.030 shares ABSTAIN   207,642.222 shares TOTAL       5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR             8,585,472.039 shares AGAINST   102,267.977 shares ABSTAIN   489,577.634 shares TOTAL        9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR             4,123,270.549 shares AGAINST   122,001.533 shares ABSTAIN   240,276.088 shares TOTAL       4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR             88,471,567.462 shares AGAINST   1,825,645.181 shares ABSTAIN   5,841,990.727 shares TOTAL       96,139,203.370 shares	92.024% 1.899% 6.077%

26 

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR             14,931,435.904 shares AGAINST   409,826.402 shares ABSTAIN   1,259,945.064 shares TOTAL       16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR             6,251,419.070 shares AGAINST   139,618.548 shares ABSTAIN   290,025.592 shares TOTAL       6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR             49,489,224.549 shares AGAINST   1,385,396.474 shares ABSTAIN   3,696,272.337 shares TOTAL       54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR             23,091,965.887 shares AGAINST   314,935,884 shares ABSTAIN   2,292,355.179 shares TOTAL       25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR             188,902,093.059 shares AGAINST   3,018,924.590 shares ABSTAIN   16,359,690.401 shares TOTAL       208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR             134,792,622.920 shares AGAINST   3,489,207.264 shares ABSTAIN   9,304,197.656 shares TOTAL       147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR             49,627,123.216 shares AGAINST   856,088.634 shares ABSTAIN   3,507,215.650 shares TOTAL       53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR             10,879,584.971 shares AGAINST   352,594.958 shares ABSTAIN   717,792.971 shares TOTAL       11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR             221,774,863.241 shares AGAINST   12,322,482.494 shares ABSTAIN   16,471,740.875 shares TOTAL       250,569,086.610 shares	88.508% 4.918% 6.574%

 27

Supplemental Information (Unaudited) (Continued)

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR             1,578,331,008.328 shares AGAINST   32,372,133.671 shares ABSTAIN   112,652,123.301 shares TOTAL       1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR             125,423,274.735 shares AGAINST   2,767,979.467 shares ABSTAIN   8,762,255.828 shares TOTAL       136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR             2,298,504.956 shares AGAINST   29,630.469 shares ABSTAIN   71,637.755 shares TOTAL       2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR             4,972,094.773 shares AGAINST   122,623.161 shares ABSTAIN   174,625.606 shares TOTAL       5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR             2,666,862.487 shares AGAINST   47,702.491 shares ABSTAIN   118,719.882 shares TOTAL       2,833,284.860 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR            15,966,867.546 shares AGAINST   259,004.324 shares ABSTAIN   1,339,385.200 shares TOTAL       17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR             27,737,008.009 shares AGAINST   502,564.164 shares ABSTAIN   1,824,670.107 shares TOTAL       30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR             21,253,297.665 shares AGAINST   484,100.920 shares ABSTAIN   1,803,963.645 shares TOTAL       23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR             10,862,827.499 shares AGAINST   414,574.660 shares ABSTAIN   672,570.741 shares TOTAL       11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

28 

Gartmore NVIT Developing Markets Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-DMKT (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Gartmore NVIT Developing Markets Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
Gartmore NVIT Developing			Account Value,		Account Value,		Expenses Paid		Annualized
Markets Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class II	Actual		$	1,000.00	$	1,195.20	$	8.27		1.52%
	Hypothetical	1	$	1,000.00	$	1,017.26	$	7.63		1.52%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Portfolio SummaryJune 30, 2007
Gartmore NVIT Developing Markets Fund

Asset Allocation
Common Stock	92.9%
Participation Notes	4.7%
Repurchase Agreements	1.9%
Foreign Bonds	0.0%
Other assets in excess of liabilities	0.5%
	100.0%

Top Holdings*
Samsung Electrical Co. Ltd.	2.7%
Companhia Vale do Rio Doce, Class A	2.5%
America Movil SA de CV ADR	2.4%
Hon Hai Precision Industry Co. Ltd.	2.3%
Gazprom ADR	2.3%
Lojas Renner SA	2.2%
Petroleo Brasileiro SA ADR	2.2%
Sberbank RF	2.1%
Bharti Tele-Ventures Ltd.	2.1%
China Mobile Ltd.	2.0%
Other	77.2%
	100.0%

Top Industries
Commercial Banks	13.0%
Oil, Gas & Consumable Fuels	11.0%
Metals & Mining	10.9%
Wireless Telecommunication Services	9.2%
Semiconductors & Semiconductor Equipment	7.1%
Insurance	4.3%
Construction & Engineering	3.5%
Multiline Retail	2.9%
Construction Materials	2.8%
Electric Utilities	2.5%
Other	32.8%
	100.0%

Top Countries
Republic of Korea	15.7%
Brazil	13.7%
Taiwan	10.5%
Russian Federation	9.8%
China	8.5%
Hong Kong	7.3%
South Africa	6.6%
Mexico	6.6%
India	5.7%
Malaysia	3.7%
Other	11.9%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Gartmore NVIT Developing Markets Fund

Common Stock (92.9%)
	Shares or
	Principal Amount		Value
ARGENTINA (1.0%)
Metals & Mining 1.0%
Tenaris SA ADR		91,700	$	4,489,632
BRAZIL (13.7%)
Commercial Banks (2.3%)
Banco Bradesco SA, Preferred Shares		190,792		4,604,539
Unibanco GDR		46,300		5,225,881
				9,830,420
Insurance (1.1%)
Porto Seguro SA		127,900		4,909,025
Metals & Mining (2.5%)
Companhia Vale do Rio Doce, Preferred Shares, Class A		283,834		10,621,692
Multiline Retail (2.2%)
Lojas Renner SA		510,200		9,473,631
Oil, Gas & Consumable Fuels (2.4%)
Petroleo Brasileiro SA		30,600		930,062
Petroleo Brasileiro SA ADR		77,634		9,414,675
				10,344,737
Paper & Forest Products (0.9%)
Aracruz Celulose SA ADR		54,778		3,628,495
Telephones (1.1%)
Brasil Telecom Participacoes SA		78,825		4,765,760
Transportation Infrastructure (1.2%)
Companhia de Consessoes Rodoviarias		281,404		5,229,619
				58,803,379
CHINA (8.5%)
Commercial (Bank 0.9%) (a)
China Construction Bank, Class H		5,446,000		3,745,072
Construction Materials (1.8%) (a)
Anhui Conch Cement Co. Ltd.		1,122,200		7,889,963
Insurance (1.1%)(a)
Ping An Insurance (Group) Co. of China Ltd.		646,000		4,563,762
Media (0.9%)
Focus Media Holding Ltd. ADR*		76,100		3,843,050
Oil, Gas & Consumable Fuels (3.8%) (a)
China Petroleum & Chemical Corp.		7,312,000		8,158,047
China Shenhua Energy Co.		1,175,500		4,101,905
PetroChina Co. Ltd.		2,865,000		4,255,675
				16,515,627
				36,557,474
CZECH REPUBLIC (1.5%) (a)
Electric Utility (1.5%)
CEZ AS		123,700		6,366,210
HONG KONG (7.3%)
Multi-Utility (1.4%) (a)
China Resources Power Holdings Co. Ltd.		2,551,800		6,098,185
Personal Products (0.7%) (a)
Hengan International Group Co. Ltd.		862,000		3,065,252
Real Estate Management & Development (1.4%)
Country Garden Holdings Co.*		971,000		819,629
Shimao Property Holdings Ltd.(a)		2,378,900		5,321,887
				6,141,516
Textiles, Apparel & Luxury Goods (0.4%) (a)
Ports Design Ltd.		533,500		1,500,736
Transportation (1.4%) (a)
Pacific Basin Shipping Ltd.		5,099,000		5,733,162
Wireless Telecommunication Services (2.0%) (a)
China Mobile Ltd.		806,300		8,675,334
				31,214,185
HUNGARY (0.9%) (a)
Oil, Gas & Consumable Fuels (0.9%)
MOL Magyar Olaj-es Gazipari		26,500		3,995,811
INDIA (1.1%)
IT Services (1.1%)
Satyam Computer Services Ltd. ADR		200,500		4,964,380
INDONESIA (1.7%) (a)
Automobiles (0.8%)
PT Astra International, Inc.		1,863,000		3,497,729
Diversified Telecommunication Services (0.9%)
PT Telekomunikasi Indonesia		3,471,456		3,767,882
				7,265,611

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
KAZAKHSTAN (0.7%) (a)
Oil, Gas & Consumable Fuels (0.7%)
Kazmunaigas Exploration Production GDR*		148,200	$	3,147,393
MALAYSIA (3.7%)
Commercial Bank (1.4%) (a)
Bumiputra Commerce Holdings Berhad		1,703,500		5,776,407
Food Products (1.2%) (a)
IOI Corporation Berhad		3,360,300		5,075,034
Hotels, Restaurants & Leisure (0.9%) (a)
Genting Berhard		1,669,600		3,998,220
Wireless Telecommunication Services (0.2%)
Maxis Communications Berhad		218,100		986,191
				15,835,852
MEXICO (6.6%)
Commercial Bank (1.6%)
Grupo Financiero Banorte SA de CV		1,493,434		6,840,240
Food & Staples Retailing (1.2%)
Wal-Mart de Mexico SA de CV		1,300,800		4,936,851
Industrial Conglomerate (0.5%)
Grupo Carso SA de CV		578,327		2,237,718
Metals & Mining (0.9%)
Industrias CH SA*		797,900		3,685,570
Wireless Telecommunication Services (2.4%)
America Movil SA de CV ADR		169,100		10,472,363
				28,172,742
POLAND (0.7%) (a)
Commercial Bank (0.7%)
Bank Zachodni WBK SA		27,889		2,884,036
REPUBLIC OF KOREA (15.7%)
Airline (0.3%)(a)
Korean Air Lines Co. Ltd.		23,700		1,345,154
Building Products (0.7%)(a)
KCC Corp.		6,200		2,818,355
Chemicals (0.9%) (a)
LG Chem Ltd.		43,495		3,669,897
Commercial Banks (1.9%) (a)
Industrial Bank of Korea		305,600		6,224,539
Korea Exchange Bank		116,490		1,732,762
				7,957,301
Construction & Engineering (3.0%) (a)
Hyundai Development Co.		72,700		5,174,851
Hyundai Heavy Industries		20,925		7,799,343
				12,974,194
Diversified Financial Services (0.7%) (a)
Shinhan Financial Group Ltd.		51,484		3,134,890
Electronic Equipment & Instruments (0.0%)
Samsung Electronics Co. Ltd. GDR		2		476
Insurance (1.0%) (a)
Samsung Fire & Marine Insurance Co. Ltd.		21,267		4,095,608
Machinery (1.5%) (a)
Hanjin Heavy Industries & Construction Co. Ltd.		90,810		6,441,760
Metals & Mining (2.3%) (a)
Korea Zinc Co. Ltd.		16,451		2,793,739
POSCO		14,990		7,199,186
				9,992,925
Multiline Retail (0.7%)
Lotte Shopping Co. Ltd. GDR		163,551		3,176,160
Semiconductors & Semiconductor Equipment (2.7%) (a)
Samsung Electrical Co. Ltd.		19,103		11,683,094
				67,289,814
RUSSIAN FEDERATION (9.8%)
Automobiles (0.9%) (a)
JSC Severstal-Avto		115,180		3,887,325
Commercial Bank (2.1%) (a)
Sberbank RF		2,307		8,914,025
Electric Utility (1.0%)
RAO Unified Energy System GDR*		30,596		4,138,109
Metals & Mining (1.2%)
Chelyabinsk Zink Plant*		4,300		645,000
Norilsk Nickel ADR		21,000		4,662,000
				5,307,000

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Gartmore NVIT Developing Markets Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
RUSSIAN FEDERATION (continued)
Oil, Gas & Consumable Fuels (3.2%)
Gazprom ADR		235,700	$	9,878,187
Surgutneftegaz ADR		72,574		3,962,540
				13,840,727
Real Estate Investment Trust (REIT) (0.1%)
AFI Development PLC GDR*		40,081		452,915
Wireless Telecommunication Services (1.3%)
Mobile Telesystems ADR		91,565		5,546,092
				42,086,193
SOUTH AFRICA (6.6%) (a)
Commercial Bank (1.0%)
ABSA Group Ltd.		223,798		4,150,568
Food & Staples Retailing (0.5%)
Massmart Holdings Ltd.		162,700		1,984,862
Health Care Providers & Services (0.9%)
Network Healthcare Holdings Ltd.		1,912,600		3,899,717
Industrial Conglomerate (1.1%)
Barloworld Ltd.		175,164		4,874,058
Metals & Mining (1.1%)
Anglo Platinum Ltd.		29,003		4,769,717
Specialty Retail (0.8%)
Truworths International Ltd.		685,600		3,532,052
Wireless Telecommunication Services (1.2%)
MTN Group Ltd.		369,363		5,027,827
				28,238,801
TAIWAN (10.5%)
Computers & Peripherals (0.8%) (a)
Asustek Computer, Inc.		1,245,500		3,425,898
Construction Materials (1.0%) (a)
Taiwan Cement Corp.		3,667,835		4,250,062
Electronic Equipment & Instruments (2.3%) (a)
Hon Hai Precision Industry Co. Ltd.		1,158,200		10,005,508
Insurance (1.1%)(a)
Shin Kong Financial Holding Co. Ltd.		4,129,112		4,799,174
Semiconductors & Semiconductor Equipment (4.4%)
Advanced Semiconductor Engineering, Inc.*(a)		3,101,000		4,218,423
MediaTek, Inc.(a)		318,900		4,962,369
Taiwan Semiconductor Manufacturing Co. Ltd.(a)		3,311,937		7,094,068
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		220,311		2,452,064
				18,726,924
Textiles, Apparel & Luxury Goods (0.9%) (a)
Formosa Taffeta Co. Ltd.		3,627,000		3,970,808
				45,178,374
THAILAND (1.2%)
Metals & Mining (1.2%)
Banpu Public Co. Ltd.		670,728		5,207,712
TURKEY (1.0%) (a)
Commercial Bank (1.0%)
Turkiye Vakiflar Bankasi		1,658,975		4,234,341
VENEZUELA (0.7%)
Metals & Mining (0.7%)
Ternium SA		106,300		3,219,828
Total Common Stocks (Cost $302,693,572)				399,151,768
Foreign Bond (0.0%) (b)
Brazil (0.0%)
Metals & Mining (0.0%)
Comp Vale DO Rio Doce, 0.00%, 09/29/49	$	20,000		0
Participation Notes (4.7%)
INDIA (4.6%)
Chemicals (1.4%)
Reliance Industries Ltd., 0.00% 03/09/09*		148,466	$	6,199,940
Construction & Engineering (0.5%)
Unitech Ltd., 0.00%, 07/08/10		166,164		2,058,772

8 

Participation Notes (continued)
	Shares or
	Principal Amount		Value
INDIA (continued)
Diversified Consumer Services (0.6%)
Max India Ltd., 0.00%, 07/12/10*		434,745	$	2,586,733
Wireless Telecommunication Services (2.1%)(a)
Bharti Tele-Ventures Ltd., 0.00%, 01/24/07*		427,682		8,780,311
				19,625,756
PAKISTAN (0.1%)
Commercial Bank (0.1%)
Muslim Commercial Bank Ltd. 0.00%, 09/22/09*		103,700		626,348
Total Participation Notes (Cost $16,957,193)				20,252,104
Repurchase Agreements (1.9%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, Repurchase price $8,126,867, collateralized by U.S. Government Agency Mortgages with a market value of $8,285,813	$	8,123,346		8,123,346
Total Investments (Cost $327,774,110) (c) — 99.5%				427,527,218
Other assets in excess of liabilities — 0.5%				2,065,569
NET ASSETS — 100.0%			$	429,592,787

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CH	Switzerland
GDR	Global Depository Receipt
MTN	Medium Term Note

 9

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Gartmore NVIT
			Developing
			Markets Fund
Assets:
Investments, at value (cost $319,650,778)			$	419,403,872
Repurchase agreements, at cost and value				8,123,346
		Total Investments		427,527,218
Cash				277,457
Foreign currencies, at value (cost $1,644,041)				1,642,109
Interest and dividends receivable				957,318
Receivable for capital shares issued				1,243,172
Receivable for investments sold				1,234,953
Unrealized appreciation on spot contracts				20,684
Reclaims receivable				7,939
Prepaid expenses				226,300
		Total Assets		433,137,150
Liabilities:
Payable for investments purchased				2,356,986
Payable for capital shares redeemed				2,161
Accrued expenses and other payables:
	Investment advisory fees			1,034,326
	Fund administration and transfer agent fees			28,269
	Distribution fees			84,510
	Compliance program costs			4,004
	Other			34,107
		Total Liabilities		3,544,363
Net Assets			$	429,592,787
Represented by:
Capital			$	305,354,922
Accumulated net investment income				479,857
Accumulated net realized gains from investment transactions and foreign currency transactions				23,993,668
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				99,764,340
Net Assets			$	429,592,787
Net Assets:
Class II Shares			$	429,592,787
Shares outstanding (unlimited number of shares authorized):
Class II Shares			$	26,618,252
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class II Shares			$	16.14

See accompanying notes to financial statements.

10 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Gartmore NVIT
		Developing
		Markets Fund
INVESTMENT INCOME:
Interest income		$	194,766
Dividend income			4,232,556
Foreign tax withholding			(326,009	)
	Total Income		4,101,313
Expenses:
Investment advisory fees			1,897,597
Fund administration and transfer agent fees			114,350
Distribution fees Class II Shares			445,778
Administrative servicing fees Class II Shares			158,545
Custodian fees			27,009
Trustee fees			8,022
Compliance program costs (Note 3)			2,352
Other			51,556
	Total expenses before earnings credit		2,705,209
Earnings credit (Note 6)			(40	)
	Net Expenses		2,705,169
Net Investment Income			1,396,144
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			39,263,904
Net realized losses on foreign currency transactions			(72,570	)
Net realized gains on investment transactions and foreign currency transactions			39,191,334
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			20,992,287
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			60,183,621
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	61,579,765

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets

		Gartmore NVIT Developing
		Markets Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	1,396,144		$	1,902,269
Net realized gains on investment transactions and foreign currency transactions			39,191,334			59,782,113
Net change in unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies			20,992,287			26,140,026
Change in net assets resulting from operations			61,579,765			87,824,408
Distributions to shareholders from:
Net investment income:
	Class II		(916,287	)		(1,897,486	)
Net realized gains:
	Class II		(57,603,336	)		(27,353,923	)
Change in net assets from shareholder distributions			(58,519,623	)		(29,251,409	)
Change in net assets from capital transactions			62,299,255			(7,391,212	)
Change in net assets			65,359,397			51,181,787
Net Assets:
Beginning of period			364,233,390			313,051,603
End of period		$	429,592,787		$	364,233,390
Accumulated net investment income at end of period		$	479,857		$	–
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	97,848,307		$	186,785,562
	Dividends reinvested		58,519,612			29,251,395
	Cost of shares redeemed		(94,068,664	)		(223,428,169	)
Change in net assets from capital transactions		$	62,299,255		$	(7,391,212	)
SHARE TRANSACTIONS:
Class II Shares
	Issued		5,852,676			12,880,559
	Reinvested		3,669,125			2,483,481
	Redeemed		(6,131,937	)		(16,135,650	)
Total change in shares			3,389,864			(771,610	)

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Gartmore NVIT Developing Markets Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class II Shares
For the year ended December 31, 2002	$	7.22		0.03		(0.73	)		(0.70	)		(0.01	)
For the year ended December 31, 2003 (e)	$	6.51		0.06		3.83			3.89			(0.01	)
For the year ended December 31, 2004	$	10.39		0.07		1.90			1.97			(0.06	)
For the year ended December 31, 2005	$	11.83		0.07		3.17			3.24			(0.07	)
For the year ended December 31, 2006	$	13.04		0.08		3.96			4.04			(0.08	)
For the six months ended June 30, 2007 (Unaudited)	$	15.68		0.06		2.96			3.02			(0.04	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Ratio of
											Net Assets		Expenses
	Net						Net Asset				at End of		to Average
	realized			Total			Value, End		Total		Period		Net
	gains			Distributions			of Period		Return(a)		(000s)		Assets(b)
Class II Shares
For the year ended December 31, 2002		–			(0.01	)	$	6.51		(9.68)%	$	75,321		1.60%
For the year ended December 31, 2003 (e)		–			(0.01	)	$	10.39		59.70%	$	165,601		1.64%
For the year ended December 31, 2004		(0.47	)		(0.53	)	$	11.83		19.78%	$	194,898		1.78%
For the year ended December 31, 2005		(1.96	)		(2.03	)	$	13.04		31.52%	$	313,052		1.77%
For the year ended December 31, 2006		(1.32	)		(1.40	)	$	15.68		34.57%	$	364,233		1.65%
For the six months ended June 30, 2007 (Unaudited)		(2.52	)		(2.56	)	$	16.14		19.52%	$	429,593		1.52%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets(b)		Net Assets(b)(c)		Net Assets(b)(c)		Turnover(d)
Class II Shares
For the year ended December 31, 2002		0.44%		1.68%		0.36%		97.00%
For the year ended December 31, 2003 (e)		0.75%		1.80%		0.60%		167.45%
For the year ended December 31, 2004		0.69%		(f)		(f)		167.98%
For the year ended December 31, 2005		0.49%		(f)		(f)		157.77%
For the year ended December 31, 2006		0.57%		(f)		(f)		133.28%
For the six months ended June 30, 2007 (Unaudited)		0.78%		1.52%		0.78%		48.47%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	Upon reorganization on June 23, 2003, the existing shares of the Fund were designated Class II shares.
(f)	There were no fee reductions during the period.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, the separate accounts of American Skandia Life Insurance Corporation, Peoples Benefit Life Insurance Company, a subsidiary of Aegon, Canada Life Assurance Company, Transamerica Financial Life Insurance Company, Fortis Benefits, and First Great West Life & Annuity Insurance Company have purchased shares of the Gartmore NVIT Developing Markets Fund (the “Fund”), (formerly, “Gartmore GVIT Developing Markets Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a

14 

multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(d) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and

16 

with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2007, the Fund did not have securities on loan.

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	329,854,397	$	100,420,009	$	(2,747,171	)	$	97,672,838

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

Base Management Fee	Total Fees
Up to $500 million		1.05	%
$500 million up to $2 billion		1.00	%
$2 billion or more		0.95	%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $961,458 for the six months ended June 30, 2007.

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the MSCI Emerging Markets Free Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class II shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/-0.02%
+/- 2 percentage point		+/-0.04%
+/- 3 percentage point		+/-0.06%
+/- 4 percentage point		+/-0.08%
+/- 5 percentage point		+/-0.10%

The performance adjusted advisory fee will be paid quarterly.

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other

18 

non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.40% until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

As of the six months ended June 30, 2007, there were no reimbursements for the Fund.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, there were no Administrative Services Fees paid to Nationwide from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $2,352.

4. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $173,790,650 and sales of $173,934,024.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Credit and Market Risk. The Fund invests in emerging market instruments that are subject to certain additional credit and market risks. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The Fund’s investment in securities rated below investment grade typically involve risks not associated with higher rated securities including, among others, greater risk of not receiving timely and/or ultimate payment of interest and principal, greater market price volatility, and less liquid secondary market trading. The consequences of political, social, economic, or diplomatic changes may have disruptive effects on the market prices of emerging markets investments held by the Fund.

7. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive

20 

no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

8. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 21

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

22 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 25

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

26 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods. The Board also considered that the Fund’s Class II shares had ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, four-, and five-year periods. Although the Fund’s performance compared with peer group funds over the periods considered ranked the Fund in the fifth quintile, the Board found that: (i) the portfolio manager for the Fund was changed during the year; (ii) recent performance had shown improvement; and (iii) the flows in and out of the Fund had been more extreme, which made management more difficult, and had affected performance. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the first quintile of its Lipper-constructed Expense Group and the Fund’s total expenses placed it in the second quintile. The Board considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account

 27

Supplemental Information (Unaudited) (Continued)

the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 31

Gartmore NVIT Global Utilities Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GU (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Gartmore NVIT Global Utilities Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
Gartmore NVIT Global Utilities Fund			January 1, 2007		June 30, 2007		During Period*		Expense Ratio*
Class I	Actual		$	1,000.00	$	1,089.30	$	4.97		0.96%
	Hypothetical	1	$	1,000.00	$	1,020.04	$	4.82		0.96%
Class II	Actual		$	1,000.00	$	1,087.60	$	6.37		1.23%
	Hypothetical	1	$	1,000.00	$	1,018.70	$	6.18		1.23%
Class III	Actual		$	1,000.00	$	1,089.80	$	4.97		0.96%
	Hypothetical	1	$	1,000.00	$	1,020.04	$	4.82		0.96%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	100.4%
Repurchase Agreements	0.2%
Liabilities in excess of other assets	-0.6%
	100.0%

Top Holdings*
AT&T, Inc.	12.2%
Vodafone Group PLC	8.2%
Verizon Communications, Inc.	5.9%
Telefonica SA	4.3%
E. On AG	4.2%
RWE AG	3.2%
PPL Corp.	2.5%
Koninklijke KPN NV	2.4%
Exelon Corp.	2.4%
Iberdrola SA	2.4%
Other	52.3%
	100.0%

Top Industries
Diversified Telecommunication Services	33.6%
Electric Utilities	26.2%
Wireless Telecommunication Services	15.8%
Multi-Utilities	12.7%
Oil, Gas & Consumable Fuels	4.4%
Independent Power Producers & Energy Traders	3.8%
Gas Utilities	2.4%
Water Utilities	1.5%
Other	-0.4%
	100.0%

Top Countries
United States	48.5%
United Kingdom	17.9%
Spain	7.9%
Germany	7.4%
Japan	5.4%
France	4.1%
Netherlands	2.4%
Italy	1.8%
Greece	1.5%
Mexico	1.1%
Other	2.0%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Gartmore NVIT Global Utilities Fund

Common Stock (100.4%)
	Shares or
	Principal Amount		Value
AUSTRIA (0.4%)(a)
Diversified Telecommunication Services (0.4%)
Telekom Austria AG		14,730	$	366,779
BELGIUM (0.4%)(a)
Electric Utility (0.2%)
Elia System Operator SA		3,310		134,506
Wireless Telecommunication Services (0.2%)
Mobistar SA		2,150		183,121
				317,627
FRANCE (4.1%)(a)
Diversified Telecommunication Services (1.7%)
France Telecom SA		52,000		1,426,020
Multi-Utility (1.9%)
Suez SA		27,150		1,551,955
Wireless Telecommunication Services (0.5%)
Bouygues SA		5,200		435,636
				3,413,611
GERMANY (7.4%)(a)
Electric Utility (4.2%)
E. On AG		21,000		3,505,836
Multi-Utility (3.2%)
RWE AG		25,500		2,704,753
				6,210,589
GREECE (1.5%)
Diversified Telecommunication Services (0.5%)
Hellenic Telecommunications Organization SA		12,181		377,498
Wireless Telecommunication Services (1.0%)(a)
Cosmote Mobile Telecommunications SA		28,140		868,052
				1,245,550
HONG KONG (0.1%)(a)
Electric Utility (0.1%)
CLP Holdings Ltd.		14,000		93,982
ITALY (1.8%)(a)
Diversified Telecommunication Services (1.7%)
Telecom Italia SPA		270,000		739,126
Telecom Italia SPA RNC		289,310		641,112
				1,380,238
Gas Utility (0.1%)
Snam Rete Gas SPA		18,005		106,454
				1,486,692
JAPAN (5.4%)(a)
Diversified Telecommunication Services (0.9)%
Nippon TeleGraph & Telephone Corp.		163		721,414
Electric Utilities (1.5%)
Chubu Electric Power Co., Inc.		9,800		260,056
Kansai Electric Power Co., Inc.		9,200		217,606
Kyushu Electric Power Co., Inc.		7,300		191,352
Tohoku Electric Power Co., Inc.		6,700		150,310
Tokyo Electric Power Co., Inc.		13,200		424,655
				1,243,979
Gas Utilities (0.3%)
Osaka Gas Co. Ltd.		40,000		148,648
Tokyo Gas Co. Ltd.		32,000		151,757
				300,405
Wireless Telecommunication Services (2.7%)
KDDI Corp.		170		1,259,520
NTT DoCoMo, Inc.		638		1,009,183
				2,268,703
				4,534,501
MEXICO (1.1%)
Wireless Telecommunication Services (1.1%)
America Movil SA de CV ADR		14,580		902,939
NETHERLANDS (2.4%)(a)
Diversified Telecommunication Services (2.4%)
Koninklijke KPN NV		124,500		2,065,330
PORTUGAL (0.4%)(a)
Electric Utility (0.4%)
EDP — Energias de Portugal SA		54,960		303,876
SINGAPORE (0.7%)(a)
Diversified Telecommunication Services (0.7%)
Singapore Telecommunications Ltd.		279,000		620,644
SPAIN (7.9%)(a)
Diversified Telecommunication Services (4.3%)
Telefonica SA		163,900		3,647,048

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
SPAIN (continued)
Electric Utilities (3.6%)
Iberdrola SA		35,500	$	1,981,982
Union Fenosa SA		19,500		1,040,959
				3,022,941
				6,669,989
SWEDEN (0.6%)(a)
Diversified Telecommunication Services (0.6%)
TeliaSonera AB		73,870		542,095
UNITED KINGDOM (17.9%)(a)
Diversified Telecommunication Services (2.3%)
BT Group PLC		246,800		1,642,424
Cable & Wireless PLC		70,000		271,868
				1,914,292
Electric Utility (2.1%)
Scottish & Southern Energy PLC		60,000		1,739,481
Independent Power Producers & Energy Traders (1.4%)
International Power PLC		140,100		1,204,135
Multi-Utilities (2.4%)
Centrica PLC		190,000		1,476,015
United Utilities PLC		41,000		582,378
				2,058,393
Water Utilities (1.5%)
Kelda Group PLC		16,930		319,042
Pennon Group PLC		76,900		945,357
				1,264,399
Wireless Telecommunication Services (8.2%)
Vodafone Group PLC		2,047,700		6,860,767
				15,041,467
UNITED STATES (48.3%)
Diversified Telecommunication Services (18.1%)
AT&T, Inc.		246,100		10,213,150
Verizon Communications, Inc.		120,700		4,969,219
				15,182,369
Electric Utilities (14.1%)
DPL, Inc.		30,360		860,402
Duke Energy Corp.		22,560		412,848
Edison International		30,800		1,728,496
Entergy Corp.		14,600		1,567,310
Exelon Corp.		27,900		2,025,540
FirstEnergy Corp.		14,610		945,705
FPL Group, Inc.		16,796		953,005
PPL Corp.		44,900		2,100,871
Progress Energy, Inc.		9,330		425,355
Reliant Energy, Inc.*		31,700		854,315
				11,873,847
Gas Utility (2.0%)
Questar Corp.		31,600		1,670,060
Independent Power Producers & Energy Traders (2.4%)
AES Corp.*		17,100		374,148
Constellation Energy Group		9,300		810,681
NRG Energy, Inc.*		19,900		827,243
				2,012,072
Multi-Utilities (5.2%)
Alliant Energy Corp.		30,000		1,165,500
CenterPoint Energy, Inc.		59,900		1,042,260
Nstar		7,580		245,971
PG&E Corp.		9,630		436,239
Sempra Energy		25,100		1,486,673
				4,376,643
Oil, Gas & Consumable Fuels (4.4%)
El Paso Corp.		74,300		1,280,189
Southwestern Energy Co.*		18,300		814,350
Sunoco, Inc.		7,690		612,739
Williams Cos., Inc. (The)		31,620		999,825
				3,707,103
Wireless Telecommunication Services (2.1%)
Sprint Nextel Corp.		86,000		1,781,060
				40,603,154
Total Common Stocks (Cost $73,013,082)				84,418,825
Repurchase Agreements (0.2%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, Repurchase price $193,213, collateralized by U.S. Government Agency Mortgages with a market value of $196,992	$	193,129		193,129

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Gartmore NVIT Global Utilities Fund (Continued)

Repurchase Agreements (continued)
	Shares or
	Principal Amount	Value
Total Investments — 100.6% (Cost $73,206,211) (b)		$	84,611,954
Liabilities in excess of other assets — (0.6)%			(534,836	)
NET ASSETS — 100.0%		$	84,077,118

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR American Depository Receipt

See accompanying notes to financial statements.

8 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Gartmore NVIT
			Global Utilities Fund
Assets:
Investments, at value (cost $73,013,082)			$	84,418,825
Repurchase agreements, at cost and value				193,129
		Total Investments		84,611,954
Foreign currencies, at value (cost $13,436)				13,441
Interest and dividends receivable				511,847
Receivable for capital shares issued				2,373
Receivable for investments sold				5,246,452
Unrealized appreciation on spot contracts				1,185
Reclaims receivable				40,146
Prepaid expenses				904
		Total Assets		90,428,302
Liabilities:
Payable to custodian				15,250
Payable for investments purchased				5,929,665
Unrealized depreciation on spot contracts				9,712
Payable for capital shares redeemed				220,757
Accrued expenses and other payables:
	Investment advisory fees			150,800
	Fund administration and transfer agent fees			6,731
	Distribution fees			205
	Administrative servicing fees			10,021
	Compliance program costs			885
	Other			7,158
		Total Liabilities		6,351,184
Net Assets			$	84,077,118
Represented by:
Capital			$	66,246,249
Accumulated net investment income				689,896
Accumulated net realized gains from investment transactions and foreign currency transactions				5,730,803
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				11,410,170
Net Assets			$	84,077,118
Net Assets:
Class I Shares			$	24,879,302
Class II Shares				994,835
Class III Shares				58,202,981
Total			$	84,077,118
Shares outstanding (unlimited number of shares authorized):
Class I Shares				1,815,551
Class II Shares				72,357
Class III Shares				4,234,264
Total				6,122,172
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	13.70
Class II Shares			$	13.75
Class III Shares			$	13.75

See accompanying notes to financial statements.

 9

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Gartmore NVIT
		Global Utilities Fund
INVESTMENT INCOME:
Interest income		$	16,940
Dividend income			1,848,775
Foreign tax withholding			(116,878	)
	Total Income		1,748,837
Expenses:
Investment advisory fees			274,037
Fund administration and transfer agent fees			32,219
Distribution fees Class II Shares			1,297
Administrative servicing fees Class I Shares			13,637
Administrative servicing fees Class II Shares			758
Administrative servicing fees Class III Shares			40,096
Custodian fees			2,653
Trustee fees			1,722
Compliance program costs (Note 3)			533
Other			16,682
	Total expenses before earnings credit		383,634
Earnings credit (Note 6)			(96	)
	Net Expenses		383,538
Net Investment Income			1,365,299
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			5,936,737
Net realized losses on foreign currency transactions			(31,116	)
Net realized gains on investment transactions and foreign currency transactions			5,905,621
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(539,609	)
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			5,366,012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	6,731,311

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets

		Gartmore NVIT Global Utilities Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	1,365,299		$	1,345,086
Net realized gains on investment transactions and foreign currency transactions			5,905,621			4,526,006
Net change in unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(539,609	)		10,852,034
Change in net assets resulting from operations			6,731,311			16,723,126
Distributions to shareholders from:
Net investment income:
	Class I		(191,526	)		(158,945	)
	Class II		(6,642	)		(21,607	)
	Class III		(479,387	)		(1,161,213	)
Net realized gains:
	Class I		(285,589	)		(455,111	)
	Class II		(11,361	)		(59,551	)
	Class III		(692,746	)		(3,210,811	)
Change in net assets from shareholder distributions			(1,667,251	)		(5,067,238	)
Change in net assets from capital transactions			9,906,157			18,035,902
Change in net assets			14,970,217			29,691,790
Net Assets:
Beginning of period			69,106,901			39,415,111
End of period		$	84,077,118		$	69,106,901
Accumulated net investment income at end of period		$	689,896		$	2,152
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	16,755,058		$	9,637,169
	Dividends reinvested		477,113			614,055
	Cost of shares redeemed (a)		(2,021,048	)		(7,927,049	)
			15,211,123			2,324,175
Class II Shares
	Proceeds from shares issued		105			–
	Dividends reinvested		18,003			81,158
	Cost of shares redeemed (a)		(147,717	)		(155,233	)
			(129,609	)		(74,075	)
Class III Shares
	Proceeds from shares issued		8,889,127			21,209,217
	Dividends reinvested		1,172,123			4,372,018
	Cost of shares redeemed (a)		(15,236,607	)		(9,795,433	)
			(5,175,357	)		15,785,802
Change in net assets from capital transactions		$	9,906,157		$	18,035,902

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets (Continued)

		Gartmore NVIT Global Utilities Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		1,271,923			782,111
	Reinvested		35,481			49,060
	Redeemed		(153,371	)		(623,869	)
			1,154,033			207,302
Class II Shares
	Reinvested		1,335			6,542
	Redeemed		(10,763	)		(13,516	)
			(9,428	)		(6,974	)
Class III Shares
	Issued		643,290			1,815,201
	Reinvested		86,916			349,318
	Redeemed		(1,123,983	)		(874,332	)
			(393,777	)		1,290,187
Total change in shares			750,828			1,490,515

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Gartmore NVIT Global Utilities Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class I Shares
Period ended December 31, 2002 (e)	$	8.38		0.08		(0.96	)		(0.88	)		(0.09	)
For the year ended December 31, 2003	$	7.42		0.06		1.71			1.77			(0.04	)
For the year ended December 31, 2004	$	9.16		0.13		2.60			2.73			(0.13	)
For the year ended December 31, 2005	$	11.26		0.22		0.48			0.70			(0.24	)
For the year ended December 31, 2006	$	10.13		0.32		3.44			3.76			(0.30	)
For the six months ended June 30, 2007 (Unaudited)	$	12.83		0.20		0.94			1.14			(0.11	)
Class II Shares
Period ended December 31, 2003 (g)	$	7.08		0.03		2.09			2.12			(0.03	)
For the year ended December 31, 2004	$	9.18		0.18		2.53			2.71			(0.11	)
For the year ended December 31, 2005	$	11.28		0.20		0.48			0.68			(0.21	)
For the year ended December 31, 2006	$	10.16		0.32		3.42			3.74			(0.27	)
For the six months ended June 30, 2007 (Unaudited)	$	12.87		0.21		0.92			1.13			(0.09	)
Class III Shares
For the year ended December 31, 2002	$	10.01		0.12		(2.62	)		(2.50	)		(0.09	)
For the year ended December 31, 2003	$	7.43		0.10		1.68			1.78			(0.04	)
For the year ended December 31, 2004	$	9.18		0.14		2.60			2.74			(0.14	)
For the year ended December 31, 2005	$	11.28		0.22		0.49			0.71			(0.24	)
For the year ended December 31, 2006	$	10.16		0.30		3.47			3.77			(0.30	)
For the six months ended June 30, 2007 (Unaudited)	$	12.87		0.23		0.92			1.15			(0.11	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
							Paid-in
							Capital								Ratio of
	Net						from		Net Asset				Net Assets		Expenses
	Realized			Total			Redemption		Value, End		Total		at End of		to Average
	Gains			Distributions			Fees		of Period		Return (a)		Period (000s)		Net Assets (b)
Class I Shares
Period ended December 31, 2002 (e)		–			(0.09	)		0.01	$	7.42		(10.36%)	$	169		1.20%
For the year ended December 31, 2003		–			(0.04	)		0.01	$	9.16		24.05%	$	1,104		1.11%
For the year ended December 31, 2004		(0.50	)		(0.63	)		–	$	11.26		29.97%	$	4,679		1.08%
For the year ended December 31, 2005		(1.59	)		(1.83	)		–	$	10.13		6.39%	$	4,602		1.12%
For the year ended December 31, 2006		(0.76	)		(1.06	)		–	$	12.83		37.56%	$	8,489		1.03%
For the six months ended June 30, 2007 (Unaudited)		(0.16	)		(0.27	)		–	$	13.70		8.93%	$	24,879		0.96%
Class II Shares
Period ended December 31, 2003 (g)		–			(0.03	)		0.01	$	9.18		30.16%	$	1,092		1.36%
For the year ended December 31, 2004		(0.50	)		(0.61	)		–	$	11.28		29.56%	$	1,069		1.33%
For the year ended December 31, 2005		(1.59	)		(1.80	)		–	$	10.16		6.19%	$	902		1.37%
For the year ended December 31, 2006		(0.76	)		(1.03	)		–	$	12.87		37.33%	$	1,053		1.28%
For the six months ended June 30, 2007 (Unaudited)		(0.16	)		(0.25	)		–	$	13.75		8.76%	$	995		1.23%
Class III Shares
For the year ended December 31, 2002		–			(0.09	)		0.01	$	7.43		(24.85%)	$	3,571		1.10%
For the year ended December 31, 2003		–			(0.04	)		0.01	$	9.18		24.17%	$	7,054		1.04%
For the year ended December 31, 2004		(0.50	)		(0.64	)		–	$	11.28		29.95%	$	31,478		1.05%
For the year ended December 31, 2005		(1.59	)		(1.83	)		–	$	10.16		6.48%	$	33,911		1.10%
For the year ended December 31, 2006		(0.76	)		(1.06	)		–	$	12.87		37.59%	$	59,565		1.01%
For the six months ended June 30, 2007 (Unaudited)		(0.16	)		(0.27	)		–	$	13.75		8.98%	$	58,203		0.96%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
Period ended December 31, 2002 (e)		1.83%		(f)		(f)		153.83%
For the year ended December 31, 2003		1.28%		(f)		(f)		116.62%
For the year ended December 31, 2004		1.78%		(f)		(f)		358.63%
For the year ended December 31, 2005		1.92%		(f)		(f)		234.81%
For the year ended December 31, 2006		2.87%		(f)		(f)		83.69%
For the six months ended June 30, 2007 (Unaudited)		4.10%		0.97%		4.10%		53.47%
Class II Shares
Period ended December 31, 2003 (g)		0.76%		(f)		(f)		116.62%
For the year ended December 31, 2004		1.58%		(f)		(f)		358.63%
For the year ended December 31, 2005		1.68%		(f)		(f)		234.81%
For the year ended December 31, 2006		2.70%		(f)		(f)		83.69%
For the six months ended June 30, 2007 (Unaudited)		2.88%		1.23%		2.88%		53.47%
Class III Shares
For the year ended December 31, 2002		1.79%		1.11%		1.78%		153.83%
For the year ended December 31, 2003		1.39%		(f)		(f)		116.62%
For the year ended December 31, 2004		1.73%		(f)		(f)		358.63%
For the year ended December 31, 2005		1.96%		(f)		(f)		234.81%
For the year ended December 31, 2006		2.80%		(f)		(f)		83.69%
For the six months ended June 30, 2007 (Unaudited)		3.26%		0.96%		3.26%		53.47%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 10, 2002 (commencement of operations) through December 31, 2002.
(f)	There were no fee reductions during the period.
(g)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Gartmore NVIT Global Utilities Fund (the “Fund”) (formerly, “Gartmore GVIT Global Utilities Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

14 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount.

16 

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. The Fund did not have securities on loan as of June 30, 2007.

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	73,463,046	$	11,921,955	$	(773,047	)	$	11,148,908

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Global Asset Management Trust (“GGAMT”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser for the Fund. Gartmore Global Partners (the “subadviser”) manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Base Management Fee	Fees
Up to $500 million		0.70%
$500 million up to $2 billion		0.65%
Over $2 billion		0.60%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $135,298 for the six months ended June 30, 2007.

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the Global Utilities Composite Index, which is comprised of 60% MSCI World Telecommunication Services Index and 40% MSCI World Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The performance adjusted advisory fee will be paid quarterly.

18 

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $55,436 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $533.

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

For the six months ended June 30, 2007, the advisers or affiliates of the advisers directly held 6.91% of the shares outstanding of the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $8,869.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $51,543,759 and sales of $41,301,023.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into

20 

contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 21

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

22 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 23

Management Information

June 30, 2007 (Unaudited)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 25

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

26 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had outperformed its benchmark, the MSCI World Utilities Index (40%)/ MSCI World Telecom Index (60%), for the one- and three-year periods. The Board also considered that the performance of the Fund’s Class III shares had ranked in the first quintile of the Fund’s Lipper-constructed Performance Group over the one-and three-year periods and in the second-quintile over the two- and four-year periods. The Board considered that the performance has been very good over the periods considered. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser and subadviser to maintain relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints placed the Fund in the third quintile of its Lipper-constructed Expense Group, and the Fund’s total expenses placed the Fund in the second quintile. The Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on

 27

Supplemental Information (Unaudited) (Continued)

December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio managers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 31

Nationwide NVIT Global Financial Services Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
9	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-GFS (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide NVIT Global Financial Services Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT Global Financial Services Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,041.30	$	6.17		1.22%
	Hypothetical	1	$	1,000.00	$	1,018.75	$	6.12		1.22%
Class II	Actual		$	1,000.00	$	1,040.10	$	7.44		1.47%
	Hypothetical	1	$	1,000.00	$	1,017.51	$	7.38		1.47%
Class III	Actual		$	1,000.00	$	1,041.40	$	6.02		1.19%
	Hypothetical	1	$	1,000.00	$	1,018.90	$	5.97		1.19%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT Global Financial Services Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	99.2%
Repurchase Agreements	1.1%
Rights	0.0%
Liabilities in excess of other assets	-0.3%
	100.0%

Top Holdings*
American International Group, Inc.	2.9%
National Bank of Greece SA	2.9%
UniCredito Italiano SPA	2.5%
BNP Paribas	2.4%
Royal Bank of Canada	2.4%
Commonwealth Bank of Australia	2.3%
ING Groep NV	2.3%
HSBC Holdings PLC	2.2%
Banco Bilbao Vizcaya Argentaria SA	2.2%
Axa	2.1%
Other	75.8%
	100.0%

Top Industries
Commercial Banks	41.2%
Diversified Financial Services	18.0%
Insurance	12.9%
Capital Markets	12.0%
Banks	3.5%
Real Estate Investment Trusts (REITs)	3.1%
Consumer Finance	2.8%
Real Estate Management & Development	2.0%
Thrifts & Mortgage Finance	1.2%
Distributor	0.7%
Other	2.6%
	100.0%

Top Countries
United States	42.8%
United Kingdom	8.5%
Japan	7.4%
Australia	6.0%
Greece	4.7%
France	4.5%
Germany	4.2%
Netherlands	4.1%
Canada	3.5%
Switzerland	3.5%
Other	10.8%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT Global Financial Services Fund

Common Stock (99.2%)
	Shares or
	Principal Amount		Value
AUSTRALIA (6.0%) (a)
Capital Markets (0.8%
Macquarie Bank Ltd.		3,700	$	265,690
Commercial Banks (4.4%)
Australia & New Zealand Banking Group Ltd.		27,400		672,817
Commonwealth Bank of Australia		15,510		725,427
				1,398,244
Real Estate Investment Trust (REIT) (0.8%)
Westfield Group		15,800		266,534
				1,930,468
BELGIUM (0.8%) (a)
Diversified Financial Services (0.8%)
Fortis NV		5,810		246,458
BERMUDA (1.4%)
Consumer Finance (0.9%)
Lazard Ltd.		6,340		285,490
Insurance (0.5%)
Arch Capital Group Ltd.*		2,340		169,744
				455,234
CANADA (3.5%)
Banks (3.5%)
Royal Bank of Canada		14,210		755,465
Toronto-Dominion Bank		5,290		361,906
				1,117,371
CHILE (1.2%)
Commercial Bank (1.2%)
Banco Santander Chile SA ADR - CL		8,030		397,806
CHINA (1.3%) (a)
Commercial Bank (1.3%)
China Construction Bank, Class H		630,020		433,248
FRANCE (4.5%) (a)
Commercial Bank (2.4%)
BNP Paribas		6,450		766,072
Insurance (2.1%)
Axa		15,730		676,091
				1,442,163
GERMANY (4.2%) (a)
Capital Markets (1.2%)
Deutsche Bank AG		2,720		393,617
Commercial Bank (1.0%)
Commerzbank AG		6,790		323,819
Diversified Financial Services (2.0%)
Deutsche Boerse AG		5,680		637,681
				1,355,117
GREECE (4.7%) (a)
Commercial Banks (4.7%)
Alpha Bank AE		18,950		594,021
National Bank of Greece SA		16,390		933,137
				1,527,158
HONG KONG (1.1%) (a)
Real Estate Management & Development (1.1%)
Hang Lung Group Ltd.		79,550		359,286
IRELAND (0.6%)
Transportation (0.6%)
Genesis Lease Ltd. ADR - IE		6,870		188,238
ITALY (2.5%) (a)
Commercial Bank (2.5%)
UniCredito Italiano SPA		90,104		804,686
JAPAN (7.4%) (a)
Commercial Banks (4.4%)
Mitsubishi UFJ Financial Group, Inc.		48		529,057
Mizuho Financial Group, Inc.		50		345,469
Sumitomo Mitsui Financial Group, Inc.		40		372,942
Suruga Bank Ltd.		13,800		173,936
				1,421,404
Consumer Finance (1.3%)
ORIX Corp.		1,580		416,519
Insurance (0.8%)
Millea Holdings, Inc.		6,500		267,262
Real Estate Management & Development (0.9%)
Mitsubishi Estate Co. Ltd.		4,000		108,536
Sumitomo Realty & Development Co. Ltd.		5,200		169,366
				277,902
				2,383,087
NETHERLANDS (4.1%)
Aerospace & Defense (0.6%)
AerCap Holdings NV ADR - NL*		5,770		184,640

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
NETHERLANDS (continued)
Commercial Bank (1.2%) (a)
ABN AMRO Holding NV		8,590	$	393,829
Diversified Financial Services (2.3%) (a)
ING Groep NV		16,460		724,389
				1,302,858
SPAIN (2.2%) (a)
Commercial Bank (2.2%)
Banco Bilbao Vizcaya Argentaria SA		28,760		703,247
SWITZERLAND (3.5%) (a)
Capital Markets (3.5%)
Credit Suisse Group		6,710		476,467
UBS AG		10,700		640,064
				1,116,531
UNITED KINGDOM (8.5%) (a)
Capital Markets (1.1%)
Amvescap PLC		27,450		353,660
Commercial Banks (6.9%)
Barclays PLC		29,320		407,885
HBOS PLC		24,530		482,440
HSBC Holdings PLC		39,500		723,192
Lloyds TSB Group PLC		54,340		604,002
				2,217,519
Real Estate Investment Trust (REIT) (0.5%)
British Land Co. PLC		6,610		176,861
				2,748,040
UNITED STATES (41.7%)
Capital Markets (5.4%)
Charles Schwab Corp.		12,850		263,682
Highland Distressed Opportunities, Inc.		9,110		129,817
Lehman Brothers Holding, Inc.		6,410		477,673
Northern Trust Corp.		5,870		377,089
T. Rowe Price Group, Inc.		9,600		498,144
				1,746,405
Commercial Banks (9.0%)
Bank of the Ozarks, Inc.		5,170		144,088
BB&T Corp.		7,180		292,082
PNC Bank Corp.		5,590		400,132
SunTrust Banks, Inc.		2,690		230,641
U.S. Bancorp		9,340		307,753
Wachovia Corp.		11,740		601,675
Wells Fargo & Co.		16,190		569,402
Wintrust Financial Corp.		3,650		160,053
Zions Bancorp		2,270		174,586
				2,880,412
Consumer Finance (0.6%)
SLM Corp.		3,270		188,287
Distributor (0.7%)
ProLogis Trust		3,780		215,082
Diversified Financial Services (12.9%)
Blackrock, Inc.		1,750		274,033
Chicago Mercantile Exchange Holdings, Inc.		880		470,237
Citigroup, Inc.		11,060		567,267
Goldman Sachs Group, Inc.		2,950		639,412
Interactive Brokers Group, Inc., Class A*		7,060		191,538
IntercontinentalExchange, Inc.*		3,010		445,028
International Securities Exchange Holdings, Inc.		2,360		154,226
J.P. Morgan Chase & Co.		11,900		576,555
Merrill Lynch & Co., Inc.		2,300		192,234
Morgan Stanley		4,600		385,848
State Street Corp.		3,690		252,396
				4,148,774
Insurance (9.5%)
AFLAC, Inc.		4,980		255,972
American International Group, Inc.		13,330		933,500
Assurant, Inc.		2,950		173,814
First Mercury Financial Corp.*		10,300		215,991
HCC Insurance Holdings, Inc.		12,220		408,270
Marsh & McLennan Cos., Inc.		7,610		234,997
Principal Financial Group, Inc.		5,290		308,354
Progressive Corp. (The)		6,300		150,759
Prudential Financial, Inc.		4,000		388,920
				3,070,577
IT Services (0.6%)
Wright Express Corp.*		5,360		183,687
Real Estate Investment Trusts (REITs) (1.8%)
CBRE Realty Finance, Inc.		9,080		107,961
Health Care REIT, Inc.		3,380		136,417
iStar Financial, Inc.		4,250		188,402
SL Green Realty Corp.		1,200		148,668
				581,448

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

Nationwide NVIT Global Financial Services Fund (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
UNITED STATES (continued)
Thrifts & Mortgage Finance (1.2%)
Countrywide Credit Industries, Inc.		5,400	$	196,290
PMI Group, Inc.		4,380		195,656
				391,946
				13,406,618
Total Common Stocks (Cost $30,574,734)				31,917,614
Repurchase Agreements (1.1%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/06, repurchase price $356,149, collateralized by U.S. Government Agency mortgages with a market value of $363,114	$	355,994		355,994
Rights (0.0%)
AUSTRALIA (0.0%)
Real Estate Investment Trust (REIT) (0.0%)
Westfield Group Rights		15,800		582
Total Investments (Cost $30,930,728) (b) — 100.3%				32,274,190
Liabilities in excess of other assets — (0.3)%				(111,184	)
NET ASSETS — 100.0%			$	32,163,006

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
CL	Chile
IE	Ireland
NL	Netherlands
REIT	Real Estate Investment Trust

At June 30, 2007, the Fund’s open forward foreign currency contracts were as follows:

										Unrealized
		Delivery		Contract			Market			Appreciation/
Currency		Date		Value			Value			(Depreciation)
	Short Contracts:
	Swiss Franc		07/02/07		(125,255	)		(126,219	)		(964	)
	Total Short Contracts			$	(125,255	)	$	(126,219	)	$	(964	)

See accompanying notes to financial statements.

8 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			Global Financial
			Services Fund
Assets:
Investments, at value (cost $30,574,734)			$	31,918,196
Repurchase agreements, at cost and value				355,994
		Total Investments		32,274,190
Foreign currencies, at value (cost $4,368)				4,370
Interest and dividends receivable				53,120
Receivable for capital shares issued				559
Receivable for investments sold				126,219
Reclaims receivable				26,055
Prepaid expenses				427
		Total Assets		32,484,940
Liabilities:
Payable to custodian				4,298
Payable for investments purchased				177,435
Unrealized depreciation on forward foreign currency contracts				964
Payable for capital shares redeemed				50,654
Accrued expenses and other payables:
	Investment advisory fees			73,601
	Fund administration and transfer agent fees			2,454
	Distribution fees			377
	Administrative servicing fees			2,531
	Compliance program costs			471
	Other			9,149
		Total Liabilities		321,934
Net Assets			$	32,163,006
Represented by:
Capital			$	27,754,701
Accumulated net investment income				129,303
Accumulated net realized gains from investment transactions and foreign currency transactions				2,934,801
Net unrealized appreciation on investments and translation of assets and liabilities denominated in foreign currencies				1,344,201
Net Assets			$	32,163,006
Net Assets:
Class I Shares			$	8,187,997
Class II Shares				1,800,070
Class III Shares				22,174,939
Total			$	32,163,006
Shares outstanding (unlimited number of shares authorized):
Class I Shares				617,956
Class II Shares				136,311
Class III Shares				1,672,555
Total				2,426,822
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	13.25
Class II Shares			$	13.21
Class III Shares			$	13.26

See accompanying notes to financial statements.

 9

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		Global Financial
		Services Fund
INVESTMENT INCOME:
Interest income		$	8,286
Dividend income			570,399
Foreign tax withholding			(42,358	)
	Total Income		536,327
Expenses:
Investment advisory fees			145,397
Fund administration and transfer agent fees			18,153
Distribution fees Class II Shares			2,315
Administrative servicing fees Class I Shares			5,582
Administrative servicing fees Class II Shares			1,303
Administrative servicing fees Class III Shares			12,670
Custodian fees			6,887
Trustee fees			834
Compliance program costs (Note 3)			249
Printing fees			11,448
Other			2,185
	Total expenses before earnings credit		207,023
Earnings credit (Note 6)			(56	)
	Net Expenses		206,967
Net Investment Income			329,360
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			3,009,962
Net realized losses on foreign currency transactions			(29,125	)
Net realized gains on investment transactions and foreign currency transactions			2,980,837
Net change in unrealized depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(1,975,904	)
Net realized/unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			1,004,933
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,334,293

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets

		Nationwide NVIT Global
		Financial Services Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	329,360		$	445,804
Net realized gains on investment transactions and foreign currency transactions			2,980,837			5,064,350
Net change in unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies			(1,975,904	)		518,206
Change in net assets resulting from operations			1,334,293			6,028,360
Distributions to shareholders from:
Net investment income:
	Class I		(44,029	)		(134,195	)
	Class II		(7,542	)		(28,911	)
	Class III		(128,114	)		(462,900	)
Net realized gains:
	Class I		(283,167	)		(908,968	)
	Class II		(62,037	)		(213,065	)
	Class III		(765,163	)		(2,771,293	)
Change in net assets from shareholder distributions			(1,290,052	)		(4,519,332	)
Change in net assets from capital transactions			(1,880,098	)		3,647,235
Change in net assets			(1,835,857	)		5,156,263
Net Assets:
Beginning of period			33,998,863			28,842,600
End of period		$	32,163,006		$	33,998,863
Accumulated net investment income (loss) at end of period		$	129,303		$	(20,372	)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	2,467,889		$	2,894,000
	Dividends reinvested		327,196			1,043,161
	Cost of shares redeemed (a)		(2,628,795	)		(1,917,754	)
			166,290			2,019,407
Class II Shares
	Proceeds from shares issued		658			–
	Dividends reinvested		69,579			241,976
	Cost of shares redeemed (a)		(137,407	)		(143,311	)
			(67,170	)		98,665
Class III Shares
	Proceeds from shares issued		2,808,858			13,305,459
	Dividends reinvested		893,273			3,234,190
	Cost of shares redeemed (a)		(5,681,349	)		(15,010,486	)
			(1,979,218	)		1,529,163
Change in net assets from capital transactions		$	(1,880,098	)	$	3,647,235

See accompanying notes to financial statements.

 11

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT Global
		Financial Services Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
SHARE TRANSACTIONS:
Class I Shares
	Issued		179,492			209,879
	Reinvested		24,678			78,524
	Redeemed		(191,681	)		(140,963	)
			12,489			147,440
Class II Shares
	Reinvested		5,269			18,268
	Redeemed		(9,951	)		(10,703	)
			(4,682	)		7,565
Class III Shares
	Issued		204,167			982,604
	Reinvested		67,313			243,265
	Redeemed		(417,246	)		(1,093,848	)
			(145,766	)		132,021
Total change in shares			(137,959	)		287,026

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Nationwide NVIT Global Financial Services Fund

											Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from			Net
	Beginning		Investment		(Losses) on			Investment			Investment
	of Period		Income		Investments			Activities			Income
Class I Shares
Period Ended December 31, 2002 (e)	$	10.23		–		(1.27	)		(1.27	)		(0.01	)
For the Year Ended December 31, 2003	$	8.96		0.10		3.58			3.68			(0.05	)
For the Year Ended December 31, 2004	$	11.39		0.17		2.19			2.36			(0.17	)
For the Year Ended December 31, 2005	$	12.82		0.19		1.18			1.37			(0.25	)
For the Year Ended December 31, 2006	$	12.66		0.20		2.34			2.54			(0.26	)
For the Six Months Ended June 30, 2007 (Unaudited)	$	13.25		0.13		0.41			0.54			(0.07	)
Class II Shares
Period Ended December 31, 2003 (g)	$	8.46		0.04		4.11			4.15			(0.04	)
For the Year Ended December 31, 2004	$	11.37		0.11		2.22			2.33			(0.14	)
For the Year Ended December 31, 2005	$	12.80		0.14		1.18			1.32			(0.22	)
For the Year Ended December 31, 2006	$	12.62		0.15		2.35			2.50			(0.22	)
For the Six Months Ended June 30, 2007 (Unaudited)	$	13.21		0.12		0.41			0.53			(0.06	)
Class III Shares
For the Year Ended December 31, 2002	$	10.13		0.04		(1.21	)		(1.17	)		(0.01	)
For the Year Ended December 31, 2003	$	8.96		0.13		3.55			3.68			(0.05	)
For the Year Ended December 31, 2004	$	11.39		0.14		2.23			2.37			(0.17	)
For the Year Ended December 31, 2005	$	12.83		0.20		1.17			1.37			(0.25	)
For the Year Ended December 31, 2006	$	12.67		0.19		2.35			2.54			(0.26	)
For the Six Months Ended June 30, 2007 (Unaudited)	$	13.26		0.14		0.41			0.55			(0.08	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
																Ratio of
							Paid-in							Net Assets		Expenses
	Net						Capital from		Net Asset					at End of		to Average
	Realized			Total			Redemption		Value, End		Total			Period		Net Assets
	Gains			Distributions			Fees		of Period		Return (a)			(000s)		(b)
Class I Shares
Period Ended December 31, 2002 (e)		–			(0.01	)		0.01	$	8.96		(12.26%	)	$	218		1.37%
For the Year Ended December 31, 2003		(1.21	)		(1.26	)		0.01	$	11.39		41.45%		$	3,121		1.27%
For the Year Ended December 31, 2004		(0.77	)		(0.94	)		0.01	$	12.82		20.99%		$	4,011		1.27%
For the Year Ended December 31, 2005		(1.28	)		(1.53	)		–	$	12.66		11.15%		$	5,799		1.34%
For the Year Ended December 31, 2006		(1.69	)		(1.95	)		–	$	13.25		20.32%		$	8,024		1.24%
For the Six Months Ended June 30, 2007 (Unaudited)		(0.47	)		(0.54	)		–	$	13.25		4.13%		$	8,188		1.22%
Class II Shares
Period Ended December 31, 2003 (g)		(1.21	)		(1.25	)		0.01	$	11.37		49.51%		$	913		1.51%
For the Year Ended December 31, 2004		(0.77	)		(0.91	)		0.01	$	12.80		20.76%		$	1,879		1.52%
For the Year Ended December 31, 2005		(1.28	)		(1.50	)		–	$	12.62		10.79%		$	1,685		1.59%
For the Year Ended December 31, 2006		(1.69	)		(1.91	)		–	$	13.21		20.08%		$	1,863		1.49%
For the Six Months Ended June 30, 2007 (Unaudited)		(0.47	)		(0.53	)		–	$	13.21		4.01%		$	1,800		1.47%
Class III Shares
For the Year Ended December 31, 2002		–			(0.01	)		0.01	$	8.96		(11.41%	)	$	6,009		1.31%
For the Year Ended December 31, 2003		(1.21	)		(1.26	)		0.01	$	11.39		41.46%		$	11,634		1.22%
For the Year Ended December 31, 2004		(0.77	)		(0.94	)		0.01	$	12.83		21.13%		$	19,634		1.24%
For the Year Ended December 31, 2005		(1.28	)		(1.53	)		–	$	12.67		11.17%		$	21,359		1.29%
For the Year Ended December 31, 2006		(1.69	)		(1.95	)		–	$	13.26		20.34%		$	24,112		1.20%
For the Six Months Ended June 30, 2007 (Unaudited)		(0.47	)		(0.55	)		–	$	13.26		4.14%		$	22,175		1.19%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
					Ratio of
			Ratio of		Net Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class I Shares
Period Ended December 31, 2002 (e)		0.30%		(f)		(f)		211.21%
For the Year Ended December 31, 2003		1.47%		(f)		(f)		261.68%
For the Year Ended December 31, 2004		1.19%		(f)		(f)		127.69%
For the Year Ended December 31, 2005		1.24%		(f)		(f)		217.57%
For the Year Ended December 31, 2006		1.32%		(f)		(f)		236.59%
For the Six Months Ended June 30, 2007 (Unaudited)		1.94%		1.22%		1.94%		70.91%
Class II Shares
Period Ended December 31, 2003 (g)		1.20%		(f)		(f)		261.68%
For the Year Ended December 31, 2004		1.00%		(f)		(f)		127.69%
For the Year Ended December 31, 2005		1.08%		(f)		(f)		217.57%
For the Year Ended December 31, 2006		1.08%		(f)		(f)		236.59%
For the Six Months Ended June 30, 2007 (Unaudited)		1.67%		1.47%		1.67%		70.91%
Class III Shares
For the Year Ended December 31, 2002		0.66%		(f)		(f)		211.21%
For the Year Ended December 31, 2003		1.57%		(f)		(f)		261.68%
For the Year Ended December 31, 2004		1.28%		(f)		(f)		127.69%
For the Year Ended December 31, 2005		1.36%		(f)		(f)		217.57%
For the Year Ended December 31, 2006		1.36%		(f)		(f)		236.59%
For the Six Months Ended June 30, 2007 (Unaudited)		1.94%		1.19%		1.94%		70.91%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 10, 2002 (commencement of operations) through December 31, 2002.
(f)	There were no fee reductions during the period.
(g)	For the period from March 28, 2003 (commencement of operations) through December 31, 2003.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT Global Financial Services Fund (the “Fund”), (formerly, “Gartmore GVIT Global Financial Services Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

14 

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

16 

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. The Fund did not have securities on loan as of June 30, 2007.

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	30,999,673	$	2,014,202	$	(739,685	)	$	1,274,517

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Global Asset Management Trust (“GGAMT”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA an investment advisory fee based on the Fund’s average daily net assets and the following schedule:

	Total
Base Management Fee	Fees
Up to $500 million		0.90%
$500 million up to $2 billion		0.85%
$2 billion and more		0.80%

The Fund’s base management fee (as adjusted for any applicable breakpoints) may increase or decrease proportionately depending on how the Fund performs relative to its benchmark, the MSCI World Financials Index. This performance fee is intended to reward or penalize the investment adviser for outperforming or underperforming the Fund’s benchmark.

The calculation of the total management fee is done in two separate steps. First, the Fund calculates a base fee (to be paid at the end of each quarter). The base fee rate results in an annual fee, calculated and accrued daily. The fee rate is applied to the Fund’s average net assets over that quarter. Second, a performance adjustment percentage is applied to the Fund’s average net assets over the 12-month rolling performance period. The performance adjustment amount is then added to (or subtracted from, as applicable) the base fee to arrive at the Fund’s total advisory fee for the most recently completed quarterly sub-period and that total fee is paid at the end of that most recently completed quarter.

18 

The performance fee calculation applies to all of the Fund’s share classes equally, based on the performance of the Class III shares during the performance period. The table below shows the performance adjustment rate applicable to the Fund’s base fee.

Out or Underperformance	Change in Fees
+/- 1 percentage point		+/- 0.02%
+/- 2 percentage point		+/- 0.04%
+/- 3 percentage point		+/- 0.06%
+/- 4 percentage point		+/- 0.08%
+/- 5 percentage point		+/- 0.10%

The performance adjusted advisory fee will be paid quarterly.

Under this performance fee arrangement, the investment adviser can receive a performance fee increase even if the Fund experiences negative performance that still exceeds its benchmark by more than the relevant percentage amount shown above.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $20,880 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such cost amounted to $249.

For the six months ended June 30, 2007, the advisers or affiliates of the advisers directly held 19.97% of the shares outstanding of the Fund.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $12,076.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $23,929,694 and sales of $27,049,757.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

20 

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 21

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

22 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

24 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 25

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i)  General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund”), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

26 

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii)  Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the MSCI World/Financials Index, for the one-and three-year periods. The Board also considered that performance of the Fund’s Class III shares had ranked in the first quintile of the Fund’s Lipper-constructed Performance Group over the one-, two-, three-, and four-year periods. Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the adviser to maintain relative performance, the Board concluded the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints, and the Fund’s total fees placed the Fund in the fifth quintile of its Lipper-constructed Expense Group. Although the Fund’s contractual advisory fee compared with peer group funds was relatively high, the Board also considered that the Fund had implemented a performance fee structure, which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses were fair and reasonable in light of the services that the Fund receives and the other factors considered.

The Board considered that the Fund’s adviser reported a pre-tax profit margin for investment management services during each of the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profits realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over

 27

Supplemental Information (Unaudited) (Continued)

time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%

30 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 31

Nationwide NVIT U.S. Growth Leaders Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statements of Changes in Net Assets
12	Financial Highlights
13	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-USGL (8/07)

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

Nationwide NVIT U.S. Growth Leaders Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

Nationwide NVIT U.S. Growth Leaders Fund
			Beginning		Ending		Expenses Paid		Annualized
			Account Value,		Account		During Period*		Expense Ratio*
			January 1, 2007		Value,
					June 30, 2007
Class I	Actual		$	1,000.00	$	1,129.00	$	6.23		1.18%
	Hypothetical	1	$	1,000.00	$	1,018.95	$	5.92		1.18%
Class II	Actual		$	1,000.00	$	1,127.70	$	7.54		1.43%
	Hypothetical	1	$	1,000.00	$	1,017.71	$	7.18		1.43%
Class III	Actual		$	1,000.00	$	1,128.20	$	6.28		1.19%
	Hypothetical	1	$	1,000.00	$	1,018.90	$	5.97		1.19%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Nationwide NVIT U.S. Growth Leaders Fund

Portfolio Summary

June 30, 2007

Nationwide NVIT U.S. Growth Leaders Fund

Asset Allocation
Common Stock	96.6%
Repurchase Agreements	5.5%
Other Investments*	6.8%
Liabilities in excess of other assets**	-8.9%
	100.0%

Top Industries
Communications Equipment	13.2%
Semiconductors & Semiconductor Equipment	8.9%
Aerospace & Defense	7.0%
Capital Markets	6.7%
Pharmaceuticals	6.1%
Internet Software & Services	5.2%
Hotels, Restaurants & Leisure	4.9%
Software	4.8%
Oil, Gas & Consumable Fuels	4.0%
Biotechnology	3.8%
Other	35.4%
	100.0%

Top Holdings***
Cisco Systems, Inc.	6.5%
XTO Energy, Inc.	4.0%
Rockwell Collins, Inc.	3.9%
Gilead Sciences, Inc.	3.8%
Google, Inc., Class A	3.7%
Northern Trust Corp.	3.5%
Wyeth	3.5%
Comcast Corp., Class A	3.5%
Cooper Industries Ltd., Class A ADR—BM	3.5%
Monsanto Co.	3.4%
Other	60.7%
	100.0%

*	Includes value of collateral received from securities lending.
**	Includes value of collateral owed from securities lending.
***	For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

Nationwide NVIT U.S. Growth Leaders Fund

Common Stock (96.6%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (7.0%)
Precision Castparts Corp.		15,340	$	1,861,663
Rockwell Collins, Inc.		33,530		2,368,559
				4,230,222
Air Freight & Logistics (2.2%)
C.H. Robinson Worldwide, Inc.		25,830		1,356,592
				1,356,592
Biotechnology (3.8%)
Gilead Sciences, Inc.*		59,660		2,313,018
				2,313,018
Capital Markets (6.7%)
Lehman Brothers Holding, Inc.		25,770		1,920,380
Northern Trust Corp.		33,440		2,148,186
				4,068,566
Chemicals (3.4%)
Monsanto Co.		30,760		2,077,530
				2,077,530
Commercial Banks (1.0%)
PNC Bank Corp.		8,640		618,451
				618,451
Communications Equipment (13.2%)
Cisco Systems, Inc.*		141,500		3,940,775
Corning, Inc.*		46,840		1,196,762
Foundry Networks, Inc.*		80,860		1,347,128
QUALCOMM, Inc.		35,490		1,539,911
				8,024,576
Diversified Financial Services (2.2%) (a)
IntercontinentalExchange, Inc.*		8,890		1,314,387
				1,314,387
Diversified Telecommunication Services (2.0%)
American Tower Corp.*		28,590		1,200,780
				1,200,780
Electrical Equipment (3.5%)
Cooper Industries Ltd., Class A ADR — BM		37,220		2,124,890
				2,124,890
Energy Equipment & Services (2.5%)
Transocean, Inc. ADR — KY*		14,550		1,542,009
				1,542,009
Food & Staples Retailing (3.2%)
CVS/ Caremark Corp.		53,780		1,960,281
				1,960,281
Health Care Equipment & Supplies (2.0%)
Baxter International, Inc.		21,660		1,220,324
				1,220,324
Hotels, Restaurants & Leisure (4.9%)
MGM Grand, Inc.*		14,360		1,184,413
Starwood Hotels & Resorts Worldwide, Inc.		26,450		1,774,001
				2,958,414
Internet Software & Services (5.2%)
Akamai Technologies, Inc.*		19,160		931,942
Google, Inc., Class A*		4,280		2,240,067
				3,172,009
Life Sciences Tools & Services (2.0%)
Thermo Fisher Scientific, Inc.*		23,220		1,200,938
				1,200,938
Media (3.5%)
Comcast Corp., Class A*		75,875		2,133,605
				2,133,605
Metals & Mining (2.2%)
Allegheny Technologies, Inc.		12,620		1,323,586
				1,323,586
Multiline Retail (2.3%)
Kohl’s Corp.*		19,200		1,363,776
				1,363,776
Oil, Gas & Consumable Fuels (4.0%)
XTO Energy, Inc.		40,380		2,426,838
				2,426,838
Pharmaceuticals (6.1%)
Shire PLC ADR — GB		20,810		1,542,645
Wyeth		37,460		2,147,957
				3,690,602
Semiconductors & Semiconductor Equipment (8.9%)
MEMC Electronic Materials, Inc.*		27,430		1,676,522
Microchip Technology, Inc.		50,770		1,880,521
NVIDIA Corp.*		45,150		1,865,146
				5,422,189

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Software (4.8%)
Adobe Systems, Inc.*		42,310	$	1,698,746
Macrovision Corp.*(a)		40,000		1,202,401
				2,901,147
Total Common Stocks (Cost $54,720,665)				58,644,730
Repurchase Agreements (5.5%)
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $3,328,858, collateralized by U.S. Government Agency Mortgages with a market value of $3,393,965	$	3,327,415		3,327,415
Securities Held as Collateral for Securities on Loan (6.8%)
Morgan Stanley Repurchase Agreement, 5.42%, dated 06/29/07, due 07/02/07, repurchase price $4,137,826, collateralized by U.S. Government Agency Mortgages with a market value of $4,218,677		4,135,958		4,135,958
Total Investments (Cost $62,184,040) (b) — 108.9%				66,108,103
Liabilities in excess of other assets — (8.9)%				(5,427,677	)
NET ASSETS — 100.0%			$	60,680,426

*	Denotes a non-income producing security.
(a)	All or a part of the security was on loan as of June 30, 2007.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

ADR	American Depository Receipt
BM	Bermuda
GB	United Kingdom
KY	Cayman Islands

See accompanying notes to financial statements.

 7

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			Nationwide NVIT
			U.S. Growth
			Leaders Fund
Assets:
Investments, at value (cost $54,720,665)*			$	58,644,730
Repurchase agreements, at cost and value				7,463,373
		Total Investments		66,108,103
Interest and dividends receivable				38,324
Receivable for capital shares issued				5,047
Receivable for investments sold				1,741,573
Prepaid expenses				15
		Total Assets		67,893,062
Liabilities:
Payable for investments purchased				2,878,348
Payable upon return of securities loaned				4,135,958
Payable for capital shares redeemed				13,835
Accrued expenses and other payables:
	Investment advisory fees			155,317
	Fund administration and transfer agent fees			3,153
	Distribution fees			4,295
	Administrative servicing fees			4,862
	Compliance program costs			823
	Other			16,045
		Total Liabilities		7,212,636
Net Assets			$	60,680,426
Represented by:
Capital			$	51,052,303
Accumulated net investment loss				(164,531	)
Accumulated net realized gains from investment transactions				5,868,591
Net unrealized appreciation on investments				3,924,063
Net Assets			$	60,680,426
Net Assets:
Class I Shares			$	12,226,896
Class II Shares				21,090,988
Class III Shares				27,362,542
Total			$	60,680,426
Shares outstanding (unlimited number of shares authorized):
Class I Shares				1,027,164
Class II Shares				1,783,237
Class III Shares				2,285,222
Total				5,095,623
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class I Shares			$	11.90
Class II Shares			$	11.83
Class III Shares			$	11.97

* Includes value of securities on loan of $4,034,588.

See accompanying notes to financial statements.

8 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		Nationwide NVIT
		U.S. Growth
		Leaders Fund
INVESTMENT INCOME:
Interest income		$	31,748
Dividend income			174,321
Income from securities lending			3,279
	Total Income		209,348
Expenses:
Investment advisory fees			264,643
Fund administration and transfer agent fees			18,766
Distribution fees Class II Shares			25,274
Administrative servicing fees Class I Shares			7,996
Administrative servicing fees Class II Shares			14,215
Administrative servicing fees Class III Shares			19,071
Custodian fees			5,787
Trustee fees			1,386
Compliance program costs (Note 3)			422
Other			16,398
	Total expenses before earnings credit		373,958
Earnings credit (Note 6)			(79	)
	Net Expenses		373,879
Net Investment Loss			(164,531	)
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			6,340,907
Net change in unrealized appreciation on investments			989,375
Net realized/unrealized gains (losses) on investments			7,330,282
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	7,165,751

See accompanying notes to financial statements.

 9

Statements of Changes in Net Assets

		Nationwide NVIT
		U.S. Growth Leaders Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	(164,531	)	$	121,302
Net realized gains on investment transactions			6,340,907			107,878
Net change in unrealized appreciation/depreciation on investments			989,375			(1,126,069	)
Change in net assets resulting from operations			7,165,751			(896,889	)
Distributions to shareholders from:
Net investment income:
	Class I		–			(26,243	)
	Class II		–			(26,750	)
	Class III		–			(68,309	)
Net realized gains:
	Class I		–			(205,376	)
	Class II		–			(373,444	)
	Class III		–			(590,833	)
Tax return of capital:
	Class I		–			(5,876	)
	Class II		–			(5,989	)
	Class III		–			(15,294	)
Change in net assets from shareholder distributions			–			(1,318,114	)
Change in net assets from capital transactions			(6,985,531	)		(4,690,434	)
Change in net assets			180,220			(6,905,437	)
Net Assets:
Beginning of period			60,500,206			67,405,643
End of period		$	60,680,426		$	60,500,206
Accumulated net investment income (loss) at end of period		$	(164,531	)	$	–

See accompanying notes to financial statements.

10 

Statements of Changes in Net Assets (Continued)

		Nationwide NVIT
		U.S. Growth Leaders Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006
		(Unaudited)
CAPITAL TRANSACTIONS:
Class I Shares
	Proceeds from shares issued	$	1,287,314		$	4,801,363
	Dividends reinvested		–			237,494
	Cost of shares redeemed (a)		(2,044,408	)		(3,923,615	)
			(757,094	)		1,115,242
Class II Shares
	Proceeds from shares issued		1,245,510			5,806,714
	Dividends reinvested		–			406,181
	Cost of shares redeemed (a)		(2,370,814	)		(4,812,555	)
			(1,125,304	)		1,400,340
Class III Shares
	Proceeds from shares issued		3,076,252			8,365,161
	Dividends reinvested		–			674,433
	Cost of shares redeemed (a)		(8,179,385	)		(16,245,610	)
			(5,103,133	)		(7,206,016	)
Change in net assets from capital transactions		$	(6,985,531	)	$	(4,690,434	)
SHARE TRANSACTIONS:
Class I Shares
	Issued		115,441			447,301
	Reinvested		–			23,415
	Redeemed		(181,796	)		(375,985	)
			(66,355	)		94,731
Class II Shares
	Issued		110,735			538,982
	Reinvested		–			40,354
	Redeemed		(212,975	)		(466,666	)
			(102,240	)		112,670
Class III Shares
	Issued		265,774			764,926
	Reinvested		–			66,190
	Redeemed		(733,121	)		(1,537,239	)
			(467,347	)		(706,123	)
Total change in shares			(635,942	)		(498,722	)

(a) Includes redemption fees, if any.

See accompanying notes to financial statements.

 11

Financial Highlights

(Selected Data for a Share of Capital Stock Outstanding Throughout the Periods Indicated)

Nationwide NVIT U.S. Growth Leaders Fund

			Investment Activities									Distributions
						Net Realized
						and
	Net Asset		Net			Unrealized			Total
	Value,		Investment			Gains			from			Net			Net
	Beginning		Income			(Losses) on			Investment			Investment			Realized			Return
	of Period		(Loss)			Investments			Activities			Income			Gains			of Capital
Class I Shares
Period Ended December 31, 2002 (e)	$	8.64		(0.02)			(1.07	)		(1.09	)		–			–			–
For the Year Ended December 31, 2003	$	7.56		(0.02)			3.95			3.93			–			(0.76	)		–
For the Year Ended December 31, 2004	$	10.74		(0.08)			1.36			1.28			–			(0.46	)		–
For the Year Ended December 31, 2005	$	11.56		(0.02)			1.32			1.30			–			(2.06	)		–
For the Year Ended December 31, 2006	$	10.80		0.02			(0.08	)		(0.06	)		(0.02	)		(0.18	)		(0.01	)
For the Six Months Ended June 30, 2007 (Unaudited)	$	10.53		(0.03)			1.40			1.37			–			–			–
Class II Shares
Period Ended December 31, 2003 (g)	$	8.17		(0.02)			3.36			3.34			–			(0.76	)		–
For the Year Ended December 31, 2004	$	10.76		(0.08)			1.33			1.25			–			(0.46	)		–
For the Year Ended December 31, 2005	$	11.55		(0.04)			1.31			1.27			–			(2.06	)		–
For the Year Ended December 31, 2006	$	10.76		–	(j)		(0.07	)		(0.07	)		(0.01	)		(0.18	)		(0.01	)
For the Six Months Ended June 30, 2007 (Unaudited)	$	10.49		(0.04)			1.38			1.34			–			–			–
Class III Shares
For the Year Ended December 31, 2002	$	9.92		(0.05)			(2.30	)		(2.35	)		–			–			–
For the Year Ended December 31, 2003	$	7.58		(0.03)			3.99			3.96			–			(0.76	)		–
For the Year Ended December 31, 2004	$	10.79		(0.11)			1.40			1.29			–			(0.46	)		–
For the Year Ended December 31, 2005	$	11.62		(0.03)			1.33			1.30			–			(2.06	)		–
For the Year Ended December 31, 2006	$	10.86		0.04			(0.08	)		(0.04	)		(0.02	)		(0.18	)		(0.01	)
For the Six Months Ended June 30, 2007 (Unaudited)	$	10.61		(0.03)			1.39			1.36			–			–			–

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios/Supplemental Data
				Paid-in									Ratio of
				Capital							Net Assets		Expenses
				from		Net Asset					at End of		to Average
	Total			Redemption		Value, End		Total			Period		Net Assets
	Distributions			Fees		of Period		Return (a)			(000s)		(b)
Class I Shares
Period Ended December 31, 2002 (e)		–			0.01	$	7.56		(12.50%	)	$	476		1.16%
For the Year Ended December 31, 2003		(0.76	)		0.01	$	10.74		52.14%		$	6,199		1.19%
For the Year Ended December 31, 2004		(0.46	)		–	$	11.56		12.41%		$	6,369		1.29%
For the Year Ended December 31, 2005		(2.06	)		–	$	10.80		11.96%		$	10,783		1.17%
For the Year Ended December 31, 2006		(0.21	)		–	$	10.53		(0.29%	)(h)	$	11,510		1.21%	(i)
For the Six Months Ended June 30, 2007 (Unaudited)		–			–	$	11.90		12.90%		$	12,227		1.18%
Class II Shares
Period Ended December 31, 2003 (g)		(0.76	)		0.01	$	10.76		41.02%		$	4,101		1.43%
For the Year Ended December 31, 2004		(0.46	)		–	$	11.55		12.10%		$	10,593		1.53%
For the Year Ended December 31, 2005		(2.06	)		–	$	10.76		11.70%		$	19,067		1.41%
For the Year Ended December 31, 2006		(0.20	)		–	$	10.49		(0.50%	)(h)	$	19,777		1.46%	(i)
For the Six Months Ended June 30, 2007 (Unaudited)		–			–	$	11.83		12.77%		$	21,091		1.43%
Class III Shares
For the Year Ended December 31, 2002		–			0.01	$	7.58		(23.59%	)	$	6,501		1.10%
For the Year Ended December 31, 2003		(0.76	)		0.01	$	10.79		52.39%		$	54,959		1.19%
For the Year Ended December 31, 2004		(0.46	)		–	$	11.62		12.45%		$	33,158		1.29%
For the Year Ended December 31, 2005		(2.06	)		–	$	10.86		11.99%		$	37,556		1.17%
For the Year Ended December 31, 2006		(0.21	)		–	$	10.61		(0.29%	)(h)	$	29,194		1.20%	(i)
For the Six Months Ended June 30, 2007 (Unaudited)		–			–	$	11.97		12.82%		$	27,363		1.19%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios/Supplemental Data
						Ratio of
				Ratio of		Investment
	Ratio of Net			Expenses		Income (Loss)
	Investment			(Prior to		(Prior to
	Income (Loss)			Reimbursements)		Reimbursements)
	to Average			to Average		to Average			Portfolio
	Net Assets (b)			Net Assets (b)(c)		Net Assets (b)(c)			Turnover (d)
Class I Shares
Period Ended December 31, 2002 (e)		(0.56%	)		(f)		(f)			754.41%
For the Year Ended December 31, 2003		(0.50%	)		(f)		(f)			580.71%
For the Year Ended December 31, 2004		(0.77%	)		(f)		(f)			520.00%
For the Year Ended December 31, 2005		(0.39%	)		(f)		(f)			447.55%
For the Year Ended December 31, 2006		0.26%	(i)		(f)		(f)			382.64%
For the Six Months Ended June 30, 2007 (Unaudited)		(0.46%	)		1.18%		(0.46%	)		161.85%
Class II Shares
Period Ended December 31, 2003 (g)		(0.66%	)		(f)		(f)			580.71%
For the Year Ended December 31, 2004		(1.03%	)		(f)		(f)			520.00%
For the Year Ended December 31, 2005		(0.63%	)		(f)		(f)			447.55%
For the Year Ended December 31, 2006		0.02%	(i)		(f)		(f)			382.64%
For the Six Months Ended June 30, 2007 (Unaudited)		(0.72%	)		1.43%		(0.72%	)		161.85%
Class III Shares
For the Year Ended December 31, 2002		(0.64%	)		(f)		(f)			754.41%
For the Year Ended December 31, 2003		(0.50%	)		(f)		(f)			580.71%
For the Year Ended December 31, 2004		(0.77%	)		(f)		(f)			520.00%
For the Year Ended December 31, 2005		(0.38%	)		(f)		(f)			447.55%
For the Year Ended December 31, 2006		0.31%	(i)		(f)		(f)			382.64%
For the Six Months Ended June 30, 2007 (Unaudited)		(0.48%	)		1.19%		(0.48%	)		161.85%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from June 3, 2002 (commencement of operations) through December 31, 2002.
(f)	There were no fee reductions during the period.
(g)	For the period from March 21, 2003 (commencement of operations) through December 31, 2003.
(h)	Includes reimbursement from the Investment Adviser which increased the total return by 0.66%
(i)	Excludes reimbursement from the Investment Adviser.
(j)	The amount is less than $0.005 per share.

See accompanying notes to financial statements.

12 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the Nationwide NVIT U.S. Growth Leaders Fund (the “Fund”), (formerly, “Gartmore GVIT U.S. Growth Leaders Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity

 13

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service

14 

approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Short Sales

The Fund is authorized to engage in short-selling of portfolio securities which obligates the Fund to replace any security that the Fund has borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund generally will realize a gain if the price of the security declines between these dates. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account with cash, U.S. Government securities and/or securities held long to sufficiently cover the Fund’s short position on a daily basis. Dividends declared on securities sold short are recorded as an expense on the ex-dividend date and paid to the counterparty on the dividend pay date.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(h) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(i) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers.

Information on the investment of cash collateral is shown in the Statement of Investments.

As of June 30, 2007, the Fund had securities with the following value on loan:

Value of Loaned Securities	Value of Collateral
$4,034,588	$	4,135,958

(j) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(k) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

16 

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	62,501,737	$	3,874,425	$	(268,059	)	$	3,606,366

(l) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”).

Under the terms of the Investment Advisory Agreement, the Fund pays NFA a base investment advisory fee that can vary depending on the Fund’s performance relative to the Fund’s benchmark, the S&P 500 Index, as follows:

Base Management Fee*	Fees
Up to $500 million		0.90%
$500 million up to $2 billion		0.80%
$2 billion or more		0.75%

*  The Fund pays NFA a base management fee (as shown above) which may be adjusted upward or downward depending on the Fund’s performance relative to the Fund’s benchmark, the S&P 500 Index. Thus, if the Fund outperforms the Fund’s benchmark by 12% or more over a 36-month period, the Fund will pay higher management fees. Conversely, if the Fund underperforms the Fund’s benchmark by 12% or more over a 36 month period, the Fund will pay lower management fees. No adjustment will take place if the under or overperformance is less than 12% and NFA will receive the applicable base fee. The base rate and the performance rate are applied separately. The base rate (as may be reduced by any applicable base advisory fee breakpoints) is applied to the Fund’s average net assets over the current quarter, while the performance adjustment percentage is applied to the Fund’s average net assets over the rolling 36-month performance period. The corresponding dollar values then are added to arrive at the overall NFA advisory fee for the current period. The base fee is either increased or decreased by the following amounts at each breakpoint:

Fee Schedule	Fee Adjustment
Up to $500 million		+/-0.22%
$500 million up to $2 billion		+/-0.18%
$2 billion or more		+/-0.16%

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II shares of the Fund at an annual rate not to exceed 0.25%.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $44,092 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such cost amounted to $422.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class III shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class III shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class III shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the short-term trading fee applies, the Class III shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

18 

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $968.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $94,248,264 and sales of $101,923,557.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

20 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 

Supplemental Information (Unaudited)

A. Renewal of Investment Advisory Agreement

(i) General Information Regarding the Board’s Review of Investment Advisory Agreements

The Trust’s investment advisory agreements (each an “Advisory Agreement”) with its investment adviser and, as applicable, sub-advisers (together, the “Adviser”) must be approved for an initial term no greater than two years, and renewed at least annually thereafter, (i) by the vote of the Trustees or by a vote of the shareholders of each series or fund of the Trust (individually a “Fund” ), and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto (the “Independent Trustees”) cast in person at a meeting called for the purpose of voting on such approval.

The Board meets quarterly and takes into account throughout the year matters bearing on each Fund’s Advisory Agreement. The Board and its standing committees consider at each meeting factors that are relevant to the annual renewal of an Advisory Agreement, including the services and support provided to a Fund and its shareholders.

On December 6, 2006, the Independent Trustees first met in person with their independent legal counsel (“Independent Legal Counsel”) to consider information provided by the Adviser and others to assist the Trustees in considering whether to renew each Fund’s Advisory Agreement for a one year term beginning May 1, 2007. Immediately following such meeting of the Independent Trustees, all Trustees met in person with the Adviser, Trust counsel, Independent Legal Counsel and others to consider such matters, and give preliminary consideration to information bearing on continuation of each Advisory Agreement. The primary purpose of the December 6 and 7, 2006 meeting was to ensure that the Trustees had ample opportunity to consider matters they deemed relevant in considering the continuation of an Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations.

In preparation for the December 6 and 7, 2006 meeting the Trustees were provided, at the request of the Trustees, with a wide range of information to assist in their deliberations, including (i) reports from Lipper Inc. describing a Fund’s (a) performance rankings (where “first quintile” denotes the best performance) (over multiple years ended September 30, 2006) compared with performance groups and performance universes created by Lipper (and in some cases, customized peer groups created by the Adviser) of similar or peer group funds, and (b) expense rankings (where “first quintile” denotes the lowest fees and expenses) comparing the Fund’s contractual advisory fee and total expenses with expense groups and expense universes created by Lipper of similar or peer group funds, (ii) information from the Adviser describing the Fund’s performance (over multiple years ended September 30, 2006) compared with its benchmark and Lipper categories, (iii) for Funds under “close review,” copies of letters from the Adviser to the portfolio manager of each such Fund, together with the portfolio manager’s written response describing the reasons for the Fund’s underperformance (iv) information from the Adviser describing performance for the months of October and November, 2006, and annual performance for the year ended November 30, 2006, (v) reports from the Adviser describing the Adviser’s profitability in providing services under an Advisory Agreement, together with an explanation of Adviser’s methodology in calculating its profitability, (vi) information from the Adviser describing any fees paid to the Adviser for managing similar, non-affiliated institutional accounts, including the range of fee levels for such accounts, and (vii) information from the Adviser describing ancillary benefits, in addition to fees for serving as investment adviser, derived by the Adviser as a result of being investment adviser for a Fund, including, where applicable, information on soft-dollar benefits and fees inuring to the Adviser’s affiliates for serving as the Trust’s administrator, fund accountant and transfer agent.

At the December 6 and 7, 2006 meeting, the Trustees reviewed, considered and discussed, among themselves and with the Adviser, Trust counsel and Independent Legal Counsel, among other things, the information described above, and: (i) the nature, extent and quality of services provided by the Adviser under each Advisory Agreement, (ii) the investment performance of each Fund and the Adviser, (iii) the costs of the services provided by the Adviser under the Advisory Agreement and the profits realized by the Adviser thereunder, (iv) the extent to which economies of scale may be present and, if so, whether they are being shared with a Fund’s shareholders, (v) comparisons of the Adviser’s fees under the Advisory Agreement with investment advisory fees paid by peer group funds to their investment advisers and paid by non-affiliated institutional clients to the Adviser for managing similar accounts, and (vi) any ancillary benefits inuring to the Adviser and its affiliates as a result of being investment adviser for the Trust. The Trustees also considered, where

 25

Supplemental Information (Unaudited) (Continued)

applicable, expense caps and fee waivers; reports provided throughout the year with respect to brokerage and portfolio transactions, including the standards and performance in seeking best execution, allocation of soft dollars for research products and services, portfolio turnover rates, and other benefits from the allocation of brokerage; the financial condition and stability of Adviser; the terms of each Advisory Agreement; and the effect of advisory and other fees on a Fund’s total expenses, including comparisons of expenses and expense ratios with those of comparable mutual funds.

As part of the December 6 and 7, 2006 Board meeting, the Independent Trustees developed a list of follow-up matters and questions and asked that Adviser respond to such matters and questions at the contract approval meeting of the Board of Trustees to be held on January 11, 2007.

At the January 11, 2007 meeting of the Board of Trustees of the Trust, the Board received and considered information provided by the Adviser in follow-up from the December 6 and 7, 2006 Board meeting and, after consulting among themselves, and with the Adviser, Trust counsel and Independent Legal Counsel, concluded unanimously to renew the Advisory Agreement for the reasons set forth in the following section. In determining whether to renew the Advisory Agreement for the Fund, the Board ultimately reached a determination, with the assistance of Trust counsel and Independent Legal Counsel, that the renewal of the Advisory Agreement and the compensation to be received by the Adviser under the Advisory Agreement is consistent with the Board’s fiduciary duty under applicable law.

(ii) Board Conclusions Regarding the Fund’s Advisory Agreement

The Board considered that the Fund had underperformed its benchmark, the S&P 500 Index, for the one- and three-year periods. The Board also considered that performance of the Fund’s Class I shares of the Fund ranked in the fifth quintile of the Fund’s Lipper-constructed Performance Group over the one-year period, the fourth quintile over the two- and three-year periods, and in the second quintile over the four-year period. Although the Fund’s performance compared with its peer group over the one- and three-year periods ranked the Fund in the fifth and fourth quintile, respectively, the Board considered among other things that: (i) longer-term relative performance had been good; (ii) the Fund’s adviser had represented that the new chief investment officer would analyze and monitor Fund performance and report quarterly to the Performance Committee; and (iii) the Fund is very concentrated and highly volatile. Based on its review, and giving particular weight to the representations made by management with respect to the actions that will be taken by the Fund’s adviser to improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the Fund will benefit the Fund’s shareholders.

The Board also considered that the Fund’s contractual advisory fee and breakpoints, and the Fund’s total expenses placed the Fund in the fifth quintile of its Lipper-constructed Expense Group. The Board found that the Fund’s contractual advisory fee is high compared to its Expense Group but noted that the Fund has implemented a performance fee structure (although waived during the year), which is intended to either reward or penalize the adviser for outperforming or underperforming, respectively, the Fund’s benchmark. The Board concluded that the Fund’s management fee and total expenses are fair and reasonable in light of the services the Fund receives and the other factors considered.

The Board also noted that the Fund’s adviser has reported a pre-tax profit margin for the twelve month-periods ended September 30, 2006 and 2005. The Board considered the costs of the services provided by and the profit realized by the Fund’s adviser in connection with the operation of the Fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the Fund.

Based upon its evaluation of all of the conclusions noted above, and after considering all material factors with respect to the Fund, the Board ultimately concluded that the advisory fee structure is fair and reasonable, and that the Advisory Agreement (and, if applicable, Sub-Advisory Agreement) with respect to the Fund, should be renewed.

B. Approval of New Advisory Agreement

At its January 11, 2007 meeting, the Board also unanimously approved a new investment advisory agreement (the “New Agreement”) for the Fund with Nationwide Fund Advisors, (“NFA”) the then-current adviser to each of the series of the Trust to become effective upon the closing of the acquisition of NFA by Nationwide Financial Services, Inc. (“NFS”) from Nationwide Corporation (“NWC”) which closed on April 30, 2007 (the “Transaction”). In approving the New

26 

Agreement, the Board considered NFA’s capacity to continue to provide the services needed to operate a sophisticated investment management business and to support the management of each of the series. The Board also took into account the information provided to them at their regular quarterly meetings with NFA’s senior management with respect to the Fund, including the information provided by management at the Fund’s annual Section 15(c) meetings on December 6-7, 2006 and January 11, 2007. In addition, the Board also considered NFS’ announced intentions, over time, that NFA will operate exclusively as “manager of managers” in which NFA, rather than managing a series directly, will instead oversee one or more subadvisers who will provide day-to-day portfolio management to each series. The Board also considered the capabilities of NFA and its affiliates, and in particular, their ability to provide portfolio management services to the series should any of the current portfolio mangers elect to terminate their employment with NFA and/or not become employed by an existing or new subadviser for a series. In this regard, NFA advised the Board that while there can be no assurances that current portfolio managers directly managing each series will continue to manage such series, reasonable efforts are being made by NFA to achieve this result. Assuming, however, that these portfolio managers become employed by an unaffiliated subadviser, NFA, subject to Board approval, has stated its intention to hire such subadviser(s) under the Manager of Managers Exemptive Order that the Trust has received from the U.S. Securities and Exchange Commission (“SEC”) without obtaining shareholder approval. Based on this information, the Board concluded that the nature, extent and quality of the advisory services to be provided by NFA were appropriate for the Fund in light of the Fund’s investment objective, and, thus, supported a decision to approve the New Agreement. The Board submitted the New Agreement to the Fund’s shareholders for their approval. A Special Meeting of Shareholders was scheduled to be held on April 23, 2007 and was adjourned until April 25, 2007. Shareholders of the Fund approved the New Agreement on April 25, 2007.

C. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%

 27

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908.660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%

28 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%

 29

Supplemental Information (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780% 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359% 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 118,719.882 shares 2,833,284.860 shares	94.126% 1.684% 4.190%
JP Morgan NVIT Balanced Fund (Formerly JP Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2:

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

30 

American Funds NVIT Funds

American Funds NVIT Asset Allocation Fund

American Funds NVIT Bond Fund

American Funds NVIT Global Growth Fund

American Funds NVIT Growth Fund

American Funds NVIT Growth-Income Fund

SemiannualReport

June 30, 2007

www.nationwidefunds.com      

SAR-AMF (8/07)

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
4	American Funds NVIT Asset Allocation Fund
13	American Funds NVIT Bond Fund
22	American Funds NVIT Global Growth Fund
31	American Funds NVIT Growth Fund
40	American Funds NVIT Growth-Income Fund

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

 1

Message to Shareholders

June 30, 2007 (Unaudited)

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken, Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

American Funds NVIT Asset Allocation Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending
American Funds NVIT Asset			Account Value		Account Value		Expenses Paid		Annualized
Allocation Fund			1/1/07		06/30/07		During Period*		Expense Ratio*
Class II	Actual		$	1,000.00	$	1,075.70	$	3.71		0.72%
	Hypothetical	1	$	1,000.00	$	1,021.23	$	3.61		0.72%
Class VII	Actual		$	1,000.00	$	1,077.50	$	1.70		0.33%
	Hypothetical	1	$	1,000.00	$	1,023.16	$	1.66		0.33%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			American Funds
			NVIT Asset
			Allocation Fund
Assets:
Investments in Master Fund (cost $293,111,718)			$	304,582,882
Receivable for capital shares issued				848,449
Prepaid expenses				2,622
		Total Assets		305,433,953
Liabilities:
Payable for capital shares redeemed				565
Accrued expenses and other payables:
	Fund administration and transfer agent fees			16,591
	Master feeder service provider fee			24,174
	Distribution fees			60,437
	Administrative servicing fees			83,917
	Compliance program costs			1,922
	Other			460
		Total Liabilities		188,066
Net Assets			$	305,245,887
Represented by:
Capital			$	284,323,616
Accumulated net investment loss				(58,209	)
Accumulated net realized gains from investment transactions and distributions from Master Fund				9,509,316
Net unrealized appreciation on investments				11,471,164
Net Assets			$	305,245,887
Net Assets:
Class II Shares			$	305,244,749
Class VII Shares				1,138
		Total	$	305,245,887
Shares outstanding (unlimited number of shares authorized):
Class II Shares				15,301,198
Class VII Shares				57
		Total		15,301,255
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class II Shares			$	19.95
Class VII Shares			$	20.03	(a)

(a) The NAV reported above represents the traded NAV at June 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.

See accompanying notes to financial statements.

 5

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		American Funds
		NVIT Asset
		Allocation Fund
INVESTMENT INCOME:
Dividend income		$	1,132,843
	Total Income		1,132,843
Expenses:
Fund administration and transfer agent fees			67,873
Master feeder service provider fee			283,287
Distribution fees Class II Shares			283,288
Distribution fees Class VII Shares			2
Administrative servicing fees Class II Shares			315,342
Custodian fees			1,379
Trustee fees			4,184
Compliance program costs (Note 3)			1,458
Other			24,111
	Total expenses before earnings credit		980,924
Expenses waived for Master feeder service provider fee			(169,973	)
Earnings credit (Note 4)			(421	)
	Net Expenses		810,530
Net Investment Income			322,313
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			16,147
Net realized gain distributions from Master Fund			9,494,837
Net realized gains on investment transactions and distributions from Master Fund			9,510,984
Net change in unrealized appreciation on investments			6,878,753
Net realized/unrealized gains (losses) on investments			16,389,737
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	16,712,050

See accompanying notes to financial statements.

6 

Statements of Changes in Net Assets

		American Funds NVIT
		Asset Allocation Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006 (a)
		(Unaudited)
From Investment Activities:
Operations:
Net investment income		$	322,313		$	2,673,314
Net realized gains on investment transactions and distributions from Master Fund			9,510,984			169,123
Net change in unrealized appreciation on investments			6,878,753			4,592,411
Change in net assets resulting from operations			16,712,050			7,434,848
Distributions to shareholders from:
Net investment income:
	Class II		(383,817	)		(2,685,081	)
	Class VII		(2	)		(17	)
Net realized gains:
	Class II		(170,790	)		–
	Class VII		(1	)		–
Change in net assets from shareholder distributions			(554,610	)		(2,685,098	)
Change in net assets from capital transactions			126,338,657			158,000,040
Change in net assets			142,496,097			162,749,790
Net Assets:
Beginning of period			162,749,790			–
End of period		$	305,245,887		$	162,749,790
Accumulated net investment income (loss) at end of period		$	(58,209	)	$	3,297
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	128,977,960		$	155,792,024
	Dividends reinvested		554,587			2,685,081
	Cost of shares redeemed		(3,193,893	)		(478,082	)
			126,338,654			157,999,023
Class VII Shares
	Proceeds from shares issued		–			1,000
	Dividends reinvested		3			17
			3			1,017
Change in net assets from capital transactions		$	126,338,657		$	158,000,040
SHARE TRANSACTIONS:
Class II Shares
	Issued		6,680,887			8,640,005
	Reinvested		27,883			144,250
	Redeemed		(165,183	)		(26,644	)
			6,543,587			8,757,611
Class VII Shares
	Issued		–			56
	Reinvested		–	(b)		1
			–			57
Total change in shares			6,543,587			8,757,668

(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Amount is less than 1 share.

See accompanying notes to financial statements.

 7

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

American Funds NVIT Asset Allocation Fund

			Investment Activities						Distributions
					Net Realized
	Net Asset				and		Total											Net Asset
	Value,		Net		Unrealized		from		Net			Net						Value,
	Beginning		Investment		Gains on		Investment		Investment			Realized			Total			End		Total
	of Period		Income		Investments		Activities		Income			Gains			Distributions			of Period		Return (a)
Class II Shares
Period ended December 31, 2006 (e)	$	17.92		0.36		0.66		1.02		(0.36	)		–			(0.36	)	$	18.58		5.69%
For the six months ended June 30, 2007 (Unaudited)	$	18.58		0.03		1.38		1.41		(0.03	)		(0.01	)		(0.04	)	$	19.95		7.57%
Class VII Shares
Period ended December 31, 2006 (e)	$	17.92		0.55		0.46		1.01		(0.30	)		–			(0.30	)	$	18.63		5.64%
For the six months ended June 30, 2007 (Unaudited)	$	18.63		0.04		1.40		1.44		(0.03	)		(0.01	)		(0.04	)	$	20.03		7.75%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of				Ratio of Net
					Net		Ratio of		Investment
			Ratio of		Investment		Expenses		Income
	Net Assets		Expenses		Income		(Prior to		(Prior to
	at End of		to Average		to Average		Reimbursements)		Reimbursements)
	Period		Net		Net		to Average		to Average		Portfolio
	(000s)		Assets (b)		Assets(b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
Period ended December 31, 2006 (e)	$	162,749		0.69%		6.18%		0.86%		6.00%		38.00%
For the six months ended June 30, 2007 (Unaudited)	$	305,245		0.72%		0.28%		0.87%		0.13%		18.00%
Class VII Shares
Period ended December 31, 2006 (e)	$	1		0.80%		4.51%		0.87%		4.43%		38.00%
For the six months ended June 30, 2007 (Unaudited)	$	1		0.33%		0.48%		0.48%		0.33%		18.00%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

8 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Asset Allocation Fund (the “Fund”), (formerly, “American Funds GVIT Asset Allocation Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund operates as a “feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Asset Allocation Fund (the “Master Fund”), a series of the American Funds Insurance Series^® (“American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests and the same gross investment returns as the Master Fund. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2007, was 3.55%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

The net asset value (“NAV”) per share of each class of the Fund is calculated by taking the market value of the Master Fund and other assets owned by the Fund, allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4 p.m. Eastern Time) (“Close of Trading”) on each day the Exchange is open for trading (“Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making “fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of Capital Research and Management Company (“Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

 9

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(b) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(c) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(d) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)
$	293,113,386	$	11,469,496	$	—	$	11,469,496

(e) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management, LLC (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under

10 

which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, NFM provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by GSA), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by Gartmore Investor Services, Inc. (“GISI”), an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFM has entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% of Class II shares and 0.40% of Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, Inc. (“NFS”), and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. NFM is a wholly-owned subsidiary of NFS. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $284,555 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFM, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFM certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $1,458.

 11

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

6. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

12 

American Funds NVIT Bond Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
American Funds NVIT Bond Fund			1/1/07		06/30/07		During Period*		Expense Ratio*
Class II	Actual		$	1,000.00	$	1,012.90	$	3.64		0.73%
	Hypothetical	1	$	1,000.00	$	1,021.18	$	3.66		0.73%
Class VII	Actual		$	1,000.00	$	1,014.90	$	1.70		0.34%
	Hypothetical	1	$	1,000.00	$	1,023.11	$	1.71		0.34%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

 13

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			American Funds
			NVIT Bond Fund
Assets:
Investments in Master Fund (cost $76,895,431)			$	75,682,689
Receivable for capital shares issued				121,966
Prepaid expenses				622
		Total Assets		75,805,277
Liabilities:
Payable to custodian				72
Payable for capital shares redeemed				371
Accrued expenses and other payables:
	Fund administration and transfer agent fees			3,532
	Master feeder service provider fee			5,771
	Distribution fees			14,427
	Administrative servicing fees			20,520
	Compliance program costs			423
	Other			4,706
		Total Liabilities		49,822
Net Assets			$	75,755,455
Represented by:
Capital			$	76,980,507
Accumulated net investment loss				(14,484	)
Accumulated net realized gains from investment transactions				2,174
Net unrealized depreciation on investments				(1,212,742	)
Net Assets			$	75,755,455
Net Assets:
Class II Shares			$	75,754,387
Class VII Shares				1,068
		Total	$	75,755,455
Shares outstanding (unlimited number of shares authorized):
Class II Shares				6,609,391
Class VII Shares				93
		Total		6,609,484
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class II Shares			$	11.46
Class VII Shares			$	11.48

See accompanying notes to financial statements.

14 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		American Funds
		NVIT Bond Fund
INVESTMENT INCOME:
Dividend income		$	2,656,020
	Total Income		2,656,020
Expenses:
Fund administration and transfer agent fees			15,532
Master feeder service provider fee			65,195
Distribution fees Class II Shares			65,195
Distribution fees Class VII Shares			2
Administrative servicing fees Class II Shares			73,175
Custodian fees			74
Trustee fees			830
Compliance program costs (Note 3)			325
Other			9,951
	Total expenses before earnings credit		230,279
Expenses waived for Master feeder service provider fee			(39,117	)
Earnings credit (Note 4)			(37	)
	Net Expenses		191,125
Net Investment Income			2,464,895
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			7,683
Net change in unrealized depreciation on investments			(2,045,070	)
Net realized/unrealized gains (losses) on investments			(2,037,387	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	427,508

See accompanying notes to financial statements.

 15

Statements of Changes in Net Assets

		American Funds NVIT
		Bond Fund
		Six Months Ended			Year Ended
		June 30, 2007			December 31, 2006(a)
		(Unaudited)
From Investment Activities:
Operations:
Net investment income		$	2,464,895		$	44,623
Net realized gains (losses) on investment transactions			7,683			(4,556	)
Net change in unrealized appreciation/depreciation on investments			(2,045,070	)		832,328
Change in net assets resulting from operations			427,508			872,395
Distributions to shareholders from:
Net investment income:
	Class II		(2,479,342	)		(49,730	)
	Class VII		(37	)		(12	)
Tax return of capital:
	Class II		–			(64,936	)
	Class VII		–			(15	)
Change in net assets from shareholder distributions			(2,479,379	)		(114,693	)
Change in net assets from capital transactions			44,133,762			32,915,862
Change in net assets			42,081,891			33,673,564
Net Assets:
Beginning of period			33,673,564			–
End of period		$	75,755,455		$	33,673,564
Accumulated net investment income (loss) at end of period		$	(14,484	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	43,285,749		$	34,636,189
	Dividends reinvested		2,479,342			114,666
	Cost of shares redeemed		(1,631,366	)		(1,836,020	)
			44,133,725			32,914,835
Class VII Shares
	Proceeds from shares issued		–			1,000
	Dividends reinvested		37			27
			37			1,027
Change in net assets from capital transactions		$	44,133,762		$	32,915,862
SHARE TRANSACTIONS:
Class II Shares
	Issued		3,655,769			3,023,496
	Reinvested		216,536			10,377
	Redeemed		(136,894	)		(159,893	)
			3,735,411			2,873,980
Class VII Shares
	Issued		–			88
	Reinvested		3			2
			3			90
Total change in shares			3,735,414			2,874,070

(a) For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

16 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

American Funds NVIT Bond Fund

										Distributions
			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from		Net
	Beginning		Investment		(Losses) on			Investment		Investment
	of Period		Income		Investments			Activities		Income
Class II Shares
Period ended December 31, 2006 (e)	$	11.45		0.38		0.21			0.59		(0.14	)
For the six months ended June 30, 2007 (Unaudited)	$	11.72		0.41		(0.26	)		0.15		(0.41	)
Class VII Shares
Period ended December 31, 2006 (e)	$	11.45		0.38		0.20			0.58		(0.14	)
For the six months ended June 30, 2007 (Unaudited)	$	11.72		0.42		(0.25	)		0.17		(0.41	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
													Ratio of
							Net Asset				Net Assets		Expenses
	Return of			Total			Value, End		Total		at End of		to Average
	capital			Distributions			of Period		Return (a)		Period (000s)		Net Assets (b)
Class II Shares
Period ended December 31, 2006 (e)		(0.18	)		(0.32	)	$	11.72		5.30%	$	33,673		0.79%
For the six months ended June 30, 2007 (Unaudited)		–			(0.41	)	$	11.46		1.29%	$	75,754		0.73%
Class VII Shares
Period ended December 31, 2006 (e)		(0.17	)		(0.31	)	$	11.72		5.21%	$	1		1.13%
For the six months ended June 30, 2007 (Unaudited)		–			(0.41	)	$	11.48		1.49%	$	1		0.34%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
Period ended December 31, 2006 (e)		0.47%		0.97%		0.29%		57.00%
For the six months ended June 30, 2007 (Unaudited)		9.45%		0.88%		8.80%		23.00%
Class VII Shares
Period ended December 31, 2006 (e)		4.83%		1.38%		4.57%		57.00%
For the six months ended June 30, 2007 (Unaudited)		7.29%		0.49%		6.63%		23.00%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

 17

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Bond Fund (the “Fund”), (formerly, “American Funds GVIT Bond Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund operates as a “feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Bond Fund (the “Master Fund”), a series of the American Funds Insurance Series^® (“American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests and the same gross investment returns as the Master Fund. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2007, was 1.74%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

The net asset value (“NAV”) per share of each class of the Fund is calculated by taking the market value of the Master Fund and other assets owned by the Fund, allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4 p.m. Eastern Time) (“Close of Trading”) on each day the Exchange is open for trading (“Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making “fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of Capital Research and Management Company (“Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

18 

(b) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(c) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(d) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

Tax Cost							Net Unrealized
of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	76,900,940	$	—	$	(1,218,251	)	$	(1,218,251	)

(e) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management, LLC (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, NFM provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by GSA), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by Gartmore Investor Services, Inc. (“GISI”), an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFM has entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% of Class II shares and 0.40% of Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, Inc. (“NFS”), and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. NFM is a wholly-owned subsidiary of NFS. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $65,587 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFM, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFM certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $325.

20 

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

6. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 21

American Funds NVIT Global Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
American Funds NVIT Global Growth Fund			1/1/07		06/30/07		During Period*		Expense Ratio*
Class II	Actual		$	1,000.00	$	1,097.50	$	4.32		0.83%
	Hypothetical	1	$	1,000.00	$	1,020.68	$	4.17		0.83%
Class VII	Actual		$	1,000.00	$	1,098.90	$	2.91		0.56%
	Hypothetical	1	$	1,000.00	$	1,021.28	$	2.81		0.56%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

22 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			American Funds
			NVIT Global
			Growth Fund
Assets:
Investments in Master Fund (cost $66,319,169)			$	71,042,828
Receivable for capital shares issued				140,674
Prepaid expenses				678
		Total Assets		71,184,180
Liabilities:
Payable for capital shares redeemed				3,208
Accrued expenses and other payables:
	Fund administration and transfer agent fees			3,442
	Master feeder service provider fee			5,675
	Distribution fees			14,188
	Administrative servicing fees			22,298
	Compliance program costs			550
	Other			38,533
		Total Liabilities		87,894
Net Assets			$	71,096,286
Represented by:
Capital			$	62,891,393
Accumulated net investment loss				(14,357	)
Accumulated net realized gains from investment transactions and distributions from Master Fund				3,495,591
Net unrealized appreciation on investments				4,723,659
Net Assets			$	71,096,286
Net Assets:
Class II Shares			$	71,095,094
Class VII Shares				1,192
		Total	$	71,096,286
Shares outstanding (unlimited number of shares authorized):
Class II Shares				2,803,509
Class VII Shares				47
		Total		2,803,556
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class II Shares			$	25.36
Class VII Shares			$	25.39	(a)

(a) The NAV reported above represents the traded NAV at June 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.

See accompanying notes to financial statements.

 23

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		American Funds
		NVIT Global
		Growth Fund
INVESTMENT INCOME:
Dividend income		$	944,550
	Total Income		944,550
Expenses:
Fund administration and transfer agent fees			17,157
Master feeder service provider fee			71,970
Distribution fees Class II Shares			71,970
Distribution fees Class VII Shares			2
Administrative servicing fees Class II Shares			83,467
Trustee fees			1,038
Compliance program costs (Note 3)			407
Printing fees			33,322
Other			1,499
	Total expenses before reimbursements		280,832
Expenses waived for Master feeder service provider fee			(43,182	)
	Net Expenses		237,650
Net Investment Income			706,900
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			743,656
Net realized gain distributions from Master Fund			2,755,601
Net realized gains on investment transactions and distributions from Master Fund			3,499,257
Net change in unrealized appreciation on investments			1,239,222
Net realized/unrealized gains (losses) on investments			4,738,479
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	5,445,379

See accompanying notes to financial statements.

24 

Statements of Changes in Net Assets

		American Funds NVIT
		Global Growth Fund
		Six Months Ended			Year Ended
		June 30,			December 31,
		2007			2006(a)
		(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)		$	706,900		$	(78,346	)
Net realized gains on investment transactions and distributions from Master Fund			3,499,257			346
Net change in unrealized appreciation on investments			1,239,222			3,484,437
Change in net assets resulting from operations			5,445,379			3,406,437
Distributions to shareholders from:
Net investment income:
	Class II		(721,244	)		–
	Class VII		(13	)		–
Tax return of capital:
	Class II		–			(30,000	)
	Class VII		–			(7	)
Change in net assets from shareholder distributions			(721,257	)		(30,007	)
Change in net assets from capital transactions			20,379,251			42,616,483
Change in net assets			25,103,373			45,992,913
Net Assets:
Beginning of period			45,992,913			–
End of period		$	71,096,286		$	45,992,913
Accumulated net investment income (loss) at end of period		$	(14,357	)	$	–
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	26,557,207		$	43,418,062
	Dividends reinvested		721,241			30,000
	Cost of shares redeemed		(6,899,210	)		(832,586	)
			20,379,238			42,615,476
Class VII Shares
	Proceeds from shares issued		–			1,000
	Dividends reinvested		13			7
			13			1,007
Change in net assets from capital transactions		$	20,379,251		$	42,616,483
SHARE TRANSACTIONS:
Class II Shares
	Issued		1,090,776			2,006,586
	Reinvested		28,621			1,493
	Redeemed		(285,824	)		(38,143	)
			833,573			1,969,936
Class VII Shares
	Issued		–			46
	Reinvested		1			–	(b)
			1			46
Total change in shares			833,574			1,969,982

(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Amount is less than 1 share.

See accompanying notes to financial statements.

 25

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

American Funds NVIT Global Growth Fund

			Investment Activities						Distributions
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from		Net
	Beginning		Investment		Gains on		Investment		Investment
	of Period		Income		Investments		Activities		Income
Class II Shares
Period ended December 31, 2006 (e)	$	21.69		0.10		1.72		1.82		–
For the six months ended June 30, 2007 (Unaudited)	$	23.35		0.25		2.02		2.27		(0.26	)
Class VII Shares
Period ended December 31, 2006 (e)	$	21.69		0.06		1.75		1.81		–
For the six months ended June 30, 2007 (Unaudited)	$	23.35		0.28		2.04		2.32		(0.28	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
							Net Asset				Net Assets
	Return						Value,				at End of
	of			Total			End		Total		Period
	capital			Distributions			of Period		Return (a)		(000s)
Class II Shares
Period ended December 31, 2006 (e)		(0.16	)		(0.16	)	$	23.35		8.52%	$	45,992
For the six months ended June 30, 2007 (Unaudited)		–			(0.26	)	$	25.36		9.75%	$	71,095
Class VII Shares
Period ended December 31, 2006 (e)		(0.15	)		(0.15	)	$	23.35		8.48%	$	1
For the six months ended June 30, 2007 (Unaudited)		–			(0.28	)	$	25.39		9.89%	$	1

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
			Ratio of Net				Ratio of
			Investment		Ratio of		Investment
	Ratio of		Income		Expenses		Income (Loss)
	Expenses		(Loss) to		(Prior to		(Prior to
	to Average		Average		Reimbursements)		Reimbursements)
	Net		Net		to Average		to Average		Portfolio
	Assets (b)		Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
Period ended December 31, 2006 (e)		0.91%		(0.63%)		1.16%		(0.87%)		31.00%
For the six months ended June 30, 2007 (Unaudited)		0.83%		2.45%		0.98%		2.30%		18.00%
Class VII Shares
Period ended December 31, 2006 (e)		1.11%		0.40%		1.21%		0.29%		31.00%
For the six months ended June 30, 2007 (Unaudited)		0.56%		2.33%		0.71%		2.18%		18.00%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

26 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Global Growth Fund (the “Fund”), (formerly, “American Funds GVIT Global Growth Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund operates as a “feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Global Growth Fund (the “Master Fund”), a series of the American Funds Insurance Series^® (“American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests and the same gross investment returns as the Master Fund. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2007, was 1.40%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

The net asset value (“NAV”) per share of each class of the Fund is calculated by taking the market value of the Master Fund and other assets owned by the Fund, allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4 p.m. Eastern Time) (“Close of Trading”) on each day the Exchange is open for trading (“Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making “fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of Capital Research and Management Company (“Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

 27

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(b) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(c) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(d) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)
$	66,322,835	$	4,719,993	$	—	$	4,719,993

(e) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management, LLC (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under

28 

which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, NFM provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by GSA), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by Gartmore Investor Services, Inc. (“GISI”), an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFM has entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% of Class II shares and 0.40% of Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, Inc. (“NFS”), and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. NFM is a wholly-owned subsidiary of NFS. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $72,181 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFM, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFM certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $407.

 29

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

6. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

30 

American Funds NVIT Growth Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
American Funds NVIT Growth Fund			1/1/07		06/30/07		During Period*		Expense Ratio*
Class II	Actual		$	1,000.00	$	1,103.40	$	3.81		0.73%
	Hypothetical	1	$	1,000.00	$	1,021.18	$	3.66		0.73%
Class VII	Actual		$	1,000.00	$	1,105.20	$	1.98		0.38%
	Hypothetical	1	$	1,000.00	$	1,023.11	$	1.91		0.38%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

 31

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			American Funds
			NVIT
			Growth Fund
Assets:
Investments in Master Fund (cost $125,131,860)			$	130,708,795
Receivable for capital shares issued				139,946
Prepaid expenses				1,164
		Total Assets		130,849,905
Liabilities:
Payable for capital shares redeemed				7,483
Accrued expenses and other payables:
	Fund administration and transfer agent fees			6,765
	Master feeder service provider fee			10,479
	Distribution fees			26,199
	Administrative servicing fees			35,441
	Compliance program costs			920
	Other			9,722
		Total Liabilities		97,009
Net Assets			$	130,752,896
Represented by:
Capital			$	116,822,275
Accumulated net investment loss				(112,396	)
Accumulated net realized gains from investment transactions and distributions from Master Fund				8,466,082
Net unrealized appreciation on investments				5,576,935
Net Assets			$	130,752,896
Net Assets:
Class II Shares			$	130,751,751
Class VII Shares				1,145
		Total	$	130,752,896
Shares outstanding (unlimited number of shares authorized):
Class II Shares				1,828,744
Class VII Shares				16
		Total		1,828,760
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class II Shares			$	71.50
Class VII Shares			$	71.76	(a)

(a) The NAV reported above represents the traded NAV at June 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.

See accompanying notes to financial statements.

32 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

			American Funds
			NVIT Growth
			Fund
INVESTMENT INCOME:
Dividend income			$	254,116
		Total Income		254,116
Expenses:
Fund administration and transfer agent fees				30,258
Master feeder service provider fee				126,558
Distribution fees Class II Shares				126,558
Distribution fees Class VII Shares				2
Administrative servicing fees Class II Shares				139,423
Custodian fees				178
Trustee fees				1,911
Compliance program costs (Note 3)				660
Other				20,430
		Total expenses before earnings credit		445,978
Expenses waived for Master feeder service provider fee				(75,935	)
	Earnings credit (Note 4)			(89	)
		Net Expenses		369,954
Net Investment Loss				(115,838	)
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions				47,360
Net realized gain distributions from Master Fund				8,469,900
Net realized gains on investment transactions and distributions from Master Fund				8,517,260
Net change in unrealized appreciation on investments				2,022,378
Net realized/unrealized gains (losses) on investments				10,539,638
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS			$	10,423,800

See accompanying notes to financial statements.

 33

Statements of Changes in Net Assets

		American Funds NVIT Growth Fund
		Six Months Ended			Year Ended
		June 30,			December 31,
		2007			2006(a)
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income (loss)		$	(115,838	)	$	429,262
Net realized gains (losses) on investment transactions and distributions from Master Fund			8,517,260			(13,161	)
Net change in unrealized appreciation on investments			2,022,378			3,554,557
Change in net assets resulting from operations			10,423,800			3,970,658
Distributions to shareholders from:
Net investment income:
	Class II		–			(435,217	)
	Class VII		–			(4	)
Net realized gains:
	Class II		(38,017	)		–
Change in net assets from shareholder distributions			(38,017	)		(435,221	)
Change in net assets from capital transactions			45,561,650			71,270,026
Change in net assets			55,947,433			74,805,463
Net Assets:
Beginning of period			74,805,463			–
End of period		$	130,752,896		$	74,805,463
Accumulated net investment income (loss) at end of period		$	(112,396	)	$	3,442
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	48,175,557		$	72,386,539
	Dividends reinvested		38,015			435,217
	Cost of shares redeemed		(2,651,922	)		(1,552,734	)
			45,561,650			71,269,022
Class VII Shares
	Proceeds from shares issued		–			1,000
	Dividends reinvested		–			4
			–			1,004
Change in net assets from capital transactions		$	45,561,650		$	71,270,026
SHARE TRANSACTIONS:
Class II Shares
	Issued		712,851			1,172,886
	Reinvested		533			6,687
	Redeemed		(38,656	)		(25,557	)
			674,728			1,154,016
Class VII Shares
	Issued		–			16
	Reinvested		–			–	(b)
			–			16
Total change in shares			674,728			1,154,032

(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Amount is less than 1 share.

See accompanying notes to financial statements.

34 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

American Funds NVIT Growth Fund

			Investment Activities
						Net Realized
	Net Asset		Net			and		Total
	Value,		Investment			Unrealized		from
	Beginning		Income			Gains on		Investment
	of Period		(Loss)			Investments		Activities
Class II Shares
Period ended December 31, 2006 (e)	$	62.91		0.39			1.92		2.31
For the six months ended June 30, 2007 (Unaudited)	$	64.82		(0.06	)		6.76		6.70
Class VII Shares
Period ended December 31, 2006 (e)	$	62.91		0.60			1.66		2.26
For the six months ended June 30, 2007 (Unaudited)	$	64.93		0.03			6.82		6.85

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net			Net						Net Asset
	Investment			Realized			Total			Value, End		Total
	Income			Gains			Distributions			of Period		Return (a)
Class II Shares
Period ended December 31, 2006 (e)		(0.40	)		–			(0.40	)	$	64.82		3.68%
For the six months ended June 30, 2007 (Unaudited)		–			(0.02	)		(0.02	)	$	71.50		10.34%
Class VII Shares
Period ended December 31, 2006 (e)		(0.24	)		–			(0.24	)	$	64.93		3.63%
For the six months ended June 30, 2007 (Unaudited)		–			(0.02	)		(0.02	)	$	71.76		10.52%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
									Ratio of
					Ratio of		Ratio of		Investment
					Net		Expenses		Income (Loss)
	Net Assets		Ratio of		Investment		(Prior to		(Prior to
	at End of		Expenses		Income (Loss)		Reimbursements)		Reimbursements)
	Period		to Average		to Average		to Average		to Average		Portfolio
	(000s)		Net Assets (b)		Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class II Shares
Period ended December 31, 2006 (e)	$	74,804		0.74%		1.90%		0.91%		1.72%		35.00%
For the six months ended June 30, 2007 (Unaudited)	$	130,752		0.73%		(0.23%)		0.88%		(0.38%)		21.00%
Class VII Shares
Period ended December 31, 2006 (e)	$	1		0.87%		1.42%		0.95%		1.34%		35.00%
For the six months ended June 30, 2007 (Unaudited)	$	1		0.38%		0.09%		0.53%		0.06%		21.00%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.

See accompanying notes to financial statements.

 35

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Growth Fund (the “Fund”), (formerly, “American Funds GVIT Growth Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund operates as a “feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Growth Fund (the “Master Fund”), a series of the American Funds Insurance Series^® (“American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests and the same gross investment returns as the Master Fund. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2007, was 0.44%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

The net asset value (“NAV”) per share of each class of the Fund is calculated by taking the market value of the Master Fund and other assets owned by the Fund, allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4 p.m. Eastern Time) (“Close of Trading”) on each day the Exchange is open for trading (“Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making “fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of Capital Research and Management Company (“Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

36 

(b) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date.

(c) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(d) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

						Net Unrealized
Tax Cost of		Unrealized		Unrealized		Appreciation
Securities		Appreciation		Depreciation		(Depreciation)
$	125,187,755	$	5,521,040	$	—	$	5,521,040

(e) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management, LLC (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2008.

 37

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Under the terms of a Fund Administration and Transfer Agency Agreement, NFM provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by GSA), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by Gartmore Investor Services, Inc. (“GISI”), an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFM. NFM pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFM has entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% of Class II shares and 0.40% of Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, Inc. (“NFS”), and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. NFM is a wholly-owned subsidiary of NFS. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the six months ended June 30, 2007, NFS received $127,046 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFM, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFM certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $660.

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were

38 

required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

6. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 39

American Funds NVIT Growth-Income Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, April 27, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending		Expenses		Annualized
American Funds NVIT Growth-			Account Value		Account Value		Paid		Expense
Income Fund			4/27/07		06/30/07		During Period*		Ratio**
Class II	Actual		$	1,000.00	$	1,015.20	$	0.54		0.30%
	Hypothetical	1	$	1,000.00	$	1,008.37	$	0.54		0.30%
Class VII	Actual		$	1,000.00	$	1,015.20	$	0.56		0.31%
	Hypothetical	1	$	1,000.00	$	1,008.35	$	0.55		0.31%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 65/365 (to reflect the period of operations). The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
**	Information shown reflects values using the expense ratios from April 27, 2007 (commencement of operations) to June 30, 2007 and has been annualized to reflect for the period from April 27, 2007 to June 30, 2007, in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

40 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			American Funds
			NVIT Growth-
			Income Fund
Assets:
Investments in Master Fund (cost $3,391,023)			$	3,324,209
Cash				72
Receivable for capital shares issued				28,020
Prepaid expenses				13,795
		Total Assets		3,366,096
Liabilities:
Payable for capital shares redeemed				673
Accrued expenses and other payables:
	Fund administration and transfer agent fees			72
	Master feeder service provider fee			194
	Distribution fees			486
	Administrative servicing fees			474
	Compliance program costs			10
	Other			66
		Total Liabilities		1,975
Net Assets			$	3,364,121
Represented by:
Capital			$	3,349,850
Accumulated net investment loss				(628	)
Accumulated net realized gains from investment transactions and distributions from Master Fund				81,713
Net unrealized depreciation on investments				(66,814	)
Net Assets			$	3,364,121
Net Assets:
Class II Shares			$	3,363,106
Class VII Shares				1,015
		Total	$	3,364,121
Shares outstanding (unlimited number of shares authorized):
Class II Shares				73,991
Class VII Shares				22
		Total		74,013
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class II Shares			$	45.45
Class VII Shares			$	45.48	(a)

(a) The NAV reported above represents the traded NAV at June 30, 2007. Due to the financial statement rounding of class assets and class shares above, the NAV results in a different NAV than the traded NAV.

See accompanying notes to financial statements.

 41

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

		American Funds
		NVIT
		Growth-Income
		Fund(a)
INVESTMENT INCOME:
Dividend income		$	7,550
	Total Income		7,550
Expenses:
Fund administration and transfer agent fees			250
Master feeder service provider fee			697
Distribution fees Class II Shares			697
Distribution fees Class VII Shares			1
Administrative servicing fees Class II Shares			696
Administrative services fees Class VII Shares			1
Custodian fees			16
Trustee fees			17
Compliance program costs (Note 3)			10
Printing fees			252
Other			148
	Total expenses before reimbursements		2,785
Expenses waived for Master feeder service provider fee			(419	)
	Net Expenses		2,366
Net Investment Income			5,184
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			2,025
Net realized gain distributions from Master Fund			79,688
Net realized gains on investment transactions and distributions from Master Fund			81,713
Net change in unrealized depreciation on investments			(66,814	)
Net realized/unrealized gains (losses) on investments			14,899
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	20,083

(a) For the period from April 27, 2007 (commencement of operations) through June 30, 2007.

See accompanying notes to financial statements.

42 

Statement of Changes in Net Assets

		American Funds
		NVIT Growth-
		Income Fund
		Six Months Ended
		June 30, 2007 (a)
		(Unaudited)
From Investment Activities:
Operations:
Net investment income		$	5,184
Net realized gains on investment transactions and distributions from Master Fund			81,713
Net change in unrealized depreciation on investments			(66,814	)
Change in net assets resulting from operations			20,083
Distributions to Shareholders from:
Net investment income:
	Class II		(5,811	)
	Class VII		(1	)
Change in net assets from shareholder distributions			(5,812	)
Change in net assets from capital transactions			3,349,850
Change in net assets			3,364,121
Net Assets:
Beginning of period			—
End of period		$	3,364,121
Accumulated net investment loss at end of period		$	(628	)
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	3,432,501
	Dividends reinvested		5,811
	Cost of shares redeemed		(89,463	)
			3,348,849
Class VII Shares
	Proceeds from shares issued		1,000
	Dividends reinvested		1
			1,001
Change in net assets from capital transactions		$	3,349,850
SHARE TRANSACTIONS:
Class II Shares
	Issued		75,821
	Reinvested		128
	Redeemed		(1,958	)
			73,991
Class VII Shares
	Issued		22
	Reinvested		—	(b)
			22
Total change in shares			74,013

(a)	For the period from April 27, 2007 (commencement of operations) through June 30, 2007.
(b)	Amount is less than 1 share.

See accompanying notes to financial statements.

 43

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

American Funds NVIT Growth-Income Fund

			Investment Activities
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from
	Beginning		Investment		Gains on		Investment
	of Period		Income		Investments		Activities
Class II Shares
For the six months ended June 30, 2007 (Unaudited) (d)	$	44.86		0.08		0.60		0.68
Class VII Shares
For the six months ended June 30, 2007 (Unaudited) (d)	$	44.86		0.06		0.62		0.68

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions										Ratios / Supplemental Data
											Net Assets		Ratio of
	Net						Net Asset				at End		Expenses
	Investment			Total			Value, End		Total		of Period		to Average
	Income			Distributions			of Period		Return (a)		(000s)		Net Assets (b)
Class II Shares
For the six months ended June 30, 2007 (Unaudited) (d)		(0.09	)		(0.09	)	$	45.45		1.52%	$	3,363		0.30%
Class VII Shares
For the six months ended June 30, 2007 (Unaudited) (d)		(0.06	)		(0.06	)	$	45.48		1.52%	$	1		0.31%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Net
	Ratio of		Ratio of		Investment
	Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b) (c)		Net Assets (b) (c)		Turnover(e)
Class II Shares
For the six months ended June 30, 2007 (Unaudited) (d)		0.67%		0.36%		1.71%		10.00%
Class VII Shares
For the six months ended June 30, 2007 (Unaudited) (d)		0.29%		0.36%		0.64%		10.00%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	For the period from April 27, 2007 (commencement of operations) through June 30, 2007.
(e)	Portfolio turnover is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets.

See notes to financial statements.

44 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the American Funds NVIT Growth-Income Fund (the “Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

The Fund operates as a “feeder fund” which means that the Fund does not buy individual securities directly. Instead, the Fund invests all of its assets in another mutual fund, the American Bond Fund (the “Master Fund”), a series of the American Funds Insurance Series^® (“American Funds”), which invests directly in individual securities. The Fund, therefore, has the same investment objective and limitations as the Master Fund in which the Fund invests and the same gross investment returns as the Master Fund. The financial statements of the Master Fund’s portfolio, including the Statement of Investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s portfolio owned by the Fund at June 30, 2007, was 0.01%.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

The net asset value (“NAV”) per share of each class of the Fund is calculated by taking the market value of the Master Fund and other assets owned by the Fund, allocated to the class, subtracting the Fund’s liabilities attributable to that class, and dividing by the number of shares of that class that are outstanding. The Fund’s NAV is determined at the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4 p.m. Eastern Time) (“Close of Trading”) on each day the Exchange is open for trading (“Business Day”).

The Master Fund calculates its NAV at the Close of Trading on each Business Day. Assets held by the Master Fund are valued primarily on the basis of market quotations. The Master Fund, however, has adopted procedures for making “fair value” determinations if market quotations are not readily available. For example, if events occur between the close of markets outside the United States and the close of regular trading on the New York Stock Exchange that, in the opinion of Capital Research and Management Company (“Capital Research”), the Master Fund’s investment adviser, materially affect the value of the portfolio securities of the Master Fund, the securities will be valued in accordance with the Master Fund’s fair value procedures. Use of these procedures is intended to result in more appropriate NAVs. In addition, such use will reduce, if not eliminate, potential arbitrage opportunities otherwise available to short-term investors in the Master Fund.

 45

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(b) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(c) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(d) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	3,391,023	$	—	$	(66,814	)	$	(66,814	)

(e) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Master Fund’s Investment Advisory Agreement, Capital Research manages the investment of the assets and supervises the daily business affairs of the Master Fund. Nationwide Fund Management, LLC (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides non-investment master-feeder operational support services to the Fund. Under the terms of the Trust’s Master-Feeder Services Agreement with NFM on behalf of the Fund, the Fund pays NFM a fee of 0.25% based on the Fund’s average daily net assets. NFM has entered into a contractual agreement with the Trust under

46 

which NFM will waive 0.15% of the fees NFM receives for providing the Fund with non-investment master-feeder operational support services until May 1, 2008.

Under the terms of a Fund Administration and Transfer Agency Agreement, NFM provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by GSA), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by Gartmore Investor Services, Inc. (“GISI”), an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFM has entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% of Class II shares and 0.40% of Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including Nationwide Financial Services, Inc. (“NFS”), and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. NFM is a wholly-owned subsidiary of NFS. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of each class of shares of the Fund.

For the period ended June 30, 2007, NFS received $223 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFM, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFM certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2007, the Fund’s portion of such costs amounted to $10.

 47

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

4. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the period ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

6. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

48 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of march FIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 49

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

50 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President—Operations for Nationwide Funds Group3.		N/A	N/A

 51

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of

June 30, 2007 (Continued)

			Number of Portfolios
	Position(s) Held		in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	5 Years	by Trustee		Held by Trustee 2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3, Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

52 

Supplemental Information (Unaudited)

A. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

	Number of Shares
Fund	Cast/Not Cast		Percentages
Federated NVIT High Income Bond Fund (Formerly Federated GVIT High Income Bond Fund)	FOR AGAINST ABSTAIN TOTAL	30,051,703.188 shares 618,245.021 shares 1,813,550.431 shares 32,483,498.640 shares	92.514% 1.903% 5.583%
NVIT International Index Fund (Formerly GVIT International Index Fund)	FOR AGAINST ABSTAIN TOTAL	4,322,203.982 shares 2,758.318 shares 135,636.840 shares 4,460,599.140 shares	96.897% 0.062% 3.041%
NVIT International Value Fund (Formerly GVIT International Value Fund)	FOR AGAINST ABSTAIN TOTAL	20,032,843.199 shares 333,588.902 shares 1,093,293.879 shares 21,459,725.980 shares	93.351% 1.554% 5.095%
NVIT Mid Cap Index Fund (Formerly GVIT Mid Cap Index Fund)	FOR AGAINST ABSTAIN TOTAL	35,380,179.120 shares 631,117.844 shares 1,565,714.306 shares 37,577,011.270 shares	94.154% 1.679% 4.167%
NVIT S&P 500 Index Fund (Formerly GVIT S&P 500 Index Fund)	FOR AGAINST ABSTAIN TOTAL	56,119,814.230 shares 666,195.542 shares 1,944,898.888 shares 58,730,908,660 shares	95.554% 1.134% 3.312%
Nationwide Multi-Manager NVIT Small Cap Growth Fund (Formerly GVIT Small Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	7,632,918.513 shares 149,458.111 shares 451,583.036 shares 8,233,959.660 shares	92.700% 1.816% 5.484%
Nationwide Multi-Manager NVIT Small Cap Value Fund (Formerly GVIT Small Cap Value Fund)	FOR AGAINST ABSTAIN TOTAL	48,649,396.525 shares 979,183.753 shares 2,786,133.102 shares 52,414,713.380 shares	92.816% 1.868% 5.316%
Nationwide Multi-Manager NVIT Small Company Fund (Formerly GVIT Small Company Fund)	FOR AGAINST ABSTAIN TOTAL	29,903,181.700 shares 838,774.923 shares 2,006,741.307 shares 32,748,697.930 shares	91.311% 2.561% 6.128%
Gartmore NVIT Developing Markets Fund (Formerly Gartmore GVIT Developing Markets Fund)	FOR AGAINST ABSTAIN TOTAL	21,0177,889.443 shares 424,272.958 shares 1,543,850.729 shares 23,046,013.130 shares	91.460% 1.841% 6.699%

 53

Supplemental Information (Unaudited)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Gartmore NVIT Emerging Markets Fund (Formerly Gartmore GVIT Emerging Markets Fund)	FOR AGAINST ABSTAIN TOTAL	17,050,534.593 shares 526,574.722 shares 881,608.905 shares 18,458,718.220 shares	92.371% 2.853% 4.776%
Nationwide NVIT Global Financial Services Fund (Formerly Gartmore GVIT Global Financial Services Fund)	FOR AGAINST ABSTAIN TOTAL	1,554,847.333 shares 19,539.033 shares 52,206.494 shares 1,626,592.860 shares	95.589% 1.201% 3.210%
Nationwide NVIT Global Health Sciences Fund (Formerly Gartmore GVIT Global Health Sciences Fund)	FOR AGAINST ABSTAIN TOTAL	4,722,963.678 shares 157,979.030 shares 207,642.222 shares 5,088,584.930 shares	92.815% 3.104% 4.081%
Nationwide NVIT Global Technology and Communications Fund (Formerly Gartmore GVIT Global Technology and Communications Fund)	FOR AGAINST ABSTAIN TOTAL	8,585,472.039 shares 102,267.977 shares 489,577.634 shares 9,177,317.650 shares	93.551% 1.114% 5.335%
Gartmore NVIT Global Utilities Fund (Formerly Gartmore GVIT Global Utilities Fund)	FOR AGAINST ABSTAIN TOTAL	4,123,270.549 shares 122,001.533 shares 240,276.088 shares 4,485,548.170 shares	91.923% 2.720% 5.357%
Nationwide NVIT Government Bond Fund (Formerly Gartmore GVIT Government Bond Fund)	FOR AGAINST ABSTAIN TOTAL	88,471,567.462 shares 1,825,645.181 shares 5,841,990.727 shares 96,139,203.370 shares	92.024% 1.899% 6.077%
Nationwide NVIT Growth Fund (Formerly Gartmore GVIT Growth Fund)	FOR AGAINST ABSTAIN TOTAL	14,931,435.904 shares 409,826.402 shares 1,259,945.064 shares 16,601,207.370 shares	89.942% 2.469% 7.589%
Gartmore NVIT International Growth Fund (Formerly Gartmore GVIT International Growth Fund)	FOR AGAINST ABSTAIN TOTAL	6,251,419.070 shares 139,618.548 shares 290,025.592 shares 6,681,063.210 shares	93.569% 2.090% 4.341%
Nationwide NVIT Investor Destinations Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	49,489,224.549 shares 1,385,396.474 shares 3,696,272.337 shares 54,570,893.360 shares	90.688% 2.539% 6.773%
Nationwide NVIT Investor Destinations Conservative Fund (Formerly Gartmore GVIT Investor Destinations Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	23,091,965.887 shares 314,935,884 shares 2,292,355.179 shares 25,699,256.950 shares	89.855% 1.225% 8.920%
Nationwide NVIT Investor Destinations Moderate Fund (Formerly Gartmore GVIT Investor Destinations Moderate Fund)	FOR AGAINST ABSTAIN TOTAL	188,902,093.059 shares 3,018,924.590 shares 16,359,690.401 shares 208,280,708.050 shares	90.696% 1.449% 7.855%

54 

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Investor Destinations Moderately Aggressive Fund (Formerly Gartmore GVIT Investor Destinations Moderately Aggressive Fund)	FOR AGAINST ABSTAIN TOTAL	134,792,622.920 shares 3,489,207.264 shares 9,304,197.656 shares 147,586,027.840 shares	91.332% 2.364% 6.304%
Nationwide NVIT Investor Destinations Moderately Conservative Fund (Formerly Gartmore GVIT Investor Destinations Moderately Conservative Fund)	FOR AGAINST ABSTAIN TOTAL	49,627,123.216 shares 856,088.634 shares 3,507,215.650 shares 53,990,427.500 shares	91.918% 1.586% 6.496%
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,879,584.971 shares 352,594.958 shares 717,792.971 shares 11,949,972.900 shares	91.043% 2.950% 6.007%
Nationwide NVIT Money Market Fund II (Formerly Gartmore GVIT Money Market Fund II)	FOR AGAINST ABSTAIN TOTAL	221,774,863.241 shares 12,322,482.494 shares 16,471,740.875 shares 250,569,086.610 shares	88.508% 4.918% 6.574%
Nationwide NVIT Money Market Fund (Formerly Gartmore GVIT Money Market Fund)	FOR AGAINST ABSTAIN TOTAL	1,578,331,008.328 shares 32,372,133.671 shares 112,652,123.301 shares 1,723,355,265.300 shares	91.585% 1.878% 6.537%
NVIT Nationwide Fund (Formerly Gartmore GVIT Nationwide Fund)	FOR AGAINST ABSTAIN TOTAL	125,423,274.735 shares 2,767,979.467 shares 8,762,255.828 shares 136,953,510.030 shares	91.581% 2.021% 6.398%
NVIT Nationwide Leaders Fund (Formerly Gartmore GVIT Nationwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,298,504.956 shares 29,630.469 shares 71,637.755 shares 2,399,773.180 shares	95.780 1.235% 2.985%
Nationwide NVIT U.S. Growth Leaders Fund (Formerly Gartmore GVIT U.S. Growth Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	4,972,094.773 shares 122,623.161 shares 174,625.606 shares 5,269,343.540 shares	94.359 2.327% 3.314%
Gartmore NVIT Worldwide Leaders Fund (Formerly Gartmore GVIT Worldwide Leaders Fund)	FOR AGAINST ABSTAIN TOTAL	2,666,862.487 shares 47,702.491 shares 2,833,284.860 shares 118,719.882 shares	94.126% 1.684% 4.190%
J.P. Morgan NVIT Balanced Fund (Formerly J.P. Morgan GVIT Balanced Fund)	FOR AGAINST ABSTAIN TOTAL	15,966,867.546 shares 259,004.324 shares 1,339,385.200 shares 17,565,257.070 shares	90.900% 1.475% 7.625%

 55

Supplemental Information (Unaudited)

	Number of Shares
Fund	Cast/Not Cast		Percentages
Van Kampen NVIT Comstock Value Fund (Formerly Van Kampen GVIT Comstock Value Fund)	FOR AGAINST ABSTAIN TOTAL	27,737,008.009 shares 502,564.164 shares 1,824,670.107 shares 30,064,242.280 shares	92.259% 1.672% 6.069%
Van Kampen NVIT Multi Sector Bond Fund (Formerly Van Kampen GVIT Multi Sector Bond Fund)	FOR AGAINST ABSTAIN TOTAL	21,253,297.665 shares 484,100.920 shares 1,803,963.645 shares 23,541,362.230 shares	90.281% 2.056% 7.663%

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

	Number of Shares
Fund	Cast/Not Cast		Percentages
Nationwide NVIT Mid Cap Growth Fund (Formerly Gartmore GVIT Mid Cap Growth Fund)	FOR AGAINST ABSTAIN TOTAL	10,862,827.499 shares 414,574.660 shares 672,570.741 shares 11,949,972.900 shares	90.903% 3.469% 5.628%

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/ “NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

56 

NVIT Enhanced Income Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statements of Changes in Net Assets
13	Financial Highlights
14	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-ENH (8/07)

 1

Message to Shareholders

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT Enhanced Income Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, April 20, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending
			Account Value,		Account Value,		Expenses Paid		Annualized
NVIT Enhanced Income Fund			04/20/07		06/30/07		During Period*		Expense Ratio**
Class ID	Actual		$	1,000.00	$	1,007.90	$	0.90		0.45%
	Hypothetical	1	$	1,000.00	$	1,009.10	$	0.90		0.45%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 73/365 (to reflect the period of operations). The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
**	Information shown reflects values using the expense ratios from April 20, 2007 (commencement of operations) to June 30, 2007 and has been annualized to reflect for the period from April 20, 2007 to June 30, 2007, in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

4 

NVIT Enhanced Income Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Asset-Backed Securities	46.7%
Corporate Bonds	17.0%
Commercial Mortgage Backed Securities	16.1%
U.S. Government Sponsored & Agency Obligations	13.1%
Repurchase Agreements	3.8%
U.S. Treasury Notes	2.8%
Other assets in excess of liabilities	0.5%
	100.0%

Top Industries
Auto Loans	18.1%
Credit Card Loans	15.5%
Diversified Financial Services	13.4%
Electric Utilities	6.1%
Mortgage-Backed	4.7%
Equipment Loans	2.3%
Consumer Finance	1.3%
Manufacturing	1.2%
Electric Power	1.1%
Other	36.3%
	100.0%

Top Holdings*
MBNA Corp., 5.63%, 11/30/07	2.3%
Citibank Credit Card Issuance Trust, Series 04-A4, Class A4, 3.20%, 08/24/09	2.2%
Goldman Sachs Group, Inc., 4.13%, 01/15/08	2.2%
Citibank Credit Card Issuance Trust, Series 2000-A3, Class A3, 6.88%, 11/16/09	1.9%
Peco Energy Transition Trust, Series 1999-A, Class A7, 6.13%, 03/01/09	1.9%
Chase Issuance Trust, Series 2004-A9, Class A9, 3.22%, 06/15/10	1.9%
Nomura Asset Securities Corp., Series 1998-D6, Class A1B, 6.59%, 03/15/30	1.8%
MBNA Credit Card Master Note Trust, Series 2005-A1 Class A1, 4.20%, 09/15/10	1.8%
Household Automotive Trust, Series 2005-3, Class A3, 4.80%, 10/18/10	1.7%
Capital Auto Receivables Asset Trust, Series 2003-3, Class A4A, 3.40%, 08/15/08	1.7%
Other	80.6%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT Enhanced Income

Asset-Backed Securities (46.7%)
		Principal
		Amount		Value
Auto Loans (18.1%)
Americredit Automobile Receivables Trust, Series 2005-CF, Class A3, 4.47%, 05/06/10		$	2,417,408	$	2,410,418
BMW Vehicle Owner Trust, Series 2005-A, Class A3, 4.04%, 02/25/09			842,734		840,623
Capital Auto Receivables Asset Trust, Series 2003-3, Class A4A, 3.40%, 08/15/08			3,457,285		3,455,105
Capital One Auto Finance Trust Series 2005-D, Class A3 4.81%, 03/15/10			3,200,000		3,194,058
Series 2006-C, Class A3A 5.07%, 07/15/11			2,759,000		2,749,317
Daimler Chrysler Auto Trust, Series 2005-B, Class A3, 4.04%, 09/08/09			2,341,005		2,330,306
DaimlerChrysler Auto Trust, Series 2004-A, Class A4, 2.58%, 04/08/09			2,143,449		2,131,318
Ford Credit Auto Owner Trust, Series 2005-A, Class A3, 3.48%, 11/15/08			493,607		492,275
Honda Auto Receivables Owner Trust, Series 2004-3, Class A3, 2.91%, 10/20/08			565,080		562,489
Honda Auto Receivables Owner Trust, 5.41%, 11/23/09			2,000,000		2,000,313
Household Automotive Trust, Series 2005-3, Class A3, 4.80%, 10/18/10			3,478,374		3,466,927
Nissan Auto Receivables Owner Trust Series 2004-B, Class A3 3.35%, 05/15/08			245,891		245,615
Series 2006-B, Class A2 5.18%, 08/15/08			938,248		938,493
	4.74%, 09/15/09		2,500,000		2,489,807
Onyx Acceptance Auto Trust, Series 2004-A, Class A4, 2.94%, 12/15/10			1,425,469		1,408,887
USAA Auto Owner Trust Series 2004-3, Class A3 3.16%, 02/17/09			513,154		512,139
Series 2006-2, Class A2 5.31%, 03/16/09			1,588,912		1,589,583
Wachovia Auto Owner Trust, 5.35%, 02/22/11			2,500,000		2,500,561
WFS Financial Owner Trust, Series 2005-2, Class A4, 4.39%, 11/19/12			2,738,001		2,714,779
					36,033,013
Credit Card Loans (15.5%)
Bank One Issuance Trust, Series 2002-A3, Class A3, Series 2002-A3, Class A3, 3.59%, 05/17/10			3,338,000		3,326,135
Bank One Issuance Trust, Series 2003-A7, Class A7, Series 2003-A7, Class A7, 3.35%, 03/15/11			2,759,000		2,706,719
Capital One Master Trust, 6.31%, 06/15/11			2,500,000		2,518,919
Capital One Multi-Asset Execution Trust, Series 03-A4, Class A4, Series 03-C4, Class C4, 3.65%, 07/15/11			2,830,001		2,774,880
Chase Issuance Trust, Series 2004-A9, Class A9, 3.22%, 06/15/10			3,765,000		3,742,844
Citibank Credit Card Issuance Trust Series 04-A4, Class A4 3.20%, 08/24/09			4,413,999		4,401,807
Series 2000-A3, Class A3 6.88%, 11/16/09			3,861,999		3,884,131
MBNA Credit Card Master Note Trust Series 2005-A1 Class A1
4.20%, 09/15/10			3,633,001		3,602,098
2.75%, 10/15/10			2,500,000		2,445,334
MBNA Credit Card Master Note Trust, Series 03-A1, Class A1, 3.30%, 07/15/10			1,500,000		1,481,494
					30,884,361

6 

Asset-Backed Securities (continued)
	Principal
	Amount		Value
Electric Utilities (6.1%)
Massachusetts RRB Special Purpose Trust, Series 1999-1, Class A4, 6.91%, 09/15/09	$	984,299	$	987,320
Peco Energy Transition Trust, Series 1999-A, Class A7, 6.13%, 03/01/09		3,861,999		3,877,351
PP&L Transition Bond Company LLC, 7.15%, 06/25/09		2,463,117		2,500,611
Public Service New Hampshire Funding LLC, Series 2001-1 Class A2, 5.73%, 11/01/10		1,853,749		1,858,702
Texas Electric Delivery Transition Bond Co. LLC, Series 2004-1, Class A1, 3.52%, 11/15/11		3,065,276		3,001,122
				12,225,106
Equipment Loans (2.3%)
CIT Equipment Collateral, Series 2006-VT1, Class A2, 5.13%, 03/20/08		690,102		690,175
John Deere Owner Trust, Series 2005-A, Class A3, 3.98%, 06/15/09		1,125,724		1,119,601
MBNA Practice Solutions Owner Trust (a)
Series 2005-2, Class A2
4.10%, 05/15/09		1,303,560		1,299,552
4.34%, 06/15/11 (a)		1,500,000		1,476,642
				4,585,970
Mortgage-Backed (4.7%)
Chase Funding Mortgage Loan
Series 2003-6, Class 1A3 3.34%, 05/25/26		992,979		981,818
Series 2004-2, Class 1A3 4.21%, 09/25/26		303,766		301,703
Series 2003-3, Class 1A4 3.30%, 11/25/29		996,166		981,347
Citigroup Residential Mortgage Securities, Series 2006-A1, Class A3-A4, 5.96%, 07/25/36		1,754,554		1,751,383
Countrywide Asset-Backed Certificates, Series 2005-7, Class AF2, 4.37%, 11/25/35		2,193,716		2,178,072
Popular ABS Mortgage Pass-Through Trust
Series 2005-4, Class AF1 (b) 5.46%, 09/25/35		313,532		313,662
Series 2005-5, Class AV2A (b) 5.45%, 11/25/35		724,849		724,977
Series 2005-D, Class AF1 5.36%, 01/25/36		918,970		914,885
Residential Asset Mortgage Products, Inc., Series 2003-RS11, Class AI5, 5.00%, 03/25/31		167,862		167,108
Residential Funding Mortgage Securities I, Series 2004-HS1, Class AI3, 2.68%, 01/25/19		453,204		448,402
Residential Funding Mortgage Securities I, Class A1, Series 2003-S11, Class A1, 2.50%, 06/25/18		620,695		597,737
				9,361,094
Total Asset-Backed Securities (Cost $93,143,317)				93,089,544
Corporate Bonds (17.0%)
Consumer Finance (1.3%)
HSBC Finance Corp., 6.40%, 06/17/08		2,500,000		2,521,800
Diversified Financial Services (13.4%)
AIG SunAmerica Global Finance, 5.85%, 08/01/08 (a)		2,225,000		2,234,285
Associates Corp. Of North America, 6.25%, 11/01/08		2,500,000		2,527,377
Bear Stearns Commercial Mortgage Securities, Inc., 2.88%, 07/02/08		2,500,000		2,434,813
General Electric Capital Corp., 3.45%, 07/16/07		3,310,001		3,308,190
Goldman Sachs Group, Inc., 4.13%, 01/15/08		4,413,999		4,386,354

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Enhanced Income (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Diversified Financial Services (continued)
Lehman Brothers Holdings, Inc., 3.50%, 08/07/08		$	2,500,000	$	2,447,908
MBNA Corp., 5.63%, 11/30/07			4,469,000		4,474,904
Wachovia Corporation, 3.50%, 08/15/08			2,500,000		2,448,110
Wells Fargo & Co., 3.50%, 04/04/08			2,500,000		2,463,910
					24,291,038
Electric Power (1.1%)
Alabama Power Company, 3.50%, 11/15/07			2,300,999		2,283,919
Manufacturing (1.2%)
Hewlett Packard Co., 3.63%, 03/15/08			2,500,000		2,468,415
Total Corporate Bonds (Cost $34,037,626)					33,999,984
Commercial Mortgage Backed Securities (16.1%)
Asset Securitization Corp.			380,546		389,572
Banc of America Commercial Mortgage, Inc.			1,484,708		1,476,501
Bear Stearns Commercial Mortgage Securities, Inc.
	Series 2001-TOP2, Class A1 6.08%, 02/15/35		405,693		408,554
Citigroup Commercial Mortgage Trust			2,734,374		2,685,868
Commercial Mortgage Pass-Through Certification			2,586,443		2,602,941
CS First Boston Mortgage Securities Corp.			1,698,785		1,672,548
GE Capital Commercial Mortgage Corp.			2,519,167		2,489,191
JP Morgan Chase Commercial Mortgage Securities Corp.			2,095,143		2,052,302
LB-UBS Commercial Mortgage Trust
	Series: 2000-C5, Class A1 6.41%, 12/15/19		1,474,492		1,478,545
	Series: 2001-C7, Class A2 5.53%, 12/15/25		1,219,426		1,218,979
	Series 2002-C1, Class A2 5.97%, 03/15/26		1,266,036		1,269,474
	Series 2002-C2, Class A2 4.90%, 06/15/26		2,450,827		2,439,594
	Series: 2002-C7, Class A1 3.17%, 12/15/26		121,725		121,240
	Series 2002-C7, Class A2 3.90%, 12/15/26		2,226,000		2,211,261
	Series 2003-C1, Class A1 2.72%, 03/15/27		1,572,418		1,551,560
	Series 2003-C5, Class A2 3.48%, 07/15/27		2,759,000		2,704,654
Morgan Stanley Dean Witter Capital I
	Series 2001-TOP1, Class A3 6.46%, 02/15/33		230,813		230,985
	Series: 2001-TOP5, Class A2 5.90%, 10/15/35		313,808		313,405
	Series 2003-T11, Class A1 3.26%, 06/13/41		441,786		435,360
Nomura Asset Securities Corp.			3,652,511		3,674,093
Wachovia Bank Commercial Mortgage Trust
	Series 2002-C2 Class A1
	3.00%, 11/15/34		134,147		133,872
	4.43%, 03/15/42		526,297		523,625
Total Commercial Mortgage Backed Securities (Cost $32,087,455)					32,084,124
U.S. Government Sponsored & Agency Obligations (13.1%)
Agency Wrapped, Series: T-50, Class A7, 3.55%, 10/27/31			1,103,000		1,058,426
Federal Home Loan Mortgage Corp.
0.00%, 08/31/07 - 10/15/07			6,620,002		6,542,727
Pool #E00678 6.50%, 06/01/14			85,683		87,644
Pool #E00991 6.00%, 07/01/16			108,666		109,284
Series 2611, Class KC 3.50%, 01/15/17			682,997		655,713
Series 2664, Class GA 4.50%, 01/15/18			731,270		716,044
Series 2613, Class PA 3.25%, 05/15/18			756,407		700,468
Series 2630, Class JA 3.00%, 06/15/18			710,280		677,628
Series 2928, Class NA 5.00%, 11/15/19			1,571,994		1,566,342
Series 2682, Class XK 3.00%, 01/15/21			849,207		842,865

8 

U.S. Government Sponsored & Agency Obligations (continued)
		Principal
		Amount		Value
	Series 2726, Class AC 3.75%, 09/15/22	$	379,586	$	377,359
Federal National Mortgage Association
	0.00%, 09/28/07		3,310,001		3,268,735
	6.50%, 02/01/09		31,000		31,133
	5.50%, 04/01/09 - 02/01/17		464,328		459,663
	Series 2004-34, Class PL 3.50%, 05/25/14		1,189,360		1,167,994
	Pool #253845
	6.00%, 06/01/16		136,455		137,269
	Pool #254089
	6.00%, 12/01/16		207,881		209,120
	Pool #545415
	6.00%, 01/01/17		181,664		182,747
	Pool #625178
	5.50%, 02/01/17		390,557		386,301
	Series 2003-57, Class NB
	3.00%, 06/25/18		623,000		578,347
	Series 2003-75, Class NB
	3.25%, 08/25/18		497,157		475,062
	Series: 2003-14, Class AN
	3.50%, 03/25/33		441,261		402,980
Government National Mortgage Association
	2.21%, 10/16/17		2,921,082		2,800,904
	Series 2004-103, Class A
	3.88%, 12/16/19		2,714,741		2,658,266
Total U.S. Government Sponsored & Agency Obligations (Cost $26,200,361)					26,093,021
U.S. Treasury Notes (2.8%)
US Treasuries
	4.88%, 08/31/08		2,759,000		2,754,691
	4.63%, 09/30/08		2,759,000		2,746,714
Total U.S. Treasury Notes (Cost $5,513,383)					5,501,405
Repurchase Agreements (3.8%)
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $7,656,570.41, collateralized by U.S. Government Agency Mortgages with a market value of $7,806,319.08			7,653,254		7,653,254
Total Investments (Cost $198,635,396) (c) — 99.5%					198,421,333
Other assets in excess of liabilities — 0.5%					958,823
NET ASSETS — 100.0%				$	199,380,156

(a)	Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined by Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund’s Board of Trustees.
(b)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

 9

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT Enhanced
			Income
Assets:
Investments, at value (cost $190,982,142)			$	190,768,079
Repurchase agreements, at cost and value				7,653,254
		Total Investments		198,421,333
Interest income				1,046,096
		Total Assets		199,467,429
Liabilities:
Payable for capital shares redeemed				11,074
Accrued expenses and other payables:
	Investment advisory fees			45,969
	Fund administration and transfer agent fees			13,731
	Compliance program costs			848
	Other			15,651
		Total Liabilities		87,273
Net Assets			$	199,380,156
Represented by:
Capital			$	199,287,867
Accumulated net investment income				239,348
Accumulated net realized gains from investment transactions				67,004
Net unrealized depreciation on investments				(214,063	)
Net Assets			$	199,380,156
Net Assets:
Class ID Shares			$	199,380,156
Shares outstanding (unlimited number of shares authorized):
Class ID Shares				19,928,787
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class ID Shares			$	10.00

See accompanying notes to financial statements.

10 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited) (a)

		NVIT Enhanced
		Income
INVESTMENT INCOME:
Interest income		$	1,973,739
	Total Income		1,973,739
Expenses:
Investment advisory fees			131,321
Fund administration and transfer agent fees			27,857
Custodian fees			6,040
Trustee fees			2,330
Compliance program costs (Note 3)			848
Other			11,056
	Total expenses before reimbursements and earnings credit		179,452
Expenses reimbursed			(11,248	)
Earnings credit (Note 6)			(87	)
	Net Expenses		168,117
Net Investment Income			1,805,622
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			67,004
Net change in unrealized depreciation on investments			(214,063	)
Net realized/unrealized gains (losses) on investments			(147,059	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,658,563

(a) For the period from April 20, 2007 (commencement of operations) through June 30, 2007.

See accompanying notes to financial statements.

 11

Statement of Changes in Net Assets

Six Months Ended June 30, 2007(a) (Unaudited)

		NVIT Enhanced
		Income
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	1,805,622
Net realized gains on investment transactions			67,004
Net change in unrealized depreciation on investments			(214,063	)
Change in net assets resulting from operations			1,658,563
Distributions to shareholders from:
Net investment income:
Class ID			(1,566,274	)
Change in net assets from shareholder distributions			(1,566,274	)
Change in net assets from capital transactions			199,287,867
Change in net assets			199,380,156
Net Assets:
Beginning of period			–
End of period		$	199,380,156
Accumulated net investment income at end of period		$	239,348
CAPITAL TRANSACTIONS:
Class ID Shares
Proceeds from shares issued		$	1,000
Proceeds from in-kind transactions			197,732,681
Dividends reinvested			1,566,260
Cost of shares redeemed(b)			(12,074	)
			199,287,867
Change in net assets from capital transactions		$	199,287,867
SHARE TRANSACTIONS:
Class ID Shares
Issued			100
Proceeds from in-kind transactions			19,773,268
Reinvested			156,626
Redeemed			(1,207	)
			19,928,787
	Total change in shares		19,928,787

(a)	For the period from April 20, 2007 (commencement of operations) through June 30, 2007.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

12 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

NVIT Enhanced Income

			Investment Activities
					Net Realized
					and
	Net Asset				Unrealized			Total
	Value,		Net		Gains			from
	Beginning		Investment		(Losses) on			Investment
	of Period		Income		Investments			Activities
Class ID Shares
For the six months ended June 30, 2007 (Unaudited) (e)	$	10.00		0.09		(0.01	)		0.08

[Additional columns below]

[Continued from above table, first column(s) repeated]

Distributions

Ratios / Supplemental Data

Net Assets

Ratio of

Net

Net Asset

at End of

Expenses to

Investment

Total

Value, End

Total

Period

Average Net

Income

Distributions

of Period

Return (a)

(000s)

Assets (b)

Class ID Shares

For the six months ended June 30, 2007 (Unaudited) (e)

(0.08

)

(0.08

)

$

10.00

0.79%

$

199,380

0.45%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
					Ratio of Net
			Ratio of		Investment
	Ratio of Net		Expenses		Income
	Investment		(Prior to		(Prior to
	Income		Reimbursements)		Reimbursements)
	to Average		to Average		to Average		Portfolio
	Net Assets (b)		Net Assets (b)(c)		Net Assets (b)(c)		Turnover (d)
Class ID Shares
For the six months ended June 30, 2007 (Unaudited) (e)		0.45%		0.45%		0.45%		17.22%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from April 20, 2007 (commencement of operations) through June 30, 2007.

See accompanying notes to financial statements.

 13

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Enhanced Income Fund (the “Fund”), (formerly, “GVIT Enhanced Income Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a

14 

multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time

(i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

 15

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied

quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(e) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(f) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(g) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines

16 

established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2007, the Fund did not have securities on loan.

(h) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(i) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	198,635,406	$	75,999	$	(290,072	)	$	(214,073	)

(j) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser. Morley Capital Management, Inc., (“Morley” or the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund. Morley is an affiliate of NFA.

 17

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the period ended June 30, 2007:

Fee Schedule	Total Fees
$0 up to $500 million		0.35%
$500 million up to $1 billion		0.34%
$1 billion up to $3 billion		0.325%
$3 billion up to $5 billion		0.30%
$5 billion up to $10 billion		0.285%
$10 billion and more		0.275%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $16,348 for the period ended June 30, 2007.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.45% until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

For the period ended June 30, 2007, the cumulative potential reimbursements for all classes of the Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA, would be:

Period ended
June 30, 2007
$	11,248

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

18 

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15	%
$1 billion up to $3 billion	0.10	%
$3 billion up to $8 billion	0.05	%
$8 billion up to $10 billion	0.04	%
$10 billion up to $12 billion	0.02	%
$12 billion or more	0.01	%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% for Class II shares and 0.40% for Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VII shares of the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2007, the Fund’s portion of such costs amounted to $848.

4. Investment Transactions

For the period ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $45,121,084 and sales of $32,147,205.

For the period ended June 30, 2007, the Fund had purchases of $2,813,474 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a

 19

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the period ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

7. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

20 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc.(dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 21

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

22 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken,PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for Nationwide Funds Group3.		N/A	N/A

 23

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

24 

NVIT Bond Index Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
7	Statement of Investments
37	Statement of Assets and Liabilities
38	Statement of Operations
39	Statements of Changes in Net Assets
40	Financial Highlights
41	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-BDX (8/07)

 1

Message to Shareholders

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT Bond Index Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, April 20, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending		Expenses
			Account Value		Account Value		Paid		Annualized
NVIT Bond Index Fund			04/20/07		06/30/07		During Period*		Expense Ratio**
Class ID	Actual		$	1,000.00	$	991.00	$	0.64		0.32%
	Hypothetical	1	$	1,000.00	$	1,009.36	$	0.64		0.32%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 73/365 (to reflect the period of operations). The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
**	Information shown reflects values using the expense ratios from April 20, 2007 (commencement of operations) to June 30, 2007 and has been annualized to reflect for the period from April 20, 2007 to June 30, 2007, in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

4 

Portfolio Summary NVIT Bond Index Fund

June 30, 2007 Long Positions

Asset Allocation
U.S. Government Agency Long-Term Obligations	55.3%
Corporate Bonds	25.8%
U.S. Treasury Notes	15.6%
Sovereign Bonds	3.1%
Yankee Dollars	2.2%
Asset-Backed Securities	2.2%
Repurchase Agreements	1.0%
Mortgage-Backed Obligations	0.8%
Municipal Bonds	0.1%
Liabilities in excess of other assets	-6.1%
	100.0%

Top Industries
Banks	7.7%
Diversified Financial Services	5.4%
Other Financial	4.7%
Service Companies	2.1%
Manufacturing	1.8%
Automobiles	1.7%
Electric Power	1.4%
Telephones	1.0%
Energy Companies	0.9%
Consumer Goods	0.8%
Other	72.5%
	100%

Top Holdings*
U.S. Treasury Notes, 4.75%, 02/15/10	4.6%
Federal National Mortgage Association, 5.00%, 11/01/35	4.0%
U.S. Treasury Bonds, 6.25%, 08/15/23	2.2%
Federal Home Loan Mortgage Corp., Pool #A53632, 6.00%, 10/01/36	2.1%
U.S. Treasury Notes, 4.50%, 09/30/11	2.0%
Federal Home Loan Mortgage Corp., Pool #A49653, 5.50%, 06/01/36	1.8%
Federal Home Loan Mortgage Corp., Pool #G02186, 5.00%, 05/01/36	1.3%
Federal National Mortgage Association, 6.63%, 09/15/09	1.3%
Federal Home Loan Mortgage Corp., 5.25%, 05/21/09	1.2%
U.S. Treasury Notes, 6.38%, 08/15/27	1.1%
Other	78.4%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Portfolio Summary NVIT Bond Index Fund

June 30, 2007 Short Positions

The SEC adopted a requirement that Funds present their portfolio holdings in a table, chart or graph format in their annual and semiannual reports to shareholders, whether or not a statement of investments is utilized. The following tables, which present portfolio holdings as a percentage of net assets, are provided in compliance with this requirement.

Asset Allocation
U.S. Government Agency Long-Term Obligations	4.3%
	4.3%

Top Holdings
Federal National Mortgage Association TBA, 5.00%, 07/01/37	4.1%
Federal National Mortgage Association TBA, 5.00%, 06/15/37	0.2%
	4.3%

6 

Statement of Investments

June 30, 2007 (Unaudited)

NVIT Bond Index

Asset-Backed Securities (2.2%)
		Principal
		Amount		Value
Auto Loan (0.8%)
Nissan Auto Receivables Owner Trust, 4.74%, 09/15/09		$	11,046,000	$	11,000,961
Diversified Financial Services (1.4%) (a)
Aegis Asset Backed Securities Trust, 5.40%, 01/25/37			6,690,407		6,690,389
Fremont Home Loan Trust, 5.49%, 01/25/36			5,680,328		5,681,438
Residential Accredit Loans, Inc., 5.50%, 11/25/36			8,487,451		8,475,789
					20,847,616
Total Asset-Backed Securities (Cost $31,848,803)					31,848,577
Corporate Bonds (25.8%)
Aerospace & Defense (0.0%)
General Dynamics Corp., 4.25%, 05/15/13			250,000		234,122
Airlines (0.0%)
Continental Airlines, Inc.
	7.92%, 05/01/10		350,000		363,563
	6.56%, 08/15/13		233,000		240,281
					603,844
Automobiles (1.7%)
DaimlerChrysler AG
	4.05%, 06/04/08		649,000		639,895
	5.88%, 03/15/11		2,737,000		2,750,970
	7.30%, 01/15/12		389,000		412,569
	6.50%, 11/15/13		487,000		502,971
	8.50%, 01/18/31		369,000		466,301
Ford Credit Auto Owner Trust, 5.42%, 07/15/09			11,267,498		11,270,408
Honda Auto Receivables Owner Trust, 5.12%, 10/15/10			9,424,000		9,392,531
					25,435,645
Banks (6.4%)
Bank of America Corp.
	3.25%, 08/15/08		319,000		311,541
	4.50%, 08/01/10		206,000		201,169
	4.38%, 12/01/10		590,000		572,163
	5.38%, 08/15/11		383,000		381,326
	4.88%, 09/15/12		289,000		279,274
	4.88%, 01/15/13		649,000		627,496
	4.75%, 08/01/15		619,000		578,308
	5.25%, 12/01/15		737,000		709,026
	6.00%, 06/15/16		295,000		298,322
	5.63%, 10/14/16		2,655,000		2,613,627
	4.84%, 07/10/45		2,784,000		2,625,708
	5.36%, 10/10/45		4,070,000		3,926,103
Bank of New York Corp., 5.05%, 03/03/09			531,000		526,804
BB&T Corp.
	6.50%, 08/01/11		2,242,000		2,314,242
	4.75%, 10/01/12		236,000		226,269
Capital One Bank Corp.
	5.75%, 09/15/10		236,000		237,117
	5.13%, 02/15/14		765,000		734,291
Capital One Financial
	5.50%, 06/01/15		442,000		426,647
	5.25%, 02/21/17		304,000		281,753
Citigroup, Inc.
	6.38%, 11/15/08		162,000		164,124
	3.63%, 02/09/09		838,000		816,168
	4.13%, 02/22/10		531,000		515,111
	4.63%, 08/03/10		324,000		317,150
	6.50%, 01/18/11		133,000		137,160
	5.13%, 02/14/11		88,000		86,906
	6.00%, 02/21/12		147,000		149,742
	5.25%, 02/27/12		1,750,000		1,727,252
	5.63%, 08/27/12		295,000		295,063
	5.30%, 01/07/16		354,000		342,152
	5.85%, 08/02/16		413,000		412,992
	6.63%, 06/15/32		333,000		346,935
	5.88%, 02/22/33		118,000		112,083
	5.85%, 12/11/34		900,000		859,803
Comerica, Inc., 4.80%, 05/01/15			177,000		164,124
Deutsche Bank Financial LLC., 7.50%, 04/25/09			100,000		103,776
European Investment Bank, 5.13%, 09/13/16			350,000		344,438
Fifth Third Bank
	3.38%, 08/15/08		280,000		273,649
	4.20%, 02/23/10		1,018,000		989,984
First Union National Bank, 6.14%, 03/15/33			3,137,101		3,187,540
Golden West Financial Corp., 4.75%, 10/01/12			156,000		150,576
HSBC Bank USA
	3.88%, 09/15/09		1,047,000		1,014,488

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Banks (continued)
	4.63%, 04/01/14	$	590,000	$	551,175
	5.88%, 11/01/34		717,000		682,811
Huntington National Bank, 5.50%, 02/15/16			300,000		289,408
Inter-American Development Bank
	5.00%, 04/05/11		350,000		348,010
	5.13%, 09/13/16		585,000		572,735
JP Morgan Chase & Co.
	6.25%, 01/15/09		59,000		59,604
	3.50%, 03/15/09		1,445,000		1,401,706
	7.88%, 08/01/10		59,000		63,000
	4.50%, 11/15/10		1,622,000		1,577,830
	4.60%, 01/17/11		590,000		573,579
	5.60%, 06/01/11		2,065,000		2,069,838
	6.63%, 03/15/12		643,000		668,544
	5.25%, 01/30/13		147,000		143,940
	4.75%, 03/01/15		254,000		237,179
	5.15%, 10/01/15		501,000		476,398
	5.88%, 06/13/16		442,000		442,741
	5.50%, 02/15/19 (a) (b)		14,375,000		14,375,855
	8.00%, 04/29/27		290,000		346,432
	6.45%, 03/15/33		3,746,000		3,844,921
	6.47%, 11/15/35		3,256,000		3,352,312
	5.00%, 10/15/42 (a)		2,224,000		2,101,166
	5.88%, 04/15/45 (a)		3,339,000		3,359,196
	5.44%, 06/12/47		3,539,000		3,419,909
JP Morgan Commercial Mortgage Securities Corp., 6.84%, 11/15/35 (a) (b)			1,858,000		1,949,349
Key Bank NA
	5.70%, 08/15/12		265,000		265,688
	5.80%, 07/01/14		147,000		146,172
	6.95%, 02/01/28		225,000		238,447
Marshall & Ilsley Bank, 5.25%, 09/04/12			162,000		159,833
MBNA America Bank Corp.
	4.63%, 08/03/09		1,256,000		1,237,165
	5.00%, 05/04/10		324,000		319,928
National City Bank, 4.25%, 01/29/10			150,000		145,907
National City Corp.
	6.20%, 12/15/11		300,000		306,774
	4.90%, 01/15/15		354,000		333,764
Nationsbank Corp., 6.60%, 05/15/10			118,000		121,524
PNC Funding Corp., 5.25%, 11/15/15			354,000		340,085
Popular North America, Inc., 4.70%, 06/30/09			324,000		319,121
Regions Financial Corp., 6.38%, 05/15/12			88,000		90,548
Sanwa Bank Ltd., 7.40%, 06/15/11			354,000		377,424
SunTrust Banks, Inc.
	5.20%, 01/17/17		177,000		167,567
	5.45%, 12/01/17		183,000		176,088
Synovus Financial Corp., 4.88%, 02/15/13			88,000		84,545
U.S. Bancorp, 4.50%, 07/29/10			295,000		287,335
U.S. Bank NA
	4.95%, 10/30/14		265,000		253,061
	4.80%, 04/15/15		133,000		124,507
U.S. Bank NA Minnesota, 6.38%, 08/01/11			501,000		516,106
Union Planters Corp., 4.38%, 12/01/10			88,000		85,269
Unionbancal Corp., 5.25%, 12/16/13			206,000		200,365
Wachovia Bank Commercial Mortgage Trust, Series 06-C29,
	Class A4, 5.31%, 11/15/48		2,950,000		2,825,125
Wachovia Corp.
	3.63%, 02/17/09		1,755,000		1,708,893
	5.30%, 10/15/11		2,065,000		2,043,621
	4.88%, 02/15/14		183,000		174,594
	5.60%, 03/15/16		708,000		695,058
	7.12%, 04/15/34		1,711,000		1,771,777
	5.50%, 08/01/35		487,000		436,560
Washington Mutual Bank, 5.13%, 01/15/15			1,032,000		972,977
Washington Mutual, Inc.
	4.00%, 01/15/09		295,000		288,608
	5.50%, 01/15/13		263,000		257,017
Wells Fargo & Co.
	3.13%, 04/01/09		1,268,000		1,222,095
	4.20%, 01/15/10		472,000		460,047
	4.63%, 08/09/10		370,000		361,811
	6.45%, 02/01/11		849,000		875,399
	5.13%, 09/15/16		206,000		196,249
	5.38%, 02/07/35		457,000		415,140
					94,292,234

8 

Corporate Bonds (continued)
		Principal
		Amount		Value
Building Products (0.1%)
CRH America, Inc., 6.00%, 09/30/16		$	885,000	$	875,038
Masco Corp., 6.13%, 10/03/16			585,000		575,432
					1,450,470
Computers & Peripherals (0.0%)
Cisco Systems, Inc., 5.25%, 02/22/11			295,000		293,231
Consumer Goods (0.8%)
Altria Group, Inc., 7.00%, 11/04/13			590,000		625,782
Anheuser-Busch Co., Inc.
	4.38%, 01/15/13		29,000		27,122
	5.00%, 03/01/19		236,000		216,396
	5.75%, 04/01/36		324,000		297,630
	6.00%, 11/01/41		147,000		134,504
Archer-Daniels-Midland
	5.94%, 10/01/32		345,000		329,988
	5.38%, 09/15/35		147,000		129,157
Bottling Group LLC, 4.63%, 11/15/12			413,000		395,239
Cadbury Schweppes PLC, 5.13%, 10/01/13 (b)			177,000		170,039
Campbell Soup Co., 4.88%, 10/01/13			236,000		226,169
Coca-Cola Bottling Co., 5.00%, 11/15/12			88,000		84,545
Coca-Cola Enterprises, Inc.
	8.50%, 02/01/12		354,000		395,640
	6.95%, 11/15/26		147,000		158,793
	6.75%, 09/15/28		351,000		370,991
Conagra Foods, Inc., 6.75%, 09/15/11			88,000		91,395
Fortune Brands, Inc.
	5.13%, 01/15/11		413,000		403,010
	5.38%, 01/15/16		265,000		246,038
General Mills, Inc., 6.00%, 02/15/12			267,000		269,866
Hershey Co., 5.45%, 09/01/16			383,000		373,814
JC Penney Corp, Inc., 5.75%, 02/15/18			900,000		868,852
Kellogg Co.
	2.88%, 06/01/08		605,000		590,407
	7.45%, 04/01/31		147,000		166,670
Kraft Foods, Inc.
	4.13%, 11/12/09		590,000		571,564
	5.63%, 11/01/11		468,000		464,337
	6.50%, 11/01/31		189,000		182,713
Miller Brewing Co., 5.50%, 08/15/13 (b)			147,000		144,542
Pepsi Bottling Group, Inc., 7.00%, 03/01/29			206,000		226,255
PepsiAmericas, Inc., 4.88%, 01/15/15			442,000		415,864
Procter & Gamble Co.
	6.88%, 09/15/09		189,000		195,076
	4.95%, 08/15/14		295,000		284,222
	4.85%, 12/15/15		177,000		168,220
	5.80%, 08/15/34		295,000		287,125
Sara Lee Corp., 6.25%, 09/15/11			251,000		255,379
Sysco Corp., 5.38%, 09/21/35			106,000		94,921
Unilever Capital Corp.
	7.13%, 11/01/10		324,000		339,624
	5.90%, 11/15/32		206,000		194,794
Wal-Mart Stores, Inc., 5.00%, 04/05/12			1,800,000		1,762,389
WM Wrigley Jr Co., 4.65%, 07/15/15			215,000		199,566
					12,358,638
Diversified Financial Services (3.9%)
AXA Financial, Inc., 7.75%, 08/01/10			265,000		282,110
Bear Stearns Co., Inc.
	4.55%, 06/23/10		3,657,000		3,556,487
	4.66%, 06/11/41		1,991,000		1,848,722
Credit Suisse First Boston Mortgage Corp.
	5.72%, 11/15/19 (a) (b)		14,343,097		14,340,646
	6.73%, 12/18/35		2,988,000		3,090,987
	5.18%, 11/15/36		2,950,000		2,885,412
CW Capital Cobalt, 5.22%, 08/15/48			3,539,000		3,367,287
Financing Corp., 9.80%, 11/30/17			18,000		24,099
Goldman Sachs Mortgage Securities Corp., 5.28%, 08/10/38 (a)			3,067,000		3,000,019
Household Finance Corp., 5.88%, 02/01/09			956,000		962,519

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Diversified Financial Services (continued)
Lehman Brothers Holdings, Inc.
	3.50%, 08/07/08	$	708,000	$	693,247
	5.50%, 04/04/16		1,475,000		1,432,080
Lehman Brothers-UBS Commercial Mortgage Trust, 5.12%, 11/15/32			3,109,000		3,012,135
Lincoln National Corp., 6.15%, 04/07/36			590,000		578,242
Morgan Stanley
	6.20%, 11/15/31		6,488,000		6,540,296
	6.71%, 12/15/31		2,102,354		2,125,177
	4.73%, 06/12/47		3,097,000		3,032,639
Residential Capital Corp.
	6.38%, 06/30/10		295,000		291,192
	5.65%, 08/25/35 (a)		5,552,018		5,547,636
SLM Corp., 5.13%, 08/27/12			1,475,000		1,305,669
					57,916,601
Electric Power (1.4%)
Alabama Power Co., 5.70%, 02/15/33			324,000		305,970
Amerenenergy Generating Co., 7.95%, 06/01/32			105,000		119,624
American Electric Power Co., 5.25%, 06/01/15			192,000		184,135
Appalachian Power Co., 5.80%, 10/01/35			206,000		189,849
Arizona Public Service Co., 5.50%, 09/01/35			215,000		186,301
Baltimore Gas & Electric, 5.90%, 10/01/16 (b)			885,000		873,461
Centerpoint Energy Resources, 7.88%, 04/01/13			354,000		386,403
Cincinnati Gas & Electric Co., 5.40%, 06/15/33			74,000		64,918
Cincinnati Gas & Electric Corp., 5.70%, 09/15/12			41,000		40,978
Commonwealth Edison Corp., 6.15%, 03/15/12			118,000		118,559
Consolidated Edison, Inc.
	4.70%, 06/15/09		147,000		145,147
	7.15%, 12/01/09		35,000		36,370
	4.88%, 02/01/13		124,000		119,570
	5.38%, 12/15/15		177,000		171,625
	5.88%, 04/01/33		118,000		112,897
Consolidated Natural Gas, Inc., 5.00%, 12/01/14			569,000		537,458
Constellation Energy Group, Inc., 6.13%, 09/01/09			313,000		316,328
Consumers Energy - ITC, 4.00%, 05/15/10			238,000		228,272
Dominion Resources, Inc.
	5.70%, 09/17/12		162,000		162,129
	6.30%, 03/15/33		442,000		437,344
	5.95%, 06/15/35		251,000		235,355
DTE Energy Co., 6.35%, 06/01/16			413,000		416,739
Entergy Gulf States, Inc., 5.25%, 08/01/15			177,000		164,860
Entergy Mississippi, Inc., 5.15%, 02/01/13			289,000		277,126
FirstEnergy Corp., 7.38%, 11/15/31			413,000		447,093
Florida Power & Light Co.
	4.85%, 02/01/13		147,000		141,201
	5.85%, 02/01/33		100,000		96,866
	5.90%, 03/01/33		68,000		65,365
	5.95%, 10/01/33		77,000		75,558
	5.40%, 09/01/35		130,000		117,770
General Electric Capital Corp., 4.35%, 06/10/48			3,539,000		3,445,981
Georgia Power Corp., 5.13%, 11/15/12			106,000		103,736
Metropolitan Edison, 4.88%, 04/01/14			236,000		220,879
MidAmerican Energy Holdings Co.
	5.88%, 10/01/12		634,000		639,470
	6.13%, 04/01/36		845,000		816,357
New York State Electric & Gas Corp., 5.75%, 05/01/23			59,000		54,754
Ohio Power Co.
	6.00%, 06/01/16		501,000		501,479
	6.60%, 02/15/33		236,000		244,218
Oncor Electric Deliver
	6.38%, 05/01/12		552,000		563,271
	6.38%, 01/15/15		442,000		448,308
Pacific Gas & Electric Co.
	3.60%, 03/01/09		649,000		629,805
	4.20%, 03/01/11		708,000		676,497
	4.80%, 03/01/14		472,000		446,084
	5.80%, 03/01/37		600,000		559,662
Pacificorp, 5.25%, 06/15/35			177,000		155,580

10 

Corporate Bonds (continued)
		Principal
		Amount		Value
Electric Power (continued)
Pepco Holdings, Inc.
	6.45%, 08/15/12	$	106,000	$	108,766
	7.45%, 08/15/32		118,000		129,237
Progress Energy, Inc.
	7.10%, 03/01/11		122,000		127,839
	7.75%, 03/01/31		236,000		272,844
PSEG Power Corp.
	6.95%, 06/01/12		74,000		77,455
	5.50%, 12/01/15		413,000		397,259
Public Service Co. of Colorado, 5.50%, 04/01/14			251,000		247,030
Public Service Electric & Gas, 5.13%, 09/01/12			195,000		190,631
Public Service New Mexico Corp., 4.40%, 09/15/08			103,000		101,386
Puget Energy, Inc., 5.48%, 06/01/35			147,000		129,853
Scana Corp.
	6.88%, 05/15/11		516,000		537,062
	6.25%, 02/01/12		147,000		150,206
South Carolina Electric & Gas Co., 4.80%, 10/01/12			383,000		369,558
Southern California Edison Co.
	6.00%, 01/15/34		177,000		174,386
	5.55%, 01/15/36		236,000		218,160
Southern Power Co., 6.25%, 07/15/12			251,000		256,626
Virginia Electric Power, 5.40%, 01/15/16			147,000		141,793
Westar Energy, Inc., 6.00%, 07/01/14			265,000		266,121
Wisconsin Electric Power, 5.63%, 05/15/33			59,000		55,133
Wisconsin Energy Corp., 5.50%, 12/01/08			177,000		177,037
Xcel Energy, Inc.
	5.61%, 04/01/17		248,000		240,174
	6.50%, 07/01/36		177,000		179,014
					20,828,922
Energy Companies (0.7%)
AGL Capital Corp., 4.45%, 04/15/13			177,000		163,769
Amerada Hess Corp., 7.30%, 08/15/31			354,000		379,636
Apache Corp.
	6.25%, 04/15/12		230,000		235,780
	7.63%, 07/01/19		59,000		65,404
Atmos Energy Corp.
	4.00%, 10/15/09		413,000		399,108
	5.13%, 01/15/13		133,000		127,410
	4.95%, 10/15/14		265,000		246,762
BP Amoco PLC, 5.90%, 04/15/09			118,000		119,250
Colonial Pipeline, 7.63%, 04/15/32			215,000		257,260
Conoco Funding Co., 4.75%, 10/15/12			675,000		654,005
Conoco, Inc., 6.95%, 04/15/29			218,000		237,917
Conocophillips, 5.90%, 10/15/32			177,000		172,226
Duke Energy Corp., 6.25%, 01/15/12			1,400,000		1,437,045
Enterprise Products, 5.60%, 10/15/14			944,000		917,691
Halliburton Co., 5.50%, 10/15/10			472,000		471,542
Kinder Morgan Energy Partners LP
	7.50%, 11/01/10		207,000		218,722
	6.75%, 03/15/11		91,000		94,173
	5.80%, 03/15/35		206,000		183,001
Marathon Oil Corp., 6.80%, 03/15/32			118,000		126,098
Motiva Enterprises Corp., 5.20%, 09/15/12 (b)			74,000		72,408
Murphy Oil Corp., 6.38%, 05/01/12			59,000		59,785
Nabors, Inc., 5.38%, 08/15/12			41,000		39,906
Occidental Petroleum, 6.75%, 01/15/12			265,000		278,782
Ocean Energy, Inc., 7.25%, 10/01/11			578,000		608,361
Phillips Petroleum Co.
	8.75%, 05/25/10		354,000		385,381
	6.65%, 07/15/18		118,000		125,491
Plains All American Pipeline, 5.63%, 12/15/13			330,000		323,662
Texas Gas Transmission Corp., 4.60%, 06/01/15			177,000		161,828
TGT Pipelines LLC, 5.20%, 06/01/18			88,000		80,247
Valero Energy Corp.
	6.88%, 04/15/12		590,000		617,866
	7.50%, 04/15/32		118,000		128,864

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Energy Companies (continued)
Weatherford International, Inc., 5.50%, 02/15/16		$	74,000	$	70,721
XTO Energy, Inc.
	4.90%, 02/01/14		147,000		139,113
	5.30%, 06/30/15		280,000		267,192
	5.65%, 04/01/16		118,000		114,587
					9,980,993
Food Products (0.0%)
Conagra Foods, Inc., 7.00%, 10/01/28			221,000		230,215
Hotels, Restaurants & Leisure (0.7%) (a) (b)
TW Hotel Funding, 5.57%, 01/15/21			9,567,310		9,578,751
Independent Finance (0.1%)
Credit Suisse First Boston USA, Inc.
	4.13%, 01/15/10		398,000		386,144
	6.13%, 11/15/11		265,000		270,785
	6.50%, 01/15/12		354,000		366,665
	5.13%, 01/15/14		171,000		165,830
	7.13%, 07/15/32		855,000		970,253
					2,159,677
Insurance (0.3%)
Aetna, Inc., 6.00%, 06/15/16			1,100,000		1,102,406
American International Group, 5.60%, 10/18/16			585,000		576,424
Chubb Corp., 6.00%, 05/11/37			750,000		714,023
Farmers Insurance Exchange, 8.63%, 05/01/24 (b)			400,000		462,171
North Front Pass, 5.81%, 12/15/24 (b)			295,000		285,059
Prudential Financial, Inc., 5.10%, 12/14/11			740,000		725,668
Travelers Cos., Inc., 5.75%, 12/15/17			585,000		571,257
					4,437,008
Machinery (0.0%)
Deere & Co., 8.10%, 05/15/30			500,000		618,066
Manufacturing (1.6%)
Albemarle Corp., 5.10%, 02/01/15			118,000		110,612
Barrick Gold Finance, Inc., 4.88%, 11/15/14			230,000		216,026
Black & Decker Corp., 4.75%, 11/01/14			230,000		210,328
Boeing Co., 6.13%, 02/15/33			295,000		303,690
Caterpillar, Inc., 7.30%, 05/01/31			100,000		113,179
Caterpillar Financial Services Corp., 6.05%, 08/15/36			177,000		174,130
Centex Corp.
	7.88%, 02/01/11		147,000		154,257
	7.50%, 01/15/12		59,000		61,094
	6.50%, 05/01/16		354,000		340,428
Cisco Systems, Inc., 5.50%, 02/22/16			767,000		748,445
Clorox Co., 4.20%, 01/15/10			313,000		303,269
Cooper Industries, Inc., 5.50%, 11/01/09			103,000		103,065
Cytec Industries, Inc., 6.00%, 10/01/15			162,000		158,083
D.R. Horton, Inc., 6.00%, 04/15/11			649,000		632,640
Dell Computer Corp., 7.10%, 04/15/28			206,000		216,808
Dover, Corp., 4.88%, 10/15/15			224,000		210,231
Dow Chemical, 6.00%, 10/01/12			590,000		596,135
Du Pont, 5.25%, 12/15/16			885,000		840,082
Emerson Electric Co.
	4.50%, 05/01/13		1,250,000		1,182,796
	6.00%, 08/15/32		83,000		83,208
Exelon Corp.
	4.90%, 06/15/15		413,000		380,067
	5.63%, 06/15/35		236,000		210,841
General Electric Capital Corp., 5.00%, 02/01/13			929,000		900,701
Goodrich Corp.
	6.29%, 07/01/16		354,000		361,542
	6.80%, 07/01/36		185,000		191,460
Harris Corp., 6.35%, 02/01/28			147,000		147,407

12 

Corporate Bonds (continued)
		Principal
		Amount		Value
Manufacturing (continued)
Hewlett Packard Co., 6.50%, 07/01/12		$	292,000	$	304,331
Honeywell International, Inc.
	6.13%, 11/01/11		147,000		150,421
	5.40%, 03/15/16		705,000		685,890
IBM Corp.
	5.50%, 01/15/09		118,000		118,475
	4.75%, 11/29/12		516,000		498,767
	5.88%, 11/29/32		983,000		972,067
International Paper Co.
	4.00%, 04/01/10		501,000		480,881
	5.93%, 10/30/12		43,000		42,893
	5.30%, 04/01/15		206,000		194,532
John Deere Capital Corp., 6.95%, 04/25/14			159,000		170,440
Johnson Controls, Inc.
	5.25%, 01/15/11		177,000		175,184
	4.88%, 09/15/13		177,000		168,364
Jones Apparel Group Inc., 6.13%, 11/15/34			94,000		78,771
Kimberly-Clark Corp., 5.63%, 02/15/12			295,000		295,513
Lennar Corp.
	5.95%, 03/01/13		53,000		51,670
	5.50%, 09/01/14		295,000		276,939
Lockheed Martin Corp.
	7.65%, 05/01/16		177,000		199,316
	6.15%, 09/01/36		354,000		353,012
Lubrizol Corp.
	5.50%, 10/01/14		354,000		339,178
	6.50%, 10/01/34		147,000		141,897
Masco Corp.
	5.88%, 07/15/12		212,000		210,263
	4.80%, 06/15/15		354,000		319,360
MDC Holdings, Inc., 5.50%, 05/15/13			147,000		140,243
Motorola, Inc.
	7.63%, 11/15/10		159,000		167,581
	7.50%, 05/15/25		206,000		216,749
Newell Rubbermaid, Inc., 4.00%, 05/01/10			88,000		84,432
Newmont Mining Corp., 5.88%, 04/01/35			236,000		208,885
Norsk Hydro A.S.A., 6.80%, 01/15/28			650,000		701,809
Northrop Grumman Corp.
	7.13%, 02/15/11		611,000		640,884
	7.75%, 02/15/31		118,000		140,345
Pitney Bowes, Inc.
	4.75%, 01/15/16		295,000		271,029
	4.75%, 05/15/18		88,000		78,982
Praxair, Inc., 3.95%, 06/01/13			177,000		162,535
Procter & Gamble Co., 6.45%, 01/15/26			700,000		738,512
Pulte Homes, Inc.
	4.88%, 07/15/09		339,000		333,541
	7.88%, 08/01/11		24,000		24,906
	6.25%, 02/15/13		62,000		59,991
	6.00%, 02/15/35		147,000		125,261
Raytheon Co.
	5.50%, 11/15/12		88,000		87,662
	6.40%, 12/15/18		206,000		214,674
	7.00%, 11/01/28		133,000		146,703
Rockwell Collins Corp., 4.75%, 12/01/13			295,000		278,825
Rohm & Haas Co., 7.85%, 07/15/29			118,000		134,848
Ryland Group, 5.38%, 01/15/15			236,000		214,040
Sealed Air Corp., 6.95%, 05/15/09 (b)			152,000		155,653
Stanley Works, 4.90%, 11/01/12			133,000		128,027
Vale Overseas Ltd., 6.88%, 11/21/36			944,000		948,896
Westvaco Corp., 7.95%, 02/15/31			118,000		122,799
Weyerhaeuser Co.
	5.95%, 11/01/08		182,000		183,336
	6.75%, 03/15/12		782,000		809,101
	7.38%, 03/15/32		221,000		224,193
					22,923,130
Media (0.0%)
Embarq Corp., 7.08%, 06/01/16			133,000		133,745
Viacom, Inc., 6.88%, 04/30/36			324,000		313,024
					446,769
Metals & Mining (0.0%)
Alcoa, Inc., 5.87%, 02/23/22			625,000		593,206

 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Multiline Retail (0.1%)
Costco Wholesale Corp, 5.50%, 03/15/17		$	850,000	$	828,719
Yum! Brands, Inc., 8.88%, 04/15/11			118,000		129,826
					958,545
Oil, Gas & Consumable Fuels (0.3%)
Anadarko Petroleum Corp., 6.45%, 09/15/36			531,000		510,730
Canadian Natural Resources, 6.25%, 03/15/38			590,000		558,248
Consolidated Natural Gas, 6.25%, 11/01/11			451,000		460,686
Texas East Transmission Corp., 7.30%, 12/01/10			2,275,000		2,393,059
					3,922,723
Other Financial (4.0%)
Ace Ina Holdings, 5.88%, 06/15/14			560,000		556,816
AIG, 6.90%, 03/15/32 (b)			413,000		450,916
Allstate Corp.
	6.13%, 02/15/12		254,000		260,515
	5.00%, 08/15/14		295,000		282,115
	6.13%, 12/15/32		118,000		115,482
	5.55%, 05/09/35		88,000		79,529
	5.95%, 04/01/36		118,000		112,606
American Express Centurion Bank, 4.38%, 07/30/09			400,000		393,260
American Express Co., 4.88%, 07/15/13			1,348,000		1,300,897
American General Corp., 7.50%, 07/15/25			147,000		167,732
American General Finance, 5.38%, 10/01/12			1,003,000		989,656
American International Group, Inc.
	5.05%, 10/01/15		147,000		139,936
	6.25%, 05/01/36		236,000		238,185
Ameritech Capital Funding, 6.45%, 01/15/18			88,000		89,091
Associates Corp. of North America, 6.95%, 11/01/18			339,000		367,474
Axa Financial, Inc., 7.00%, 04/01/28			133,000		143,716
Bae Systems Holdings, Inc., 4.75%, 08/15/10 (b)			236,000		230,772
Bear Stearns Co., Inc.
	5.70%, 11/15/14		369,000		361,846
	5.30%, 10/30/15		177,000		167,739
	4.65%, 07/02/18		354,000		311,733
Berkley Corp., 5.13%, 09/30/10			103,000		101,611
Berkshire Hathaway, Inc.
	4.13%, 01/15/10		826,000		803,065
	4.85%, 01/15/15		354,000		336,306
Boeing Capital Corp., 6.10%, 03/01/11			50,000		51,086
BP Capital Markets America, 4.20%, 06/15/18			147,000		127,713
Bunge International Ltd., 5.10%, 07/15/15			88,000		81,308
Caterpillar Financial Services Corp.
	2.70%, 07/15/08		413,000		401,742
	4.50%, 06/15/09		206,000		202,828
	5.05%, 12/01/10		590,000		584,544
	5.50%, 03/15/16		295,000		289,456
CIT Group, Inc.
	3.88%, 11/03/08		460,000		450,422
	4.75%, 12/15/10		201,000		194,944
	5.13%, 09/30/14		251,000		237,137
	5.40%, 01/30/16		177,000		166,926
	5.85%, 09/15/16		1,150,000		1,108,332
	6.00%, 04/01/36		206,000		191,201
CitiFinancial Credit Co., 10.00%, 05/15/09			59,000		63,748
Conocophillips, 5.50%, 04/15/13			324,000		323,589
Countrywide Financial Corp., 5.63%, 07/15/09			560,000		560,282
Countrywide Home Loan, 4.00%, 03/22/11			706,000		661,765
Devon Financing Corp., 6.88%, 09/30/11			643,000		671,250
Duke Capital LLC, 6.75%, 02/15/32			177,000		174,216
ERP Operating LP
	5.25%, 09/15/14		472,000		454,735
	5.38%, 08/01/16		295,000		282,894
First Data Corp.
	3.38%, 08/01/08		354,000		349,702
	4.95%, 06/15/15		147,000		141,594
General Electric Capital Corp.
	4.63%, 09/15/09		634,000		625,161
	3.75%, 12/15/09		826,000		795,835

14 

Corporate Bonds (continued)
		Principal
		Amount		Value
Other Financial (continued)
	5.50%, 04/28/11	$	413,000	$	412,911
	5.88%, 02/15/12		59,000		59,691
	6.00%, 06/15/12		263,000		267,691
	4.88%, 03/04/15		619,000		585,921
	5.00%, 01/08/16		295,000		279,449
	5.40%, 02/15/17		585,000		564,037
	6.75%, 03/15/32		1,678,000		1,820,576
Genworth Financial, Inc.
	5.75%, 06/15/14		88,000		87,616
	6.50%, 06/15/34		206,000		211,320
GlaxoSmithKline PLC, 5.38%, 04/15/34			201,000		185,345
Goldman Sachs Group, Inc.
	3.88%, 01/15/09		590,000		577,976
	6.65%, 05/15/09		413,000		422,282
	6.60%, 01/15/12		103,000		106,658
	5.25%, 04/01/13		664,000		646,717
	5.25%, 10/15/13		870,000		843,408
	5.13%, 01/15/15		664,000		630,959
	5.35%, 01/15/16		442,000		421,842
	5.75%, 10/01/16		1,000,000		976,595
	6.13%, 02/15/33		1,150,000		1,096,952
Harley Davidson Funding, 3.63%, 12/15/08 (b)			354,000		345,105
Hartford Financial Services Group
	4.75%, 03/01/14		118,000		111,557
	6.10%, 10/01/41		59,000		57,183
Heinz (H.J.) Finance Co., 6.00%, 03/15/12			350,000		351,239
HJ Heinz Finance, 6.75%, 03/15/32			88,000		85,722
Household Finance Corp.
	4.75%, 05/15/09		767,000		758,463
	7.00%, 05/15/12		811,000		853,883
HSBC Finance Corp.
	4.75%, 04/15/10		354,000		347,454
	5.25%, 04/15/15		265,000		253,162
	5.00%, 06/30/15		501,000		469,255
Infinity Property & Casualty, 5.50%, 02/18/14			118,000		112,893
ING Sec Life Institutional Fund, 4.25%, 01/15/10 (b)			1,180,000		1,146,660
International Lease Finance Corp.
	3.50%, 04/01/09		295,000		285,755
	5.00%, 04/15/10		590,000		583,043
Istar Financial, Inc., 5.65%, 09/15/11			254,000		250,293
Jefferies Group, Inc., 6.25%, 01/15/36			177,000		165,857
John Deere Capital Corp.
	4.88%, 03/16/09		354,000		350,949
	4.40%, 07/15/09		383,000		375,554
John Hancock Financial Services, Inc., 5.63%, 12/01/08			59,000		59,187
Kern River Funding Corp., 4.89%, 04/30/18			81,000		77,412
Lehman Brothers Holdings, Inc.
	4.25%, 01/27/10		457,000		445,518
	7.88%, 08/15/10		57,000		60,780
	6.63%, 01/18/12		525,000		544,555
	4.80%, 03/13/14		737,000		695,553
Marsh & McLennan Cos., Inc.
	6.25%, 03/15/12		103,000		103,694
	5.75%, 09/15/15		543,000		513,100
Mellon Financial Corp.
	6.40%, 05/14/11		265,000		272,821
	5.00%, 12/01/14		265,000		254,628
MetLife, Inc.
	6.13%, 12/01/11		640,000		653,583
	5.50%, 06/15/14		265,000		260,271
	5.70%, 06/15/35		324,000		299,424
Monumental Global Funding II, 4.38%, 07/30/09 (b)			295,000		288,714
Morgan Stanley
	5.05%, 01/21/11		1,030,000		1,008,706
	6.60%, 04/01/12		501,000		519,570
	5.30%, 03/01/13		664,000		650,835
	4.75%, 04/01/14		590,000		550,965
	5.45%, 01/09/17		2,655,000		2,513,863
	7.25%, 04/01/32		324,000		359,450
National Rural Utilities
	4.75%, 03/01/14		324,000		306,353
	8.00%, 03/01/32		159,000		195,761
New York Life Insurance, 5.88%, 05/15/33 (b)			200,000		192,906
Nisource Finance Corp., 5.25%, 09/15/17			260,000		240,231
Nissan Motor Acceptance, 4.63%, 03/08/10 (b)			307,000		298,395
NLV Financial Corp., 7.50%, 08/15/33 (b)			74,000		79,969
Pemex Project Funding Master
	9.13%, 10/13/10		628,000		690,800
	7.38%, 12/15/14		369,000		401,046

 15

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Other Financial (continued)
	5.75%, 12/15/15	$	767,000	$	752,427
	6.63%, 06/15/35		324,000		328,860
Progressive Corp., 6.25%, 12/01/32			162,000		163,018
Prudential Financial, Inc.
	5.10%, 09/20/14		295,000		282,643
	5.75%, 07/15/33		147,000		136,364
Residential Capital Corp.
	6.13%, 11/21/08		590,000		584,615
	6.88%, 06/30/15		531,000		515,025
RLI Corp., 5.95%, 01/15/14			118,000		114,960
SLM Corp., 5.38%, 05/15/14			1,091,000		934,912
Sprint Capital Corp.
	6.13%, 11/15/08		501,000		503,838
	6.38%, 05/01/09		221,000		223,715
	8.38%, 03/15/12		1,215,000		1,323,613
Textron Financial Corp., 4.60%, 05/03/10			355,000		347,359
Toll Brothers, Inc., 6.88%, 11/15/12			88,000		89,694
Toyota Motor Credit Corp., 4.25%, 03/15/10			336,000		328,083
Travelers Property Casualty Corp., 6.38%, 03/15/33			192,000		190,488
UnitedHealth Group
	5.38%, 03/15/16		295,000		284,168
	5.80%, 03/15/36		708,000		651,568
Verizon Global Funding Corp.
	7.25%, 12/01/10		537,000		566,075
	6.88%, 06/15/12		295,000		310,647
	7.38%, 09/01/12		522,000		562,216
	4.38%, 06/01/13		369,000		343,615
	4.90%, 09/15/15		590,000		552,249
	7.75%, 12/01/30		1,190,000		1,332,994
	5.85%, 09/15/35		118,000		108,230
WellPoint, Inc.
	5.00%, 12/15/14		236,000		222,829
	5.25%, 01/15/16		324,000		307,335
	5.95%, 12/15/34		118,000		109,310
Western & Southern Finance, 5.75%, 07/15/33 (b)			147,000		136,364
Willis Group North America, Inc., 5.63%, 07/15/15			177,000		164,809
					59,305,494
Pharmaceuticals (0.3%)
Bristol-Myers Squibb Co., 5.25%, 08/15/13			1,425,000		1,401,723
Eli Lilly & Co., 5.20%, 03/15/17			1,000,000		956,606
Schering-Plough Corp., 5.30%, 12/01/13			1,400,000		1,405,155
Teva Pharmaceutical Finance LLC, 6.15%, 02/01/36			142,000		132,738
					3,896,222
Real Estate Investment Trusts (REITs) (0.3%)
Avalonbay Communities, Inc., 6.63%, 09/15/11			88,000		91,355
Boston Properties, Inc., 5.00%, 06/01/15			590,000		558,201
Brandywine Operating Partners, 5.63%, 12/15/10			180,000		179,819
Camden Property Trust, 5.00%, 06/15/15			147,000		138,071
Developers Diversified Realty Corp., 5.38%, 10/15/12			295,000		289,082
Duke Realty Corp., 5.25%, 01/15/10			177,000		175,548
Health Care Property Investors, 6.00%, 01/30/17			472,000		462,121
Health Care Property Investors, Inc.
	6.45%, 06/25/12		56,000		56,997
	6.00%, 11/15/13		177,000		175,497
HRPT Properties Trust Corp., 5.75%, 02/15/14			177,000		174,140
Liberty Property LP, 7.25%, 03/15/11			38,000		39,865
Prologis, 5.25%, 11/15/10			472,000		466,884
Simon Property Group LP
	4.60%, 06/15/10		236,000		229,797
	5.10%, 06/15/15		531,000		504,742
	6.10%, 05/01/16		413,000		418,010
Vordano Realty LP, 5.60%, 02/15/11			206,000		204,885
Washington Real Estate Investment Trust Corp., 5.25%, 01/15/14			118,000		114,245
Westfield Capital Corp., 5.13%, 11/15/14 (b)			153,000		146,475
					4,425,734

16 

Corporate Bonds (continued)
		Principal
		Amount		Value
Service Companies (2.0%)
Abbott Laboratories
	5.40%, 09/15/08	$	147,000	$	146,920
	3.50%, 02/17/09		118,000		114,689
	5.88%, 05/15/16		481,000		481,124
Amgen, Inc., 4.00%, 11/18/09			280,000		270,967
AOL Time Warner, Inc.
	6.88%, 05/01/12		911,000		950,419
	6.88%, 06/15/18		176,000		182,428
	7.63%, 04/15/31		777,000		832,455
	7.70%, 05/01/32		932,000		1,007,818
Baxter International, Inc., 4.63%, 03/15/15			77,000		71,250
Belo Corp., 8.00%, 11/01/08			86,000		88,310
Boston Scientific, 5.45%, 06/15/14			354,000		333,140
Comcast Corp.
	6.20%, 11/15/08		280,000		282,221
	6.88%, 06/15/09		472,000		483,269
	5.85%, 01/15/10		864,000		869,754
	8.38%, 03/15/13		236,000		263,449
	5.90%, 03/15/16		413,000		405,675
	6.50%, 01/15/17		413,000		421,655
	9.46%, 11/15/22		118,000		149,760
	7.05%, 03/15/33		295,000		304,479
	5.65%, 06/15/35		236,000		205,321
	6.50%, 11/15/35		100,000		96,935
	6.45%, 03/15/37		342,000		329,594
Cox Communications, Inc.
	7.75%, 11/01/10		145,000		154,205
	7.13%, 10/01/12		295,000		311,660
	5.45%, 12/15/14		354,000		342,478
	5.50%, 10/01/15		383,000		368,011
CVS Corp., 4.00%, 09/15/09			118,000		114,205
Donnelley (R.R.) & Sons Co., 4.95%, 04/01/14			118,000		107,801
Donnelley (R.R.) & Sons Co., 6.13%, 01/15/17			700,000		681,551
Eli Lilly & Co.
	6.00%, 03/15/12		295,000		303,122
	7.13%, 06/01/25		118,000		130,889
Federated Department Stores
	6.63%, 04/01/11		631,000		641,628
	6.90%, 04/01/29		147,000		140,157
Gannett Co., 6.38%, 04/01/12			236,000		240,256
Genentech, Inc.
	4.40%, 07/15/10		165,000		160,490
	5.25%, 07/15/35		88,000		77,691
Home Depot, Inc.
	5.25%, 12/16/13		1,180,000		1,138,214
	5.40%, 03/01/16		590,000		553,061
J Paul Getty Trust Corp., 5.88%, 10/01/33			295,000		282,524
JC Penney Corp., Inc., 8.00%, 03/01/10			749,000		790,877
Johnson & Johnson, 4.95%, 05/15/33			413,000		369,794
Kohl’s Corp., 6.30%, 03/01/11			50,000		51,198
Kroger Co.
	6.80%, 04/01/11		201,000		207,778
	6.20%, 06/15/12		236,000		238,184
	7.50%, 04/01/31		257,000		269,890
Limited Brands, Inc., 6.13%, 12/01/12			147,000		146,680
Lowe’s Cos., Inc., 6.50%, 03/15/29			236,000		236,596
May Department Stores Co., 5.75%, 07/15/14			442,000		423,699
Medtronic, Inc., 4.38%, 09/15/10			186,000		180,567
Merck & Co., Inc.
	4.75%, 03/01/15		354,000		333,054
	6.40%, 03/01/28		74,000		75,498
	5.95%, 12/01/28		162,000		158,538
News America Holdings, Inc.
	9.25%, 02/01/13		118,000		136,544
	5.30%, 12/15/14		767,000		740,930
	8.00%, 10/17/16		118,000		132,829
	7.28%, 06/30/28		77,000		80,646
	6.20%, 12/15/34		245,000		228,387
	6.40%, 12/15/35		177,000		168,559
Omnicom Group, Inc., 5.90%, 04/15/16			177,000		174,838
Oracle Corp., 5.25%, 01/15/16			572,000		548,460
Pfizer, Inc., 4.65%, 03/01/18			265,000		242,193
Pharmacia Corp., 6.60%, 12/01/28			177,000		189,916
Quest Diagnostic, Inc., 5.45%, 11/01/15			324,000		305,142

 17

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Corporate Bonds (continued)
		Principal
		Amount		Value
Service Companies (continued)
Safeway, Inc.
	6.50%, 03/01/11	$	236,000	$	242,012
	5.80%, 08/15/12		206,000		206,044
	5.63%, 08/15/14		177,000		172,500
Science Applications International, 5.50%, 07/01/33			177,000		151,977
Target Corp.
	10.00%, 01/01/11		66,000		74,580
	6.35%, 01/15/11		124,000		127,334
	7.00%, 07/15/31		174,000		189,647
	6.35%, 11/01/32		313,000		317,043
Tele-Communications, Inc., 9.80%, 02/01/12			307,000		354,356
Time Warner, Inc., 5.88%, 11/15/16 (b)			700,000		680,821
Viacom, Inc.
	5.63%, 08/15/12		590,000		580,076
	6.25%, 04/30/16		649,000		639,229
	7.88%, 07/30/30		80,000		82,725
	5.50%, 05/15/33		118,000		97,577
Wal-Mart Stores, Inc.
	6.88%, 08/10/09		820,000		845,639
	4.13%, 07/01/10		413,000		399,729
	4.13%, 02/15/11		383,000		367,744
	7.55%, 02/15/30		118,000		137,094
	5.25%, 09/01/35		708,000		618,897
Walt Disney Co.
	6.38%, 03/01/12		139,000		143,981
	6.20%, 06/20/14		413,000		427,140
Waste Management, Inc.
	7.38%, 08/01/10		147,000		154,013
	6.38%, 11/15/12		206,000		210,685
	7.00%, 07/15/28		162,000		163,779
Wyeth
	5.50%, 02/01/14		678,000		668,227
	5.50%, 02/15/16		634,000		617,442
	6.50%, 02/01/34		206,000		211,808
					29,352,471
Telephones (0.7%)
Alltel Corp., 7.00%, 07/01/12			731,000		691,953
AT&T Wireless Services, Inc.
	8.13%, 05/01/12		44,000		48,380
	8.75%, 03/01/31		321,000		400,165
BellSouth Corp.
	4.20%, 09/15/09		354,000		344,776
	6.00%, 10/15/11		838,000		848,605
	5.20%, 09/15/14		501,000		480,777
	6.55%, 06/15/34		177,000		176,702
	6.00%, 11/15/34		501,000		468,928
Cingular Wireless LLC, 7.13%, 12/15/31			413,000		439,999
Embarq Corp., 6.74%, 06/01/13			767,000		781,632
France Telecom, 3,376.25%, 03/01/31			407,000		511,394
GTE Corp.
	6.84%, 04/15/18		206,000		216,474
	6.94%, 04/15/28		147,000		151,190
SBC Communications, Inc.
	4.13%, 09/15/09		737,000		716,668
	5.30%, 11/15/10		383,000		381,195
	6.25%, 03/15/11		475,000		485,286
	5.88%, 08/15/12		425,000		428,227
	5.10%, 09/15/14		1,003,000		956,702
	5.63%, 06/15/16		295,000		288,312
	6.15%, 09/15/34		811,000		777,594
Vodafone Group PLC, 6.15%, 02/27/37			590,000		548,871
					10,143,830
Transportation (0.4%)
Burlington Northern Santa Fe Corp.
	6.75%, 07/15/11		215,000		223,566
	7.95%, 08/15/30		206,000		240,353
CSX Corp.
	6.25%, 10/15/08		619,000		624,010
	6.75%, 03/15/11		133,000		137,459
	5.50%, 08/01/13		507,000		497,116
Norfolk Southern Corp.
	6.75%, 02/15/11		964,000		999,315
	5.59%, 05/17/25		84,000		76,395
	7.25%, 02/15/31		270,000		291,628
Southwest Airlines Corp., 5.13%, 03/01/17			147,000		133,346
TTX Co., 4.90%, 03/01/15 (b)			221,000		206,571
Union Pacific Corp.
	3.63%, 06/01/10		242,000		229,690
	5.38%, 06/01/33		62,000		54,057
	6.25%, 05/01/34		236,000		229,837
United Parcel Service, Inc.
	8.38%, 04/01/20		118,000		144,987
	8.38%, 04/01/30		177,000		225,890

18 

Corporate Bonds (continued)
		Principal
		Amount		Value
Transportation (continued)
United Technologies Corp.
	6.35%, 03/01/11	$	398,000	$	409,548
	5.40%, 05/01/35		442,000		403,054
					5,126,822
Total Corporate Bonds (Cost $388,352,122)					381,513,363
Mortgage-Backed Obligations (0.8%)
Banks (0.8%)
First Union National Bank Commercial Mortgage Trust, 7.20%, 10/15/32			4,500,000		4,697,564
Wachovia Bank Commercial Mortgage Trust, 5.74%, 06/15/49 (a)			7,500,000		7,418,700
Total Mortgage-Backed Obligations (Cost $12,120,833)					12,116,264
Municipal Bonds (0.1%)
Diversified Financial Services (0.1%)
City of Dallas, 5.25%, 02/15/24			708,000		700,899
Illinois State Taxable Pension, 5.10%, 06/01/33			1,005,000		910,701
Total Municipal Bonds (Cost $1,663,548)					1,611,600
Sovereign Bonds (3.1%)
Canada (0.7%)
Government of Canada, 5.25%, 11/05/08			962,000		964,013
Ontario Province
	5.50%, 10/01/08		206,000		206,489
	4.38%, 02/15/13		428,000		407,680
Providence of Manitoba, 7.50%, 02/22/10			295,000		311,084
Province of British Columbia, 4.30%, 05/30/13			159,000		150,908
Province of Manitoba, 5.00%, 02/15/12			1,475,000		1,459,394
Province of Nova Scotia, 5.13%, 01/26/17			885,000		862,795
Province of Ontario
	4.50%, 02/03/15		667,000		632,629
	4.75%, 01/19/16		295,000		281,916
Province of Quebec, 5.00%, 07/17/09			3,185,000		3,173,703
Quebec Province
	4.60%, 05/26/15		354,000		333,913
	7.50%, 09/15/29		578,000		699,467
					9,483,991
Chile (0.0%)
Republic of Chile, 5.50%, 01/15/13			177,000		175,248
China (0.0%)
People’s Republic of China, 4.75%, 10/29/13			295,000		285,136
Germany (0.2%)
KFW International Finance
	3.25%, 03/30/09		531,000		513,738
	4.13%, 10/15/14		708,000		661,764
	4.38%, 07/21/15		1,445,000		1,355,187
Landwirtsch. Rentenbank, 4.88%, 02/14/11			885,000		873,658
					3,404,347
Iceland (0.0%) (b)
Kaupthing Bank, 7.13%, 05/19/16			354,000		373,952
Italy (0.3%)
Republic of Italy
	4.00%, 06/16/08		826,000		816,134
	3.25%, 05/15/09		1,003,000		969,891
	4.38%, 06/15/13		560,000		530,990
	4.50%, 01/21/15		938,000		885,394
	4.75%, 01/25/16		413,000		393,563

 19

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Sovereign Bonds (continued)
		Principal
		Amount		Value
Italy (continued)
	6.88%, 09/27/23	$	251,000	$	279,574
	5.38%, 06/15/33		841,000		794,076
					4,669,622
Luxembourg (0.1%)
European Investment Bank
	3.38%, 03/16/09		944,000		917,273
	4.63%, 05/15/14		895,000		860,821
					1,778,094
Mexico (0.2%)
Banco Nacional de Comercio Exterior, 3.88%, 01/21/09 (b)			59,000		56,935
United Mexican States
	6.38%, 01/16/13		1,143,000		1,181,862
	6.75%, 09/27/34		2,046,000		2,182,059
					3,420,856
Norway (0.1%)
Eksportsfinans
	4.75%, 12/15/08		413,000		410,529
	5.50%, 05/25/16		383,000		384,981
					795,510
Poland (0.0%)
Republic of Poland, 5.00%, 10/19/15			224,000		214,178
Republic of Korea (0.2%)
Bank of Korea Corp.
	4.63%, 03/16/10		413,000		404,125
	5.13%, 02/14/11		354,000		348,667
Korea Development Bank, 4.75%, 07/20/09			885,000		872,323
Korea Developmental Bank, 5.75%, 09/10/13			118,000		117,928
Republic of Korea, 4.25%, 06/01/13			708,000		660,466
					2,403,509
Senegal (0.1%)
Inter-American Development Bank, 6.80%, 10/15/25			413,000		469,217
South Africa (0.0%)
Republic of South Africa, 6.50%, 06/02/14			206,000		212,180
Spain (0.1%)
Telefonica Emisiones Sau, 6.42%, 06/20/16			1,770,000		1,794,695
Sweden (0.4%)
Swedish Export Credit Corp., 4.88%, 09/29/11			5,899,000		5,802,380
United States (0.7%)
European Investment Bank, 5.00%, 02/08/10			8,849,000		8,829,683
International Bank for Reconstruction & Development, 7.63%, 01/19/23			973,000		1,186,389
Province of British Columbia, 5.38%, 10/29/08			236,000		236,679
					10,252,751
Venezuela (0.0%)
Andina de Fomento Corp., 6.88%, 03/15/12			236,000		247,156
Total Sovereign Bonds (Cost $46,511,138)					45,782,822
U.S. Government Agency Long-Term Obligations (55.3%)
Federal Home Loan Bank, 5.25%, 06/05/17			10,000,000		9,833,730
Federal Home Loan Mortgage Corp.
	4.88%, 02/17/09 - 11/15/13		12,205,000		11,932,104
	5.75%, 03/15/09		14,886,000		15,010,507
	5.25%, 05/21/09		16,933,000		16,946,225
	4.25%, 07/15/09		1,363,000		1,338,496
	6.63%, 09/15/09		634,000		652,588
	5.13%, 07/15/12		6,091,000		6,056,574
	5.00%, 07/15/14 - 12/14/18		7,019,000		6,742,937
	4.38%, 07/17/15		7,214,000		6,731,268
	4.75%, 11/17/15		9,002,000		8,596,550
	4.00%, 03/01/20 - 04/01/20		92,004		85,481
	4.50%, 08/01/20		2,456,618		2,337,742
	6.75%, 09/15/29		557,000		638,372
	6.25%, 07/15/32		1,245,000		1,349,683
	6.00%, 12/01/36 - 04/01/37		9,317,179		9,232,869
	5.73%, 05/01/37		11,021,099		11,000,060
	Pool #1G2652, 5.74%, 04/01/37 (a)		5,175,152		5,119,822
	Pool #1J1593, 5.74%, 04/01/37 (a)		10,843,183		10,857,557

20 

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #1J1594, 5.89%, 04/01/37 (a)	$	11,339,084	$	11,330,832
Pool #A10212, 6.50%, 06/01/33		39,556		40,226
Pool #A14012, 6.50%, 11/01/32		101,666		103,542
Pool #A16201, 7.00%, 08/01/29		27,573		28,507
Pool #A16419, 6.50%, 11/01/33		66,922		68,057
Pool #A16522, 6.50%, 12/01/33		421,075		428,212
Pool #A17177, 6.50%, 12/01/33		38,542		39,195
Pool #A17262, 6.50%, 12/01/33		174,523		177,481
Pool #A18212, 7.00%, 11/01/29		261,553		270,418
Pool #A21356, 6.50%, 04/01/34		272,626		276,800
Pool #A22067, 6.50%, 05/01/34		352,352		357,746
Pool #A24301, 6.50%, 05/01/34		241,688		245,388
Pool #A24988, 6.50%, 07/01/34		156,636		159,034
Pool #A31989, 6.50%, 04/01/35		94,381		95,486
Pool #A33015, 5.00%, 08/01/35		2,421,213		2,275,486
Pool #A33137, 6.50%, 01/01/35		98,857		100,370
Pool #A36407, 5.00%, 08/01/35		318,628		299,450
Pool #A36609, 5.00%, 08/01/35		5,818,892		5,468,668
Pool #A36646, 5.00%, 08/01/35		15,853,894		14,899,688
Pool #A36973, 5.00%, 08/01/35		420,713		395,391
Pool #A37135, 5.50%, 09/01/35		4,547,830		4,396,526
Pool #A37533, 4.50%, 09/01/35		304,728		277,339
Pool #A37534, 5.00%, 09/01/35		4,487,923		4,217,807
Pool #A37567, 5.00%, 09/01/35		355,884		334,465
Pool #A38074, 5.00%, 10/01/35		802,055		753,782
Pool #A38255, 5.50%, 10/01/35		3,879,917		3,750,835
Pool #A38531, 5.50%, 10/01/35		4,662,330		4,507,217
Pool #A38667, 5.50%, 10/01/35		3,469,388		3,353,964
Pool #A38817, 6.50%, 05/01/35		41,217		41,647
Pool #A39258, 5.00%, 11/01/35		211,606		198,870
Pool #A39490, 5.00%, 11/01/35		381,510		358,548
Pool #A39759, 5.50%, 11/01/35		260,088		251,435
Pool #A39892, 5.00%, 11/01/35		280,515		263,631
Pool #A40141, 6.50%, 11/01/35		187,903		190,102
Pool #A40182, 5.00%, 12/01/35		401,839		377,654
Pool #A40268, 5.00%, 12/01/35		316,719		297,656
Pool #A40376, 5.50%, 12/01/35		248,869		240,589
Pool #A41041, 5.00%, 12/01/35		683,477		642,340
Pool #A41326, 5.50%, 01/01/36		1,303,499		1,260,132
Pool #A41354, 5.50%, 01/01/36		8,554,528		8,269,924
Pool #A41548, 7.00%, 01/01/36		417,203		428,490
Pool #A41864, 5.00%, 01/01/36		326,165		306,534
Pool #A42298, 4.50%, 01/01/36		433,463		394,503
Pool #A42305, 5.50%, 01/01/36		2,030,277		1,959,155
Pool #A42332, 5.50%, 01/01/36		438,369		423,785
Pool #A43030, 6.00%, 02/01/36		1,096,200		1,086,892
Pool #A43452, 5.50%, 03/01/36		204,158		197,006
Pool #A43644, 6.50%, 03/01/36		183,538		185,512

 21

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #A43672, 6.50%, 02/01/36	$	116,995	$	118,253
Pool #A43757, 5.50%, 03/01/36		2,395,682		2,311,760
Pool #A43861, 5.50%, 03/01/36		5,398,654		5,209,536
Pool #A44534, 5.00%, 04/01/36		268,890		252,258
Pool #A44743, 5.00%, 04/01/36		225,478		211,907
Pool #A46279, 5.00%, 07/01/35		791,291		743,665
Pool #A46671, 5.00%, 08/01/35		272,804		256,385
Pool #A46718, 4.50%, 08/01/35		1,195,358		1,087,918
Pool #A46935, 6.50%, 09/01/35		174,613		176,657
Pool #A47036, 4.50%, 09/01/35		379,058		344,988
Pool #A47039, 5.00%, 09/01/35		3,886,283		3,652,378
Pool #A47055, 4.50%, 09/01/35		4,700,884		4,278,365
Pool #A47682, 6.50%, 11/01/35		951,552		962,686
Pool #A47750, 5.00%, 11/01/35		2,787,697		2,619,912
Pool #A47753, 5.00%, 11/01/35		3,403,799		3,198,933
Pool #A48303, 7.00%, 02/01/36		205,026		210,420
Pool #A48700, 4.50%, 05/01/36		174,412		158,616
Pool #A48735, 5.50%, 05/01/36		547,694		528,508
Pool #A48911, 5.50%, 05/01/36		777,331		750,101
Pool #A48976, 5.50%, 05/01/36		7,082,953		6,834,833
Pool #A49637, 5.00%, 06/01/36		1,071,209		1,004,951
Pool #A49653, 5.50%, 06/01/36		27,798,516		26,824,718
Pool #A49960, 7.00%, 06/01/36		62,863		64,517
Pool #A50139, 6.50%, 06/01/36		308,167		311,480
Pool #A50313, 5.50%, 07/01/36		679,273		655,478
Pool #A50714, 5.50%, 07/01/36		333,999		322,299
Pool #A50832, 5.50%, 07/01/36		978,591		944,311
Pool #A51069, 5.00%, 08/01/36		267,828		251,262
Pool #A51078, 5.50%, 08/01/36		350,807		338,518
Pool #A51250, 6.50%, 08/01/36		951,289		961,518
Pool #A51337, 6.50%, 08/01/36		301,583		304,826
Pool #A52253, 6.50%, 09/01/36		286,884		289,969
Pool #A52967, 6.00%, 10/01/36		3,415,765		3,386,760
Pool #A53039, 6.50%, 10/01/36		484,780		489,993
Pool #A53040, 5.50%, 10/01/36		1,262,115		1,217,902
Pool #A53219, 6.50%, 10/01/36		572,965		579,127
Pool #A53286, 5.50%, 10/01/36		1,637,893		1,580,517
Pool #A53603, 6.00%, 11/01/36		2,284,547		2,265,148
Pool #A53632, 6.00%, 10/01/36		31,143,499		30,879,045
Pool #A54580, 5.00%, 04/01/36		515,423		484,401
Pool #A55587, 5.50%, 12/01/36		457,690		441,657
Pool #A61025, 6.00%, 07/01/36		10,314,076		10,226,495
Pool #B10210, 5.50%, 10/01/18		448,057		441,273
Pool #B10650, 5.00%, 11/01/18		246,788		239,412
Pool #B10653, 5.50%, 11/01/18		338,545		334,573
Pool #B11186, 4.50%, 12/01/18		5,857,330		5,582,976
Pool #B11548, 5.50%, 12/01/18		120,116		118,297
Pool #B12214, 5.00%, 02/01/19		373,484		361,875

22 

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #B12737, 4.50%, 03/01/19	$	516,770	$	491,764
Pool #B12908, 5.50%, 03/01/19		209,288		206,604
Pool #B13147, 5.00%, 01/01/19		635,627		616,631
Pool #B13430, 5.50%, 04/01/19		161,361		159,291
Pool #B13600, 5.50%, 04/01/19		118,370		116,852
Pool #B13671, 5.00%, 04/01/19		144,415		139,926
Pool #B14236, 5.00%, 05/01/19		441,139		427,427
Pool #B14288, 5.50%, 12/01/19		200,485		197,914
Pool #B14668, 5.00%, 01/01/20		634,641		613,804
Pool #B15013, 5.00%, 06/01/19		260,441		252,346
Pool #B15071, 6.00%, 06/01/17		349,041		350,999
Pool #B15172, 4.50%, 06/01/19		356,006		338,779
Pool #B15396, 5.50%, 06/01/19		173,769		171,540
Pool #B15503, 5.00%, 07/01/19		242,071		234,547
Pool #B15717, 5.00%, 07/01/19		367,296		355,879
Pool #B15759, 4.50%, 07/01/19		520,435		495,251
Pool #B15872, 5.00%, 07/01/19		163,844		158,751
Pool #B16087, 6.00%, 08/01/19		245,192		246,329
Pool #B16626, 5.00%, 09/01/19		1,058,463		1,025,563
Pool #B16648, 5.00%, 09/01/19		198,278		192,114
Pool #B16657, 5.00%, 09/01/19		242,832		235,284
Pool #B16826, 5.00%, 10/01/19		331,119		320,827
Pool #B16985, 5.00%, 10/01/19		146,528		141,974
Pool #B17371, 5.00%, 12/01/19		350,878		339,972
Pool #B17624, 5.00%, 01/01/20		449,579		435,605
Pool #B17982, 4.00%, 03/01/20		226,715		210,034
Pool #B18170, 5.00%, 04/01/20		214,029		207,002
Pool #B18276, 4.50%, 04/01/20		5,560,494		5,279,929
Pool #B18437, 5.50%, 05/01/20		170,293		167,714
Pool #B18939, 4.50%, 03/01/20		261,130		247,955
Pool #B19226, 4.00%, 04/01/20		66,362		61,479
Pool #B19414, 5.00%, 06/01/20		405,577		392,261
Pool #B19624, 4.50%, 07/01/20		250,530		237,889
Pool #B19642, 4.50%, 08/01/20		1,086,430		1,031,612
Pool #B19834, 4.50%, 08/01/20		382,054		362,777
Pool #C00351, 8.00%, 07/01/24		3,057		3,236
Pool #C00566, 7.50%, 12/01/27		12,472		13,051
Pool #C00676, 6.50%, 11/01/28		69,254		70,749
Pool #C00678, 7.00%, 11/01/28		16,936		17,508
Pool #C00836, 7.00%, 07/01/29		7,097		7,338
Pool #C00921, 7.50%, 02/01/30		9,059		9,457
Pool #C01051, 8.00%, 09/01/30		17,987		18,959
Pool #C01103, 7.50%, 12/01/30		7,849		8,112
Pool #C01106, 7.00%, 12/01/30		94,449		97,646
Pool #C01116, 7.50%, 01/01/31		7,526		7,856
Pool #C01172, 6.50%, 05/01/31		42,099		42,953
Pool #C01209, 8.00%, 06/01/31		4,477		4,719
Pool #C01220, 6.50%, 09/01/31		11,097		11,322

 23

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #C01222, 7.00%, 09/01/31	$	15,146	$	15,634
Pool #C01244, 6.50%, 10/01/31		63,722		65,014
Pool #C01271, 6.50%, 12/01/31		19,932		20,337
Pool #C01305, 7.50%, 12/01/31		8,959		9,345
Pool #C01310, 6.50%, 03/01/32		109,065		111,078
Pool #C01343, 6.50%, 04/01/32		96,004		97,776
Pool #C01345, 7.00%, 04/01/32		64,980		66,977
Pool #C01351, 6.50%, 05/01/32		62,273		63,422
Pool #C01364, 6.50%, 06/01/32		64,245		65,431
Pool #C01370, 8.00%, 04/01/32		13,954		14,715
Pool #C01381, 8.00%, 05/01/32		69,784		73,574
Pool #C01385, 6.50%, 08/01/32		90,281		91,948
Pool #C01396, 6.50%, 09/01/32		146,735		149,444
Pool #C01404, 6.50%, 10/01/32		355,657		362,222
Pool #C01806, 7.00%, 01/01/34		123,709		126,946
Pool #C01851, 6.50%, 04/01/34		271,763		275,923
Pool #C18271, 7.00%, 11/01/28		12,343		12,759
Pool #C30265, 6.50%, 08/01/29		13,755		14,052
Pool #C31282, 7.00%, 09/01/29		1,338		1,383
Pool #C31285, 7.00%, 09/01/29		16,480		17,038
Pool #C32914, 8.00%, 11/01/29		6,141		6,471
Pool #C36306, 7.00%, 02/01/30		7,494		7,748
Pool #C36429, 7.00%, 02/01/30		11,548		11,939
Pool #C37436, 8.00%, 01/01/30		9,967		10,502
Pool #C37703, 7.50%, 04/01/30		8,515		8,888
Pool #C41561, 8.00%, 08/01/30		4,569		4,816
Pool #C43550, 7.00%, 10/01/30		15,808		16,343
Pool #C43967, 8.00%, 10/01/30		52,980		55,842
Pool #C44017, 7.50%, 10/01/30		1,712		1,787
Pool #C44535, 7.50%, 11/01/30		8,770		9,154
Pool #C44957, 8.00%, 11/01/30		10,540		11,110
Pool #C44978, 7.00%, 11/01/30		2,272		2,349
Pool #C46932, 7.50%, 01/01/31		14,988		15,645
Pool #C47143, 8.00%, 01/01/31		50,997		53,752
Pool #C47287, 7.50%, 02/01/31		8,055		8,408
Pool #C48206, 7.50%, 03/01/31		16,281		16,995
Pool #C48851, 7.00%, 03/01/31		10,083		10,407
Pool #C52136, 7.00%, 05/01/31		21,605		22,300
Pool #C52685, 6.50%, 05/01/31		34,292		34,987
Pool #C53324, 7.00%, 06/01/31		18,609		19,208
Pool #C53589, 6.50%, 06/01/31		101,680		103,742
Pool #C54792, 7.00%, 07/01/31		84,767		87,493
Pool #C54897, 6.50%, 07/01/31		63,656		64,947
Pool #C55071, 7.50%, 07/01/31		897		935
Pool #C56769, 8.00%, 08/01/31		11,265		11,877
Pool #C58215, 6.50%, 09/01/31		3,164		3,228
Pool #C58362, 6.50%, 09/01/31		31,637		32,278
Pool #C58647, 7.00%, 10/01/31		3,470		3,581

24 

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #C58694, 7.00%, 10/01/31	$	27,659	$	28,548
Pool #C58961, 6.50%, 10/01/31		545,905		556,977
Pool #C60012, 7.00%, 11/01/31		10,832		11,180
Pool #C60991, 6.50%, 11/01/31		12,660		12,917
Pool #C61105, 7.00%, 12/01/31		11,360		11,725
Pool #C61298, 8.00%, 11/01/31		16,823		17,737
Pool #C62218, 7.00%, 01/01/32		25,812		26,643
Pool #C63171, 7.00%, 01/01/32		40,633		41,940
Pool #C64121, 7.50%, 02/01/32		19,858		20,714
Pool #C64668, 6.50%, 03/01/32		22,278		22,689
Pool #C65466, 6.50%, 03/01/32		136,980		139,508
Pool #C65717, 7.50%, 04/01/32		11,386		11,855
Pool #C66088, 6.50%, 04/01/32		17,420		17,741
Pool #C66191, 6.50%, 04/01/32		34,864		35,507
Pool #C66192, 6.50%, 04/01/32		18,594		18,938
Pool #C66744, 7.00%, 04/01/32		6,026		6,212
Pool #C66758, 6.50%, 05/01/32		446,216		454,452
Pool #C66916, 7.00%, 05/01/32		38,295		39,472
Pool #C66919, 6.50%, 05/01/32		5,744		5,850
Pool #C67097, 6.50%, 05/01/32		11,007		11,210
Pool #C67235, 7.00%, 05/01/32		109,856		113,232
Pool #C67259, 7.00%, 05/01/32		4,319		4,451
Pool #C67313, 6.50%, 05/01/32		2,427		2,472
Pool #C67996, 6.50%, 06/01/32		14,215		14,478
Pool #C68290, 7.00%, 06/01/32		20,674		21,309
Pool #C68300, 7.00%, 06/01/32		86,871		89,541
Pool #C68307, 8.00%, 06/01/32		3,960		4,176
Pool #C68988, 7.50%, 07/01/32		4,740		4,935
Pool #C69908, 7.00%, 08/01/32		102,626		105,779
Pool #C69951, 6.50%, 08/01/32		38,480		39,190
Pool #C70211, 7.00%, 08/01/32		61,917		63,820
Pool #C71089, 7.50%, 09/01/32		23,793		24,773
Pool #C71403, 6.50%, 07/01/32		86,047		87,792
Pool #C72160, 7.50%, 10/01/32		12,143		12,643
Pool #C72361, 6.50%, 06/01/32		33,626		34,307
Pool #C72497, 6.50%, 06/01/32		21,770		22,212
Pool #C73984, 6.50%, 12/01/32		13,521		13,771
Pool #C74006, 6.50%, 08/01/32		16,235		16,534
Pool #C77531, 6.50%, 02/01/33		107,861		109,851
Pool #C90559, 7.00%, 05/01/22		120,806		124,992
Pool #D60780, 8.00%, 06/01/25		6,032		6,353
Pool #D64617, 8.00%, 10/01/25		39,778		42,072
Pool #D82854, 7.00%, 10/01/27		8,076		8,347
Pool #E00282, 6.50%, 03/01/09		43,397		44,185
Pool #E00394, 7.50%, 09/01/10		40,842		41,662
Pool #E00507, 7.50%, 09/01/12		3,685		3,790
Pool #E00677, 6.00%, 06/01/14		119,757		120,721
Pool #E00802, 7.50%, 02/01/15		57,494		59,520

 25

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #E00938, 7.00%, 01/01/16	$	25,247	$	26,051
Pool #E00975, 6.00%, 05/01/16		80,946		81,408
Pool #E00985, 6.00%, 06/01/16		45,074		45,331
Pool #E00987, 6.50%, 06/01/16		38,746		39,595
Pool #E00996, 6.50%, 07/01/16		4,872		4,979
Pool #E01083, 7.00%, 11/01/16		8,450		8,716
Pool #E01095, 6.00%, 01/01/17		17,815		17,915
Pool #E01127, 6.50%, 02/01/17		28,596		29,216
Pool #E01137, 6.00%, 03/01/17		27,039		27,190
Pool #E01138, 6.50%, 03/01/17		14,820		15,140
Pool #E01139, 6.00%, 04/01/17		120,665		121,341
Pool #E01140, 6.00%, 05/01/17		105,682		106,274
Pool #E01156, 6.50%, 05/01/17		40,793		41,664
Pool #E01157, 6.00%, 06/01/17		74,516		74,933
Pool #E01186, 5.50%, 08/01/17		236,338		233,657
Pool #E01205, 6.50%, 08/01/17		30,317		30,962
Pool #E01311, 5.50%, 02/01/18		2,443,411		2,415,346
Pool #E01344, 4.50%, 04/01/18		146,378		139,534
Pool #E01488, 5.00%, 10/01/18		157,327		152,619
Pool #E01538, 5.00%, 12/01/18		1,027,863		997,129
Pool #E01604, 5.50%, 03/01/19		181,212		178,468
Pool #E69050, 6.00%, 02/01/13		41,815		42,181
Pool #E72896, 7.00%, 10/01/13		21,131		21,758
Pool #E81394, 7.50%, 10/01/15		16,604		17,204
Pool #E81396, 7.00%, 10/01/15		1,724		1,779
Pool #E82132, 7.00%, 01/01/16		4,802		4,956
Pool #E82815, 6.00%, 03/01/16		20,556		20,673
Pool #E83046, 7.00%, 04/01/16		3,086		3,185
Pool #E83231, 6.00%, 04/01/16		5,926		5,959
Pool #E83233, 6.00%, 04/01/16		16,073		16,164
Pool #E83355, 6.00%, 05/01/16		22,134		22,258
Pool #E83636, 6.00%, 05/01/16		36,975		37,182
Pool #E83933, 6.50%, 05/01/16		1,297		1,325
Pool #E84097, 6.50%, 12/01/15		5,301		5,417
Pool #E84236, 6.50%, 06/01/16		9,917		10,131
Pool #E84912, 6.50%, 08/01/16		20,897		21,347
Pool #E85117, 6.50%, 08/01/16		14,103		14,407
Pool #E85387, 6.00%, 09/01/16		41,600		41,833
Pool #E85800, 6.50%, 10/01/16		8,696		8,883
Pool #E86183, 6.00%, 11/01/16		6,795		6,833
Pool #E86533, 6.00%, 12/01/16		13,594		13,670
Pool #E86746, 5.50%, 12/01/16		106,559		104,945
Pool #E86995, 6.50%, 01/01/17		37,630		38,441
Pool #E87291, 6.50%, 01/01/17		45,222		46,196
Pool #E87446, 6.50%, 01/01/17		9,977		10,183
Pool #E87584, 6.00%, 01/01/17		15,559		15,646
Pool #E88055, 6.50%, 02/01/17		73,809		75,333
Pool #E88076, 6.00%, 02/01/17		12,360		12,429

26 

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #E88106, 6.50%, 02/01/17	$	49,749	$	50,776
Pool #E88134, 6.00%, 03/01/17		3,681		3,701
Pool #E88474, 6.00%, 03/01/17		26,344		26,490
Pool #E88729, 6.00%, 04/01/17		18,018		18,118
Pool #E88768, 6.00%, 03/01/17		68,013		68,394
Pool #E89149, 6.00%, 04/01/17		31,161		31,334
Pool #E89151, 6.00%, 04/01/17		26,612		26,760
Pool #E89203, 6.50%, 04/01/17		12,313		12,567
Pool #E89217, 6.00%, 04/01/17		17,037		17,131
Pool #E89222, 6.00%, 04/01/17		120,872		121,541
Pool #E89347, 6.00%, 04/01/17		6,153		6,187
Pool #E89496, 6.00%, 04/01/17		28,360		28,517
Pool #E89530, 6.00%, 05/01/17		71,721		72,118
Pool #E89746, 6.00%, 05/01/17		182,210		183,218
Pool #E89788, 6.00%, 05/01/17		16,731		16,824
Pool #E89909, 6.00%, 05/01/17		28,206		28,362
Pool #E89924, 6.50%, 05/01/17		79,977		81,628
Pool #E90194, 6.00%, 06/01/17		20,872		20,987
Pool #E90227, 6.00%, 06/01/17		16,736		16,829
Pool #E90313, 6.00%, 06/01/17		9,441		9,493
Pool #E90591, 5.50%, 07/01/17		103,945		102,750
Pool #E90594, 6.00%, 07/01/17		65,282		65,644
Pool #E90645, 6.00%, 07/01/17		120,102		120,767
Pool #E90667, 6.00%, 07/01/17		16,940		17,033
Pool #E93476, 5.00%, 01/01/18		197,831		191,904
Pool #E96459, 5.00%, 05/01/18		83,362		80,871
Pool #E97335, 5.00%, 07/01/18		1,591,855		1,544,282
Pool #E97366, 5.00%, 07/01/18		456,389		442,750
Pool #E97702, 5.00%, 07/01/18		605,751		587,648
Pool #E98207, 5.00%, 04/01/18		61,455		59,618
Pool #E98258, 5.00%, 07/01/18		276,334		268,075
Pool #E99426, 5.00%, 09/01/18		173,403		168,221
Pool #E99498, 5.00%, 09/01/18		180,562		175,166
Pool #E99579, 5.00%, 09/01/18		140,072		135,886
Pool #E99673, 5.00%, 10/01/18		80,768		78,354
Pool #E99675, 5.00%, 10/01/18		867,132		841,217
Pool #E99869, 5.00%, 06/01/18		102,552		99,479
Pool #G01108, 7.00%, 04/01/30		6,130		6,337
Pool #G01133, 6.50%, 07/01/30		47,820		48,852
Pool #G01217, 7.00%, 03/01/31		77,099		79,709
Pool #G01309, 7.00%, 08/01/31		20,694		21,360
Pool #G01311, 7.00%, 09/01/31		125,988		130,252
Pool #G01315, 7.00%, 09/01/31		4,865		5,030
Pool #G01355, 6.50%, 02/01/32		582,073		593,878
Pool #G01391, 7.00%, 04/01/32		202,769		209,632
Pool #G01433, 6.50%, 07/01/32		33,235		33,848
Pool #G01443, 6.50%, 08/01/32		226,590		230,772
Pool #G01444, 6.50%, 08/01/32		230,030		234,696

 27

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #G01449, 7.00%, 07/01/32	$	145,330	$	150,249
Pool #G01536, 7.00%, 03/01/33		101,739		104,402
Pool #G01741, 6.50%, 10/01/34		197,632		201,280
Pool #G01867, 5.00%, 08/01/35		6,148,491		5,778,429
Pool #G01890, 4.50%, 10/01/35		765,340		696,551
Pool #G01947, 7.00%, 05/01/35		171,590		176,863
Pool #G01959, 5.00%, 12/01/35		3,624,714		3,406,552
Pool #G02045, 4.50%, 10/01/35		275,164		250,432
Pool #G02186, 5.00%, 05/01/36		19,904,350		18,706,358
Pool #G02220, 4.50%, 01/01/36		232,562		211,659
Pool #G02267, 6.50%, 08/01/36		2,068,223		2,090,462
Pool #G02342, 5.00%, 10/01/36		1,574,139		1,476,772
Pool #G02375, 6.50%, 09/01/36		1,095,602		1,107,383
Pool #G08023, 6.50%, 11/01/34		310,053		314,799
Pool #G08064, 6.50%, 04/01/35		196,567		198,867
Pool #G08072, 5.00%, 08/01/35		4,430,600		4,163,934
Pool #G08073, 5.50%, 08/01/35		2,602,792		2,516,199
Pool #G08088, 6.50%, 10/01/35		1,037,515		1,049,656
Pool #G08095, 5.50%, 11/01/35		780,278		754,318
Pool #G08105, 5.50%, 01/01/36		9,485,457		9,169,882
Pool #G08109, 4.50%, 11/01/35		387,417		352,596
Pool #G08111, 5.50%, 02/01/36		6,953,829		6,710,232
Pool #G08116, 5.50%, 03/01/36		1,347,011		1,299,824
Pool #G08130, 6.50%, 05/01/36		346,480		350,205
Pool #G08134, 5.50%, 06/01/36		772,705		745,636
Pool #G08139, 5.50%, 07/01/36		1,580,690		1,525,317
Pool #G08141, 6.50%, 07/01/36		1,346,845		1,361,328
Pool #G08156, 6.00%, 10/01/36		5,209,697		5,165,459
Pool #G10399, 6.50%, 07/01/09		15,916		16,013
Pool #G10749, 6.00%, 10/01/12		86,588		87,478
Pool #G10940, 6.50%, 11/01/11		16,380		16,654
Pool #G11001, 6.50%, 03/01/15		44,069		45,074
Pool #G11003, 7.50%, 04/01/15		3,105		3,212
Pool #G11130, 6.00%, 12/01/11		154,037		155,269
Pool #G11164, 7.00%, 05/01/15		10,848		11,187
Pool #G11207, 7.00%, 11/01/16		25,057		25,864
Pool #G11295, 5.50%, 09/01/17		156,989		155,185
Pool #G11399, 5.50%, 04/01/18		231,199		228,604
Pool #G11409, 6.00%, 05/01/17		165,177		166,103
Pool #G11434, 6.50%, 01/01/18		46,849		47,858
Pool #G11458, 6.00%, 09/01/17		58,392		58,722
Pool #G11480, 5.00%, 11/01/18		820,836		796,305
Pool #G11531, 5.50%, 02/01/19		96,643		95,509
Pool #G11612, 6.00%, 04/01/14		96,681		97,322
Pool #G11742, 5.00%, 07/01/20		1,103,624		1,069,320
Pool #G11827, 4.50%, 11/01/20		2,792,213		2,651,326
Pool #G11880, 5.00%, 12/01/20		962,359		930,761
Pool #G11972, 6.00%, 04/01/16		350,830		352,832

28 

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #G11998, 4.50%, 04/01/21	$	1,263,473	$	1,199,722
Pool #G12205, 4.50%, 06/01/21		476,905		452,842
Pool #G12245, 6.00%, 07/01/21		199,167		200,059
Pool #G12310, 5.50%, 08/01/21		157,633		155,295
Pool #G12348, 6.00%, 08/01/21		409,665		411,500
Pool #G12378, 4.50%, 09/01/21		275,043		261,165
Pool #G12412, 5.50%, 11/01/21		212,837		209,679
Pool #G18002, 5.00%, 07/01/19		185,730		179,957
Pool #G18005, 5.00%, 08/01/19		504,896		489,203
Pool #G18006, 5.50%, 08/01/19		169,823		167,645
Pool #G18007, 6.00%, 07/01/19		89,952		90,370
Pool #G18009, 5.00%, 09/01/19		889,689		862,035
Pool #G18022, 5.50%, 11/01/19		357,349		352,766
Pool #G18025, 4.50%, 12/01/19		921,299		876,717
Pool #G18050, 4.00%, 04/01/20		244,571		226,576
Pool #G18062, 6.00%, 06/01/20		173,674		174,389
Pool #G18072, 4.50%, 09/01/20		987,081		937,276
Pool #G18096, 5.50%, 01/01/21		152,122		149,819
Pool #G18116, 4.50%, 02/01/21		201,925		191,736
Pool #G18122, 5.00%, 06/01/21		273,172		264,045
Pool #G18123, 5.50%, 06/01/21		562,787		554,437
Pool #J00183, 4.50%, 10/01/20		297,562		282,548
Pool #J00219, 4.50%, 10/01/20		870,816		826,878
Pool #J00629, 4.50%, 12/01/20		276,187		262,252
Pool #J00637, 4.50%, 12/01/20		2,320,591		2,203,501
Pool #J00718, 5.00%, 12/01/20		1,631,270		1,577,710
Pool #J00854, 5.00%, 01/01/21		744,151		719,718
Pool #J00855, 5.50%, 01/01/21		352,135		347,100
Pool #J00871, 5.00%, 01/01/21		367,313		355,252
Pool #J00935, 5.00%, 12/01/20		137,921		133,392
Pool #J01006, 4.50%, 01/01/21		194,238		184,437
Pool #J01049, 5.00%, 01/01/21		3,704,755		3,583,115
Pool #J01189, 5.00%, 02/01/21		220,235		212,876
Pool #J01256, 5.00%, 03/01/21		195,468		188,937
Pool #J01279, 5.50%, 02/01/21		352,063		346,840
Pool #J01414, 5.00%, 03/01/21		149,337		144,347
Pool #J01570, 5.50%, 04/01/21		216,279		213,004
Pool #J01576, 5.00%, 04/01/21		986,336		953,380
Pool #J01633, 5.50%, 04/01/21		995,881		981,106
Pool #J01757, 5.00%, 05/01/21		355,202		343,334
Pool #J01771, 5.00%, 05/01/21		278,264		268,966
Pool #J01833, 5.00%, 05/01/21		160,480		155,118
Pool #J01879, 5.00%, 05/01/21		326,979		316,054
Pool #J01980, 6.00%, 06/01/21		428,077		429,994
Pool #J02235, 4.50%, 07/01/20		227,434		215,958
Pool #J02325, 5.50%, 07/01/20		496,133		489,038
Pool #J02428, 4.00%, 08/01/20		5,936,306		5,499,532
Pool #J02438, 4.50%, 08/01/20		208,153		197,651

 29

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

U.S. Government Agency Long-Term Obligations (continued)
		Principal
		Amount		Value
	Pool #J02508, 4.50%, 09/01/20	$	296,882	$	281,902
	Pool #J02527, 4.50%, 09/01/20		1,125,219		1,068,444
	Pool #J02551, 4.50%, 09/01/20		150,658		143,056
	Pool #J02664, 4.50%, 10/01/20		200,314		190,207
	Pool #J03028, 5.50%, 07/01/21		337,811		332,800
	Pool #J03074, 5.00%, 07/01/21		265,150		256,291
	Pool #J05831, 4.50%, 11/01/20		190,705		181,082
	Pool #J05986, 5.00%, 02/01/21		169,148		163,594
	Pool #J06015, 5.00%, 05/01/21		335,188		323,988
	Pool #M80898, 4.50%, 02/01/11		478,225		465,280
	Pool #M80904, 4.50%, 03/01/11		307,369		297,125
	Pool #M80917, 4.50%, 05/01/11		73,051		71,074
	Pool #M80926, 4.50%, 07/01/11		306,044		297,759
	Pool #M80934, 4.50%, 08/01/11		371,958		359,562
	Pool #M80981, 4.50%, 07/01/12		148,782		144,246
	Pool #M81009, 4.50%, 02/01/13		163,712		158,256
Federal National Mortgage Association
	2.50%, 06/15/08		9,934,000		9,678,825
	4.50%, 10/15/08		239,000		236,822
	4.88%, 04/15/09		14,231,000		14,149,940
	5.38%, 08/15/09 - 11/15/11		14,703,000		14,762,087
	6.63%, 09/15/09		18,104,000		18,636,927
	5.13%, 04/15/11		4,796,000		4,778,605
	4.38%, 03/15/13 - 10/15/15		11,736,000		11,179,512
	4.63%, 10/15/14		1,779,000		1,697,863
	5.00%, 04/15/15 - 06/01/36		70,031,183		65,847,766
	5.50%, 07/01/20 - 06/01/37		32,770,901		31,944,911
	6.00%, 04/01/36 - 06/01/37		10,155,361		10,049,539
	6.50%, 08/01/36 - 06/01/37		12,844,261		12,967,527
	Pool #255315, 4.00%, 07/01/19		247,353		229,527
	Pool #256023, 6.00%, 12/01/35		7,797,120		7,713,628
	Pool #560868, 7.50%, 02/01/31		6,206		6,477
	Pool #607212, 7.50%, 10/01/31		114,813		119,832
	Pool #607559, 6.50%, 11/01/31		5,088		5,187
	Pool #607632, 6.50%, 11/01/31		1,384		1,411
	Pool #656559, 6.50%, 02/01/33		322,312		328,021
	Pool #661664, 7.50%, 09/01/32		111,917		116,592
	Pool #694846, 6.50%, 04/01/33		46,450		46,891
	Pool #709921, 5.00%, 06/01/18		89,265		86,597
	Pool #735141, 5.50%, 01/01/35		10,100,038		9,741,386
	Pool #750229, 6.50%, 10/01/33		357,427		360,819
	Pool #788027, 6.50%, 09/01/34		221,208		224,408
	Pool #804847, 4.50%, 01/01/35		358,531		326,619
	Pool #811970, 4.50%, 02/01/20		112,970		107,200
	Pool #888077, 5.00%, 08/01/36		3,038,780		2,847,306
	Pool #894441, 5.85%, 08/01/36 (a)		10,343,351		10,392,537
	Pool #908698, 6.50%, 10/01/36		1,847,968		1,865,505
Federal National Mortgage Association TBA
	5.00%, 06/12/37 - 07/17/37		11,000,000		10,541,081
	5.50%, 07/15/37		4,000,000		3,857,500
	6.00%, 07/15/37		4,000,000		3,956,248
Government National Mortgage Association
	6.00%, 06/15/35		97,906		97,553
	Pool #279461, 9.00%, 11/15/19		3,804		4,086
	Pool #376510, 7.00%, 05/15/24		10,194		10,623
	Pool #416538, 7.00%, 10/15/29		6,074		6,332

30 

U.S. Government Agency Long-Term Obligations (continued)
	Principal
	Amount		Value
Pool #434505, 7.50%, 08/15/29	$	2,456	$	2,573
Pool #457801, 7.00%, 08/15/28		16,594		17,299
Pool #470643, 7.00%, 07/15/29		19,805		20,646
Pool #485879, 7.00%, 08/15/31		32,155		33,503
Pool #486019, 7.50%, 01/15/31		5,782		6,054
Pool #486921, 5.50%, 02/15/35		213,824		207,517
Pool #486936, 6.50%, 02/15/29		11,681		11,934
Pool #487053, 7.00%, 03/15/29		14,835		15,465
Pool #490258, 6.50%, 02/15/29		2,298		2,348
Pool #502969, 6.00%, 03/15/29		32,598		32,548
Pool #507396, 7.50%, 09/15/30		106,703		111,746
Pool #508473, 7.50%, 04/15/31		23,317		24,415
Pool #509099, 7.00%, 06/15/29		7,501		7,820
Pool #524269, 8.00%, 11/15/29		10,984		11,658
Pool #525561, 8.00%, 01/15/30		4,345		4,613
Pool #528589, 6.50%, 03/15/31		94,515		96,493
Pool #531352, 7.50%, 09/15/30		14,240		14,913
Pool #535388, 7.50%, 01/15/31		5,454		5,711
Pool #536334, 7.50%, 10/15/30		1,617		1,694
Pool #537406, 7.50%, 02/15/31		6,194		6,486
Pool #540659, 7.00%, 01/15/31		1,208		1,259
Pool #544470, 8.00%, 04/15/31		4,578		4,862
Pool #547948, 6.50%, 11/15/31		10,129		10,341
Pool #549742, 7.00%, 07/15/31		15,440		16,088
Pool #550991, 6.50%, 10/15/31		16,823		17,175
Pool #552474, 7.00%, 03/15/32		19,043		19,846
Pool #552616, 7.00%, 06/15/32		111,404		116,099
Pool #552903, 6.50%, 11/15/32		572,228		583,696
Pool #552952, 6.00%, 12/15/32		103,951		103,725
Pool #553144, 5.50%, 04/15/33		356,866		347,058
Pool #553320, 6.00%, 06/15/33		226,996		226,372
Pool #555125, 7.00%, 09/15/31		5,346		5,571
Pool #555171, 6.50%, 12/15/31		4,973		5,077
Pool #564799, 6.00%, 03/15/34		862,091		859,060
Pool #568715, 7.00%, 05/15/32		85,590		89,197
Pool #570022, 7.00%, 07/15/32		174,865		182,234
Pool #571267, 7.00%, 10/15/31		4,905		5,111
Pool #572554, 6.50%, 09/15/31		258,582		263,993
Pool #572733, 6.00%, 07/15/33		62,177		62,006
Pool #573916, 6.00%, 11/15/33		208,472		207,899
Pool #574837, 7.50%, 11/15/31		6,787		7,106
Pool #580972, 6.50%, 02/15/32		9,124		9,307
Pool #583645, 8.00%, 07/15/32		16,199		17,208
Pool #588192, 6.00%, 02/15/33		54,195		54,046
Pool #595077, 6.00%, 10/15/32		102,244		102,021
Pool #596657, 7.00%, 10/15/32		7,393		7,705
Pool #602102, 6.00%, 02/15/33		132,526		132,161
Pool #602461, 5.00%, 12/15/35		209,551		198,444

 31

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

U.S. Government Agency Long-Term Obligations (continued)
		Principal
		Amount		Value
	Pool #603520, 6.00%, 03/15/33	$	122,802	$	122,464
	Pool #604243, 6.00%, 04/15/33		217,542		216,945
	Pool #604788, 6.50%, 11/15/33		378,779		386,063
	Pool #604875, 6.00%, 12/15/33		439,228		438,022
	Pool #606308, 5.50%, 05/15/36		656,562		637,331
	Pool #606314, 5.50%, 05/15/36		267,455		259,622
	Pool #611526, 6.00%, 05/15/33		88,548		88,304
	Pool #621856, 6.00%, 01/15/34		196,052		195,363
	Pool #630038, 6.50%, 08/15/34		412,058		419,645
	Pool #631924, 6.00%, 05/15/33		151,382		150,967
	Pool #635306, 6.00%, 06/15/36		1,653,388		1,644,924
	Pool #641734, 4.50%, 09/15/35		1,436,735		1,318,766
	Pool #641779, 5.00%, 09/15/35		5,119,333		4,847,972
	Pool #645035, 5.00%, 07/15/35		255,977		242,408
	Pool #646799, 4.50%, 07/15/35		246,769		226,507
	Pool #648439, 5.00%, 01/15/36		423,711		400,946
	Pool #649454, 5.50%, 09/15/35		1,946,848		1,891,631
	Pool #649510, 5.50%, 10/15/35		3,031,912		2,945,920
	Pool #649513, 5.50%, 10/15/35		3,841,283		3,732,336
	Pool #650712, 5.00%, 01/15/36		588,934		557,292
	Pool #652207, 5.50%, 03/15/36		3,598,249		3,492,859
	Pool #652539, 5.00%, 05/15/36		276,712		261,845
	Pool #653598, 5.50%, 05/15/36		939,408		911,893
	Pool #655457, 6.00%, 05/15/36		291,801		290,398
	Pool #655519, 5.00%, 05/15/36		523,260		495,147
	Pool #656666, 6.00%, 06/15/36		1,572,036		1,563,989
	Pool #657912, 6.50%, 08/15/36		498,547		506,688
	Pool #781014, 6.00%, 04/15/29		32,607		32,561
	Pool #781124, 7.00%, 12/15/29		60,327		62,890
	Pool #781287, 7.00%, 05/15/31		35,669		37,180
	Pool #781319, 7.00%, 07/15/31		11,569		12,056
	Pool #781328, 7.00%, 09/15/31		33,236		34,644
	Pool #781380, 7.50%, 12/15/31		10,547		10,970
	Pool #781401, 7.50%, 02/15/32		28,955		30,321
	Pool #781429, 8.00%, 03/15/32		26,946		28,612
	Pool #781431, 7.00%, 04/15/32		128,758		134,159
	Pool #781478, 7.50%, 03/15/32		18,114		18,971
	Pool #781481, 7.50%, 01/15/32		57,163		59,868
	Pool #781688, 6.00%, 12/15/33		396,084		395,108
	Pool #781690, 6.00%, 12/15/33		169,200		168,808
	Pool #781699, 7.00%, 12/15/33		63,723		66,399
	Pool #781804, 6.00%, 09/15/34		592,255		590,162
	Pool #781847, 6.00%, 12/15/34		537,192		535,280
	Pool #781902, 6.00%, 02/15/35		553,982		552,002
	Pool #781905, 5.00%, 04/15/35		1,267,408		1,200,462
	Pool #781916, 6.50%, 03/15/32		641,863		654,913
Tennessee Valley Authority, 6.25%, 12/15/17			50,000		53,009
U.S. Treasury Bonds
	8.75%, 05/15/17		6,524,000		8,358,875
	8.50%, 02/15/20		4,238,000		5,531,251

32 

U.S. Government Agency Long-Term Obligations (continued)
		Principal
		Amount		Value
	6.25%, 08/15/23	$	28,926,000	$	32,119,170
	6.88%, 08/15/25		4,713,000		5,614,729
	5.38%, 02/15/31		6,607,000		6,784,563
Total U.S. Government Agency Long-Term Obligations (Cost $830,585,554)					816,088,237
U.S. Treasury Notes (15.6%)
U.S. Treasury Notes
	3.13%, 10/15/08		782,000		764,222
	4.88%, 10/31/08 - 08/15/16		39,124,000		38,949,464
	4.75%, 02/15/10 - 02/15/37		79,265,000		78,680,256
	4.50%, 09/30/11 - 02/15/36		56,847,000		55,067,504
	4.63%, 02/29/12 - 02/15/17		22,662,000		22,233,561
	4.00%, 11/15/12 - 02/15/15		10,646,000		9,983,362
	4.13%, 05/15/15		9,348,000		8,809,761
	6.38%, 08/15/27		14,592,000		16,680,480
Total U.S. Treasury Notes (Cost $232,561,643)					231,168,610
Yankee Dollars (2.2%)
Banks (0.5%)
BSCH Issuances Ltd.
	7.63%, 11/03/09		2,714,000		2,844,454
	7.63%, 09/14/10		59,000		62,782
HBOS PLC, 5.46%, 11/29/49 (b)			354,000		342,788
HSBC Bank USA, 7.50%, 07/15/09			563,000		585,428
Landwirtsch Rentenbank, 5.25%, 07/15/11			350,000		350,245
National Bank of Australia, 8.60%, 05/19/10			177,000		191,899
Oesterreichische Kontrollbank AG, 4.88%, 02/16/16			350,000		337,105
Royal Bank of Scotland Group
	5.00%, 11/12/13		236,000		228,949
	5.05%, 01/08/15		316,000		303,363
	4.70%, 07/03/18		472,000		428,758
St. George Bank Ltd., 5.30%, 10/15/15 (b)			236,000		228,307
UBS AG Stamford CT, 5.88%, 07/15/16			1,121,000		1,135,533
Westpac Banking Corp., 4.63%, 06/01/18			147,000		132,514
					7,172,125
Consumer Goods (0.0%)
Diageo Capital PLC, 7.25%, 11/01/09			350,000		363,386
Electric Power (0.0%)
Hydro Quebec Corp.
	8.40%, 01/15/22		220,000		278,575
	8.88%, 03/01/26		156,000		211,691
Scottish Power, 5.81%, 03/15/25			118,000		113,907
					604,173
Energy Companies (0.2%)
Canadian Natural Resources, 4.90%, 12/01/14			280,000		262,023
EnCana Corp., 4.75%, 10/15/13			339,000		320,037
Nexen, Inc.
	5.05%, 11/20/13		295,000		280,838
	5.20%, 03/10/15		350,000		331,392
	5.88%, 03/10/35		133,000		119,358
Norsk Hydro AS, 6.36%, 01/15/09			271,000		274,404
Petro-Canada, 5.95%, 05/15/35			271,000		249,526
Ptt Public Co. Ltd., 5.88%, 08/03/35 (b)			177,000		159,379
Talisman Energy, Inc.
	7.25%, 10/15/27		133,000		137,977
	5.75%, 05/15/35		350,000		303,803
Transocean Sedco Forex, Inc., 7.50%, 04/15/31			177,000		195,729
					2,634,466
Manufacturing (0.2%)
Alcan, Inc.
	6.45%, 03/15/11		44,000		44,953
	4.50%, 05/15/13		372,000		346,266
	5.00%, 06/01/15		295,000		274,423
	5.75%, 06/01/35		206,000		182,598
AstraZeneca PLC, 5.40%, 06/01/14			295,000		289,742
Celulosa Arauco Constitucion SA, 5.13%, 07/09/13			177,000		169,021

 33

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Bond Index (Continued)

Yankee Dollars (continued)
		Principal
		Amount		Value
Manufacturing (continued)
Codelco, Inc., 6.38%, 11/30/12		$	120,000	$	124,276
Inco Ltd., 7.75%, 05/15/12			177,000		190,800
Lafarge SA, 6.50%, 07/15/16			265,000		271,254
Noranda, Inc., 6.20%, 06/15/35			177,000		169,248
Placer Dome, Inc., 6.38%, 03/01/33			139,000		133,929
Potash Corp. of Saskatchewan, Inc.
	7.75%, 05/31/11		41,000		43,960
	4.88%, 03/01/13		165,000		156,460
Teck Cominco Ltd., 6.13%, 10/01/35			147,000		135,927
Yara International Asa, 5.25%, 12/15/14 (b)			147,000		138,892
					2,671,749
Oil, Gas & Consumable Fuels (0.1%)
Conocophillips Canada Corp., 5.63%, 10/15/16			365,000		359,147
Enbridge, Inc., 5.60%, 04/01/17			1,000,000		961,810
					1,320,957
Other Financial (0.7%)
Anadarko Finance Co., 6.75%, 05/01/11			118,000		121,834
Anadarko Petroleum Corp., 7.50%, 05/01/31			298,000		320,184
Apache Finance Canada, 4.38%, 05/15/15			487,000		446,175
BHP Billiton Ltd., 4.80%, 04/15/13			236,000		225,295
BHP Finance Corp., 6.42%, 03/01/26			80,000		81,628
Brascan Corp., 5.75%, 03/01/10			180,000		180,893
Bskyb Finance UK Ltd., 5.63%, 10/15/15 (b)			147,000		141,713
Burlington Resources Finance Co., 6.40%, 08/15/11			124,000		128,001
Burlington Resources, Inc., 6.50%, 12/01/11			206,000		213,705
CIT Group, Inc., 5.20%, 06/01/15			177,000		164,579
Conoco Funding Co., 6.35%, 10/15/11			767,000		790,882
Deutsche Bank Financial LLC., 5.38%, 03/02/15			177,000		172,639
Deutsche Telekom International Finance
	3.88%, 07/22/08		413,000		406,128
	5.25%, 07/22/13		737,000		712,724
	5.75%, 03/23/16		1,177,000		1,148,179
	8.25%, 06/15/30		369,000		442,270
Diageo Capital PLC, 5.30%, 10/28/15			649,000		622,685
Encana Holdings Finance Corp., 5.80%, 05/01/14			634,000		630,947
Hanson Australia Funding, 5.25%, 03/15/13			265,000		259,058
Inversiones CMPC SA, 4.88%, 06/18/13 (b)			177,000		167,743
Montpelier RE Holdings, 6.13%, 08/15/13			74,000		71,831
Oester Kontroll Bank, 4.50%, 03/09/15			236,000		223,417
Telecom Italia Capital
	6.20%, 07/18/11		206,000		208,553
	5.25%, 11/15/13		590,000		562,195
	4.95%, 09/30/14		295,000		273,325
	5.25%, 10/01/15		295,000		274,310
	6.00%, 09/30/34		230,000		207,212
UFJ Finance Aruba AEC, 6.75%, 07/15/13			354,000		373,786
XL Capital Ltd., 5.25%, 09/15/14			779,000		743,569
					10,315,460
Service Companies (0.1%)
British Sky Broadcasting Group PLC, 8.20%, 07/15/09			221,000		231,779
Thomson Corp., 4.25%, 08/15/09			251,000		244,619
TXU Energy Co., 6.15%, 11/15/13 (b)			189,000		191,110
					667,508
Telephones (0.3%)
America Movil SA de CV
	5.75%, 01/15/15		295,000		291,016
	6.38%, 03/01/35		177,000		173,868

34 

Yankee Dollars (continued)
		Principal
		Amount		Value
Telephones (continued)
British Telecom PLC
	8.35%, 12/15/10	$	1,280,000	$	1,398,744
	9.15%, 12/15/30		559,000		731,611
France Telecom, 3,111.00%, 03/01/11			383,000		409,188
Koninklijke KPN NV, 8.00%, 10/01/10			310,000		331,785
Telefonos de Mexico SA, 5.50%, 01/27/15			236,000		229,389
Vodafone Group PLC
	7.75%, 02/15/10		383,000		402,304
	5.00%, 12/16/13		664,000		630,435
	7.88%, 02/15/30		206,000		230,514
					4,828,854
Transportation (0.1%)
Canadian National Railway Co.
	4.40%, 03/15/13		1,035,000		968,599
	6.90%, 07/15/28		242,000		258,992
	6.20%, 06/01/36		236,000		230,317
Qantas Airways, 6.05%, 04/15/16 (b)			177,000		171,829
					1,629,737
Total Yankee Dollars (Cost $32,822,724)					32,208,415
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $14,591,271, collateralized by U.S. Government Agency Mortgages with a market value of $14,876,650		$	14,584,951	$	14,584,951
Total Investments (Cost $1,591,051,316) (c) — 106.1%					1,566,922,839
Liabilities in excess of other assets — (6.1)%					(89,861,691	)
NET ASSETS — 100.0%				$	1,477,061,148

(a)	Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on June 30, 2007. The maturity date represents the actual maturity date.
(b)	Illiquid security.
(c)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

 35

Statement of Securities Sold Short

June 30, 2007 (Unaudited)

NVIT Bond Index

U.S. Government Agency Long-Term Obligations — Short Positions (4.3%)
		Principal
		Amount		Value
Federal National Mortgage Association TBA,
	5.00%, 06/15/37	$	3,000,000	$	2,811,081
Federal National Mortgage Association TBA,
	5.00%, 07/01/37		64,700,000		60,615,813
Total U.S. Government Agency Long-Term Obligations — Short Positions (Proceeds $63,141,672)					63,426,894
Total Securities Sold Short (Proceeds $63,141,672) (a) — 4.3%				$	63,426,894

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

TBA To Be Announced.

36 

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT
			Bond Index
Assets:
Investments, at value (cost $1,576,466,365)			$	1,552,337,888
Repurchase agreements, at cost and value				14,584,951
		Total Investments		1,566,922,839
Cash				58,348
Interest and dividends receivable				13,768,925
Receivable for investments sold				101,487,326
		Total Assets		1,682,237,438
Liabilities:
Payable for investments purchased				141,141,754
Payable for capital shares redeemed				191,785
Securities sold short, at value (proceeds $63,141,672)				63,426,894
Accrued expenses and other payables:
	Investment advisory fees			263,515
	Fund administration and transfer agent fees			97,574
	Compliance program costs			5,638
	Other			49,130
		Total Liabilities		205,176,290
Net Assets			$	1,477,061,148
Represented by:
Capital			$	1,501,454,399
Accumulated net investment income				1,872,817
Accumulated net realized losses from investment transactions and futures				(1,852,369	)
Net unrealized depreciation on investments				(24,413,699	)
Net Assets			$	1,477,061,148
Net Assets:
Class ID Shares			$	1,477,061,148
Shares outstanding (unlimited number of shares authorized):
Class ID Shares				150,232,448
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively):
Class ID Shares			$	9.83

See accompanying notes to financial statements.

 37

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited) (a)

			NVIT Bond Index
INVESTMENT INCOME:
Interest income			$	14,564,063
		Total Income		14,564,063
Expenses:
Investment advisory fees				600,795
Fund administration and transfer agent fees				199,623
Custodian fees				14,876
Trustee fees				15,640
Compliance program costs (Note 3)				5,638
Other				51,062
	Total expenses before earnings credit			887,634
Earnings credit (Note 6)				(590	)
	Net Expenses			887,044
Net Investment Income				13,677,019
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses on investment transactions				(1,843,443	)
Net realized losses on futures transactions				(8,926	)
Net realized losses on investment transactions and futures				(1,852,369	)
Net change in unrealized depreciation on investments				(24,413,699	)
Net realized/unrealized gains (losses) on investments				(26,266,068	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS			$	(12,589,049	)

(a) For the period from April 20, 2007 (commencement of operations) through June 30, 2007.

See accompanying notes to financial statements.

38 

Statement of Changes in Net Assets

Six Months Ended June 30, 2007 (a) (Unaudited)

		NVIT Bond
		Index
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	13,677,019
Net realized losses on investment transactions and futures			(1,852,369	)
Net change in unrealized depreciation on investments and futures			(24,413,699	)
	Change in net assets resulting from operations		(12,589,049	)
Distributions to Shareholders from:
Net investment income:
	Class ID		(11,804,202	)
	Change in net assets from shareholder distributions		(11,804,202	)
	Change in net assets from capital transactions		1,501,454,399
Change in net assets			1,477,061,148
Net Assets:
Beginning of period			—
End of period		$	1,477,061,148
Accumulated net investment income at end of period		$	1,872,817
CAPITAL TRANSACTIONS:
Class ID Shares
	Proceeds from shares issued	$	84,630,085
	Proceeds from in-kind transactions		1,416,739,253
	Dividends reinvested		11,804,077
	Cost of shares redeemed (b)		(11,719,016	)
Change in net assets from capital transactions		$	1,501,454,399
SHARE TRANSACTIONS:
Class ID Shares
	Issued		8,535,444
	Proceeds from in-kind transactions		141,673,925
	Reinvested		1,203,270
	Redeemed		(1,180,191	)
Total change in shares			150,232,448

(a)	For the period from April 20, 2007 (commencement of operations) through June 30, 2007.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

 39

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

NVIT Bond Index

Distributions

Investment Activities

Net Realized

and

Net Asset

Unrealized

Total

Value,

Net

Gains

from

Net

Net Asset

Beginning

Investment

(Losses) on

Investment

Investment

Total

Value, End

Total

of Period

Income

Investments

Activities

Income

Distributions

of Period

Return (a)

Class ID Shares

For the six months ended June 30, 2007 (Unaudited) (e)

$10.00

0.09

(0.18

)

(0.09

)

(0.08

)

(0.08

)

$9.83

(0.90%)

[Additional columns below]

[Continued from above table, first column(s) repeated]

Ratios / Supplemental Data

Ratio of

Ratio of Net

Ratio of Net

Expenses

Investment

Ratio of

Investment

(Prior to

Income

Net Assets

Expenses

Income to

Reimbursements)

(Prior to

at End of

to Average

Average

to Average

Reimbursements)

Period

Net

Net

Net

to Average

Portfolio

(000s)

Assets (b)

Assets (b)

Assets (b)(c)

Net Assets (b)(c)

Turnover (d)

Class ID Shares

For the six months ended June 30, 2007 (Unaudited) (e)

$1,477,061

0.32%

0.32%

0.32%

0.32%

36.74%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from April 20, 2007 (commencement of operations) through June 30, 2007.

See notes to financial statements.

40 

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Bond Index Fund (the “Fund”), (formerly, “GVIT Bond Index Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Debt (including defaulted issues) and other fixed income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service, the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are considered to be “short-term” and are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a

 41

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically, this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

42 

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(e) Mortgage Dollar Rolls

The Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a financing transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Income is generated as consideration for entering into these transactions and is included in interest income on the Statement of Operations.

(f) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(g) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned

 43

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2007, the Fund did not have securities on loan.

(h) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(i) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	1,531,708,086	$	1,090,280	$	(29,302,421	)	$	(28,212,141	)

(j) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser. BlackRock Investment Management, LLC (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

44 

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the period ended June 30, 2007:

	Total
Fee Schedule	Fees
$0 up to $1.5 billion		0.22%
$1.5 billion up to $3 billion		0.21%
$3 billion or more		0.20%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $218,473 for the period ended June 30, 2007.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.32% until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

 45

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% for Class II shares and 0.40% for Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VII shares of the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2007, the Fund’s portion of such costs amounted to $5,638.

4. Investment Transactions

For the period ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $628,417,913 and sales of $530,185,016.

For the period ended June 30, 2007, the Fund had purchases of $955,519,568 and sales of $599,931,394 of U.S. Government securities.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the period ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

46 

7. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 47

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc.(dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

48 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 49

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken,PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for Nationwide Funds Group3.		N/A	N/A

50 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 51

Supplemental Information

June 30, 2007 (Unaudited)

A. Submission of Matters to a Vote of Security Holders:

On April 25, 2007, a Special Meeting of Shareholders was held* (the “April 25 Meeting”) at which shareholders of the Funds** set forth below were asked:

Proposal 1:

To approve a new investment advisory agreement, on behalf of their Fund, between Nationwide Fund Advisors (formerly “Gartmore Mutual Fund Capital Trust”) (the “Adviser”) and Nationwide Variable Insurance Trust (formerly “Gartmore Variable Insurance Trust”) (the “Trust”).

		Number of Shares
Fund		Cast/Not Cast	Percentages
Federated NVIT High Income Bond Fund	FOR	30,051,703.188 shares		92.514%
(Formerly Federated GVIT High Income Bond Fund)	AGAINST	618,245.021 shares		1.903%
	ABSTAIN	1,813,550.431 shares		5.583%
	TOTAL	32,483,498.640 shares
NVIT International Index	FOR	4,322,203.982 shares		96.897%
(Formerly GVIT International Index Fund)	AGAINST	2,758.318 shares		0.062%
	ABSTAIN	135,636.840 shares		3.041%
	TOTAL	4,460,599.140 shares
NVIT International Value Fund	FOR	20,032,843.199 shares		93.351%
(Formerly GVIT International Value Fund)	AGAINST	333,588.902 shares		1.554%
	ABSTAIN	1,093,293.879 shares		5.095%
	TOTAL	21,459,725.980 shares
NVIT Mid Cap Index Fund	FOR	35,380,179.120 shares		94.154%
(Formerly GVIT Mid Cap Index Fund)	AGAINST	631,117.844 shares		1.679%
	ABSTAIN	1,565,714.306 shares		4.167%
	TOTAL	37,577,011.270 shares
NVIT S&P 500 Index Fund	FOR	56,119,814.230 shares		95.554%
(Formerly GVIT S&P 500 Index Fund)	AGAINST	666,195.542 shares		1.134%
	ABSTAIN	1,944,898.888 shares		3.312%
	TOTAL	58,730,908.660 shares
Nationwide Multi-Manager NVIT Small Cap Growth Fund	FOR	7,632,918.513 shares		92.700%
(Formerly GVIT Small Cap Growth Fund)	AGAINST	149,458.111 shares		1.816%
	ABSTAIN	451,583.036 shares		5.484%
	TOTAL	8,233,959.660 shares
Nationwide Multi-Manager NVIT Small Cap Value Fund	FOR	48,649,396.525 shares		92.816%
(Formerly GVIT Small Cap Value Fund)	AGAINST	979,183.753 shares		1.868%
	ABSTAIN	2,786,133.102 shares		5.316%
	TOTAL	52,414,713.380 shares
Nationwide Multi-Manager NVIT Small Company Fund	FOR	29,903,181.700 shares		91.311%
(Formerly GVIT Small Company Fund)	AGAINST	838,774.923 shares		2.561%
	ABSTAIN	2,006,741.307 shares		6.128%
	TOTAL	32,748,697.930 shares
Gartmore NVIT Developing Markets Fund	FOR	21,0177,889.443 shares		91.460%
(Formerly Gartmore GVIT Developing Markets Fund)	AGAINST	424,272.958 shares		1.841%
	ABSTAIN	1,543,850.729 shares		6.699%
	TOTAL	23,046,013.130 shares

52 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Gartmore NVIT Emerging Markets Fund	FOR	17,050,534.593 shares		92.371%
(Formerly Gartmore GVIT Emerging Markets Fund)	AGAINST	526,574.722 shares		2.853%
	ABSTAIN	881,608.905 shares		4.776%
	TOTAL	18,458,718.220 shares
Nationwide NVIT Global Financial Services Fund	FOR	1,554,847.333 shares		95.589%
(Formerly Gartmore GVIT Global Financial Services Fund)	AGAINST	19,539.033 shares		1.201%
	ABSTAIN	52,206.494 shares		3.210%
	TOTAL	1,626,592.860 shares
Nationwide NVIT Global Health Sciences Fund	FOR	4,722,963.678 shares		92.815%
(Formerly Gartmore GVIT Global Health Sciences Fund)	AGAINST	157,979.030 shares		3.104%
	ABSTAIN	207,642.222 shares		4.081%
	TOTAL	5,088,584.930 shares
Nationwide NVIT Global Technology and Communications Fund	FOR	8,585,472.039 shares		93.551%
(Formerly Gartmore GVIT Global Technology	AGAINST	102,267.977 shares		1.114%
and Communications Fund)	ABSTAIN	489,577.634 shares		5.335%
	TOTAL	9,177,317.650 shares
Gartmore NVIT Global Utilities Fund	FOR	4,123,270.549 shares		91.923%
(Formerly Gartmore GVIT Global Utilities Fund)	AGAINST	122,001.533 shares		2.720%
	ABSTAIN	240,276.088 shares		5.357%
	TOTAL	4,485,548.170 shares
Nationwide NVIT Government Bond Fund	FOR	88,471,567.462 shares		92.024%
(Formerly Gartmore GVIT Government Bond Fund)	AGAINST	1,825,645.181 shares		1.899%
	ABSTAIN	5,841,990.727 shares		6.077%
	TOTAL	96,139,203.370 shares
Nationwide NVIT Growth Fund	FOR	14,931,435.904 shares		89.942%
(Formerly Gartmore GVIT Growth Fund)	AGAINST	409,826.402 shares		2.469%
	ABSTAIN	1,259,945.064 shares		7.589%
	TOTAL	16,601,207.370 shares
Gartmore NVIT International Growth Fund	FOR	6,251,419.070 shares		93.569%
(Formerly Gartmore GVIT International Growth Fund)	AGAINST	139,618.548 shares		2.090%
	ABSTAIN	290,025.592 shares		4.341%
	TOTAL	6,681,063.210 shares
Nationwide NVIT Investor Destinations Aggressive Fund	FOR	49,489,224.549 shares		90.688%
(Formerly Gartmore GVIT Investor Destinations Aggressive Fund)	AGAINST	1,385,396.474 shares		2.539%
	ABSTAIN	3,696,272.337 shares		6.773%
	TOTAL	54,570,893.360 shares
Nationwide NVIT Investor Destinations Conservative Fund	FOR	23,091,965.887 shares		89.855%
(Formerly Gartmore GVIT Investor Destinations Conservative Fund)	AGAINST	314,935,884 shares		1.225%
	ABSTAIN	2,292,355.179 shares		8.920%
	TOTAL	25,699,256.950 shares
Nationwide NVIT Investor Destinations Moderate Fund	FOR	188,902,093.059 shares		90.696%
(Formerly Gartmore GVIT Investor Destinations Moderate Fund)	AGAINST	3,018,924.590 shares		1.449%
	ABSTAIN	16,359,690.401 shares		7.855%
	TOTAL	208,280,708.050 shares

 53

Supplemental Information

June 30, 2007 (Unaudited) (Continued)

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Investor Destinations Moderately Aggressive Fund	FOR	134,792,622.920 shares		91.332%
(Formerly Gartmore GVIT Investor Destinations	AGAINST	3,489,207.264 shares		2.364%
Moderately Aggressive Fund)	ABSTAIN	9,304,197.656 shares		6.304%
	TOTAL	147,586,027.840 shares
Nationwide NVIT Investor Destinations Moderately Conservative Fund	FOR	49,627,123.216 shares		91.918%
(Formerly Gartmore GVIT Investor Destinations	AGAINST	856,088.634 shares		1.586%
Moderately Conservative Fund)	ABSTAIN	3,507,215.650 shares		6.496%
	TOTAL	53,990,427.500 shares
Nationwide NVIT Mid Cap Growth Fund	FOR	10,879,584.971 shares		91.043%
(Formerly Gartmore GVIT Mid Cap Growth Fund)	AGAINST	352,594.958 shares		2.950%
	ABSTAIN	717,792.971 shares		6.007%
	TOTAL	11,949,972.900 shares
Nationwide NVIT Money Market Fund II	FOR	221,774,863.241 shares		88.508%
(Formerly Gartmore GVIT Money Market Fund II)	AGAINST	12,322,482.494 shares		4.918%
	ABSTAIN	16,471,740.875 shares		6.574%
	TOTAL	250,569,086.610 shares
Nationwide NVIT Money Market Fund	FOR	1,578,331,008.328 shares		91.585%
(Formerly Gartmore GVIT Money Market Fund)	AGAINST	32,372,133.671 shares		1.878%
	ABSTAIN	112,652,123.301 shares		6.537%
	TOTAL	1,723,355,265.300 shares
NVIT Nationwide Fund	FOR	125,423,274.735 shares		91.581%
(Formerly Gartmore GVIT Nationwide Fund)	AGAINST	2,767,979.467 shares		2.021%
	ABSTAIN	8,762,255.828 shares		6.398%
	TOTAL	136,953,510.030 shares
NVIT Nationwide Leaders Fund	FOR	2,298,504.956 shares		95.780%
(Formerly Gartmore GVIT Nationwide Leaders Fund)	AGAINST	29,630.469 shares		1.235%
	ABSTAIN	71,637.755 shares		2.985%
	TOTAL	2,399,773.180 shares
Nationwide NVIT U.S. Growth Leaders Fund	FOR	4,972,094.773 shares		94.359%
(Formerly Gartmore GVIT U.S. Growth Leaders Fund)	AGAINST	122,623.161 shares		2.327%
	ABSTAIN	174,625.606 shares		3.314%
	TOTAL	5,269,343.540 shares
Gartmore NVIT Worldwide Leaders Fund	FOR	2,666,862.487 shares		94.126%
(Formerly Gartmore GVIT Worldwide Leaders Fund)	AGAINST	47,702.491 shares		1.684%
	ABSTAIN	118,719.882 shares		4.190%
	TOTAL	2,833,284.860 shares
J.P. Morgan NVIT Balanced Fund	FOR	15,966,867.546 shares		90.900%
(Formerly J.P. Morgan GVIT Balanced Fund)	AGAINST	259,004.324 shares		1.475%
	ABSTAIN	1,339,385.200 shares		7.625%
	TOTAL	17,565,257.070 shares
Van Kampen NVIT Comstock Value Fund	FOR	27,737,008.009 shares		92.259%
(Formerly Van Kampen GVIT Comstock Value Fund)	AGAINST	502,564.164 shares		1.672%
	ABSTAIN	1,824,670.107 shares		6.069%
	TOTAL	30,064,242.280 shares

54 

		Number of Shares
Fund		Cast/Not Cast	Percentages
Van Kampen NVIT Multi Sector Bond Fund	FOR	21,253,297.665 shares		90.281%
(Formerly Van Kampen GVIT Multi Sector Bond Fund)	AGAINST	484,100.920 shares		2.056%
	ABSTAIN	1,803,963.645 shares		7.663%
	TOTAL	23,541,362.230 shares

At the April 25 Meeting, shareholders of the Nationwide NVIT Mid Cap Growth Fund were also asked to approve a new investment subadvisory agreement among the Adviser, the Trust and NorthPointe Capital LLC. The voting results with respect to that proposal are set forth below:

Proposal 2

		Number of Shares
Fund		Cast/Not Cast	Percentages
Nationwide NVIT Mid Cap Growth Fund	FOR	10,862,827.499 shares		90.903%
(Formerly Gartmore GVIT Mid Cap Growth Fund)	AGAINST	414,574.660 shares		3.469%
	ABSTAIN	672,570.741 shares		5.628%
	TOTAL	11,949,972.900 shares

*	This meeting was previously adjourned on April 23, 2007.
**	Fund names were changed effective May 1, 2007 to reflect “Nationwide”/“NVIT” branding to coincide with the sale of Nationwide Fund Advisors, Inc. by Nationwide Corporation to its majority-owned subsidiary, Nationwide Financial Services, Inc.

 55

NVIT International Index Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
30	Statement of Assets and Liabilities
32	Statement of Operations
33	Statements of Changes in Net Assets
35	Financial Highlights
36	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-INTX (8/07)

 1

Message to Shareholders

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT International Index Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

June 30, 2007

			Beginning		Ending
			Account Value		Account Value		Expenses Paid		Annualized
NVIT International Index Fund			1/1/07		06/30/07		During Period*		Expense Ratio *
Class II	Actual		$	1,000.00	$	1,100.50	$	3.96		0.76%
	Hypothetical	1	$	1,000.00	$	1,021.03	$	3.82		0.76%
Class VI	Actual		$	1,000.00	$	1,102.30	$	3.96		0.76%
	Hypothetical	1	$	1,000.00	$	1,021.03	$	3.82		0.76%
Class VII	Actual		$	1,000.00	$	1,102.20	$	3.91		0.75%
	Hypothetical	1	$	1,000.00	$	1,021.08	$	3.77		0.75%
Class VIII	Actual		$	1,000.00	$	1,101.60	$	4.27		0.82%
	Hypothetical	1	$	1,000.00	$	1,020.73	$	4.12		0.82%
Class ID	Actual		$	1,000.00	$	1,103.40	$	1.93		0.37%
	Hypothetical	1	$	1,000.00	$	1,022.97	$	1.86		0.37%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 181/365 (to reflect the one-half year period). The expense ratio presented represents a six-month, annualized ratio in accordance with SEC guidelines. The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
1	Represents the hypothetical 5% return before expenses.

4 

NVIT International Index Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	95.8%
Repurchase Agreements	1.6%
Exchange Traded Funds	1.6%
Rights	0.0%
Warrants	0.0%
Other assets in excess of liabilities	1.0%
	100.0%

Top Holdings*
iShares MSCI EAFE Index Fund	1.6%
BP PLC	1.6%
HSBC Holdings PLC	1.4%
Vodafone Group PLC	1.2%
Total SA	1.2%
Toyota Motor Corp.	1.1%
Nestle SA	1.1%
GlaxoSmithKline PLC	1.0%
Royal Dutch Shell PLC	1.0%
Novartis AG	0.9%
Other	87.9%
	100.0%

Top Industries
Commercial Banks	14.8%
Oil, Gas & Consumable Fuels	7.0%
Pharmaceuticals	5.3%
Metals & Mining	4.8%
Insurance	4.8%
Capital Markets	4.6%
Diversified Telecommunication Services	3.6%
Automobiles	3.2%
Electric Utilities	3.0%
Chemicals	2.9%
Other	46.0%
	100.0%

Top Countries
United Kingdom	21.9%
Japan	20.3%
France	9.3%
Germany	8.0%
Switzerland	6.4%
Australia	5.9%
Netherlands	4.0%
Spain	3.8%
Italy	3.7%
United States	3.2%
Other	13.5%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT International Index Fund

Common Stocks (95.8%)
	Shares or
	Principal Amount		Value
AUSTRALIA (5.9%)
Airline (0.1%) (a)
Qantas Airways Ltd.		6,545	$	31,046
Beverages (0.1%) (a)
Coca-Cola Amatil Ltd.		2,629		21,221
Foster’s Group Ltd.		11,770		63,500
Lion Nathan Ltd.		302		2,369
				87,090
Biotechnology (0.1%) (a)
CSL Ltd.		867		64,522
Capital Markets (0.1%) (a)
Macquarie Bank Ltd.		1,391		99,885
Perpetual Ltd.		68		4,519
				104,404
Chemicals (0.1%) (a)
Orica Ltd.		1,632		41,113
Commercial Banks (1.4%) (a)
Australia & New Zealand Banking Group Ltd.		9,612		236,026
Commonwealth Bank of Australia		6,281		293,772
National Australia Bank Ltd.		7,904		274,619
Westpac Banking Corp.		9,692		210,410
				1,014,827
Commercial Services & Supplies (0.1%) (a)
Brambles Ltd.*		5,020		51,741
Downer EDI Ltd.		499		3,109
				54,850
Construction & Engineering (0.0%) (a)
Leighton Holdings Ltd.		686		23,906
Construction Materials (0.1%) (a)
Boral Ltd.		1,823		13,529
James Hardie Industries NV		2,310		17,042
Rinker Group Ltd.		4,356		69,399
				99,970
Containers & Packaging (0.0%) (a)
AmCor Ltd.		3,079		19,493
Distributor (0.0%) (a)
Pacific Brands Ltd.		3,277		9,567
Diversified Consumer Services (0.0%) (a)
ABC Learning Centres Ltd.		3,039		17,778
Diversified Financial Services (0.2%) (a)
Australian Stock Exchange Ltd.		774		31,867
Challenger Financial Services Group Ltd.		2,902		14,293
SunCorp-Metway Ltd.		5,027		85,837
				131,997
Diversified Telecommunication Services (0.1%) (a)
Telstra Corp. Ltd.		15,756		61,286
Telstra Corp. Ltd.		4,399		11,570
				72,856
Energy Equipment & Services (0.1%) (a)
Babcock & Brown Ltd.		998		27,048
WorleyParsons Ltd.		464		13,344
				40,392
Food & Staples Retailing (0.3%) (a)
Coles Myer Ltd.		6,319		86,255
Woolworths Ltd.		5,663		129,386
				215,641
Food Products (0.0%) (a)
Goodman Fielder Ltd.		7,241		14,898
Health Care Equipment & Supplies (0.0%) (a)
Ansell Ltd.		5		51
Cochlear Ltd.		136		7,021
				7,072
Health Care Providers & Services (0.1%) (a)
Sonic Health Care Products & Services Ltd.		2,127		27,103
Symbion Health Ltd.		5,358		18,514
				45,617
Hotels, Restaurants & Leisure (0.1%) (a)
Aristocrat Leisure Ltd.		1,816		22,076
Tabcorp Holdings Ltd.		2,405		34,936
Tattersall’s Ltd.		5,381		21,396
				78,408
Industrial Conglomerates (0.1%) (a)
CSR Ltd.		7,353		21,636
Wesfarmers Ltd.		1,656		64,106
				85,742
Insurance (0.4%) (a)
AMP Ltd.		8,724		74,676
AXA Asia Pacific Holdings Ltd.		3,052		19,185
Insurance Australia Group Ltd.		8,501		40,995
BE Insurance Group Ltd.		4,503		118,784
				253,640

6 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
AUSTRALIA (continued)
IT Services (0.0%) (a)
Computershare Ltd.		1,934	$	18,449
Media (0.1%) (a)
John Fairfax Holdings Ltd.		8,198		32,607
Macquarie Communications Infrastructure Group		1,976		10,572
Publishing & Broadcasting Ltd.		2,786		46,158
				89,337
Metals & Mining (1.1%) (a)
Alumina Ltd.		6,062		40,138
BHP Billiton Ltd.		17,233		514,813
BlueScope Steel Ltd.		3,107		27,187
Fortescue Metals Group Ltd.*		795		22,706
Iluka Resources Ltd.		790		4,117
Newcrest Metals & Mining Ltd.		1,598		30,834
OneSteel Ltd.		2,549		13,862
Rio Tinto Ltd.		1,541		128,516
Zinifex Ltd.		2,815		44,631
				826,804
Multi-Utilities (0.1%) (a)
AGL Energy Ltd.		1,497		19,232
Alinta Ltd.		3,161		40,759
				59,991
Multiline Retail (0.0%) (a)
Harvey Norman Holdings Ltd.		942		4,213
Oil, Gas & Consumable Fuels (0.3%) (a)
Caltex Australia Ltd.		657		13,153
Origin Energy Ltd.		3,239		27,229
Paladin Resources Ltd.*		2,908		20,202
Santos Ltd.		3,750		44,268
Woodside Petroleum Ltd.		2,575		99,520
				204,372
Paper & Forest Products (0.0%) (a)
PaperlinX Ltd.		342		1,076
Real Estate Investment Trusts (REITs) (0.6%) (a)
Centro Properties Group		5,423		38,987
CFS Retail Property Trust		2,242		4,072
Commonwealth Property Office Fund		1,046		1,484
DB RREEF Trust		8,913		14,793
GPT Group		10,194		40,172
ING Industrial Fund		5,840		11,562
Investa Property Group		11,116		27,437
Macquarie Goodman Group		5,865		33,278
Macquarie Office Trust		3,586		5,070
Mirvac Group		6,870		33,130
Multiplex Group		4,532		18,862
Stockland		8,422		58,006
Westfield Group		8,564		144,468
				431,321
Real Estate Management & Development (0.0%) (a)
Lend Lease Corp. Ltd.		1,256		19,711
Road & Rail (0.1%)
Asciano Group*		3,375		28,978
Toll Holdings Ltd.(a)		3,353		41,079
				70,057
Textiles, Apparel & Luxury Goods (0.0%) (a)
Billabong International Ltd.		240		3,643
Transportation Infrastructure (0.1%) (a)
Macquarie Airports		3,560		12,162
Macquarie Infrastructure Group		10,691		32,556
Transurban Group		4,122		27,941
				72,659
				4,316,462
AUSTRIA (0.6%) (a)
Building Products (0.0%)
Wienerberger AG		419		30,806
Commercial Banks (0.1%)
Erste Bank der Oesterreichischen Sparkassen AG		1,057		82,375
Raiffeisen International Bank Holding AG		139		21,952
				104,327
Construction Materials (0.0%)
RHI AG*		247		13,481
Diversified Telecommunication Services (0.1%)
Telekom Austria AG		1,730		43,077
Electric Utility (0.0%)
Verbund-Oesterreichische Elektrizitaetswirtschafts AG		226		11,555
Hotels, Restaurants & Leisure (0.0%)
BetandWin.com Interactive Entertainment AG*		174		5,732
Insurance (0.0%)
Wiener Staedtische Versicherung AG		42		2,993
Machinery (0.0%)
Andritz AG		216		14,224

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
AUSTRIA (continued)
Metals & Mining (0.1%)
Boehler-Uddeholm AG		260	$	25,959
Voestalpine AG		592		49,758
				75,717
Oil, Gas & Consumable Fuels (0.1%)
OMV AG		848		56,560
Real Estate Management & Development (0.2%)
Immoeast Immobilien Anlagen*		1,524		21,504
IMMOFINANZ Immobilien Anlagen AG*		2,474		36,026
Meinl European Land Ltd.*		1,776		50,900
				108,430
				466,902
BELGIUM (1.2%) (a)
Beverages (0.1%)
InBev NV		943		74,683
Chemicals (0.1%)
Solvay SA		270		42,497
Umicore		167		36,205
				78,702
Commercial Banks (0.3%)
Dexia		2,423		75,677
KBC Groep NV		998		134,484
				210,161
Diversified Financial Services (0.4%)
Fortis		6,157		260,929
Groupe Bruxelles Lambert SA		487		60,527
				321,456
Diversified Telecommunication Services (0.1%)
Belgacom SA		1,029		45,537
Electrical Equipment (0.0%)
Bekaert SA		6		880
Electronic Equipment & Instruments (0.0%)
BarCo NV		28		2,599
Food & Staples Retailing (0.1%)
Colruyt SA		46		9,600
Delhaize Group		458		44,981
				54,581
Health Care Equipment & Supplies (0.0%)
Omega Pharma SA		26		2,251
Leisure Equipment & Products (0.0%)
AGFA-Gevaert NV		979		25,251
Pharmaceutical (0.1%)
UCB SA		677		40,037
Transportation (0.0%)
Compagnie Maritime Belge SA		62		4,327
Wireless Telecommunication Services (0.0%)
Mobistar SA		136		11,584
				872,049
BERMUDA (0.0%) (a)
Oil, Gas & Consumable Fuels (0.0%)
Frontline Ltd.		350		16,095
CAYMAN ISLANDS (0.1%) (a)
Communications Equipment (0.1%)
FoxConn International Holdings Ltd.*		8,730		25,013
Wireless Telecommunication Services (0.0%)
Hutchison Telecommunications International Ltd.		6,000		7,728
				32,741
DENMARK (0.8%) (a)
Beverages (0.0%)
Carlsberg		150		18,134
Chemicals (0.0%)
Novozymes		200		23,184
Commercial Banks (0.2%)
Danske Bank		2,600		106,335
Jyske Bank*		200		14,414
Sydbank		147		7,030
				127,779
Construction & Engineering (0.0%)
FLSmidth & Co.		200		15,664
Food Products (0.1%)
Danisco AS		400		29,827
East Asiatic Co. Ltd.		225		12,376
				42,203
Health Care Equipment & Supplies (0.1%)
Coloplast		150		12,154
GN Store Nord*		1,600		18,888
William Demant Holding*		50		4,953
				35,995
Household Durables (0.0%)
Bang & Olufsen		60		7,176

8 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
DENMARK (continued)
Insurance (0.0%)
Topdanmark*		50	$	8,527
TrygVesta AS		153		12,024
				20,551
Machinery (0.0%)
NKT Holding AS		100		9,928
Marine (0.1%)
AP Moller — Maersk AS		5		60,149
Oil, Gas & Consumable Fuels (0.1%)
Vestas Wind Systems*		1,000		65,632
Pharmaceuticals (0.2%)
H. Lunbeck AS		400		10,136
Novo-Nordisk		1,150		125,109
				135,245
Road & Rail (0.0%)
DSV A/ S		1,455		28,503
				590,143
FINLAND (1.6%) (a)
Auto Components (0.0%)
Nokian Renkaat OYJ		650		22,769
Building Products (0.0%)
Uponor OYJ		100		3,887
Communications Equipment (0.8%)
Nokia OYJ		20,150		565,857
Construction & Engineering (0.0%)
YIT OYJ		653		20,491
Diversified Financial Services (0.0%)
OKO Bank PLC		48		889
Diversified Telecommunication Services (0.0%)
Elisa OYJ, Class A		1,100		29,982
Electric Utility (0.1%)
Fortum OYJ		2,200		68,737
Food & Staples Retailing (0.0%)
Kesko OYJ		400		26,535
Insurance (0.1%)
Sampo OYJ		2,500		71,975
IT Services (0.0%)
Tietoenator OYJ		580		18,634
Leisure Equipment & Products (0.0%)
Amer Sports OYJ		400		9,872
Machinery (0.2%)
Cargotec Corp.		80		4,919
KCI Konecranes OYJ		480		20,057
Kone OYJ		340		21,369
Metso OYJ		800		47,076
Wartsila OYJ		200		13,151
				106,572
Media (0.0%)
Sanoma-WSOY OYJ		140		4,424
Metals & Mining (0.1%)
Outokumpu OYJ		800		26,904
Rautaruukki OYJ		350		22,356
				49,260
Oil, Gas & Consumable Fuels (0.1%)
Neste Oil OYJ		850		33,305
Paper & Forest Products (0.2%)
Stora Enso OYJ		3,400		63,965
UPM-Kymmene OYJ		3,000		73,823
				137,788
Pharmaceutical (0.0%)
Orion OYJ		207		5,180
				1,176,157
FRANCE (9.3%)
Aerospace & Defense (0.1%) (a)
Safran SA		524		13,399
Thales SA		368		22,485
Zodiac SA		196		15,056
				50,940
Airline (0.1%) (a)
Air France-KLM		801		37,266
Auto Components (0.2%) (a)
Compagnie Generale des Etablissements Michelin		802		112,063
Valeo SA		502		26,932
				138,995
Automobiles (0.3%) (a)
Peugeot SA		893		71,933
Renault SA		975		156,362
				228,295
Beverages (0.2%) (a)
Pernod-Ricard SA		505		111,486

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
FRANCE (continued)
Building Products (0.3%) (a)
Compagnie de Saint-Gobain		1,668	$	186,834
Chemicals (0.2%) (a)
AIir Liquide SA		1,275		167,291
Commercial Banks (1.3%) (a)
BNP Paribas		4,097		486,604
Credit Agricole SA		3,261		132,310
Societe Generale		1,865		345,507
				964,421
Commercial Services & Supplies (0.0%) (a)
Societe BIC SA		35		2,577
Communications Equipment (0.2%) (a)
Alcatel-Lucent		11,054		154,603
Construction & Engineering (0.2%) (a)
Vinci SA		2,164		161,497
Construction Materials (0.2%) (a)
Imerys SA		76		7,693
Lafarge SA		795		144,875
				152,568
Diversified Telecommunication Services (0.3%) (a)
France Telecom SA		8,198		224,818
Electrical Equipment (0.3%) (a)
Alstom RGPT		497		82,867
Schneider Electric SA		1,175		164,610
				247,477
Energy Equipment & Services (0.1%) (a)
Technip SA		613		50,661
Food & Staples Retailing (0.3%) (a)
Carrefour SA		3,111		218,474
Casino Guichard Perrachon SA		191		19,311
				237,785
Food Products (0.3%) (a)
Groupe Danone		2,308		186,388
Gas Utility (0.1%) (a)
Gaz de France		831		41,915
Health Care Equipment & Supplies (0.1%) (a)
Cie Generale d’Optique Essilor Int’l SA		580		69,074
Hotels, Restaurants & Leisure (0.2%) (a)
Accor SA		1,024		90,512
Sodexho Alliance SA		374		26,741
				117,253
Household Durables (0.0%)
Thomson		1,644		31,437
Insurance (0.5%) (a)
Axa		7,659		329,191
CNP Assurances		162		20,698
Scor SA		391		10,613
				360,502
IT Services (0.1%) (a)
Atos Origin SA*		449		28,059
Capgemini SA		786		57,457
				85,516
Machinery (0.1%) (a)
Vallourec SA		267		85,358
Media (0.5%)
Lagardere SA (a)		725		62,872
M6-Metropole Television (a)		120		3,900
PagesJaunes Groupe SA (a)		320		6,735
Publicis Groupe		910		40,209
Societe Television Francaise 1 (a)		851		29,411
Vivendi Universal SA (a)		5,676		244,142
				387,269
Multi-Utilities (0.6%)
Suez SA (a)		4,905		280,381
Veolia Environnement		1,816		142,595
				422,976
Multiline Retail (0.1%) (a)
PPR SA		366		63,836
Office Electronics (0.0%) (a)
Neopost SA		108		15,801
Oil, Gas & Consumable Fuels (1.2%) (a)
Total SA		10,578		857,553
Personal Products (0.2%) (a)
L’Oreal SA		1,171		138,398
Pharmaceutical (0.5%) (a)
Sanofi-Aventis		4,962		400,823

10 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
FRANCE (continued)
Real Estate Investment Trusts (REITs) (0.1%) (a)
Gecina SA		15	$	2,507
Klepierre		74		12,529
Unibail		269		68,785
				83,821
Real Estate Management & Development (0.0%) (a)
Icade		64		4,929
Software (0.1%) (a)
Business Objects SA*		643		25,114
Dassault Systemes SA		190		11,977
				37,091
Textiles, Apparel & Luxury Goods (0.2%) (a)
Hermes Int’l		284		32,102
LVMH Moet Hennessy Louis Vuitton SA		1,230		141,514
				173,616
Transportation Infrastructure (0.0%) (a)
Aeroports De Paris		126		14,620
Societe Des Autoroutes Paris-Rhin-Rhone		133		13,514
				28,134
Wireless Telecommunication Services (0.1%) (a)
Bouygues SA		1,220		102,207
				6,811,411
GERMANY (8.0%) (a)
Air Freight & Logistics (0.2%)
Deutsche Post AG		4,254		137,691
Airline (0.1%)
Deutsche Lufthansa AG		1,423		39,686
Auto Components (0.1%)
Continental AG		737		103,566
Automobiles (0.9%)
Daimler Chrysler AG		4,586		422,112
Porsche AG		50		89,230
Volkswagen AG		827		131,505
Volkswagen AG, Preferred Shares		467		48,214
				691,061
Capital Markets (0.5%)
Deutsche Bank AG		2,550		369,015
MLP AG		88		1,691
				370,706
Chemicals (0.9%)
BASF AG		2,421		316,675
Bayer AG		3,488		262,710
Linde AG		685		82,406
				661,791
Commercial Banks (0.3%)
Commerzbank AG		3,213		153,230
Deutsche Postbank AG		521		45,676
				198,906
Construction & Engineering (0.1%)
Bilfinger Berger AG		107		9,484
Hochtief AG		283		30,814
				40,298
Diversified Financial Services (0.2%)
Deutsche Boerse AG		1,123		126,077
Diversified Telecommunication Services (0.3%)
Deutsche Telekom AG		13,635		251,096
Electric Utility (0.7%)
E. On AG		3,085		515,024
Electronic Equipment & Instruments (0.0%)
Wincor Nixdorf AG		70		6,382
Food & Staples Retailing (0.1%)
Metro AG		939		77,601
Food Products (0.0%)
Suedzucker AG		51		1,131
Health Care Providers & Services (0.1%)
Celesio AG		304		19,761
Fresenius Medical Care AG & Co.		917		42,143
				61,904
Hotels, Restaurants & Leisure (0.1%)
TUI AG*		1,382		38,054
Household Products (0.1%)
Henkel KGaA		959		50,530
Industrial Conglomerates (0.9%)
Rheinmetall AG		223		20,679
Siemens AG		4,174		597,659
				618,338
Insurance (1.0%)
Allianz AG		2,216		516,709
Muenchener Rueckversicherungs AG		1,123		205,926
				722,635

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
GERMANY (continued)
Machinery (0.1%)
Heidelberger Druckmaschinen		449	$	21,657
MAN AG		552		78,795
				100,452
Media (0.0%)
Premiere AG*		583		13,946
ProsiebenSAT.1 Media AG		265		10,405
				24,351
Metals & Mining (0.2%)
Salzgitter AG		246		47,141
Thyssenkrupp AG		1,739		102,908
				150,049
Multi-Utilities (0.4%)
RWE AG		2,288		242,685
RWE AG, Non-Voting Preferred Shares		116		11,514
				254,199
Multiline Retail (0.0%)
KarstadtQuelle AG*		320		10,778
Oil, Gas & Consumable Fuels (0.0%)
Solarworld AG		432		19,882
Personal Products (0.0%)
Beiersdorf AG		334		23,771
Pharmaceuticals (0.1%)
Altana AG		654		15,804
Merck KGAA		380		51,986
				67,790
Real Estate Management & Development (0.0%)
IVG Immobilien AG		441		17,311
Semiconductors & Semiconductor Equipment (0.1%)
Infineon Technologies AG*		4,207		69,529
Software (0.3%)
SAP AG		4,408		225,344
Specialty Retail (0.0%)
Douglas Holding AG		28		1,826
Textiles, Apparel & Luxury Goods (0.1%)
Adidas AG		1,190		75,880
Puma AG Rudolf Dassler Sport		63		28,081
				103,961
Thrifts & Mortgage Finance (0.1%)
Hypo Real Estate Holding AG		819		52,927
				5,834,647
GREECE (0.7%)
Beverages (0.0%)
Coca Cola Hellenic Bottling Co. SA		365		16,795
Commercial Banks (0.4%) (a)
Alpha Bank AE		2,272		71,220
EFG Eurobank Ergasias SA		1,170		38,113
National Bank of Greece SA		2,235		127,246
Piraeus Bank SA		1,496		54,509
				291,088
Construction & Engineering (0.0%) (a)
Hellenic Technodomiki Tev SA		560		7,323
Construction Materials (0.0%) (a)
Titan Cement Co.		165		9,511
Diversified Financial Services (0.0%) (a)
Hellenic Exchanges Holding SA		478		12,473
Diversified Telecommunication Services (0.1%)
Hellenic Telecommunications Organization SA		1,751		54,265
Electric Utility (0.1%) (a)
Public Power Corp.		666		18,768
Hotels, Restaurants & Leisure (0.1%) (a)
OPAP SA		910		32,150
Metals & Mining (0.0%) (a)
Viohal Co.		106		1,641
Oil, Gas & Consumable Fuels (0.0%) (a)
Hellenic Petroleum SA		122		1,962
Motor Oil Hellas Corinth Refineries SA		187		4,899
				6,861
Textiles, Apparel & Luxury Goods (0.0%) (a)
Folli-Follie SA		58		2,347
Wireless Telecommunication Services (0.0%) (a)
Cosmote Mobile Telecommunications SA		489		15,084
				468,306
HONG KONG (1.6%)
Airline (0.0%) (a)
Cathay Pacific Airways Ltd.		4,000		9,948
Commercial Banks (0.2%) (a)
Bank of East Asia Ltd.		9,000		50,616
BOC Hong Kong Holdings Ltd.		23,000		54,762
Hang Seng Bank Ltd.		3,400		46,009

12 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
HONG KONG (continued)
Commercial Banks (continued)
Hkd Wing Hang Bank Ltd.		500	$	5,521
				156,908
Communications Equipment (0.0%) (a)
Tencent Holdings Ltd.		3,725		14,975
Distributor (0.1%) (a)
Li & Fung Ltd.		14,800		53,274
Diversified Financial Services (0.1%) (a)
Hong Kong Exchanges & Clearing Ltd.		6,000		84,705
Diversified Telecommunication Services (0.0%) (a)
PCCW Ltd.		28,000		17,238
Electric Utilities (0.1%) (a)
Cheung Kong Infrastructure Holdings Ltd.		1,000		3,690
CLP Holdings Ltd.		8,000		53,704
Hong Kong Electric Holdings		5,500		27,745
				85,139
Electrical Equipment (0.0%) (a)
Johnson Electric Holdings Ltd.		8,000		4,443
Electronic Equipment & Instruments (0.0%) (a)
Kingboard Chemical Holdings Ltd.		1,500		6,904
Food Products (0.0%) (a)
Tingyi (Cayman Islands) Holdings Co.		4,000		4,654
Gas Utility (0.1%) (a)
Hong Kong & China Gas		20,800		43,832
Hotels, Restaurants & Leisure (0.0%)
ShanGri-La Asia Ltd.		4,000		9,669
Household Durables (0.0%) (a)
Techtronic Industries Co.		8,500		11,350
Industrial Conglomerates (0.2%) (a)
Hutchison Whampoa Ltd.		12,000		119,129
MelCo International Development		8,000		11,895
				131,024
Marine (0.0%) (a)
Orient Overseas International Ltd.		1,000		9,777
Real Estate Investment Trust (REIT) (0.1%) (a)
Link REIT (The)		10,500		23,242
Real Estate Management & Development (0.6%) (a)
Cheung Kong Holdings Ltd.		8,000		104,833
Hang Lung Properties Ltd.		13,000		44,890
Henderson Land Development Co.		5,000		34,086
Hopewell Holdings Ltd.		1,000		4,081
Hysan Development Co. Ltd.		1,000		2,663
Kerry Properties Ltd.		1,500		9,421
New World Development Co. Ltd.		10,000		25,027
Shui on Land Ltd.		15,000		13,459
Shun Tak Holdings Ltd.		2,000		2,944
Sino Land Co.		8,000		16,656
Sun Hung Kai Properties Ltd.		8,000		96,265
Swire Pacific Ltd.		4,000		44,524
Wharf Holdings Ltd.		4,000		15,976
				414,825
Road & Rail (0.0%) (a)
MTR Corp.		6,500		15,401
Specialty Retail (0.1%)
Belle International Holdings Ltd.*		17,000		18,763
Esprit Holdings Ltd.(a)		4,500		57,177
Giordano International Ltd.(a)		26,000		12,820
				88,760
Textiles, Apparel & Luxury Goods (0.0%) (a)
Yue Yuen Industrial Holdings		1,500		4,650
				1,190,718
IRELAND (0.8%)
Airline (0.0%) (a)
Ryanair Holdings PLC*		1,986		13,248
Beverages (0.1%) (a)
C&C Group PLC		2,125		28,603
Building Products (0.0%) (a)
Kingspan Group PLC		419		11,751
Commercial Banks (0.3%)
Allied Irish Banking PLC (a)		4,650		127,010
Bank of Ireland		4,663		93,935
Depfa Bank PLC (a)		1,407		24,780
				245,725
Construction Materials (0.2%) (a)
CRH PLC		2,969		146,710
Food Products (0.0%) (a)
GreenCore Group PLC		1,424		10,777
Iaws Group PLC		265		5,556
Kerry Group PLC		395		11,054
				27,387

 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
IRELAND (continued)
Gaming (0.0%) (a)
Paddy Power PLC		13	$	405
Industrial Conglomerate (0.0%) (a)
DCC PLC		144		4,858
Insurance (0.1%) (a)
Irish Life & Permanent PLC		1,415		35,718
Media (0.0%) (a)
Independent News & Media PLC		3,172		16,076
Pharmaceutical (0.1%) (a)
Elan Corp. PLC*		2,131		46,380
Trading Companies & Distributors (0.0%) (a)
Grafton Group PLC*		1,479		21,104
				597,965
ITALY (3.7%)
Aerospace & Defense (0.1%) (a)
Finmeccanica SpA		1,805		55,450
Automobiles (0.2%) (a)
Fiat SpA		3,704		110,008
Capital Markets (0.1%) (a)
Mediobanca SpA		2,523		57,303
Commercial Banks (1.3%) (a)
Banca Monte dei Paschi di Siena SpA		6,959		47,060
Banca Popolare di Milano Scarl		2,734		41,694
Banche Popolari Unite Scpa		3,435		87,300
Banco Popolare di Verona e Novara Scrl		3,408		97,978
Capitalia SpA		8,080		80,145
Intesa Sanpaolo SpA		36,949		275,452
Intesa Sanpaolo SpA RNC		3,588		25,127
UniCredito Italiano SpA		37,470		334,631
				989,387
Construction Materials (0.0%) (a)
Italcementi SpA		87		2,686
Diversified Telecommunication Services (0.3%) (a)
Telecom Italia SpA		56,244		153,968
Telecom Italia SpA RNC		27,165		60,198
				214,166
Electric Utilities (0.4%) (a)
Enel SpA		22,162		238,194
Terna SpA		8,614		29,704
				267,898
Food Products (0.1%)
Parmalat SpA		9,678		40,901
Gas Utility (0.1%) (a)
Snam Rete Gas SpA		5,995		35,445
Hotels, Restaurants & Leisure (0.0%) (a)
Autogrill SpA		224		4,739
Lottomatica SpA		558		22,136
				26,875
Industrial Conglomerate (0.0%) (a)
Pirelli & C SpA*		18,383		21,862
Insurance (0.4%) (a)
Alleanza Assicurazioni SpA		2,828		36,963
Assicurazioni Generali SpA		5,087		203,940
Fondiaria-Sai SpA		477		23,059
Mediolanum SpA		1,681		13,991
Unipol SpA		2,061		7,062
				285,015
Media (0.1%) (a)
Mediaset SpA		4,771		49,279
Seat Pagine Gialle SpA		26,221		15,715
				64,994
Oil, Gas & Consumable Fuels (0.6%) (a)
Eni SpA		12,742		461,942
Textiles, Apparel & Luxury Goods (0.0%) (a)
Bulgari SpA		846		13,567
Luxottica Group SpA		467		18,140
				31,707
Transportation Infrastructure (0.0%) (a)
Autostrade SpA		1,067		35,432
				2,701,071
JAPAN (20.3%)
Air Freight & Logistics (0.1%) (a)
Yamato Holdings Co. Ltd.		3,000		42,414
Airlines (0.0%) (a)
All Nippon Airways Co. Ltd.		3,000		11,415
Japan Airlines Corp.*		5,000		9,406
				20,821
Auto Components (0.4%) (a)
Aisin Seiki Co. Ltd.		1,100		40,364
Bridgestone Corp.		3,000		64,319
Denso Corp.		2,700		105,612
NGK Spark Plug Co. Ltd.		1,000		17,372

14 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Auto Components (continued)
NHK Spring Co. Ltd.		2,000	$	19,252
NOK Corp.		700		14,776
Stanley Electric Co. Ltd.		400		8,683
Sumitomo Rubber Industries, Inc.		1,100		13,131
Toyoda Gosei Co. Ltd.		100		2,820
Toyota Boshoku Corp.		100		2,528
Toyota Industries Corp.		700		32,528
				321,385
Automobiles (1.8%) (a)
Honda Motor Co. Ltd.		7,700		279,638
Nissan Motor Co. Ltd.		12,200		130,628
Toyota Motor Corp.		13,600		857,808
Yamaha Motor Co. Ltd.		1,300		37,724
				1,305,798
Beverages (0.2%) (a)
Asahi Breweries Ltd.		1,900		29,469
Ito En Ltd.		300		9,858
Kirin Brewery Co. Ltd.		4,000		59,841
Takara Shuzo Co. Ltd.		2,000		13,339
				112,507
Building Products (0.2%) (a)
Asahi Glass Co. Ltd.		4,000		53,940
Central Glass Co. Ltd.		1,000		5,589
Daikin Industries Ltd.		1,400		50,998
JS Group Corp.		900		18,249
Nippon Sheet Glass Co. Ltd.		5,000		22,828
Sanwa Shutter Corp.		1,000		5,801
TOTO Ltd.		1,000		8,658
				166,063
Capital Markets (0.5%) (a)
Daiwa Securities Group, Inc.		8,000		85,063
Jafco Co. Ltd.		100		4,598
Matsui Securities Co. Ltd.		500		4,460
Mitsubishi UFJ Securities Co.		1,000		11,206
Nikko Cordial Corp.		1,500		19,566
Nomura Holdings, Inc.		9,000		174,832
SBI E*trade Securities Co. Ltd.		10		10,608
SBI Holdings, Inc.		64		20,305
Shinko Securities Co. Ltd.		1,000		5,165
				335,803
Chemicals (0.9%) (a)
Asahi Kasei Corp.		5,000		32,854
Dainippon Ink & Chemical, Inc.		3,000		11,577
Denki Kagaku Kogyo KK		1,000		4,501
Hitachi Chemical Co. Ltd.		200		4,523
JSR Corp.		1,100		26,546
Kaneka Corp.		1,000		8,376
Kuraray Co. Ltd.		1,500		17,585
Mitsubishi Chemical Holdings Corp.		5,000		45,905
Mitsubishi Gas Chemical Co., Inc.		1,000		9,130
Mitsubishi Rayon Co. Ltd.		4,000		28,495
Mitsui Chemicals, Inc.		3,000		22,788
Nippon Kayaku Co. Ltd.		1,000		7,921
Nippon Shokubai Co. Ltd.		1,000		8,884
Nissan Chemical Industries Ltd.		1,000		11,768
Nitto Denko Corp.		1,000		50,410
Shin-Etsu Chemical Co. Ltd.		2,100		149,953
Showa Denko KK		7,000		25,318
Sumitomo Chemical Co. Ltd.		7,000		46,979
Teijin Ltd.		6,000		32,821
Tokuyama Corp.		2,000		26,002
Toray Industries, Inc.		8,000		59,122
Tosoh Corp.		3,000		16,643
UBE Industries Ltd.		4,000		12,315
Zeon Corp.		1,000		10,632
				671,048
Commercial Banks (2.0%)
77 Bank Ltd. (The) (a)		1,000		6,491
Bank of Kyoto Ltd. (a)		1,000		11,981
Bank of Yokohama Ltd. (The) (a)		7,000		49,032
Chiba Bank Ltd. (The) (a)		3,000		26,595
Fukuoka Fin. Group, Inc.*		4,000		26,448
Gunma Bank Ltd. (The) (a)		1,000		6,723
Hachijuni Bank Ltd. (The) (a)		1,000		7,044
Hiroshima Bank Ltd. (a)		1,000		5,538
Hokuhoku Financial Group, Inc. (a)		4,000		12,932
Joyo Bank Ltd. (The) (a)		2,000		12,429
Mitsubishi UFJ Financial Group, Inc. (a)		40		440,881
Mitsui Trust Holdings, Inc. (a)		3,000		26,105
Mizuho Financial Group, Inc. (a)		47		324,741
Nishi-Nippon City Bank Ltd. (The) (a)		2,000		7,319
Resona Holdings, Inc. (a)		26		62,117
Sapporo Hokuyo Holdings, Inc. (a)		1		11,024
Shinsei Bank Ltd. (a)		9,000		36,378
Shizuoka Bank Ltd. (The) (a)		2,000		20,296
Sumitomo Mitsui Financial Group, Inc. (a)		33		307,677
Sumitomo Trust & Banking Co. Ltd. (The) (a)		7,000		66,680

 15

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Commercial Banks (continued)
Suruga Bank Ltd.(a)		1,000	$	12,604
				1,481,035
Commercial Services & Supplies (0.3%) (a)
Dai Nippon Printing Co. Ltd.		4,000		59,700
Goodwill Group, Inc.(The)		19		6,543
Meitec Corp.		300		8,595
Park24 Co. Ltd.		600		6,024
Secom Co. Ltd.		1,500		70,774
Toppan Printing Co. Ltd.		4,000		42,988
				194,624
Computers & Peripherals (0.4%) (a)
Fujitsu Ltd.		10,000		73,671
Mitsumi Electric Co. Ltd.		600		21,504
NEC Corp.		9,000		46,339
Toshiba Corp.		17,000		148,135
				289,649
Construction & Engineering (0.2%) (a)
Chiyoda Corp.		1,000		19,057
JGC Corp.		1,000		18,741
Kajima Corp.		6,000		25,080
Nishimatsu Construction Co. Ltd.		2,000		7,063
Obayashi Corp.		4,000		21,793
Shimizu Corp.		2,000		11,589
Taisei Corp.		7,000		23,665
				126,988
Construction Materials (0.0%) (a)
Sumitomo Osaka Cement Co. Ltd.		4,000		10,597
Taiheiyo Cement Corp.		5,000		22,119
				32,716
Consumer Finance (0.3%) (a)
Acom Co. Ltd.		180		6,458
Aeon Credit Service Co. Ltd.		500		7,935
Aiful Corp.		550		15,794
Credit Saison Co. Ltd.		1,200		31,237
ORIX Corp.		430		113,356
Promise Co. Ltd.		300		9,257
Takefuji Corp.		720		24,215
				208,252
Containers & Packaging (0.0%) (a)
Toyo Seikan Kaisha Ltd.		400		7,733
Diversified Consumer Services (0.0%) (a)
Benesse Corp.		200		5,795
Diversified Financial Services (0.0%) (a)
Mitsubishi Ufj Lease & Finance Co. Ltd.*		100		4,492
Diversified Telecommunication Services (0.2%) (a)
Nippon TeleGraph & Telephone Corp.		28		123,924
Electric Utilities (0.7%) (a)
Chubu Electric Power Co., Inc.		3,700		98,184
Hokkaido Electric Power Co., Inc.		600		13,027
Kansai Electric Power Co., Inc.		4,300		101,707
Kyushu Electric Power Co., Inc.		1,600		41,940
Tohoku Electric Power Co., Inc.		1,800		40,382
Tokyo Electric Power Co., Inc.		6,400		205,893
				501,133
Electrical Equipment (0.2%) (a)
Fuji Electric Holdings Co. Ltd.		2,000		10,146
Fujikura Ltd.		1,000		7,428
Furukawa Electric Co. Ltd.		3,000		16,570
Matsushita Electric Works Ltd.		1,000		12,787
Mitsubishi Electric Corp.		9,000		83,382
Sumitomo Electric Industries Ltd.		3,000		44,672
Ushio, Inc.		200		4,437
				179,422
Electronic Equipment & Instruments (1.0%) (a)
Alps Electric Co. Ltd.		1,300		12,990
Citizen Watch Co. Ltd.		1,500		13,529
Dainippon Screen Manufacturing Co. Ltd.		1,000		7,548
Hirose Electric Co. Ltd.		100		13,152
Hitachi Ltd.		16,000		113,238
Hoya Corp.		2,400		79,625
Ibiden Co. Ltd.		700		45,172
Keyence Corp.		200		43,698
Kyocera Corp.		900		95,625
Mabuchi Motor Co. Ltd.		100		6,125
Murata Manufacturing Co. Ltd.		1,000		75,250
Nidec Corp.		400		23,470
Nippon Electric Glass Co. Ltd.		2,500		44,082
Oki Electric Industry Co. Ltd.		5,000		9,281
Omron Corp.		800		21,002
Taiyo Yuden Co. Ltd.		1,000		23,134
TDK Corp.		700		67,756
Yaskawa Electric Corp.		1,000		11,368
Yokogawa Electric Corp.		1,600		21,451
				727,496
Food & Staples Retailing (0.3%) (a)
AEON Mall Co. Ltd.		3,000		55,692

16 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Food & Staples Retailing (continued)
FamilyMart Co. Ltd.		300	$	7,907
Lawson, Inc.		300		10,378
Seven & I Holdings Co. Ltd.		3,900		111,497
UNY Co. Ltd.		2,000		23,710
				209,184
Food Products (0.2%) (a)
Ajinomoto Co., Inc.		4,000		46,078
Kikkoman Corp.		1,000		14,856
Meiji Dairies Corp.		3,000		19,113
Meiji Seika Kaisha Ltd.		1,000		4,575
Nichirei Corp.		2,000		10,292
Nippon Meat Packers, Inc.		1,000		12,097
Nisshin Seifun Group, Inc.		1,000		9,893
Nissin Food Products Co. Ltd.		200		6,705
Toyo Suisan Kaisha Ltd.		1,000		18,039
Yakult Honsha Co. Ltd.		300		7,587
				149,235
Gas Utilities (0.1%) (a)
Osaka Gas Co. Ltd.		8,000		29,730
Tokyo Gas Co. Ltd.		13,000		61,651
				91,381
Health Care Equipment & Supplies (0.1%) (a)
Olympus Corp.		1,000		39,019
Terumo Corp.		900		34,778
				73,797
Health Care Providers & Services (0.0%) (a)
Mediceo Paltac Holdings Co. Ltd.		500		7,658
Suzuken Co. Ltd.		200		6,248
				13,906
Hotels, Restaurants & Leisure (0.0%) (a)
Oriental Land Co. Ltd.		100		5,223
Round One Corp.		4		7,263
				12,486
Household Durables (1.0%) (a)
Casio Computer Co. Ltd.		1,500		23,391
Daito Trust Construction Co. Ltd.		600		28,574
Daiwa House Industry Co. Ltd.		2,000		28,589
Haseko Corp.*		3,000		8,873
Makita Corp.		800		35,644
Matsushita Electric Industrial Co. Ltd.		10,000		198,196
Pioneer Corp.		1,300		17,683
Sanyo Electric Co. Ltd.*		10,000		16,376
Sekisui Chemical Co. Ltd.		1,000		7,729
Sekisui House Ltd.		3,000		39,993
Sharp Corp.		5,000		94,799
Sony Corp.		5,200		266,958
				766,805
Household Products (0.1%) (a)
Kao Corp.		2,000		51,789
Uni-Charm Corp.		200		11,340
				63,129
Independent Power Producers & Energy Traders (0.0%) (a)
Electric Power Development Co.		800		31,794
Industrial Conglomerate— 0.0%(a) Hankyu Hanshin Holdings, Inc.		5,000		26,406
Insurance— 0.5%(a) Millea Holdings, Inc.		4,100		168,581
Mitsui Sumitomo Insurance Co. Ltd.		6,000		76,988
Sompo Japan Insurance, Inc.		4,000		48,929
T&D Holdings, Inc.		1,100		74,296
				368,794
Internet & Catalog Retail (0.0%) (a)
Rakuten, Inc.		49		16,475
Internet Software & Services (0.1%) (a)
Access Company Ltd.*		3		9,049
eAccess Ltd.		13		7,758
Yahoo! Japan Corp.		59		20,005
				36,812
IT Services (0.1%) (a)
CSK Corp.		500		17,610
Itochu Techno-Science Corp.		100		3,922
Nomura Research Institute Ltd.		500		14,709
NTT Data Corp.		5		23,726
Obic Co. Ltd.		10		1,975
TIS, Inc.		300		6,891
				68,833
Leisure Equipment & Products (0.3%) (a)
Fuji Photo Film Co. Ltd.		2,700		120,693
Namco Bandai Holdings, Inc.		800		12,639
Nikon Corp.		2,000		55,705
Sankyo Co. Ltd.		200		8,423
Sega Sammy Holdings, Inc.		1,200		19,420
Shimano, Inc.		100		3,430
Yamaha Corp.		500		10,392
				230,702
Machinery (1.1%) (a)
Amada Co. Ltd.		1,000		12,508
Daifuku Co. Ltd.		500		6,893

 17

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Machinery (continued)
Ebara Corp.		4,000	$	18,351
Fanuc Ltd.		900		92,903
Hino Motors Ltd.		1,000		5,979
Hitachi Construction Machinery Co. Ltd.		700		24,325
Ishikawajima-Harima Heavy Industries Co. Ltd.		9,000		32,828
Japan Steel Works Ltd.(The)		2,000		30,436
JTEKT Corp.		500		9,031
Kawasaki Heavy Industries Ltd.		9,000		36,721
Komatsu Ltd.		5,000		144,933
Komori Corp.		1,000		23,441
Kubota Corp.		5,000		40,422
Kurita Water Industries Ltd.		800		25,120
Minebea Co. Ltd.		2,000		11,306
Mitsubishi Heavy Industries Ltd.		18,000		115,296
Mitsui Engineering & Shipbuilding Co. Ltd.		5,000		26,664
NGK Insulators Ltd.		2,000		49,124
NSK Ltd.		2,000		20,679
NTN Corp.		2,000		17,246
Okuma Corp.		1,000		15,800
OSG Corp.		100		1,378
SMC Corp.		200		26,588
Sumitomo Heavy Industries Ltd.		2,000		22,614
THK Co. Ltd.		300		7,514
				818,100
Marine (0.3%) (a)
Kawasaki Kisen Kaisha Ltd.		3,000		36,592
Mitsui OSK Lines Ltd.		6,000		81,363
Nippon Yusen KK		7,000		64,208
				182,163
Media (0.0%) (a)
Dentsu, Inc.		7		19,847
Fuji Television Network, Inc.		1		2,013
Toho Co. Ltd.		400		7,244
Tokyo Broadcasting System, Inc.		100		3,060
				32,164
Metals & Mining (1.0%) (a)
Daido Steel Co. Ltd.		3,000		20,424
Dowa Holdings Co. Ltd.		2,000		21,310
JFE Holdings, Inc.		2,700		167,842
Kobe Steel Ltd.		15,000		56,898
Mitsubishi Materials Corp.		7,000		38,168
Mitsui Metals & Mining & Mining & Smelting Co. Ltd.		2,000		9,333
Nippon Light Metal Co. Ltd.		1,000		2,610
Nippon Steel Corp.		28,000		196,990
Nisshin Steel Co. Ltd.		3,000		13,692
Sumitomo Metal Industries Ltd.		21,000		123,477
Sumitomo Metal Metals & Mining & Mining Co. Ltd.		3,000		65,044
Sumitomo Titanium Corp.		100		9,338
Toho Titanium Co. Ltd.		141		5,716
Tokyo Steel Manufacturing Co. Ltd.		800		12,530
				743,372
Multiline Retail (0.2%) (a)
Daimaru, Inc.		1,000		11,945
Hankyu Department Stores, Inc.		1,000		10,648
Isetan Co. Ltd.		1,400		23,004
Marui Co. Ltd.		2,100		26,536
Mitsukoshi Ltd.		4,000		20,021
Ryohin Keikaku Co. Ltd.		200		12,381
Takashimaya Co. Ltd.		1,000		12,636
				117,171
Office Electronics (0.6%) (a)
Canon, Inc.		5,200		304,981
Konica Minolta Holdings, Inc.		3,000		44,221
Ricoh Co. Ltd.		3,000		69,418
Seiko Epson Corp.		500		14,475
				433,095
Oil, Gas & Consumable Fuels (0.3%) (a)
Idemitsu Kosan Co Ltd		200		22,384
Inpex Holdings, Inc.		3		28,037
Japan Petroleum Exploration Co. Ltd.		200		14,123
Nippon Metals & Mining Holdings, Inc.		4,000		38,272
Nippon Oil Corp.		7,000		65,022
Showa Shell Sekiyu KK		1,200		14,882
TonenGeneral Sekiyu KK		1,000		9,755
				192,475
Paper & Forest Products (0.0%) (a)
Nippon Paper Group, Inc.		4		13,321
OJI Paper Co. Ltd.		3,000		14,586
				27,907

18 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Personal Products (0.0%) (a)
Aderans Co. Ltd.		400	$	8,424
KOSE Corp.		100		2,831
Shiseido Co. Ltd.		1,000		21,349
				32,604
Pharmaceuticals (0.9%) (a)
Astellas Pharma, Inc.		2,900		126,158
Chugai Pharmaceutical Ltd.		1,700		30,551
Daiichi Sankyo Co. Ltd.		3,900		103,490
Eisai Co. Ltd.		1,500		65,509
Kyowa Hakko Kogyo Co. Ltd.		3,000		28,314
Santen Pharmaceutical Co. Ltd.		100		2,435
Shionogi & Co. Ltd.		2,000		32,604
Takeda Pharmaceutical Co. Ltd.		4,400		284,281
				673,342
Real Estate Investment Trusts (REITs) (0.2%) (a)
Japan Prime Realty Investment Corp.		2		7,802
Japan Real Estate Investment Corp.		3		35,261
Japan Retail Fund Investment Corp.		3		26,005
Nippon Building Fund, Inc.		3		41,621
				110,689
Real Estate Management & Development (0.6%) (a)
Aeon Mall Co. Ltd.		100		3,075
K.K. DaVinci Advisors*		8		6,985
Leopalace21 Corp.		500		17,088
Mitsubishi Estate Co. Ltd.		6,000		162,804
Mitsui Fudosan Co. Ltd.		5,000		140,159
NTT Urban Development Corp		2		3,873
Sumitomo Realty & Development Co. Ltd.		2,000		65,141
Tokyo Tatemono Co. Ltd.		1,000		12,451
Tokyu Land Corp.		2,000		21,269
				432,845
Road & Rail (0.6%) (a)
Central Japan Railway Co.		9		94,966
East Japan Railway Co.		18		138,711
Keihin Electric Express Railway Co. Ltd.		1,000		6,603
Keio Corp.		2,000		13,318
Kintetsu Corp.		5,000		15,062
Nippon Express Co. Ltd.		2,000		11,370
Odakyu Electric Railway Co. Ltd.		4,000		24,669
Tobu Railway Co. Ltd.		4,000		18,084
Tokyu Corp.		7,000		46,790
West Japan Railway Co.		11		51,225
				420,798
Semiconductors & Semiconductor Equipment (0.3%) (a)
Advantest Corp.		800		34,836
Elpida Memory, Inc.*		600		26,351
NEC Electrical Components & Equipment Corp.*		100		2,627
Rohm Co. Ltd.		400		35,502
Sanken Electric Co. Ltd.		1,000		9,675
Shinko Electric Industries		500		10,762
Sumco Corp.		400		20,045
Tokyo Electron Ltd.		1,000		73,578
Tokyo Seimitsu Co. Ltd.		300		11,595
				224,971
Software (0.3%) (a)
FUJI SOFT, Inc.		300		7,057
Konami Corp.		400		9,188
Nintendo Co. Ltd.		500		182,444
Oracle Corp.		100		4,414
Trend Micro, Inc.		500		16,145
				219,248
Specialty Retail (0.1%) (a)
Aoyama Trading Co. Ltd.		100		3,076
EDION Corp.		100		1,299
Fast Retailing Co. Ltd.		200		14,237
Hikari Tsushin, Inc.		100		4,201
Nitori Co. Ltd.		150		7,489
Shimachu Co. Ltd.		400		10,757
Shimamura Co. Ltd.		100		10,685
USS Co. Ltd.		130		8,278
Yamada Denki Co. Ltd.		300		31,335
				91,357
Textiles, Apparel & Luxury Goods (0.1%) (a)
Asics Corp.		1,000		12,357
Nisshinbo Industries, Inc.		1,000		13,969
Onward Kashiyama Co. Ltd.		1,000		12,766
Toyobo Co. Ltd.		6,000		17,172
				56,264
Tobacco (0.2%) (a)
Japan Tobacco, Inc.		24		118,316
Trading Companies & Distributors (0.9%) (a)
Hitachi High-Technologies Corp.		100		2,595
Itochu Corp.		8,000		92,646
Marubenii Corp.		9,000		74,044
Mitsubishi Corp.		7,200		188,678
Mitsui & Co. Ltd.		7,000		139,716
Sojitz Corp.		6,100		27,268
Sumitomo Corp.		6,000		109,402

 19

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
JAPAN (continued)
Trading Companies & Distributors (continued)
Toyota Tsusho Corp.		1,000	$	23,133
				657,482
Transportation Infrastructure (0.0%) (a)
Mitsubishi Logistics Corp.		1,000		16,463
Wireless Telecommunication Services (0.4%) (a)
KDDI Corp.		13		96,316
NTT DoCoMo, Inc.		76		120,216
Softbank Corp.		3,500		75,433
				291,965
				14,911,628
JERSEY (0.1%) (a)
Commercial Services & Supplies 0.1%
Experian Group Ltd.		5,717		71,939
LUXEMBOURG (0.0%) (a)
Energy Equipment & Services (0.0%)
Acergy SA		700		15,766
NETHERLANDS (4.0%) (a)
Aerospace & Defense (0.1%)
European Aeronautic Defense and Space Co. NV		1,879		60,974
Air Freight & Logistics (0.2%)
TNT NV		2,444		110,339
Beverages (0.1%)
Heineken NV		1,113		65,239
Chemicals (0.2%)
Akzo Nobel NV		1,292		111,513
Koninklijke DSM NV		931		45,847
				157,360
Commercial Bank (0.6%)
ABN AMRO Holding NV		8,823		404,511
Commercial Services & Supplies (0.1%)
Buhrmann NV		1,042		15,977
Randstad Holdings NV		177		14,008
Vedior NV		1,080		32,271
				62,256
Diversified Financial Services (0.5%)
ING Groep NV		9,086		399,866
Diversified Telecommunication Services (0.2%)
Koninklijke KPN NV		10,437		173,139
Energy Equipment & Services (0.1%)
FuGro NV		170		10,769
SBM Offshore NV		931		35,504
				46,273
Food & Staples Retailing (0.1%)
Koninklijke Ahold NV*		7,918		99,304
Food Products (0.4%)
Royal NumiCo NV		999		51,908
Unilever NV		8,238		255,629
				307,537
Household Durables (0.3%)
Koninklijke Philips Electronics NV		5,683		240,802
Insurance (0.2%)
Aegon NV		7,265		142,974
Life Sciences Tools & Services (0.0%)
Qiagen NV*		447		7,976
Media (0.2%)
Reed Elsevier NV		4,111		78,124
Wolters Kluwer NV		1,725		52,598
				130,722
Metals & Mining (0.4%)
Mittal Steel Co. NV		4,143		258,919
Mittal Steel Co. NV		400		24,978
				283,897
Office Electronics (0.0%)
OCE NV		62		1,209
Real Estate Investment Trusts (REITs) (0.1%)
Corio NV		103		8,067
RodamCo Europe NV		290		38,560
Wereldhave NV		118		16,436
				63,063
Semiconductors & Semiconductor Equipment (0.2%)
ASML Holding NV*		2,614		71,813
STMicroElectrical Components & Equipment NV		3,917		75,481
				147,294
Trading Companies & Distributors (0.0%)
Hagemeyer NV		2,624		13,520
				2,918,255
NEW ZEALAND (0.1%) (a)
Construction Materials (0.0%)
Fletcher Building Ltd.		2,203		20,977

20 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
NEW ZEALAND (continued)
Diversified Telecommunication Services (0.1%)
TeleCom Corp. of New Zealand Ltd.		12,769	$	44,777
Electric Utility (0.0%)
Contact Energy Ltd.		170		1,180
Health Care Equipment & Supplies (0.0%)
Fisher & Paykel Health Care Corp.		1,770		4,595
Hotels, Restaurants & Leisure (0.0%)
Sky City Entertainment Group Ltd.		1,197		4,687
Household Durables (0.0%)
Fisher & Paykel Appliances Holdings Ltd.		2,348		6,295
Real Estate Investment Trust (REIT) (0.0%)
Kiwi Income Property Trust		7,834		9,964
Transportation Infrastructure (0.0%)
Auckland International Airport Ltd.		920		2,324
				94,799
NORWAY (1.0%)
Chemicals (0.1%) (a)
Yara International ASA		1,200		35,999
Commercial Bank (0.1%) (a)
DNB NOR ASA		4,000		51,473
Commercial Services & Supplies (0.0%) (a)
Tomra Systems ASA		800		6,985
Communications Equipment (0.0%) (a)
Tandberg ASA		700		15,624
Diversified Telecommunication Services (0.1%) (a)
Telenor ASA		4,200		82,132
Electrical Equipment (0.1%) (a)
Renewable Energy Corp. AS*		891		34,522
Energy Equipment & Services (0.2%)
Aker Kvaerner ASA (a)		1,047		26,513
Ocean RIG ASA* (a)		1,068		7,932
Petoleum Geo-Services ASA		1,097		27,405
Prosafe ASA (a)		1,258		20,124
SeaDrill Ltd.* (a)		1,554		33,352
TGS Nopec Geophysical Co ASA* (a)		304		6,223
				121,549
Food Products (0.0%) (a)
Pan Fish ASA*		12,579		13,589
Industrial Conglomerate (0.1%) (a)
Orkla ASA		4,287		80,866
Insurance (0.0%) (a)
Storebrand ASA		1,200		18,596
Marine (0.0%) (a)
Stolt-Nielsen SA		50		1,666
Media (0.0%) (a)
Nok Schibsted ASA		50		2,286
Oil, Gas & Consumable Fuels (0.3%) (a)
DET Norske Oljeselskap*		5,942		12,429
Norsk Hydro ASA		3,406		130,695
Statoil ASA		3,550		110,189
				253,313
Paper & Forest Products (0.0%) (a)
Norske Skogindustrier ASA		800		11,518
				730,118
PORTUGAL (0.4%) (a)
Commercial Banks (0.2%)
Banco BPI SA		1,680		14,941
Banco Comercial Portugues SA		12,922		72,207
Banco Espirito Santo SA		766		17,076
				104,224
Construction Materials (0.0%)
Cimpor Cimentos de Portugal SA		689		6,507
Diversified Telecommunication Services (0.1%)
Portugal TeleCom SGPS SA		3,436		47,505
Electric Utility (0.1%)
EDP - Energias de Portugal SA		11,097		61,356
Industrial Conglomerate (0.0%)
Sonae SGPS SA		7,096		20,143
Media (0.0%)
PT Multimedia Servicos SA		44		708
Paper & Forest Products (0.0%)
Sonae Industria SGPS SA*		236		3,430
Transportation Infrastructure (0.0%)
Brisa-Auto Estradas de Portugal SA		904		12,150
				256,023

 21

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SINGAPORE (1.0%) (a)
Aerospace & Defense (0.0%)
Singapore Technologies Engineering Ltd.		4,000	$	9,423
Airline (0.0%)
Singapore Airlines Ltd.		2,000		24,584
Commercial Banks (0.4%)
DBS Group Holdings Ltd.		6,000		89,418
Oversea-Chinese Banking Corp.		12,000		71,752
United Overseas Bank Ltd.		7,000		100,652
				261,822
Diversified Financial Services (0.1%)
Singapore Exchange Ltd.		5,000		32,086
Diversified Telecommunication Services (0.1%)
Singapore Telecommunications Ltd.		37,850		84,198
Electronic Equipment & Instruments (0.0%)
Venture Corp. Ltd.		1,000		10,254
Food & Staples Retailing (0.0%)
Olam International Ltd.		5,000		10,089
Health Care Providers & Services (0.0%)
Parkway Holdings Ltd.		2,000		5,237
Industrial Conglomerates (0.1%)
Fraser & Neave Ltd.		1,745		6,222
Keppel Corp. Ltd.		6,000		49,095
Sembcorp Industries Ltd.		2,000		7,456
				62,773
Machinery (0.0%)
Sembcorp Marine Ltd.		7,000		22,454
Marine (0.0%)
CosCo Corp. Singapore Ltd.		8,000		19,543
Neptune Orient Lines Ltd.		1,000		3,467
				23,010
Media (0.0%)
Singapore Press Holdings Ltd.		7,000		21,232
Oil, Gas & Consumable Fuels (0.0%)
Singapore Petroleum Co. Ltd.		3,000		11,286
Real Estate Investment Trusts (REITs) (0.1%)
Ascendas Real Estate Investment Trust		1,000		1,924
Capitacommerical Trust		2,000		3,831
CapitaMall Trust		4,000		11,047
Suntec Real Estate Investment Trust		9,000		11,431
				28,233
Real Estate Management & Development (0.2%)
Allgreen Properties Ltd.		8,000		10,951
CapitaLand Ltd.		10,000		52,993
City Developments Ltd.		3,000		33,921
Keppel Land Ltd.		2,000		11,465
UOL Group Ltd.		4,000		15,212
Wing Tai Holdings Ltd.		4,000		10,421
				134,963
Road & Rail (0.0%)
ComfortDelGro Corp. Ltd.		5,000		7,130
Semiconductors & Semiconductor Equipment (0.0%)
Chartered SemiConductor Manufacturing Ltd.*		8,000		7,038
				755,812
SPAIN (3.8%)
Airline (0.0%) (a)
Iberia Lineas Aereas de Espana SA		3,394		16,891
Biotechnology (0.0%) (a)
Zeltia SA		1,355		12,716
Commercial Banks (1.5%) (a)
Banco Bilbao Vizcaya Argentaria SA		17,662		431,876
Banco Popular Espanol SA		4,831		89,896
Banco Santander Central Hispano SA		30,632		563,016
				1,084,788
Construction & Engineering (0.2%) (a)
Acciona SA		120		32,642
ACS, Actividades de Construccion y Servicios SA		1,223		77,748
Fomento de Construcciones y Contratas SA		304		27,348
Grupo Ferrovial SA		353		34,698
Sacyr Vallehermoso SA		318		15,254
				187,690
Diversified Telecommunication Services (0.7%) (a)
Telefonica SA		21,814		485,398
Electric Utilities (0.6%)
Endesa SA		3,324		180,880
Iberdrola SA		897		49,453
Iberdrola SA (a)		3,223		179,942
Union Fenosa SA (a)		681		36,353
				446,628
Electrical Equipment (0.1%) (a)
Gamesa Corp. Tecnologica SA		1,102		39,862

22 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SPAIN (continued)
Food Products (0.0%) (a)
Ebro Puleva SA		519	$	11,156
Gas Utility (0.1%) (a)
Gas Natural SDG SA		828		50,300
Insurance (0.0%) (a)
Corporacion Mapfre SA		1,137		5,625
IT Services (0.0%) (a)
Indra Sistemas SA		651		16,232
Machinery (0.0%) (a)
Zardoya Otis SA		344		13,476
Media (0.1%) (a)
Antena 3 Television SA		421		8,749
Gestevision Telecinco SA		810		22,914
Promotora de Informaciones SA		113		2,479
Sogecable SA*		219		9,151
				43,293
Metals & Mining (0.0%) (a)
Acerinox SA		1,149		28,024
Oil, Gas & Consumable Fuels (0.2%)
Repsol YPF SA		4,163		164,789
Specialty Retail (0.1%) (a)
Inditex SA*		980		57,676
Tobacco (0.1%) (a)
Altadis SA		1,449		95,753
Transportation Infrastructure (0.1%) (a)
Abertis Infraestructuras SA		902		27,971
Cintra Concesiones de Infraestructuras de Transporte SA		1,603		25,465
				53,436
Water Utility (0.0%) (a)
Sociedad General de Aguas de Barcelona SA		68		2,493
				2,816,226
SWEDEN (2.5%) (a)
Airline (0.0%)
Sek Sas AB*		200		4,601
Building Products (0.1%)
AB SKF, B Shares		2,455		51,383
Assa Abloy AB		1,600		35,219
				86,602
Capital Markets (0.0%)
D. Carnegie & Co. AB		700		12,206
Commercial Banks (0.4%)
Nordea Bank AB		10,000		156,239
Skandinaviska Enskilda Banken AB		2,600		83,738
Svenska Handelsbanked AB, A Shares		2,800		78,323
				318,300
Commercial Services & Supplies (0.1%)
Securitas AB		2,200		34,834
Securitas Systems AB		1,200		4,077
				38,911
Communications Equipment (0.4%)
Telefonakitiebolaget LM Ericsson, B Shares		73,000		291,283
Construction & Engineering (0.1%)
Skanska AB		1,800		38,557
Diversified Consumer Services (0.0%)
Securitas Direct AB*		1,200		3,238
Diversified Financial Services (0.0%)
OMX AB		600		17,875
Diversified Telecommunication Services (0.2%)
Tele2 AB		2,000		32,634
TeliaSonera AB		12,000		88,062
				120,696
Health Care Equipment & Supplies (0.0%)
Elekta AB		200		3,462
Getinge AB		400		8,620
				12,082
Household Durables (0.0%)
Husqvarna AB		1,100		15,576
Household Products (0.1%)
Electroloux AB, B Shares		1,635		38,724
Machinery (0.6%)
Alfa Laval AB		400		24,108
Atlas Copco Ab B		1,600		25,037
Atlas Copco AB, B Shares		3,873		64,531
Sandvik AB		5,185		104,530
Scania AB, B Shares		1,863		45,454
Trelleborg AB, Class B		200		5,505
Volvo AB		2,022		41,427
Volvo AB, Class B		5,520		109,787
				420,379

 23

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SWEDEN (continued)
Media (0.0%)
Eniro AB		1,200	$	15,224
Modern Times Group AB		169		10,896
				26,120
Metals & Mining (0.1%)
Boliden AB		1,735		35,981
Ssab Svenskt Stal AB		1,018		41,614
Ssab Svenskt Stal AB, Series B		82		3,108
				80,703
Oil, Gas & Consumable Fuels (0.0%)
Lundin Petroleum AB*		800		7,972
Paper & Forest Products (0.1%)
Holmen AB		100		4,226
Svenska Cellusoa AB, B Shares		3,342		55,906
				60,132
Personal Products (0.0%)
Oriflame Cosmetics SA		100		4,696
Real Estate Management & Development (0.0%)
Castellum AB		191		2,297
Fabege AB		1,000		10,960
Kungsleden AB		190		2,365
Wihlborgs Fastigheter AB		317		5,593
				21,215
Specialty Retail (0.2%)
Hennes & Mauritz AB		2,500		147,863
Nobia AB		195		2,429
				150,292
Tobacco (0.1%)
Swedish Match AB		1,800		34,733
				1,804,893
SWITZERLAND (6.4%) (a)
Auto Components (0.0%)
Rieter Holding AG		6		3,137
Building Products (0.0%)
Geberit AG		151		25,735
Capital Markets (1.4%)
Credit Suisse Group		5,503		390,760
UBS AG		10,428		623,792
				1,014,552
Chemicals (0.3%)
Ciba Specialty Chemicals AG		340		22,097
Clariant AG		1,547		25,047
Givaudan		42		41,427
Lonza Group AG		212		19,456
Syngenta AG		581		113,294
				221,321
Commercial Services & Supplies (0.1%)
Adecco SA		770		59,584
SGS SA		19		22,472
				82,056
Computers & Peripherals (0.0%)
Logitech International SA*		933		24,821
Construction Materials (0.2%)
Holcim Ltd.		1,114		120,339
Diversified Telecommunication Services (0.1%)
SwissCom AG		142		48,559
Electrical Equipment (0.3%)
ABB Ltd.		10,431		235,254
Electronic Equipment & Instruments (0.0%)
Kudelski SA		30		1,049
Food Products (1.1%)
Nestle SA		2,085		792,439
Health Care Equipment & Supplies (0.1%)
Nobel Biocare Holding AG		147		47,997
Phonak Holding AG		171		15,332
Straumann Holding AG		13		3,646
				66,975
Hotels, Restaurants & Leisure (0.0%)
Kuoni Reisen Holding		4		2,406
Insurance (0.6%)
Swiss Life Holding		156		41,139
Swiss Reinsurance		1,923		175,421
Zurich Financial Services AG		768		237,471
				454,031
Machinery (0.1%)
Schindler Holding AG		130		8,638
Sulzer AG		17		21,978
				30,616
Marine (0.0%)
Kuehne & Nagel International AG		183		16,859

24 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
SWITZERLAND (continued)
Pharmaceuticals (1.8%)
Novartis AG		12,089	$	678,850
Roche Holding AG		3,663		649,194
				1,328,044
Real Estate Management & Development (0.0%)
PSP Swiss Property AG*		84		4,708
Semiconductors & Semiconductor Equipment (0.0%)
Unaxis Holding AG*		39		20,673
Textiles, Apparel & Luxury Goods (0.3%)
Compagnie Finaciere Richemont AG		2,783		166,384
Swatch Group AG		118		6,676
Swatch Group AG, B Shares		197		55,975
				229,035
				4,722,609
UNITED KINGDOM (21.9%)
Aerospace & Defense (0.4%) (a)
BAE Systems PLC		16,531		133,384
Cobham PLC		3,833		15,591
Meggitt PLC		4,137		25,418
Rolls-Royce Group PLC		9,717		104,617
				279,010
Airline (0.0%) (a)
British Airways PLC*		3,545		29,647
Auto Components (0.0%) (a)
GKN PLC		3,161		25,160
Beverages (0.6%) (a)
Diageo PLC		13,540		281,400
SABMiller PLC		4,146		104,959
Scottish & Newcastle PLC		4,697		60,204
				446,563
Capital Markets (0.4%) (a)
3I Group PLC		2,682		62,424
Amvescap PLC		4,560		58,750
Close Brothers Group PLC		212		3,642
ICAP PLC		2,606		25,682
Investec PLC		1,209		15,524
Man Group PLC		9,663		117,528
Schroders PLC		253		6,463
Tullett Prebon PLC		453		4,047
				294,060
Chemicals (0.1%) (a)
Imperial Chemical Industries PLC		5,183		64,467
Johnson Matthey PLC		1,351		45,671
				110,138
Commercial Banks (3.8% ((a)
Barclays PLC		33,416		464,867
HBOS PLC		18,472		363,295
HSBC Holdings PLC		57,667		1,055,805
Lloyds TSB Group PLC		29,068		323,098
Royal Bank of Scotland Group PLC		46,788		591,972
				2,799,037
Commercial Services & Supplies (0.3%) (a)
Aggreko PLC		532		6,092
Biffa PLC		1,945		10,540
Brambles Industries Ltd.*		2,893		29,736
Capita Group PLC		3,705		53,779
Davis Service Group PLC		1,028		12,795
DE LA Rue PLC		286		4,449
Group 4 Securicor PLC		6,532		27,541
Hays PLC		6,209		21,209
Intertek Group PLC		349		6,848
Michael Page International PLC		928		9,749
Rentokil Initial PLC		10,285		33,007
Serco Group PLC		1,504		13,557
				229,302
Construction & Engineering (0.1%) (a)
Amec PLC		2,282		26,737
Balfour Beatty PLC		1,233		10,873
				37,610
Construction Materials (0.1%) (a)
Hanson PLC		3,443		74,273
Consumer Finance (0.0%) (a)
Cattles PLC		1,790		14,018
Provident Financial PLC		739		10,342
				24,360
Containers & Packaging (0.1%) (a)
Rexam PLC		4,095		40,780
Distributor (0.0%) (a)
Inchcape PLC		1,548		15,435
Diversified Financial Services (0.0%) (a)
London Stock Exchange Group PLC		1,065		28,791

 25

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED KINGDOM (continued)
Diversified Telecommunication Services (0.5%) (a)
BT Group PLC		42,062	$	279,918
Cable & Wireless PLC		13,445		52,218
				332,136
Electric Power (0.1%) (a)
British Energy PLC		5,821		62,790
Electric Utility (0.2%) (a)
Scottish & Southern Energy PLC		4,030		116,835
Electronic Equipment & Instruments (0.0%) (a)
ElectroComponents PLC		753		3,952
Food & Staples Retailing (0.6%) (a)
J Sainsbury PLC		8,524		99,633
Tesco PLC		38,916		325,566
				425,199
Food Products (0.5%) (a)
Cadbury Schweppes PLC		11,147		151,277
Tate & Lyle PLC		3,112		35,312
Unilever PLC		6,308		203,664
				390,253
Health Care Equipment & Supplies (0.1%) (a)
Smith & Nephew PLC		5,440		67,395
Hotels, Restaurants & Leisure (0.4%)
Carnival PLC (a)		896		42,817
Compass Group PLC (a)		8,959		61,856
First Choice Holidays PLC (a)		3,656		23,219
Intercontinental Hotels Group PLC (a)		1,778		44,165
Ladbrokes PLC (a)		4,195		36,263
Mitchells & Butlers PLC (a)		2,525		44,332
PartyCasinos & Gambling PLC (a)		1,672		1,029
Punch Taverns PLC (a)		1,580		38,759
Rank Group PLC		3,141		11,747
William Hill PLC (a)		1,669		20,481
				324,668
Household Durables (0.2%) (a)
Barratt Developments PLC		1,876		37,183
Bellway PLC		265		6,671
Berkeley Group Holdings PLC*		204		7,241
Bovis Homes Group PLC		747		13,329
George Wimpey PLC		2,049		20,508
Persimmon PLC		1,264		29,226
Taylor Woodrow PLC		4,005		28,830
				142,988
Household Products (0.2%) (a)
Reckitt Benckiser PLC		2,890		158,199
Independent Power Producers & Energy Traders (0.1%) (a)
International Power PLC		7,043		60,533
Industrial Conglomerates (0.1%) (a)
Cookson Group PLC		965		13,666
Smiths Group PLC		2,313		54,849
Tomkins PLC		5,164		26,821
				95,336
Insurance (1.0%) (a)
Aviva PLC		12,321		182,884
Friends Provident PLC		11,351		40,628
Legal & General Group PLC		35,551		106,644
Old Mutual PLC		24,046		81,021
Prudential PLC		12,854		182,949
Resolution PLC		4,033		50,465
Royal & Sun Alliance Insurance Group PLC		13,173		38,320
Standard Life PLC		9,305		61,410
				744,321
Internet & Catalog Retail (0.1%) (a)
Home Retail Group		5,199		47,666
IT Services (0.0%) (a)
LogicaCMG PLC		9,755		29,559
Machinery (0.1%) (a)
Charter PLC*		418		9,223
FKI PLC		5,500		13,856
IMI PLC		1,017		12,045
Invensys PULC*		2,918		22,223
				57,347
Media (0.8%) (a)
Aegis Group PLC		1,273		3,489
British Sky Broadcasting PLC		5,018		64,330
Daily Mail & General Trust		954		14,587
Emap PLC		1,614		26,484
EMI Group PLC		5,195		27,830
ITV PLC		19,459		44,406
Pearson PLC		4,008		67,509
Reed Elsevier PLC		7,053		91,143
Reuters Group PLC		6,875		85,695
Trinity Mirror PLC		1,456		15,348
United Business Media PLC		813		12,866
WPP Group PLC		6,500		97,207
Yell Group PLC		4,816		44,482
				595,376
Metals & Mining (1.8%) (a)
Anglo American PLC		7,319		429,669

26 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
UNITED KINGDOM (continued)
Metals & Mining (continued)
BHP Billiton PLC		12,082	$	335,590
Rio Tinto PLC		4,969		380,109
Xstrata PLC		2,935		174,712
				1,320,080
Multi-Utilities (0.5%) (a)
Centrica PLC		17,236		133,898
National Grid PLC		12,999		191,785
United Utilities PLC		4,979		70,723
				396,406
Multiline Retail (0.4%) (a)
Enterprise Inns PLC		3,387		46,664
Marks & Spencer Group PLC		9,160		115,030
Next PLC		1,342		53,872
Signet Group PLC		4,801		10,015
Whitbread PLC		932		32,958
				258,539
Oil, Gas & Consumable Fuels (3.8%) (a)
BG Group PLC		17,657		289,415
BP PLC		96,450		1,160,400
Royal Dutch Shell PLC		13,633		568,248
Royal Dutch Shell PLC		18,259		743,267
				2,761,330
Pharmaceuticals (1.6%) (a)
AstraZeneca PLC		7,739		414,698
GlaxoSmithKline PLC		28,536		743,288
				1,157,986
Real Estate Investment Trusts (REITs) (0.4%) (a)
British Land Co. PLC		2,930		78,397
Brixton PLC		464		4,062
Great Portland Estates PLC		219		2,905
Hammerson PLC		1,724		49,365
Land Securities Group PLC		2,598		90,468
Liberty International PLC		926		21,180
Slough Estates PLC		3,020		37,665
				284,042
Road & Rail (0.1%) (a)
Arriva PLC		1,139		15,641
FirstGroup PLC		2,481		32,953
National Express Group PLC		887		18,880
Stagecoach Group PLC		2,216		8,069
				75,543
Semiconductors & Semiconductor Equipment (0.0%) (a)
ARM Holdings PLC		5,645		16,512
CSR PLC*		1,062		16,635
				33,147
Software (0.1%) (a)
Misys PLC		2,787		13,051
Sage Group PLC		8,295		38,859
				51,910
Specialty Retail (0.2%) (a)
Carphone Warehouse Group PLC		2,644		17,378
DSG International PLC		10,046		31,838
Kesa Electricals PLC		2,899		18,189
Kingfisher PLC		13,559		61,409
MFI Furniture Group PLC*		342		931
				129,745
Textiles, Apparel & Luxury Goods (0.0%) (a)
Burberry Group PLC		2,162		29,612
Tobacco (0.6%) (a)
British American Tobacco PLC		7,501		255,799
Imperial Tobacco Group PLC		3,599		165,919
				421,718
Trading Companies & Distributors (0.2%) (a)
Bunzl PLC		1,414		19,573
Travis Perkins PLC		378		14,346
Wolseley PLC		3,642		87,398
				121,317
Transportation Infrastructure (0.0%) (a)
BBA Aviation PLC		2,055		11,153
Water Utilities (0.1%) (a)
Kelda Group PLC		1,881		35,447
Severn Trent Water PLC		1,465		40,455
				75,902
Wireless Telecommunication Services (1.2%) (a)
Vodafone Group PLC		262,511		879,537
				16,096,686
UNITED STATES (0.0%) (a)
Health Care Equipment & Supplies 0.0%
Synthes, Inc.		233		27,941
Total Common Stocks (Cost $62,966,354)				70,297,362

 27

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT International Index Fund (Continued)

Repurchase Agreements (1.6%)
	Shares or
	Principal Amount		Value
Nomura Securities, 5.20%, dated 06/29/07, due 07/02/07, repurchase price $1,203,483, collateralized by U.S. Government Agency Mortgages with a market value of $1,227,021	$	1,202,962	$	1,202,962
Exchange Traded Fund (1.6%)
UNITED STATES (1.6%)
iShares MSCI EAFE Index Fund		14,514		1,170,264
Rights (0.0%)
AUSTRALIA (0.0%)
Real Estate Investment Trust (REIT) (0.0%)
Westfield Group Rights		6,972		257
SPAIN (0.0%)
Machinery (0.0%)
Zardoya Otis SA Bonus Rights		302		1,156
Total Rights (Cost $0)				1,413
JAPAN (0.0%)
Metals & Mining (0.0%)
Dowa Holdings Co. Ltd., expiring 01/29/10*	$	1,000		0
Total Investments (Cost $65,329,195) (b) — 99.0%				72,672,001
Other assets in excess of liabilities — (1.0%)				723,392
NET ASSETS — 100.0%			$	73,395,393

*	Denotes a non-income producing security.
(a)	Fair Valued Security.
(b)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

28 

At June 30, 2007, the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:

			Currency									Unrealized
	Delivery		Received/			Contract			Market			Appreciation/
Currency	Date		(Delivered)			Value			Value			(Depreciation)
Short Contract:
British Sterling Pound		08/10/07		(41,000	)	$	(81,883	)	$	(82,277	)	$	(394	)
Japanese Yen		08/10/07		(299,000	)		(2,438	)		(2,442	)		(4	)
Total Short Contracts						$	(84,321	)	$	(84,719	)	$	(398	)
Long Contracts:
Australian Dollar		08/10/07		13,300		$	11,174		$	11,260		$	86
Swiss Franc		08/10/07		20,600			16,854			16,923			69
Euro		08/10/07		207,200			281,063			280,805			(258	)
British Sterling Pound		08/10/07		83,300			165,862			167,164			1,302
Japanese Yen		08/10/07		18,382,700			153,999			150,149			(3,850	)
Swedish Krone		08/10/07		26,200			3,872			3,840			(32	)
Total Long Contracts						$	632,824		$	630,141		$	(2,683	)

At June 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	1	S&P ASX 200 IDX		09/21/07	$	133,009	$	116
	9	DJ Euro STOXX 50		09/30/07		549,917		9,093
	3	FTSE 100		09/21/07		399,855		2,192
	2	TOPIX INDX		09/30/07		288,360		(356	)
	3	OMSX30 INDX		07/27/07		55,079		(1,716	)
					$	1,426,220	$	9,329

 29

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT International
			Index Fund
Assets:
Investments, at value (cost $64,126,233)			$	71,469,039
Repurchase agreements, at cost and value				1,202,962
		Total Investments		72,672,001
Cash				28,686
Deposits with brokers for futures				117,396
Foreign currencies, at value (cost $679,717)				684,188
Interest and dividends receivable				114,301
Receivable for capital shares issued				14,614
Receivable for investments sold				837
Unrealized appreciation on futures contracts				9,329
Unrealized appreciation on forward foreign currency contracts				1,964
Reclaims receivable				42,160
Prepaid expenses				635
		Total Assets		73,686,111
Liabilities:
Payable for investments purchased				213,423
Unrealized depreciation on forward foreign currency contracts				5,045
Payable for capital shares redeemed				91
Accrued expenses and other payables:
	Investment advisory fees			10,497
	Fund administration and transfer agent fees			37,645
	Distribution fees			4,989
	Administrative servicing fees			4,720
	Compliance program costs			630
	Other			13,678
		Total Liabilities		290,718
Net Assets			$	73,395,393
Represented by:
Capital			$	65,156,198
Accumulated net investment income				337,408
Accumulated net realized gains from investment transactions, futures and foreign currency transactions				544,345
Net unrealized appreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies				7,357,442
Net Assets			$	73,395,393
Net Assets:
Class II Shares			$	14,558,694
Class VI Shares				941,338
Class VII Shares				1,204
Class VIII Shares				8,785,742
Class ID Shares				49,108,415
		Total	$	73,395,393

See accompanying notes to financial statements.

30 

Statement of Assets and Liabilities (Continued)

		NVIT International
		Index Fund
Shares outstanding (unlimited number of shares authorized):
Class II Shares			1,235,443
Class VI Shares			79,924
Class VII Shares			102
Class VIII Shares			746,426
Class ID Shares			4,161,224
	Total		6,223,119
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class II Shares		$	11.78
Class VI Shares		$	11.78
Class VII Shares		$	11.80
Class VIII Shares		$	11.77
Class ID Shares		$	11.80

See accompanying notes to financial statements.

 31

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

			NVIT International
			Index Fund
INVESTMENT INCOME:
Interest income			$	17,057
Dividend income				1,074,516
Foreign tax withholding				(92,645	)
	Total Income			998,928
Expenses:
	Investment advisory fees			74,713
	Fund administration and transfer agent fees			81,941
	Distribution fees Class II Shares			2,722
	Distribution fees Class VI Shares			832
	Distribution fees Class VII Shares			2
	Distribution fees Class VIII Shares			13,226
	Administrative servicing fees Class II Shares			1,523
	Administrative servicing fees Class VI Shares			452
	Administrative services fees Class VII Shares			1
	Administrative services fees Class VIII Shares			1,601
	Custodian fees			1,811
	Trustee fees			1,239
	Compliance program costs (Note 3)			358
	Printing fees			17,867
	Other			2,186
		Total expenses before reimbursements and earnings credit		200,474
	Earnings credit (Note 6)			(91	)
	Expense reimbursements			(77,626	)
		Net Expenses		122,757
Net Investment Income				876,171
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions				391,827
Net realized gains on futures transactions				121,577
Net realized gains on foreign currency transactions				33,307
Net realized gains on investment transactions, futures and foreign currency transactions				546,711
Net change in unrealized appreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies				3,845,440
Net realized/unrealized gains (losses) on investments, futures and translation of assets and liabilities denominated in foreign currencies				4,392,151
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS			$	5,268,322

See accompanying notes to financial statements.

32 

Statements of Changes in Net Assets

		NVIT International
		Index Fund
		Six Months Ended			Year Ended
		June 30,			December 31,
		2007			2006 (a)
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	876,171		$	605,869
Net realized gains on investment transactions, futures and foreign currency transactions			546,711			252,169
Net change in unrealized appreciation on investments, futures and translation of assets and liabilities denominated in foreign currencies			3,845,440			3,512,002
	Change in net assets resulting from operations		5,268,322			4,370,040
Distributions to shareholders from:
Net investment income:
	Class II		(69,475	)		(12	)
	Class VI		(7,003	)		(2,922	)
	Class VII		(10	)		(10	)
	Class VIII		(60,745	)		(37,620	)
	Class ID		(475,272	)		(572,439	)
Net realized gains:
	Class II		(34,935	)		–
	Class VI		(2,261	)		–
	Class VII		(3	)		–
	Class VIII		(20,711	)		–
	Class ID		(116,261	)		–
	Change in net assets from shareholder distributions		(786,676	)		(613,003	)
	Change in net assets from capital transactions		19,618,136			45,538,574
Change in net assets			24,099,782			49,295,611
Net Assets:
Beginning of period			49,295,611			–
End of period		$	73,395,393		$	49,295,611
Accumulated net investment income at end of period		$	337,408		$	73,742
CAPITAL TRANSACTIONS:
Class II Shares
	Proceeds from shares issued	$	14,546,163		$	1,000
	Dividends reinvested		104,410			12
	Cost of shares redeemed (b)		(6,702	)		–
			14,643,871			1,012
Class VI Shares
	Proceeds from shares issued		549,472			344,604
	Dividends reinvested		9,263			2,922
	Cost of shares redeemed (b)		(22,550	)		(17,874	)
			536,185			329,652

See accompanying notes to financial statements.

 33

Statements of Changes in Net Assets (Continued)

		NVIT International
		Index Fund
		Six Months Ended			Year Ended
		June 30,			December 31,
		2007			2006 (a)
		(Unaudited)
CAPITAL TRANSACTIONS: (continued)
Class VII Shares
	Proceeds from shares issued	$	–		$	1,000
	Dividends reinvested		12			10
			12			1,010
Class VIII Shares
	Proceeds from shares issued		4,396,948			4,931,805
	Dividends reinvested		81,456			37,620
	Cost of shares redeemed (b)		(1,260,534	)		(337,365	)
			3,217,870			4,632,060
Class ID Shares
	Proceeds from shares issued		628,668			40,002,401
	Dividends reinvested		591,533			572,439
	Cost of shares redeemed (b)		(3	)		–
			1,220,198			40,574,840
Change in net assets from capital transactions		$	19,618,136		$	45,538,574
SHARE TRANSACTIONS:
Class II Shares
	Issued		1,226,957			100
	Reinvested		8,947			1
	Redeemed		(562	)		–
			1,235,342			101
Class VI Shares
	Issued		48,715			33,926
	Reinvested		804			279
	Redeemed		(2,009	)		(1,791	)
			47,510			32,414
Class VII Shares
	Issued		–			100
	Reinvested		1			1
			1			101
Class VIII Shares
	Issued		385,677			496,578
	Reinvested		7,073			3,562
	Redeemed		(112,085	)		(34,379	)
			280,665			465,761
Class ID Shares
	Issued		53,373			4,000,100
	Reinvested		51,357			56,394
	Redeemed		—	(c)		—
			104,730			4,056,494
	Total change in shares		1,668,248			4,554,871

(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Includes redemption fees, if any.
(c)	Amount is less than 1 share.

See accompanying notes to financial statements.

34 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

NVIT International Index Fund

			Investment Activities
					Net Realized
	Net Asset				and		Total
	Value,		Net		Unrealized		from
	Beginning		Investment		Gains on		Investment
	of Period		Income		Investments		Activities
Class II Shares
Period ended December 31, 2006 (e)	$	10.00		0.12		0.82		0.94
For the six months ended June 30, 2007 (Unaudited) (f)	$	10.82		0.18		0.92		1.10
Class VI Shares
Period ended December 31, 2006 (e)	$	10.00		0.07		0.86		0.93
For the six months ended June 30, 2007 (Unaudited) (f)	$	10.81		0.18		0.92		1.10
Class VII Shares
Period ended December 31, 2006 (e)	$	10.00		0.10		0.82		0.92
For the six months ended June 30, 2007 (Unaudited) (f)	$	10.82		0.16		0.94		1.10
Class VIII Shares
Period ended December 31, 2006 (e)	$	10.00		0.07		0.85		0.92
For the six months ended June 30, 2007 (Unaudited) (f)	$	10.80		0.16		0.94		1.10
Class ID Shares
Period ended December 31, 2006 (e)	$	10.00		0.14		0.83		0.97
For the six months ended June 30, 2007 (Unaudited) (f)	$	10.83		0.18		0.94		1.12

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Distributions
	Net									Net Asset
	Investment			Net realized			Total			Value, End		Total
	Income			gains			Distributions			of Period		Return (a)
Class II Shares
Period ended December 31, 2006 (e)		(0.12	)		–			(0.12	)	$	10.82		9.57%
For the six months ended June 30, 2007 (Unaudited) (f)		(0.11	)		(0.03	)		(0.14	)	$	11.78		10.05%
Class VI Shares
Period ended December 31, 2006 (e)		(0.12	)		–			(0.12	)	$	10.81		9.42%
For the six months ended June 30, 2007 (Unaudited) (f)		(0.10	)		(0.03	)		(0.13	)	$	11.78		10.23%
Class VII Shares
Period ended December 31, 2006 (e)		(0.10	)		–			(0.10	)	$	10.82		9.26%
For the six months ended June 30, 2007 (Unaudited) (f)		(0.09	)		(0.03	)		(0.12	)	$	11.80		10.22%
Class VIII Shares
Period ended December 31, 2006 (e)		(0.12	)		–			(0.12	)	$	10.80		9.30%
For the six months ended June 30, 2007 (Unaudited) (f)		(0.10	)		(0.03	)		(0.13	)	$	11.77		10.16%
Class ID Shares
Period ended December 31, 2006 (e)		(0.14	)		–			(0.14	)	$	10.83		9.83%
For the six months ended June 30, 2007 (Unaudited) (f)		(0.12	)		(0.03	)		(0.15	)	$	11.80		10.34%

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
							Ratio of		Ratio of Net
					Ratio of Net		Expenses		Investment
	Net Assets		Ratio of		Investment		(Prior to		Income (Prior to
	at End of		Expenses		Income		Reimbursements)		Reimbursements)
	Period		to Average		to Average		to Average		to Average		Portfolio
	(000s)		Net Assets (b)		Net Assets (b)		Net Assets (b) (c)		Net Assets (b) (c)		Turnover (d)
Class II Shares
Period ended December 31, 2006 (e)	$	1		0.76%		1.83%		1.29%		1.30%		10.94%
For the six months ended June 30, 2007 (Unaudited) (f)	$	14,559		0.76%		3.10%		0.84%		3.10%		13.34%
Class VI Shares
Period ended December 31, 2006 (e)	$	350		0.76%		1.25%		1.13%		0.88%		10.94%
For the six months ended June 30, 2007 (Unaudited) (f)	$	941		0.76%		3.20%		0.98%		3.20%		13.34%
Class VII Shares
Period ended December 31, 2006 (e)	$	1		0.97%		1.57%		1.50%		1.04%		10.94%
For the six months ended June 30, 2007 (Unaudited) (f)	$	1		0.75%		2.81%		1.02%		2.81%		13.34%
Class VIII Shares
Period ended December 31, 2006 (e)	$	5,031		0.88%		0.98%		1.35%		0.51%		10.94%
For the six months ended June 30, 2007 (Unaudited) (f)	$	8,786		0.82%		2.90%		1.10%		2.90%		13.34%
Class ID Shares
Period ended December 31, 2006 (e)	$	43,912		0.37%		2.21%		0.62%		1.96%		10.94%
For the six months ended June 30, 2007 (Unaudited) (f)	$	49,108		0.37%		3.21%		0.66%		3.21%		13.34%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.
(c)	During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(e)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(f)	Net investment income (loss) is based on average shares outstanding during the period.

See notes to financial statements.

See accompanying notes to financial statements.

 35

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT International Index Fund (the “Fund”), (formerly, “GVIT International Index Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

36 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Foreign Currency Transactions

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. The Fund may enter into foreign currency contracts in connection with purchases or sales of securities denominated in a foreign currency. Purchases and sales of securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.

(d) Forward Foreign Currency Contracts

The Fund may enter into forward foreign currency contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. The forward foreign currency contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

 37

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(e) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

(f) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(g) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(h) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay

38 

in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JP Morgan Chase Bank serves as custodian for the securities lending program of the Fund. JP Morgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2007, the Fund did not have securities on loan.

(i) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

(j) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net
							Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	65,394,762	$	8,683,805	$	(1,406,566	)	$	7,277,239

(k) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the

 39

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

performance of the subadviser. BlackRock Investment Management, LLC (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the six months ended June 30, 2007:

	Total
Fee Schedule	Fees
$0 up to $1.5 billion		0.27%
$1.5 billion up to $3 billion		0.26%
$3 billion or more		0.25%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $30,438 for the six months ended June 30, 2007.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.37% until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

For the six months ended June 30, 2007, the cumulative potential reimbursements for all classes of the Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursement to the Fund was made for expenses reimbursed by NFA, would be:

Six months ended		Six months ended
December 31, 2006		June 30, 2007
$	73,132	$	77,626

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee

40 

schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II, Class VI, Class VII and Class VIII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II, Class VI, Class VII, and Class VIII shares of the Fund at an annual rate not to exceed 0.25% for Class II and Class VI shares and 0.40% for Class VII and Class VIII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II, Class VI, Class VII and Class VIII shares of the Fund.

For the six months ended June 30, 2007, NFS received $1,854 in Administrative Services Fees from the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the six months ended June 30, 2007, the Fund’s portion of such costs amounted to $358.

4. Short-Term Trading Fees

The Fund reserves the right to assess a short-term trading fee on certain transactions out of Class VI and Class VIII shares that a separate account makes on behalf of a variable insurance contract owner (the “contract owner”). A separate account that redeems Class VI and Class VIII shares on behalf of a contract owner may be subject to a 1.00% short-term trading fee if the separate account held the Class VI and Class VIII shares on behalf of the contract owner for 60 days or less, unless an exception applies as disclosed in the Fund’s prospectus. The short-term trading fee is paid directly to the Fund and is intended to offset the cost to the Fund of excess brokerage commissions and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term trading. For purposes of determining whether the

 41

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

short-term trading fee applies, the Class VI and Class VIII shares that were held on behalf of the contract owner the longest will be treated as being redeemed first.

For the six months ended June 30, 2007, the Fund had contributions to capital due to collection of redemption fees in the amount of $2,463.

5. Investment Transactions

For the six months ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $28,274,370 and sales of $9,002,610.

6. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the six months ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

9. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing

42 

authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 43

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc.(dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

44 

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

 45

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken,PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for Nationwide Funds Group3.		N/A	N/A

46 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

 47

NVIT Small Cap Index Fund

SemiannualReport

June 30, 2007 (Unaudited)

	Contents
6	Statement of Investments
30	Statement of Assets and Liabilities
31	Statement of Operations
32	Statements of Changes in Net Assets
33	Financial Highlights
34	Notes to Financial Statements

Statement Regarding Availability of Quarterly Portfolio Schedule.

Nationwide Variable Insurance Trust files complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Trust’s Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Trust makes the information on Form N-Q available to shareholders upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2007 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

SAR-SCX (8/07)

 1

Message to Shareholders

Dear Fellow Shareholder:

Since I last wrote to you, our mutual funds have enjoyed another period of solid performance, and the corporate realignment that was in progress is now finished.

On May 1, 2007, Nationwide Financial Services, Inc. (NFS), completed its acquisition of the Philadelphia-based retail mutual fund operations of NWD Investment Management, Inc. (formerly, “Gartmore Global Investments, Inc.”), from Nationwide Corporation, a subsidiary of Nationwide Mutual Insurance Company. Effective that date, the acquired entities were renamed Nationwide Funds Group (NFG), and the Gartmore Funds were renamed the Nationwide Funds to better align with the Nationwide^® brand. Although the corporate ownership and fund names have changed, I can assure you that NFG intends to maintain as much continuity as possible with the Funds and key personnel.

Thank you, shareholders, for approving the new investment advisory agreement that was required due to the change in corporate ownership. The new agreement is identical in all material respects to the original agreement that it replaces, with the exception of the section pertaining to the vote by the shareholders of the NVIT Mid Cap Growth Fund to approve NorthPointe Capital^®, LLC (NorthPointe) as sub-adviser to that particular Fund.

Market Overview: January 1-June 30, 2007

The first six months of 2007 were rewarding overall for U.S. investors, with the Standard & Poor’s (S&P) 500^® Index, a widely-followed large-capitalization benchmark, recording a respectable gain of 6.96%. Investors appear to have remained generally upbeat despite further weakness in the housing industry and the financial distress of many subprime mortgage lenders. At the end of February, a sudden downdraft in China’s stock market caused a similar tremor in the U.S. stock market. The decline proved to be short-lived, however, and, by April, the U.S. stock market had surpassed its late-February highs.

Share prices in general were buoyed in part by better-than-expected first-quarter 2007 earnings and a flurry of mergers and acquisitions, many of these spurred by readily available funding from private equity firms. In June, investors grew more cautious amid surging crude oil prices, a sudden spike in long-term interest rates, and the meltdown of two hedge funds that had exposure to the subprime mortgage market. Looking abroad, a weak U.S. dollar aided foreign stocks, as reflected in the 11.09% advance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. Emerging market performance was particularly robust.

The bond market struggled during the first half of 2007. While short-term interest rates remained stable, reflecting the Federal Reserve Board’s decision in June to leave the target federal funds rate at 5.25%, longer-term rates climbed during the first half of 2007, depressing bond prices and forcing the Lehman Brothers^® U.S. Aggregate Index to settle for a modest 0.97% return.

We at NFG thank you for your understanding and cooperation throughout our recent transition period. We emerge from this period energized for the future, and we look forward to serving your investment needs for a long time to come.

John H. Grady

President & CEO

Nationwide Funds Group

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for illustrative purposes only. No fees or expenses are reflected. Individuals cannot invest directly in an index.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS

Nationwide Funds are advised by Nationwide Fund Advisors (NFA). NFA is a wholly-owned subsidiary of Nationwide Financial Services. Nationwide Financial Services is a wholly-owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds Group (NFG) is the mutual fund arm of Nationwide Financial Services (NYSE: NFS). Based in Conshohocken Pa., a suburb of Philadelphia, NFG is comprised of Nationwide Fund Advisors, Nationwide Fund Distributors, LLC, and Nationwide Fund Management, LLC. Together, these provide advisory, distribution, and administration services respectively to the Nationwide Funds, and manage more than $43.5 billion in assets as of June 30, 2007, of which more than $12 billion are in “fund of funds” designed to provide asset allocation across several types of investments and asset classes.

2 

Lehman Brothers (LB) U.S. Aggregate Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

Views expressed within are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

This report is for informational purposes only, and is not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future, or other derivatives in such securities.

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

Investors should carefully consider a fund’s investment objectives, risks, fees, charges, and expenses before investing any money. To obtain this and other fund information, please call 800-848-0920 to request a prospectus, or download a prospectus at www.nationwidefunds.com. Please read the prospectus carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (formerly Gartmore Distribution Services, Inc.), Member NASD. 1200 River Road, Suite 1000, Conshohocken, Pa. 19428.

 3

NVIT Small Cap Index Fund

Shareholder

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per SEC requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, April 13, 2007, and continued to hold your shares at the end of the reporting period, June 30, 2007.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Schedule of Shareholder Expenses

Expense Analysis of a $1,000 Investment

(June 30, 2007)

			Beginning		Ending		Expenses
			Account Value		Account Value		Paid		Annualized
NVIT Small Cap Index Fund			04/13/07		06/30/07		During Period*		Expense Ratio**
Class ID	Actual		$	1,000.00	$	1,018.70	$	0.66		0.30%
	Hypothetical	1	$	1,000.00	$	1,010.15	$	0.65		0.30%

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied by 79/365 (to reflect the period of operations). The expenses reported above do not include the effect of additional expenses imposed by variable annuity contracts.
**	Information shown reflects values using the expense ratios from April 13, 2007 (commencement of operations) to June 30, 2007 and has been annualized to reflect for the period from April 13, 2007 to June 30, 2007, in accordance with SEC guidelines.
1	Represents the hypothetical 5% return before expenses.

4 

NVIT Small Cap Index Fund

Portfolio Summary

June 30, 2007

Asset Allocation
Common Stock	88.3%
Repurchase Agreements	11.8%
Liabilities in excess of other assets	-0.1%
	100.0%

Top Holdings*
C.F. Industries Holdings, Inc.	0.2%
FLIR Systems, Inc.	0.2%
Florida East Coast Industries, Inc.	0.2%
Polycom, Inc.	0.2%
Sotheby’s Holdings, Inc.	0.2%
Time Warner Telecom, Inc.	0.2%
Hologic, Inc.	0.2%
ValueClick, Inc.	0.2%
Equinix, Inc.	0.2%
Alexandria Real Estate Equities, Inc.	0.2%
Other	98.0%
	100.0%

Top Industries
Real Estate Investment Trusts (REITs)	5.8%
Commercial Banks	5.0%
Commercial Services & Supplies	4.0%
Insurance	3.3%
Semiconductors & Semiconductor Equipment	3.2%
Health Care Equipment & Supplies	3.0%
Software	3.0%
Specialty Retail	3.0%
Oil, Gas & Consumable Fuels	2.8%
Hotels, Restaurants & Leisure	2.6%
Other	64.3%
	100.0%

* For purpose of listing top holdings, repurchase agreements are included as part of Other.

 5

Statement of Investments

June 30, 2007 (Unaudited)

NVIT Small Cap Index

Common Stock (88.3%)
	Shares or
	Principal Amount		Value
Aerospace & Defense (1.3%)
AAR Corp.*		8,400	$	277,284
Aerovironment, Inc.*		500		10,305
Argon St., Inc.*		3,900		90,519
Ceradyne, Inc.*		5,900		436,364
Cubic Corp.		2,200		66,396
Curtiss-Wright Corp.		8,400		391,524
Dyncorp International, Inc.*		6,200		136,338
EDO Corp.		4,400		144,628
Esterline Technologies Corp.*		4,700		227,057
Gencorp, Inc.*		10,600		138,542
Geoeye, Inc.*		2,400		52,152
HEICO Corp.		5,200		218,816
Hexcel Corp.*		17,900		377,153
Innovative Solutions and Support, Inc.*		3,500		81,270
Ionatron, Inc.*		9,800		38,220
Ladish Co., Inc.*		3,600		154,800
Moog, Inc., Class A*		7,700		339,647
MTC Technologies, Inc.*		1,600		39,296
Orbital Sciences Corp.*		12,000		252,120
Stanley, Inc.*		300		5,286
Taser International, Inc.*		14,300		199,628
Teledyne Technologies, Inc.*		7,100		326,245
Triumph Group, Inc.		3,500		229,145
United Industrial Corp.		2,200		131,956
				4,364,691
Air Freight & Logistics (0.4%)
ABX Air, Inc.*		10,723		86,427
Atlas Air Worldwide Holdings, Inc.*		3,300		194,502
Dynamex, Inc.*		1,800		45,954
EGL, Inc.*		6,500		302,120
Forward Air Corp.		6,300		214,767
HUB Group, Inc., Class A*		7,400		260,184
Pacer International, Inc.		7,400		174,048
				1,278,002
Airlines (0.5%)
AirTran Holdings, Inc.*		18,100		197,652
Alaska Air Group, Inc.*		7,900		220,094
Allegiant Travel Co.*		300		9,222
ExpressJet Holdings, Inc.*		7,000		41,860
JetBlue Airways Corp.*		36,100		424,175
Midwest Air Group, Inc.*		3,500		52,570
Pinnacle Airlines Corp.*		4,700		88,125
Republic Airways Holdings, Inc.*		6,100		124,135
SkyWest, Inc.		14,200		338,386
				1,496,219
Auto Components (1.0%)
Aftermarket Technology Corp.*		4,400		130,592
American Axle & Manufacturing Holdings, Inc.		9,000		266,580
Amerigon, Inc.*		5,700		102,543
ArvinMeritor, Inc.		14,500		321,900
Cooper Tire & Rubber Co.		12,500		345,250
Drew Industries, Inc.*		3,100		102,734
GenTek, Inc.*		1,700		59,874
Hayes Lemmerz International, Inc.*		23,300		124,655
Lear Corp.*		14,700		523,467
LKQ Corp.*		9,200		226,872
Modine Manufacturing Co.		6,200		140,120
Noble International Ltd.		2,900		59,276
Raser Technologies, Inc.*		3,200		23,648
RSC Holdings, Inc.*		2,600		52,000
Sauer-Danfoss, Inc.		1,300		38,688
Spartan Motors, Inc.		7,050		119,991
Standard Motor Products, Inc.		1,700		25,551
Superior Industries International, Inc.		5,500		119,680
Tenneco Automotive, Inc.*		9,300		325,872
Visteon Corp.*		26,200		212,220
				3,321,513
Automobiles (0.1%)
Fleetwood Enterprises, Inc.*		12,900		116,745
Midas, Inc.*		3,000		68,010
Monaco Coach Corp.		6,300		90,405
Winnebago Industries, Inc.		6,400		188,928
				464,088
Banks (0.3%)
Flushing Financial Corp.		4,500		72,270
FNB Corp.		10,300		172,422
Hancock Holding Co.		5,400		202,770
Oritani Financial Corp.*		200		2,858
Park National Corp.		2,200		186,538
Susquehanna Bancshares, Inc.		11,000		246,070
				882,928
Beverages (0.1%)
Boston Beer Co., Inc., Class A*		2,600		102,310
Coca-Cola Bottling Co.		600		30,180
Jones Soda Co.*		6,600		92,532
MGP Ingredients, Inc.		2,000		33,800
National Beverage Corp.		1,440		16,574
				275,396

6 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Biotechnology (1.9%)
Acorda Therapeutics, Inc.*		3,100	$	52,886
Affymax, Inc.*		100		2,696
Alkermes, Inc.*		19,400		283,240
ARIAD, Inc.*		18,000		98,820
Arqule, Inc.*		9,400		66,270
Array BioPharma, Inc.*		7,400		86,358
Bio-Rad Laboratories, Inc., Class A*		3,600		272,052
Bio-Reference Laboratories, Inc.*		2,500		68,375
Bioenvision, Inc.		7,300		42,194
Biomimetic Therapeutics, Inc.*		3,400		53,142
C.V. Therapeutics, Inc.*		13,700		180,977
Cambrex Corp.		5,800		76,966
Celera Genomics Group*		14,200		176,080
Cell Genesys, Inc.*		18,300		61,305
Cepheid, Inc.*		12,800		186,880
Cytokinetics, Inc.*		4,600		25,990
Cytrx Corp.*		13,500		42,120
Dendreon Corp.*		19,800		140,184
Exelixis, Inc.*		18,600		225,060
FEI Co.*		6,400		207,744
Genomic Health, Inc.*		1,600		30,080
GenVec, Inc.*		21,300		50,055
Geron Corp.*		17,600		123,904
Halozyme Therapeutics, Inc.*		10,800		99,684
Human Genome Sciences, Inc.*		29,600		264,032
Immunomedics, Inc.*		16,400		68,060
Incyte Genomics, Inc.*		18,200		109,200
InterMune, Inc.*		5,500		142,670
Kosan Biosciences, Inc.*		5,200		27,144
Mannkind Corp.*		6,800		83,844
Martek Biosciences Corp.*		6,500		168,805
Maxygen, Inc.*		4,300		36,851
Medarex, Inc.*		26,900		384,401
Medivation, Inc.*		5,500		112,365
Metabolix, Inc.*		2,600		65,078
Myriad Genetics, Inc.*		8,700		323,553
Nektar Therapeutics*		20,600		195,494
Neurocrine Biosciences, Inc.*		8,400		94,332
Neurogen Corp.*		3,600		23,904
Novacea, Inc.*		3,400		32,130
Orexigen Therapeutics, Inc.*		100		1,502
Orthofix International N.V.*		2,700		121,419
Osiris Therapeutics, Inc.*		900		12,159
Pharmion Corp.*		5,300		153,435
Protalix Biotherapeutics, Inc.*		5,400		145,746
Regeneration Technologies, Inc.*		8,000		90,000
Seattle Genetics, Inc.*		6,200		60,822
Senomyx, Inc.*		7,700		103,950
Sonic Innovations, Inc.*		7,800		68,250
Tanox, Inc.*		5,000		97,050
Telik, Inc.*		15,600		52,728
Tercica, Inc.*		3,100		15,810
United Therapeutics Corp.*		4,200		267,792
Vivus, Inc.*		7,600		39,748
XOMA Ltd.*		20,200		61,408
Zymogenetics, Inc.*		6,300		92,043
				6,168,787
Building Products (0.5%)
Aaon, Inc.		900		28,665
American Woodmark Corp.		3,000		103,800
Ameron International Corp.		2,200		198,418
Apogee Enterprises, Inc.		6,900		191,958
Builders FirstSource, Inc.*		2,400		38,544
Goodman Global, Inc.*		6,300		139,986
Griffon Corp.*		6,300		137,214
Insteel Industries, Inc.		3,700		66,600
NCI Building Systems, Inc.*		4,600		226,918
PGT, Inc.*		700		7,651
Simpson Manufacturing Co., Inc.		6,900		232,806
Trex Co., Inc.*		2,400		47,112
Universal Forest Products, Inc.		4,100		173,266
				1,592,938
Capital Markets (1.3%)
ACA Capital Holdings, Inc.*		300		3,570
Apollo Investment Corp.		21,700		466,984
Ares Capital Corp.		13,990		235,732
Calamos Asset Management, Inc.		5,900		150,745
Capital Southwest Corp.		600		93,474
Cohen & Steers, Inc.		3,000		130,350
Cowen Group, Inc.*		1,900		34,029
Evercore Partners, Inc.		800		23,816
FCStone Group, Inc.*		1,600		91,696
Freedom Acquisition Holdings, Inc.*		10,700		117,807
GAMCO, Investors, Inc., Class A		1,200		67,260
Gladstone Capital Corp.		2,400		51,504
Greenhill & Co., Inc.		3,600		247,356
Hercules Technology Growth Capital, Inc.		7,000		94,570
KBW, Inc.*		5,000		146,900
Knight Capital Group, Inc., Class A*		22,800		378,480
Kohlberg Capital Corp.		2,700		50,085
Labranche & Co., Inc.*		9,200		67,896
Marketaxess Holdings, Inc.*		6,300		113,337
MCG Capital Corp.		12,600		201,852

 7

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Capital Markets (continued)
MVC Capital, Inc.		6,400	$	120,384
optionsXpress Holdings, Inc.		7,800		200,148
Penson Worldwide, Inc.*		2,100		51,513
Piper Jaffray Cos.*		3,800		211,774
Sanders Morris Harris Group, Inc.		1,800		20,952
Stifel Financial Corp.*		2,600		153,114
SWS Group, Inc.		5,400		116,748
Technology Investment Capital Corp.		2,800		44,212
Thomas Weisel Partners Group, Inc.*		3,100		51,615
TradeStation Group, Inc.*		7,800		90,870
Waddell & Reed Financial, Inc.		16,900		439,569
				4,268,342
Chemicals (1.9%)
A. Schulman, Inc.		7,000		170,310
American Vanguard Corp.		2,200		31,504
Arch Chemicals, Inc.		4,200		147,588
Balchem Corp.		2,700		49,059
C.F. Industries Holdings, Inc.		11,200		670,768
Calgon Carbon Corp.*		9,600		111,360
Ferro Corp.		8,800		219,384
Flotek Industries, Inc.*		2,200		131,890
Fuller (H. B.) Co.		12,200		364,658
Georgia Gulf Corp.		8,200		148,502
Hercules, Inc.*		23,500		461,775
Innophos Holdings, Inc.		2,500		35,750
Innospec, Inc.		2,400		142,104
Koppers Holdings, Inc.		3,500		117,880
Kronos Worldwide, Inc.		500		12,625
Landec Corp.*		2,400		32,160
LSB Industries, Inc.*		3,900		83,382
Minerals Technologies, Inc.		4,400		294,580
N.L. Industries, Inc.		1,400		14,028
Newmarket Corp.		3,100		149,947
O.M. Group, Inc.*		6,300		333,396
Olin Corp.		14,900		312,900
Pioneer Cos., Inc.*		2,900		99,673
PolyOne Corp.*		18,100		130,139
Rockwood Holdings, Inc.*		6,300		230,265
Sensient Technologies Corp.		9,500		241,205
Shengdatech, Inc.*		1,700		9,044
Spartech Corp.		6,100		161,955
Stepan Co.		1,300		39,364
Symyx Technologies, Inc.*		8,700		100,137
Terra Industries, Inc.*		18,700		475,354
Tronox, Inc.		1,200		17,256
Tronox, Inc., Class B		5,700		80,085
W.R. Grace & Co.*		14,200		347,758
Zoltek Cos., Inc.*		4,400		182,732
				6,150,517
Commercial Banks (5.0%)
1st Source Corp.		1,600		39,872
Alabama National Bancorp		3,400		210,256
Amcore Financial, Inc.		4,700		136,253
Americanwest Bancorp		3,500		63,805
Ameris Bancorp		2,700		60,669
BancFirst Corp.		1,000		42,820
Banco Latinoamericano de Exportaciones, S.A. — PA		3,900		73,320
Bancorp, Inc. (The)*		3,500		78,260
Bank of the Ozarks, Inc.		2,400		66,888
BankFinancial Corp.		4,600		71,070
Banner Corp.		3,000		102,180
Boston Private Financial Holdings, Inc.		8,100		217,647
Capital City Bank Group, Inc.		1,700		53,278
Capital Corp. of the West		1,900		45,524
Capitol Bancorp Ltd.		2,900		79,257
Cascade Bancorp		6,000		138,840
Cathay General Bancorp, Inc.		10,300		345,462
Centennial Bank Holdings, Inc.*		11,100		94,017
Center Financial Corp.		2,800		47,376
Central Pacific Financial Corp.		5,700		188,157
Chemical Financial Corp.		5,000		129,350
Chittenden Corp.		9,000		314,550
Citizens Banking Corp.		16,900		309,270
City Holding Co.		3,500		134,155
Cobiz, Inc.		3,700		67,044
Columbia Banking System, Inc.		3,300		96,525
Community Bancorp*		2,200		61,556
Community Bank System, Inc.		5,800		116,116
Community Banks, Inc.		4,000		128,880
Community Trust Bancorp, Inc.		3,100		100,130
CVB Financial Corp.		12,200		135,664
Enterprise Financial Services Corp.		900		22,374
First Bancorp		2,400		44,952
First BanCorp. Puerto Rico		15,600		171,444
First Charter Corp.		7,100		138,237
First Commonwealth Financial Corp.		12,900		140,868
First Community Bancorp		5,200		297,492
First Community Bankshares, Inc.		1,500		46,785
First Financial Bancorp		6,700		100,433
First Financial Bankshares, Inc.		3,500		135,835
First Financial Corp.		2,700		79,272

8 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Commercial Banks (continued)
First Indiana Corp.		3,900	$	86,268
First Merchants Corp.		2,700		64,881
First Midwest Bancorp, Inc.		10,900		387,059
First Regional Bancorp*		2,600		66,144
First Republic Bancorp, Inc.		5,700		305,862
First South Bancorp, Inc.		700		18,830
First State Bancorp		5,100		108,579
FirstMerit Corp.		17,800		372,554
Frontier Financial Corp.		7,900		177,987
Glacier Bancorp, Inc.		9,700		197,395
Great Southern Bancorp, Inc.		1,400		37,870
Greater Bay Bancorp		11,500		320,160
Greene County Bancshares, Inc.		1,300		40,638
Hanmi Financial Corp.		8,200		139,892
Harleysville National Corp.		5,800		93,496
Heartland Financial U.S.A., Inc.		1,800		43,740
Heritage Commerce Corp.		2,300		54,464
Home Bancshares, Inc.		900		20,295
Horizon Financial Corp.		2,700		58,833
Iberiabank Corp.		2,300		113,735
Independent Bank Corp.		3,700		109,298
Independent Bank Corp., Michigan		6,500		111,865
Integra Bank Corp.		5,300		113,791
International Bancshares Corp.		9,850		252,357
Investors Bancorp, Inc.*		9,343		125,477
Irwin Financial Corp.		3,800		56,886
Lakeland Bancorp, Inc.		1,700		22,610
Lakeland Financial Corp.		1,900		40,413
M.B. Financial, Inc.		6,400		222,336
Macatawa Bank Corp.		5,190		82,573
Mainsource Financial Group, Inc.		3,600		60,444
Midwest Banc Holding, Inc.		3,300		47,850
Nara Bankcorp, Inc.		5,000		79,650
National Penn Bancshares, Inc.		8,400		140,112
NBT Bancorp, Inc.		6,000		135,360
Old National Bancorp		13,400		222,574
Old Second Bancorp, Inc.		3,379		98,532
Omega Financial Corp.		1,600		43,024
Oriental Financial Group — PR		6,000		65,460
Pacific Capital Bancorp		9,799		264,377
Peoples Bancorp, Inc.		1,900		51,433
Preferred Bank		1,900		76,000
PrivateBancorp, Inc.		4,800		138,240
Prosperity Bancshares, Inc.		7,200		235,872
Provident Bankshares Corp.		7,500		245,850
Renasant Corp.		5,000		113,700
Republic Bancorp, Inc., Class A		1,300		21,567
Royal Bancshares of Pennsylvania, Inc., Class A		400		7,884
S&T Bancorp, Inc.		4,700		154,630
S.Y. Bancorp, Inc.		1,428		33,929
Sandy Spring Bancorp, Inc.		3,200		100,608
Santander Bancorp — PR		100		1,486
SCBT Financial Corp.		1,000		36,400
Seacoast Banking Corp. of Florida		4,200		91,350
Security Bank Corp.		3,100		62,310
Sierra Bancorp		400		11,280
Signature Bank*		6,900		235,290
Simmons First National Corp., Class A		2,200		60,698
South Financial Group, Inc.		13,600		307,904
Southside Bancshares, Inc.		2,225		48,327
Southwest Bancorp		3,100		74,524
Sterling Bancorp		5,400		86,562
Sterling Bancshares, Inc.		17,900		202,449
Sterling Financial Corp.		7,500		78,900
Sterling Financial Corp. (Spokane)		10,400		300,976
Suffolk Bancorp		3,000		95,760
Sun Bancorp, Inc.*		2,505		42,259
Superior Bancorp.*		7,000		71,610
SVB Financial Group*		7,500		398,325
Taylor Capital Group, Inc.		1,200		33,036
Texas Capital Bancshares, Inc.*		5,800		129,630
Tompkins Trustco, Inc.		1,300		48,620
Trico Bancshares		1,800		40,248
Trustmark Corp.		10,300		266,358
UCBH Holdings, Inc.		21,900		400,113
UMB Financial Corp.		6,300		232,281
Umpqua Holdings Corp.		13,700		322,087
Union Bankshares Corp.		2,100		48,720
United Bankshares, Inc.		8,200		260,760
United Community Banks, Inc.		7,400		191,586
United Security Bancshares		3,100		63,178
Univest Corp. of Pennsylvania		1,200		27,024
USB Holding Co., Inc.		1,800		34,308
Virginia Commerce Bancorp, Inc.*		4,900		82,859
W Holding Co., Inc.		17,200		45,408
Washington Trust Bancorp		2,300		57,983
WesBanco, Inc.		5,100		150,450
West America Bankcorp		6,800		300,832
West Coast Bancorp		2,100		63,819
Western Alliance Bancorp*		2,300		68,655
Wilshire Bankcorp, Inc.		3,400		41,412

 9

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Commercial Banks (continued)
Wintrust Financial Corp.		5,600	$	245,560
Yardville National Bancorp		1,567		53,513
				16,524,117
Commercial Services & Supplies (4.0%)
ABM Industries, Inc.		9,400		242,614
Acco Brands Corp.*		9,600		221,280
Administaff, Inc.		4,700		157,403
Advisory Board Co. (The)*		4,300		238,908
Ambassadors International		2,500		83,150
American Ecology Corp.		3,300		70,686
American Reprographics Co.*		6,000		184,740
Amper Corp.		300		14,265
Barrett Business Services, Inc.		2,600		67,158
Bowne & Co., Inc.		7,200		140,472
Brady Corp., Class A		9,313		345,885
Casella Waste Systems, Inc., Class A*		4,600		49,588
CBIZ, Inc.*		9,600		70,560
CDI Corp.		2,800		90,160
Cenveo, Inc.*		10,800		250,452
Clean Harbors, Inc.*		3,600		177,912
CompX International, Inc.		200		3,700
Comsys IT Partners, Inc.*		4,600		104,926
Consolidated Graphics, Inc.*		2,100		145,488
Cornell Cos., Inc.*		2,400		58,944
CoStar Group, Inc.*		3,900		206,232
CRA International, Inc.*		3,100		149,420
Deluxe Corp.		10,500		426,405
Diamond Management & Technology Consultants, Inc.		5,700		75,240
Ennis, Inc.		4,500		105,840
Exponet, Inc.*		3,700		82,769
First Advantage Corp., Class A*		2,000		46,020
FTI Consulting, Inc.*		8,200		311,846
Fuel Tech, Inc.*		2,700		92,475
G & K Services, Inc., Class A		4,300		169,893
Geo Group, Inc. (The)*		10,200		296,820
Healthcare Services Group, Inc.		6,100		179,950
Herman Miller, Inc.		13,800		436,080
Hudson Highland Group, Inc.*		6,100		130,479
Huron Consulting Group, Inc.*		3,800		277,438
ICT Group, Inc.*		1,600		29,936
IHS, Inc., Class A*		5,600		257,600
IKON Office Solutions, Inc.		21,500		335,615
Interface, Inc.		11,000		207,460
Kelly Services, Inc.		5,100		140,046
Kenexa Corp.*		5,700		214,947
Kforce, Inc.*		7,200		115,056
Knoll, Inc.		8,700		194,880
Korn/ Ferry International*		8,600		225,836
Labor Ready, Inc.*		9,400		217,234
Layne Christensen Co.*		3,400		139,230
LECG Corp.*		6,300		95,193
M & F Worldwide Corp.*		2,400		159,792
Manhattan Associates, Inc.*		5,400		150,714
McGrath Rentcorp		4,000		134,760
Mine Safety Appliances Co.		5,400		236,304
Mobile Mini, Inc.*		8,300		242,360
Multi-Color Corp.		1,300		51,103
Navigant Consulting, Inc.*		11,600		215,296
Odyssey Marine Exploration, Inc.*		11,800		70,918
On Assignment, Inc.*		9,100		97,552
PeopleSupport, Inc.*		4,800		54,480
PHH Corp.*		10,400		324,584
Pike Electric Corp.*		3,600		80,568
Resources Connection, Inc.*		10,900		361,662
Rollins, Inc.		5,700		129,789
SAIC, Inc.*		20,000		361,400
Schawk, Inc., Class A		3,000		60,060
School Specialty, Inc.*		4,600		163,024
Spherion Corp.*		11,400		107,046
Standard Parking Corp.*		500		17,565
Standard Register Co.		2,900		33,060
Steiner Leisure Ltd. — BS*		2,800		137,536
Taleo Corp., Class A*		4,400		99,132
Team, Inc.*		1,500		67,455
TeleTech Holdings, Inc.*		7,800		253,344
Tetra Technology, Inc.*		13,200		284,460
United Stationers, Inc.*		6,100		406,504
Viad Corp.		4,100		172,897
Volt Information Sciences, Inc.*		2,800		51,632
Waste Connections, Inc.*		14,600		441,504
Waste Industries U.S.A., Inc.		600		20,484
Waste Services, Inc.*		3,900		47,385
Watson Wyatt Worldwide, Inc.		8,200		413,936
				13,326,537
Communications Equipment (2.4%)
3COM Corp.*		85,100		351,463
Acme Packet, Inc.*		2,700		31,023
Adtran, Inc.		13,200		342,804
Anaren, Inc.*		4,200		73,962
Andrew Corp.*		33,700		486,628
Arris Group, Inc.*		22,000		386,980
Avanex Corp.*		26,800		48,240

10 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Communications Equipment (continued)
Avocent Corp.*		11,200	$	324,912
Bel Fuse, Inc., Class B		2,400		81,672
Bigband Networks, Inc.*		1,100		14,421
Black Box Corp.		3,500		144,830
C-COR, Inc.*		10,400		146,224
Comtech Group, Inc.*		3,500		57,785
Comtech Telecommunications Corp.*		5,300		246,026
Digi International, Inc.*		3,700		54,538
Ditech Networks, Inc.*		6,300		51,597
Dycom Industries, Inc.*		8,200		245,836
EMS Technologies*		3,100		68,386
Extreme Networks, Inc.*		25,600		103,680
Finisar Corp.*		48,600		183,708
Foundry Networks, Inc.*		29,200		486,472
Harmonic, Inc.*		16,000		141,920
Harris Stratex Networks, Inc., Class A*		4,300		77,314
Inter-Tel, Inc.		4,500		107,685
Interactive Intelligence, Inc.*		1,500		30,900
InterDigital Communications Corp.*		10,300		331,351
Ixia*		7,100		65,746
Loral Space & Communications, Inc.*		1,900		93,632
MasTec, Inc.*		6,900		109,158
MRV Communications, Inc.*		25,600		83,200
Netgear, Inc.*		7,600		275,500
Network Equipment Technologies, Inc.*		3,100		29,574
Ntelos Holding Corp.		5,200		143,728
Oplink Communications, Inc.*		4,500		67,500
OpNext, Inc.*		2,100		27,804
Optium Corp.*		1,300		16,445
Orbcomm, Inc.*		3,900		63,999
Packeteer, Inc.*		9,500		74,195
Plantronics, Inc.		9,700		254,334
Polycom, Inc.*		18,500		621,600
Powerwave Technologies, Inc.*		26,300		176,210
Seachange International, Inc.*		3,100		24,056
Sirenza Microdevices, Inc.*		7,900		93,773
Sonus Networks, Inc.*		49,600		422,592
Sycamore Networks, Inc.*		29,400		118,188
Symmetricom, Inc.*		9,400		78,960
Tekelec*		12,800		184,576
U.T. Starcom, Inc.*		21,900		122,859
ViaSat, Inc.*		4,900		157,290
				7,925,276
Computers & Peripherals (1.0%)
Adaptec, Inc.*		24,200		92,202
Avid Technology, Inc.*		8,900		314,615
Cray, Inc.*		9,400		71,722
Electronics for Imaging, Inc.*		12,600		355,572
Emulex Corp.*		15,900		347,256
Gateway, Inc.*		61,900		98,421
Hurco Co., Inc.*		700		34,986
Hutchinson Technology, Inc.*		6,400		120,384
Hypercom Corp.*		14,100		83,331
Imation Corp.		7,100		261,706
Immersion Corp.*		6,900		103,362
Integral Systems, Inc.		1,400		34,034
Intermec, Inc.*		11,000		278,410
Komag, Inc.*		6,500		207,285
LivePerson, Inc.*		4,200		22,470
Palm, Inc.*		20,900		334,609
Quantum Corp.*		32,400		102,708
Rackable Systems, Inc.*		7,500		92,700
Rimage Corp.*		1,400		44,226
Silicon Graphics, Inc.*		500		13,270
Smart Modular Technologies — KY*		8,600		118,336
STEC, Inc.*		3,300		21,219
Stratasys, Inc.*		2,400		112,752
Synaptics, Inc.*		5,700		204,003
				3,469,579
Construction & Engineering (0.9%)
Aecom Technology Corp.*		7,000		173,670
Comfort Systems U.S.A., Inc.		8,300		117,694
Emcor Group, Inc.*		6,400		466,560
Granite Construction, Inc.		7,300		468,514
Infrasource Services, Inc.*		7,500		278,250
Insituform Technologies, Inc.*		6,800		148,308
Integrated Electrical Services, Inc.*		3,400		112,098
Perini Corp.*		5,200		319,956
Walter Industries, Inc.		9,600		278,016
Washington Group International, Inc.*		5,900		472,059
				2,835,125
Construction Materials (0.2%)
Headwaters, Inc.*		9,000		155,430
Michael Baker Corp.*		2,100		78,015
Texas Industries, Inc.		5,460		428,119
U.S. Concrete, Inc.*		6,900		59,961
				721,525

 11

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Consumer Finance (0.4%)
Advance America Cash Advance Centers, Inc.		12,600	$	223,524
Advanta Corp., Class B		7,350		228,879
Cash America International, Inc.		6,200		245,830
CompuCredit Corp.*		4,100		143,582
Credit Acceptance Corp*		1,000		26,830
Dollar Financial Corp.*		3,900		111,150
EZCORP, Inc., Class A*		7,500		99,300
First Cash Financial Services, Inc.*		6,100		142,984
Nelnet, Inc.		2,500		61,100
Q.C. Holdings, Inc.		200		3,000
World Acceptance Corp.*		4,000		170,920
				1,457,099
Consumer Goods (0.4%)
1-800-Flowers.Com, Inc.*		7,000		66,010
American Dairy, Inc.*		200		3,732
CEC Entertainment, Inc.*		5,800		204,160
Central Garden & Pet Co.*		14,100		165,393
Helen of Troy Ltd. — BR*		7,100		191,700
Jamba, Inc.*		13,200		120,648
Jo-Ann Stores, Inc.*		5,200		147,836
Nexcen Brands, Inc.*		6,700		74,638
Tempur-Pedic International, Inc.		15,600		404,040
				1,378,157
Containers & Packaging (0.5%)
AEP Industries*		1,300		58,513
AptarGroup, Inc.		14,300		508,508
Chesapeake Corp.		4,000		50,280
Graphic Packaging Corp.*		11,700		56,628
Greif, Inc.		6,300		375,543
Myers Industries, Inc.		5,700		126,027
Rock-Tenn Co.		6,700		212,524
Silgan Holdings, Inc.		5,000		276,400
				1,664,423
Distributors (0.2%)
Audiovox Corp.*		3,400		44,098
Beijing Med-Pharm Corp.*		7,400		78,958
Building Materials Holding Corp.		5,900		83,721
Core-Mark Holding Co., Inc.*		1,900		68,362
Keystone Automotive Industries, Inc.*		3,300		136,521
MWI Veterinary Supply, Inc.*		1,700		67,813
Scansource, Inc.*		5,200		166,348
Source Interlink Cos., Inc.*		11,300		56,274
				702,095
Diversified Consumer Services (1.2%)
Bright Horizons Family Solutions, Inc.*		5,300		206,223
Capella Education Co.*		1,600		73,648
Coinmach Service Corp.		3,400		44,982
Coinstar, Inc.*		5,800		182,584
Corinthian Colleges, Inc.*		19,700		320,913
CPI Corp.		700		48,650
DeVry, Inc.		12,200		415,044
Home Solutions of America, Inc.*		8,200		49,036
INVESTools, Inc.*		12,700		126,492
Jackson Hewitt Tax Service, Inc.		6,500		182,715
Matthews International Corp., Class A		6,400		279,104
Premier Exhibitions, Inc.*		7,200		113,472
Prepaid Depot, Inc.*		2,200		141,482
Regis Corp.		9,800		374,850
Sotheby’s Holdings, Inc.		13,300		612,066
Stewart Enterprises, Inc., Class A		22,900		178,391
Strayer Education, Inc.		3,200		421,472
Universal Technical Institute, Inc.*		4,500		114,255
Vertrue, Inc.*		1,500		73,170
				3,958,549
Diversified Financial Services (0.7%)
Asset Acceptance Capital Corp.		2,500		44,250
Assured Guaranty Ltd. — BR		12,600		372,456
ASTA Funding, Inc.		2,800		107,604
Compass Diversified Trust		5,500		98,065
Encore Capital Group, Inc.*		5,100		63,648
Epoch Holding Corp.*		3,400		45,526
Financial Federal Corp.		5,400		161,028
GFI Group, Inc.*		3,200		231,936
Interactive Brokers Group, Inc., Class A*		9,100		246,883
International Securities Exchange Holdings, Inc.		7,500		490,125
Ladenburg Thalmann Financial*		11,500		26,450
Newstar Financial, Inc.*		1,200		17,076
Portfolio Recovery Associates, Inc.		3,700		222,074
Primus Guaranty Ltd. — BR*		6,700		71,824
Prospect Energy Corp.		4,500		78,615
Resource America, Inc., Class A		2,400		49,464
U.S. Global Investors, Inc, Class A		3,200		72,544
W.P. Stewart & Co. Ltd. — BR		1,600		17,424
				2,416,992

12 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Diversified Telecommunication Services (0.9%)
Alaska Communications Systems Holdings, Inc.		10,000	$	158,400
Aruba Networks, Inc.*		400		8,040
Atlantic Tele-Network, Inc.		2,300		65,872
Cbeyond, Inc.*		3,700		142,487
Cincinnati Bell, Inc.*		50,000		289,000
Cognet Communications Group, Inc.*		9,300		277,791
CT Communications, Inc.		4,100		125,091
Eschelon Telecom, Inc.*		2,200		65,120
Fairpoint Communications, Inc.		6,700		118,925
General Communication, Inc.*		10,800		138,348
Globalstar, Inc.*		3,400		35,190
Golden Telecom, Inc.		3,200		176,032
IDT Corp.		9,500		98,040
Iowa Telecommunications Services, Inc.		7,400		168,202
North Pittsburgh Systems, Inc.		4,400		93,500
PAETEC Holding Corp.*		14,200		160,318
Premiere Global Services, Inc.*		13,700		178,374
Shenandoah Telecommunications Co.		900		45,747
SureWest Communications		2,300		62,652
Time Warner Telecom, Inc.*		30,400		611,040
Vonage Holdings Corp.*		12,800		39,808
				3,057,977
Electric Utilities (0.9%)
Allete, Inc.		5,200		244,660
Central Vermont Public Service		1,800		67,824
Cleco Corp.		12,900		316,050
El Paso Electric Co.*		10,500		257,880
Empire District Electric Co.		6,300		140,931
IDACORP, Inc.		9,900		317,196
ITC Holdings Corp.		7,800		316,914
MGE Energy, Inc.		3,300		107,811
Otter Tail Co.		5,300		169,971
Portland General Electric Co.		6,200		170,128
UIL Holdings Corp.		5,400		178,740
UniSource Energy Corp.		7,400		243,386
Westar Energy, Inc.		19,200		466,176
				2,997,667
Electrical Equipment (1.3%)
A.O. Smith Corp.		4,200		167,538
Acuity Brands, Inc.		9,100		548,548
American Superconductor Corp.*		7,000		135,170
Baldor Electric Co.		9,200		453,376
Belden CDT, Inc.		9,100		503,685
Encore Wire Corp.		5,600		164,864
Energy Conversion Devices, Inc.*		8,000		246,560
EnerSys*		6,000		109,800
Evergreen Solar, Inc.*		17,800		165,540
Franklin Electric Co., Inc.		3,900		184,002
FuelCell Energy, Inc.*		14,400		114,048
Genlyte Group, Inc.*		5,700		447,678
Graftech International Ltd.*		20,100		338,484
Lamson & Sessions Co.*		2,900		77,053
LSI Industries, Inc.		4,900		87,710
Medis Technologies, Inc.*		4,300		63,167
Powell Industries, Inc.*		1,600		50,816
Power-One, Inc.*		14,200		56,516
Preformed Line Products Co.		1,000		48,010
Regal-Beloit Corp.		6,500		302,510
Superior Essex, Inc.*		4,100		153,135
Vicor Corp.		2,800		37,044
				4,455,254
Electronic Equipment & Instruments (2.2%)
Acacia Research — Acacia Technologies*		7,400		119,584
Aeroflex, Inc.*		14,527		205,847
Agilysys, Inc.		7,300		164,250
Anixter International, Inc.*		6,400		481,344
Benchmark Electronics, Inc.*		13,300		300,846
Brightpoint, Inc.*		11,100		153,069
Checkpoint Systems, Inc.*		8,000		202,000
Cogent Communications Group, Inc.*		7,800		114,582
Cognex Corp.		8,900		200,339
Coherent, Inc.*		6,300		192,213
Color Kinetics, Inc.*		3,600		120,276
CPI International, Inc.*		200		3,966
CTS Corp.		6,600		83,556
Daktronics, Inc.		7,600		163,248
DTS, Inc.*		3,700		80,549
Echelon Corp.*		6,000		93,780
Electro Scientific Industries, Inc.*		7,200		149,760
Excel Technology, Inc.*		3,000		83,820
Faro Technologies, Inc.*		2,200		70,092
FLIR Systems, Inc.*		14,100		652,125
Insight Enterprises, Inc.*		9,800		221,186
IPG Photonics Corp.*		1,000		19,950
Itron, Inc.*		6,470		504,272
Kemet Corp.*		15,700		110,685
L-1 Identity Solutions, Inc.*		12,000		245,400

 13

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Electronic Equipment & Instruments (continued)
Littlefuse, Inc.*		4,600	$	155,342
LoJack Corp.*		3,900		86,931
Measurement Specialties, Inc.*		2,200		52,096
Mercury Computer Systems, Inc.*		4,500		54,900
Methode Electronics		9,000		140,850
MTS Systems Corp.		4,200		187,614
Multi-Fineline Electronix, Inc.*		1,000		17,160
Newport Corp.*		8,900		137,772
On2 Technologies, Inc.*		30,100		90,300
OSI Systems, Inc.*		3,200		87,520
Oyo Geospace Corp.*		1,100		81,609
P.C. Connection, Inc.*		100		1,324
Park Electrochemical Corp.		4,200		118,356
Plexus Corp.*		9,400		216,106
RadiSys Corp.*		4,400		54,560
Rofin-Sinar Technologies, Inc.*		3,100		213,900
Rogers Corp.*		3,600		133,200
Stoneridge, Inc.*		1,100		13,574
Synnex Corp.*		2,000		41,220
Technitrol, Inc.		7,300		209,291
TTM Technologies, Inc.*		9,200		119,600
Universal Display Corp.*		6,300		98,973
X-Rite, Inc.		5,900		87,143
Zygo Corp.*		2,800		40,012
				7,176,092
Energy Equipment & Services (1.8%)
Allis-Chalmers Energy, Inc.*		4,600		105,754
Atwood Oceanics, Inc.*		5,500		377,410
Basic Energy Services, Inc.*		7,100		181,547
Bristow Group, Inc.*		4,100		203,155
Bronco Drilling Co., Inc.*		5,200		85,332
Cal Dive International, Inc.*		2,600		43,238
Carbo Ceramics, Inc.		4,100		179,621
Complete Production Services*		7,400		191,290
Dawson Geophysical Co.*		2,000		122,920
Drill-Quip, Inc.*		4,700		211,265
ENGlobal Corp.*		3,600		43,740
Exide Technologies*		9,800		91,140
Grey Wolf, Inc.*		41,200		339,488
Hanover Compressor Co.*		18,700		445,995
Hercules Offshore, Inc.*		5,300		171,614
Horizon Offshore, Inc.*		5,500		105,600
Input/ Output, Inc.*		14,000		218,540
Lufkin Industries		3,000		193,650
Matrix Service Corp.*		5,700		141,645
NATCO Group, Inc., Class A*		3,500		161,140
Newpark Resources, Inc.*		18,200		141,050
Oil States International, Inc.*		9,500		392,730
Parker Drilling Co.*		22,500		237,150
PHI, Inc.*		3,800		113,202
Pioneer Drilling Co.*		10,000		149,100
RPC Energy Services, Inc.		6,500		110,760
Sulphco, Inc.*		5,000		18,050
Superior Offshore International, Inc.*		800		14,560
Superior Well Services, Inc.*		3,200		81,312
T-3 Energy Services, Inc.*		1,100		36,795
Trico Marine Services, Inc.*		2,400		98,112
Union Drilling, Inc.*		1,700		27,914
Universal Compression Holdings, Inc.*		6,100		442,067
W-H Energy Services, Inc.*		6,600		408,606
Willbros Group, Inc. — PA*		4,500		133,560
				6,019,052
Food & Staples Retailing (1.0%)
Andersons, Inc. (The)		3,800		172,254
Benihana, Inc.*		1,200		24,000
Cal-Maine Foods, Inc.		3,900		63,882
Carrols Restaurant Group, Inc.*		800		12,200
Casey’s General Stores, Inc.		10,300		280,778
Central European Distribution Corp.*		7,200		249,264
Great Atlantic & Pacific Tea Co., Inc.*		4,500		150,930
Ingles Markets, Inc., Class A		2,900		99,905
Longs Drug Stores Corp.		6,700		351,884
Nasch-Finch Co.		3,200		158,400
Pantry, Inc.*		4,600		212,060
Pathmark Stores, Inc.*		8,800		114,048
Performance Food Group Co.*		7,100		230,679
PriceSmart, Inc.		1,700		42,041
Ruddick Corp.		8,300		249,996
Spartan Stores, Inc.		5,200		171,132
Topps Co., Inc.		8,800		92,488
United Natural Foods, Inc.*		9,700		257,826
Village Super Market, Inc., Class A		600		28,686
Weis Markets, Inc.		2,500		101,275
Wild Oats Markets, Inc.*		6,700		112,292
Winn-Dixie Stores, Inc.*		6,200		181,660
				3,357,680
Food Products (0.9%)
Alico, Inc.		600		36,594
Chiquita Brands International, Inc.*		9,400		178,224

14 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Food Products (continued)
Farmer Brothers Co.		500	$	11,315
Flowers Foods, Inc.		10,300		343,608
Fresh Del Monte Produce, Inc. — KY		4,500		112,725
Green Mountain Coffee, Inc.*		1,500		118,110
Hain Celestial Group, Inc.*		6,900		187,266
Imperial Sugar Co.		2,400		73,896
J & J Snack Foods Corp.		2,000		75,480
Lancaster Colony Corp.		4,600		192,694
Lance, Inc.		6,300		148,428
Maui Land & Pineapple Co., Inc.*		900		33,057
Peet’s Coffee & Tea, Inc.*		4,000		98,520
Pilgrim’s Pride Corp.		7,900		301,543
Ralcorp Holding, Inc.*		6,000		320,700
Reddy Ice Holdings, Inc.		4,000		114,080
Sanderson Farms, Inc.		4,000		180,080
Seaboard Corp.		44		103,180
Tootsie Roll Industries, Inc.		7,100		196,741
Treehouse Foods, Inc.*		5,700		151,677
				2,977,918
Gas Distribution (0.1%)
Piedmont Natural Gas Co., Inc.		15,100		372,215
Semco Energy, Inc.*		2,900		22,533
				394,748
Gas Utilities (0.6%)
Cascade Natural Gas Corp.		2,800		73,948
EnergySouth, Inc.		1,700		86,700
Laclede Group, Inc. (The)		4,000		127,520
New Jersey Resources Corp.		6,100		311,222
NICOR, Inc.		9,800		420,616
Northwest Natural Gas Co.		6,100		281,759
South Jersey Industries, Inc.		6,700		237,046
Southwest Gas Corp.		7,600		256,956
WGL Holdings, Inc.		9,800		319,872
				2,115,639
Health Care Equipment & Supplies (3.0%)
Abaxis, Inc.*		4,600		95,956
ABIOMED, Inc.*		5,500		59,290
Accuray, Inc.*		2,200		48,796
Align Technology, Inc.*		12,000		289,920
American Medical Systems Holdings, Inc.*		15,900		286,836
Analogic Corp.		3,200		235,232
Angiodynamics, Inc.*		4,200		75,642
Arrow International, Inc.		5,100		195,228
Arthrocare Corp.*		6,300		276,633
Aspect Medical Systems, Inc.*		4,900		73,304
Cantel Medical Corp.*		900		15,309
Conceptus, Inc.*		7,200		139,464
CONMED Corp.*		6,800		199,104
Cutera, Inc.*		1,900		47,348
Cyberonics, Inc.*		4,500		75,690
Cynosure, Inc.*		2,200		80,146
D.J. Orthopedics, Inc.*		4,800		198,096
Datascope Corp.		2,800		107,184
ev3, Inc.*		2,100		35,448
Foxhollow Technologies*		4,000		84,960
Greatbatch, Inc.*		3,500		113,400
Haemonetics Corp.*		5,900		310,399
Hansen Medical, Inc.*		1,900		35,891
Hologic, Inc.*		10,900		602,879
I-Flow Corp.*		4,100		68,634
ICU Medical, Inc.*		3,400		145,996
Immucor, Inc.*		13,800		385,986
Integra LifeSciences Holdings*		4,300		212,506
Invacare Corp.		5,800		106,314
Inverness Medical Innovations, Inc.*		8,900		454,078
Kensey Nash Corp.*		2,400		64,344
Kyphon, Inc.*		9,800		471,870
LifeCell Corp.*		6,800		207,672
Matria Healthcare, Inc.*		4,300		130,204
Medical Action Industries, Inc.*		2,800		50,568
Mentor Corp.		8,300		337,644
Meridian Bioscience, Inc.		7,350		159,201
Merit Medical Systems, Inc.*		5,300		63,388
Micrus Endovascular Corp.*		4,000		98,400
Natus Medical, Inc.*		5,800		92,336
Northstar Neuroscience, Inc.*		2,200		25,586
Nuvasive, Inc.*		7,000		189,070
NxStage Medical, Inc.*		5,900		76,287
Orasure Technologies, Inc.*		9,300		76,074
Palomar Medical Technologies, Inc.*		3,700		128,427
PolyMedica Corp.		5,200		212,420
Quidel Corp.*		5,800		101,848
Sirona Dental Systems, Inc.*		3,400		128,622
SonoSite, Inc.*		3,700		116,291
Spectranetics Corp.*		8,700		100,224
Stereotaxis, Inc.*		4,600		60,076
Steris Corp.		12,300		376,380
Surmodics, Inc.*		3,800		190,000
Symmetry Medical, Inc.*		6,700		107,267
Thoratec Corp.*		12,100		222,519
Tomotherapy, Inc.*		1,000		21,920
Ventana Medical Systems, Inc.*		6,400		494,528

 15

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Health Care Equipment & Supplies (continued)
Vital Signs, Inc.		1,600	$	88,880
Volcano Corp.*		3,700		74,777
West Pharmaceutical Services, Inc.		6,600		311,190
Wright Medical Group, Inc.*		7,000		168,840
Zoll Medical Corp.*		4,200		93,702
				10,096,224
Health Care Providers & Services (2.2%)
Air Methods Corp.*		2,700		99,009
Alliance Imaging, Inc.*		2,500		23,475
Amedisys, Inc.*		6,100		221,613
American Dental Partners*		3,600		93,492
Amerigroup Corp.*		10,700		254,660
AMN Healthcare Services, Inc.*		7,000		154,000
Amsurg Corp.*		6,200		149,668
Animal Health International, Inc.*		800		11,592
Apria Healthcare Group, Inc.*		8,800		253,176
Assisted Living Concepts, Inc.*		9,600		102,240
Capital Senior Living Corp.*		2,100		19,782
Centene Corp.*		8,800		188,496
Chemed Corp.		5,100		338,079
CorVel Corp.*		1,900		49,666
Cross Country Healthcare, Inc.*		6,700		111,756
CryoLife, Inc.*		3,000		39,030
Emergency Medical Services*		1,300		50,869
Emeritus Co.*		500		15,490
Genesis HealthCare Corp.*		4,000		273,680
Gentiva Health Services, Inc.*		6,200		124,372
HealthExtras, Inc.*		6,000		177,480
Healthsouth Corp.*		17,000		307,870
Healthspring, Inc.*		7,900		150,574
Healthways, Inc.*		7,700		364,749
HMS Holdings Corp.*		3,100		59,334
Hythiam, Inc.*		8,800		76,120
InVentiv Health, Inc.*		6,300		230,643
Kindred Healthcare, Inc.*		6,100		187,392
Landauer, Inc.		1,700		83,725
LCA-VISION, Inc.		4,200		198,492
LHC Group, Inc.*		2,900		75,980
Magellan Health Services, Inc.*		7,900		367,113
Medcath Corp.*		2,800		89,040
Molina Healthcare, Inc.*		2,000		61,040
National Healthcare Corp.		900		46,440
Nighthawk Radiology Holdings, Inc.*		3,100		55,955
Odyssey Healthcare, Inc.*		7,700		91,322
Option Care, Inc.		6,500		100,100
Owens & Minor, Inc.		8,600		300,484
Providence Service Corp.*		2,600		69,472
PSS World Medical, Inc.*		14,000		255,080
Psychiatric Solutions, Inc.*		11,000		398,860
Radiation Therapy Services, Inc.*		3,700		97,458
RehabCare Group, Inc.*		3,500		49,840
Res-Care, Inc.*		5,300		112,042
Skilled Healthcare Group, Inc.*		6,200		96,162
Sun Healthcare Group, Inc.*		10,200		147,798
Sunrise Senior Living, Inc.*		9,000		359,910
Symbion, Inc.*		3,100		67,301
Visicu, Inc.*		4,000		36,600
				7,288,521
Health Care Technology (0.4%)
Allscripts Healthcare Solutions, Inc.*		11,200		285,376
Computer Programs & Systems, Inc.		2,300		71,254
Digene Corp.*		3,900		234,195
Eclipsys Corp.*		8,600		170,280
GTx, Inc.*		2,200		35,618
Omicell, Inc.*		6,100		126,758
Phase Forward*		6,800		114,444
TriZetto Group, Inc. (The)*		9,100		176,176
Vital Images, Inc.*		3,200		86,912
				1,301,013
Hotels, Restaurants & Leisure (2.6%)
AFC Enterprises, Inc.*		6,400		110,656
Ambassadors Group, Inc.		4,100		145,673
Ameristar Casinos, Inc.		6,000		208,440
Applebee’s International, Inc.		16,400		395,240
Bally Technologies, Inc.*		10,300		272,126
BJ’s Restaurants, Inc.*		2,100		41,454
Bluegreen Corp.*		2,500		29,225
Bob Evans Farms, Inc.		7,300		269,005
Buffalo Wild Wings, Inc.*		3,600		149,724
California Pizza Kitchen, Inc.*		7,300		156,804
CBRL Group, Inc.		5,700		242,136
Chipotle Mexican Grill, Inc.*		6,200		487,506
Churchill Downs, Inc.		1,300		68,094
CKE Restaurants, Inc.		12,100		242,847
Denny’s Corp.*		23,800		105,910
Domino’s Pizza, Inc.		7,100		129,717
Dover Downs Gaming & Entertainment, Inc.		3,200		48,032
Gaylord Entertainment Co.*		8,100		434,484
Great Wolf Resorts, Inc.*		4,200		59,850
IHOP Corp.		3,300		179,619
Isle of Capri Casinos, Inc.*		3,200		76,672

16 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Hotels, Restaurants & Leisure (continued)
Jack in the Box, Inc.*		6,320	$	448,341
Krispy Kreme Doughnuts, Inc.*		13,100		121,306
Landry’s Restaurants, Inc.		3,400		102,884
LIFE TIME FITNESS, Inc.*		6,400		340,672
Lodgian, Inc.*		3,000		45,090
Magna Entertainment Corp., Class A*		8,100		23,652
Marcus Corp.		3,100		73,656
McCormick & Schmick’s Seafood Restaurants, Inc.*		1,700		44,098
Monarch Casino & Resort, Inc.*		1,600		42,960
Morgans Hotel Group Co.*		4,100		99,958
Morton’s Restaurant Group, Inc.*		1,400		25,354
MTR Gaming Group, Inc.*		4,100		63,140
Multimedia Games, Inc.*		6,700		85,492
O’Charley’s, Inc.		5,300		106,848
P.F. Chang’s China Bistro, Inc.*		5,500		193,600
Papa John’s International, Inc.*		5,500		158,180
Pinnacle Entertainment, Inc.*		12,300		346,245
RARE Hospitality International, Inc.*		7,400		198,098
Red Robin Gourmet Burgers*		3,400		137,258
Riviera Holdings Corp.*		1,500		54,525
Ruby Tuesday, Inc.		11,000		289,630
Ruth’s Chris Steak House, Inc.*		3,800		64,562
Shuffle Master, Inc.*		8,400		139,440
Six Flags, Inc.*		16,100		98,049
Sonic Corp.*		14,900		329,588
Speedway Motorsports, Inc.		2,500		99,950
Steak n Shake Co. (The)*		4,500		75,105
Texas Roadhouse, Inc., Class A*		10,600		135,574
Town Sports International Holdings, Inc.*		2,600		50,232
Triarc Cos., Inc.		12,000		188,400
Trump Entertainment Resorts, Inc.*		7,700		96,635
Vail Resorts, Inc.*		6,000		365,220
WMS Industries, Inc.*		7,750		223,665
				8,720,621
Household Durables (1.0%)
American Greetings Corp., Class A		11,200		317,296
Avatar Holdings*		1,200		92,328
Beazer Homes U.S.A., Inc.		7,100		175,157
Blyth Industries, Inc.		5,400		143,532
Brookfield Homes Corp.		2,500		72,725
Champion Enterprises, Inc.*		15,500		152,365
CSS Industries, Inc.		1,600		63,376
Ethan Allen Interiors, Inc.		6,000		205,500
Furniture Brands International, Inc.		9,800		139,160
Hooker Furniture Corp.		2,200		49,368
Hovnanian Enterprises, Inc.*		7,600		125,628
iRobot Corp.*		1,900		37,715
Kimball International, Inc., Class B		5,100		71,451
La-Z-Boy, Inc.		9,300		106,578
Libbey, Inc.		2,000		43,140
Lifetime Brands, Inc.		3,300		67,485
M/I Homes, Inc.		3,200		85,120
Meritage Corp.*		5,300		141,775
National Presto Industries, Inc.		900		56,106
Palm Harbor Homes, Inc.*		2,000		28,300
Russ Berrie & Co., Inc.*		3,100		57,753
Sealy Corp.		7,000		115,640
Skyline Corp.		1,800		54,018
Standard Pacific Corp.		11,600		203,348
Syntax-Brillian Corp.*		7,500		36,900
Tarragon Realty Investors, Inc.*		1,200		10,152
Tupperware Corp.		12,400		356,376
Universal Electronics, Inc.*		2,900		105,328
WCI Communities, Inc.*		7,000		116,760
				3,230,380
Household Products (0.1%)
Spectrum Brands, Inc.*		9,900		67,023
WD-40 Co.		3,600		118,332
				185,355
Independent Power Producers & Energy Traders (0.0%)
Ormat Technologies, Inc.		1,900		71,592
				71,592
Industrial Conglomerates (0.1%)
Raven Industries, Inc.		3,200		114,272
Sequa Corp., Class A*		1,200		134,400
Standex International Corp.		2,500		71,100
Tredegar Industries, Inc.		5,800		123,540
				443,312
Insurance (3.3%)
21st Century Insurance Group		7,000		153,020
Alfa Corp.		5,000		77,850
American Equity Investment Life Holding Co.		11,900		143,752
American Physicians Capital, Inc.*		2,700		109,350
Amerisafe, Inc.*		5,100		100,113
AmTrust Financial Services, Inc.		6,700		125,893
Argonaut Group, Inc.		6,800		212,228
Aspen Insurance Holdings Ltd. — BR		18,000		505,260

 17

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Insurance (continued)
Baldwin & Lyons, Inc., Class B		1,600	$	41,568
Bristol West Holdings, Inc.		2,100		46,977
Citizens, Inc.*		11,400		80,256
CNA Surety Corp.*		1,700		32,147
Commerce Group, Inc.		11,700		406,224
Crawford & Co., Class B		5,100		34,476
Darwin Professional Underwriters, Inc.*		1,600		40,272
Delphi Financial Group, Inc., Class A		8,800		368,016
Donegal Group, Inc., Class A		1,200		17,880
eHealth, Inc.*		3,800		72,542
EMC Insurance Group, Inc.		1,200		29,784
Employers Holdings, Inc.		10,800		229,392
Enstar Group Ltd.*		1,100		132,781
FBL Financial Group, Inc., Class A		2,100		82,572
First Acceptance Corp.*		1,800		18,288
First Mercury Financial Corp.*		4,000		83,880
Flagstone Reinsurance Holdings Ltd. — BR		300		3,996
FPIC Insurance Group, Inc.*		2,700		110,079
Great American Financial Resources, Inc.		1,800		43,542
Greenlight Capital Ltd.*		3,300		74,349
Harleysville Group, Inc.		2,200		73,392
Hilb, Rogal & Hamilton Co.		7,100		304,306
Horace Mann Educators Corp.		9,500		201,780
Independence Holding Co.		400		8,172
Infinity Property & Casualty Corp.		3,900		197,847
IPC Holdings Ltd. — BR		13,900		448,831
James River Group, Inc.		2,100		69,783
Kansas City Life Insurance Co.		200		9,304
LandAmerica Financial Group, Inc.		3,500		337,715
Max Re Capital Ltd.		13,300		376,390
Meadowbrook Insurance Group, Inc.*		5,300		58,088
Midland Co. (The)		2,000		93,880
Montpelier Re Holdings Ltd. — BR		20,800		385,632
National Financial Partners Corp.		7,600		351,956
National Interstate Corp.		2,200		57,376
National Western Life Insurance Co., Class A		300		75,876
Navigators Group, Inc. (The)*		3,300		177,870
Nymagic, Inc.		1,200		48,240
Odyssey Re Holdings Corp.		5,000		214,450
Ohio Casualty Corp.		12,900		558,699
Phoenix Co., Inc.		23,000		345,230
Platinum Underwriters Holdings Ltd. — BR		11,200		389,200
PMA Capital Corp., Class A*		6,600		70,554
Presidential Life Corp.		6,000		117,960
ProAssurance Corp.*		6,700		372,989
PXRE Corp. — BR*		6,000		27,840
Ram Holdings Ltd. — BR*		1,800		28,350
RLI Corp.		4,300		240,585
Safety Insurance Group, Inc.		3,300		136,620
Scottish Re Group Ltd.*		9,600		46,944
Seabright Insurance Holdings*		6,000		104,880
Security Capital Assurance Ltd.		3,700		114,219
Selective Insurance Group, Inc.		12,300		330,624
State Auto Financial Corp.		2,000		61,300
Stewart Information Services Corp.		3,500		139,405
Tower Group, Inc.		5,000		159,500
United America Indemnity Ltd.*		3,700		92,019
United Fire & Casualty Corp.		3,700		130,906
Universal American Financial Corp.*		7,900		168,112
Zenith National Insurance Co.		7,300		343,757
				10,847,068
Internet & Catalog Retail (0.6%)
1-800 Contacts, Inc.*		400		9,384
Blue Nile, Inc.*		3,100		187,240
FTD Group, Inc.		2,100		38,661
Gaiam, Inc.*		3,500		63,805
GSI Commerce, Inc.*		5,000		113,550
Knot, Inc. (The)*		6,600		133,254
Netflix, Inc.*		9,500		184,205
Overstock.com, Inc.*		3,300		60,291
PetMed Express, Inc.*		5,700		73,188
Priceline.com, Inc.*		7,300		501,802
Shutterfly, Inc.*		2,000		43,100
Stamps.com, Inc.*		5,100		70,278
Systemax, Inc.		2,100		43,701
ValueVision International, Inc., Class A*		6,200		70,184
VistaPrint Ltd. — BR*		8,100		309,825
				1,902,468
Internet Software & Services (2.2%)
Ariba, Inc.*		16,100		159,551
Art Technology Group, Inc.*		19,900		52,934
Asiainfo Holdings, Inc.*		4,100		39,770
Bankrate, Inc.*		2,300		110,216
Blue Coat Systems, Inc.*		2,800		138,656
CMGI, Inc.*		99,900		194,805
CNET Networks, Inc.*		33,500		274,365
Cybersource Corp.*		4,700		56,682

18 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Internet Software & Services (continued)
Dealertrack Holdings, Inc.*		6,000	$	221,040
Digital River, Inc.*		8,100		366,525
DivX, Inc.*		3,800		57,000
EarthLink, Inc.*		28,600		213,642
eCollege.com, Inc.*		3,400		75,650
Equinix, Inc.*		6,400		585,408
Global Crossing Ltd. — BR*		5,900		111,392
Greenfield Online*		6,000		95,460
Ibasis, Inc.*		4,500		45,225
Imergent, Inc.		1,600		39,136
Infospace, Inc.		7,000		162,470
Internap Network Services*		8,300		119,686
Internet Capital Group, Inc.*		6,400		79,360
Interwoven, Inc.*		8,900		124,956
iPass, Inc.*		9,300		50,406
J2 Global Communications, Inc.*		10,000		349,000
Keynote Systems, Inc.*		1,300		21,320
Liquidity Services, Inc.*		2,100		39,438
Loopnet, Inc.*		4,400		102,652
Marchex, Inc., Class B		4,100		66,912
NIC, Inc.		4,600		31,464
Omniture, Inc.*		6,700		153,564
Online Resources & Communications Corp.*		7,500		82,350
Openwave Systems, Inc.		17,300		108,298
Opsware, Inc.*		20,000		190,200
Perficient, Inc.*		5,900		122,130
RealNetworks, Inc. (b) (c)*		20,600		168,302
S1 Corp.*		13,800		110,262
Savvis, Inc.*		5,500		272,305
Smith Micro Software, Inc.*		6,000		90,360
Sohu.com, Inc.*		5,500		175,945
SonicWALL, Inc.*		11,600		99,644
Switch & Data, Inc.*		2,000		38,380
Synchronoss Technologies, Inc.*		3,000		88,020
Techtarget*		100		1,285
Terremark Worldwide, Inc.*		12,900		83,205
TheStreet.com, Inc.		4,200		45,696
Travelzoo, Inc.*		900		23,931
United Online, Inc.		13,500		222,615
ValueClick, Inc.*		20,200		595,092
Vignette Corp.*		7,400		141,784
Visual Sciences, Inc.*		4,100		63,427
Vocus, Inc.*		3,500		87,885
Websense, Inc.*		9,100		193,375
				7,143,176
IT Services (1.6%)
Authorize.Net Holdings, Inc.*		7,100		127,019
Bearingpoint, Inc.*		38,800		283,628
BISYS Group, Inc. (The)*		24,500		289,835
CACI International, Inc., Class A*		6,200		302,870
Cass Information Systems, Inc.		400		14,504
Ciber, Inc.*		11,000		89,980
Covansys Corp.*		5,600		190,008
CSG Systems International, Inc.*		10,000		265,100
eFunds Corp.*		10,100		356,429
Enernoc, Inc.*		200		7,626
Euronet Worldwide, Inc.*		9,250		269,730
Exlservice Holdings, Inc.*		3,500		65,590
Forrester Research, Inc.*		3,000		84,390
Gartner, Inc. *		13,900		341,801
Gevity HR, Inc.		6,200		119,846
Global Cash Access, Inc.*		6,900		110,538
Heartland Payment Systems, Inc.		2,000		58,660
iGATE Corp.*		1,800		14,436
Infocrossing, Inc.*		6,000		110,820
infoUSA, Inc.		5,600		57,232
Isilon Systems, Inc.*		200		3,084
Lionbridge Technologies, Inc.*		12,200		71,858
ManTech International Corp.*		3,100		95,573
Maximus, Inc.		4,400		190,872
MPS Group, Inc.*		20,700		276,759
Ness Technologies, Inc.*		6,500		84,565
Perot Systems Corp., Class A*		16,400		279,456
RightNow Technologies, Inc.*		3,600		59,076
Safeguard Scientifics, Inc.*		18,800		52,828
Sapient Corp.*		16,500		127,545
SI International, Inc.*		3,500		115,570
SRA International, Inc.*		7,400		186,924
Sykes Enterprises, Inc.*		6,500		123,435
Syntel, Inc.		2,400		72,936
TNS, Inc.		5,500		79,255
Tyler Technologies, Inc.*		7,900		98,039
Wright Express Corp.*		7,500		257,025
				5,334,842
Leisure Equipment & Products (0.6%)
Arctic Cat, Inc.		3,600		71,280
Callaway Golf Co.		16,100		286,741
Gander Mountain Co.*		2,700		30,645
JAKKS Pacific, Inc.*		5,700		160,398
K2, Inc.*		10,000		151,900
Leapfrog Enterprises, Inc.*		5,800		59,450
Marine Products Corp.		900		7,407
Marvel Entertainment, Inc.*		9,800		249,704

 19

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Leisure Equipment & Products (continued)
Nautilus Group, Inc. (The)		8,200	$	98,728
Oakley, Inc.		4,200		119,280
Polaris Industries, Inc.		7,800		422,448
RC2 Corp.*		4,200		168,042
Smith & Wesson Holding Corp.*		6,600		110,550
Steinway Musical Instruments, Inc.		1,600		55,344
Sturm Ruger & Co., Inc.*		3,000		46,560
				2,038,477
Life Sciences Tools & Services (0.8%)
Advanced Magnetics, Inc.*		2,500		145,400
Affymetrix, Inc.*		14,000		348,460
Albany Molecular Research*		6,400		95,040
Bruker Bioscience Corp.*		10,700		96,407
Dionex Corp.*		3,800		269,762
Enzo Biochem, Inc.*		5,300		79,235
Eresearch Technology, Inc.*		8,400		79,884
Illumina, Inc.*		10,800		438,372
Kendle International, Inc.*		2,800		102,956
Luminex Corp.*		5,400		66,474
PAREXEL International Corp.*		6,400		269,184
Pharmanet Development Group, Inc.*		3,800		121,144
PRA International*		4,000		101,200
Valhi, Inc.		1,400		22,820
Varian, Inc.*		6,800		372,844
Verenium Corp.*		6,900		34,983
				2,644,165
Machinery (2.6%)
3D Systems Corp.*		4,000		99,480
Accuride Corp.*		3,500		53,935
Actuant Corp.		5,500		346,830
Albany International Corp., Class A		5,600		226,464
Altra Holdings, Inc.*		600		10,368
American Railcar Industries, Inc.		1,300		50,700
American Science & Engineering, Inc.*		1,800		102,330
Ampco-Pittsburgh Corp.		1,500		60,135
Astec Industries, Inc.*		3,800		160,436
ASV, Inc.*		4,100		70,848
Badger Meter, Inc.		2,600		73,476
Barnes Group, Inc.		9,300		294,624
Briggs & Stratton Corp.		10,300		325,068
Bucyrus International, Inc., Class A		7,200		509,616
Cascade Corp.		2,400		188,256
Chart Industries, Inc.*		3,600		102,384
Circor International, Inc.		2,500		101,075
Clarcor, Inc.		11,300		422,959
Columbus McKinnon Corp.*		4,100		132,020
Commercial Vehicle Group, Inc.*		3,000		55,890
Dynamic Materials Corp.		2,400		90,000
Enpro Industries, Inc.*		3,900		166,881
ESCO Technologies, Inc.*		5,500		199,430
Federal Signal Corp.		9,700		153,842
Flow International Corp.*		5,500		69,300
Force Protection, Inc.*		12,900		266,256
Freightcar America, Inc.		2,700		129,168
Gehl Co.*		2,600		78,936
Gorman-Rupp		2,300		73,278
Greenbrier Cos., Inc.		3,600		108,792
Hardinge, Inc.		1,600		54,448
Kadant, Inc.*		3,100		96,720
Kaydon Corp.		6,300		328,356
Lindsay Manufacturing Co.		3,000		132,870
Middleby Corp.*		2,800		167,496
Miller Industries, Inc.*		1,900		47,690
Mueller Industries, Inc.		7,900		272,076
Mueller Water Products, Inc., Class A		25,000		426,500
NACCO Industries, Inc., Class A		1,000		155,490
Nordson Corp.		6,800		341,088
RBC Bearings, Inc.*		4,300		177,375
Robbins & Myers, Inc.		2,800		148,764
Sun Hydraulics Corp.		2,000		98,500
Tecumseh Products Co.*		4,500		70,695
Tennant Co.		3,400		124,100
Titan International, Inc.		4,100		129,601
Trimas Corp.*		200		2,416
TurboChef Technologies, Inc.*		5,700		79,344
Twin Disc, Inc.		700		50,337
Valmont Industries, Inc.		3,400		247,384
Wabash National Corp.		6,200		90,706
Wabtec Corp.		9,200		336,076
Watts Industries, Inc.		6,300		236,061
				8,536,870
Manufacturing (0.3%)
AZZ, Inc.*		1,600		53,840
Blount International, Inc.*		9,500		124,260
Coleman Cable, Inc.*		2,500		64,650
Darling International, Inc.*		17,900		163,606
Gerber Scientific, Inc.*		4,700		54,614
II-VI, Inc*		4,800		130,416
L.B. Foster Co.*		2,900		83,172

20 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Manufacturing (continued)
Park-Ohio Holdings Corp.*		2,600	$	70,980
Woodward Governor Co.		5,500		295,185
				1,040,723
Marine (0.4%)
American Commercial Lines, Inc.*		12,600		328,230
Arlington Tankers Ltd.		1,500		43,020
Double Hull Tankers, Inc. — MH		4,900		76,391
Eagle Bulk Shipping, Inc.		9,900		221,859
Genco Shipping & Trading Ltd. — MH		2,800		115,528
General Maritime Corp. — MH		4,600		123,188
Nordic American Tanker Shipping Ltd. — BR		4,600		187,864
Ship Finance International — BR		5,300		157,304
TBS International Ltd. — BR*		1,900		53,960
Ultrapetrol Bahamas Ltd. — BS*		2,100		49,770
				1,357,114
Media (1.9%)
Arbitron, Inc.		6,000		309,180
Belo Corp., Class A		17,100		352,089
Carmike Cinemas, Inc.		3,200		70,272
Catalina Marketing Corp.		8,400		264,600
Charter Communications, Inc.*		82,500		334,125
Cinemark Holdings, Inc.*		3,900		69,771
Citadel Broadcasting Co.		48,370		311,986
CKX, Inc.*		8,300		114,706
Courier Corp.		1,900		76,000
Cox Radio, Inc.*		6,700		95,408
Crown Media Holdings, Inc.*		3,300		23,760
Cumulus Media, Inc.*		9,200		86,020
D.G. Fastchannel, Inc.*		3,700		75,406
Emmis Communications Corp.		9,300		85,653
Entercom Communications Corp.		6,600		164,274
Entravision Communications Corp.*		13,000		135,590
Fisher Cos., Inc.*		1,100		55,869
GateHouse Media, Inc.		3,000		55,650
Gemstar-TV Guide International, Inc.*		50,600		248,952
Gray Television, Inc.		8,500		78,795
Harris Interactive, Inc.*		11,000		58,850
Interactive Data Corp.		6,100		163,358
Journal Communications, Inc.		8,800		114,488
Knology, Inc.*		4,000		69,480
Lakes Entertainment, Inc.*		5,400		63,774
Lee Enterprises, Inc.		10,400		216,944
Lin TV Corp., Class A*		5,500		103,455
Live Nation, Inc.*		13,200		295,416
LodgeNet Entertainment Corp.*		4,600		147,476
Martha Stewart Living Omnimedia, Inc.		5,400		92,880
Media General, Inc.		4,500		149,715
Mediacom Communications Corp.*		12,900		125,001
Morningstar, Inc.*		2,300		108,158
National Cinemedia, Inc.*		8,400		235,284
Nexstar Broadcasting Group, Inc.*		600		7,884
Playboy Enterprises, Inc.*		5,200		58,916
PRIMEDIA, Inc.*		46,100		131,385
Radio One, Inc.*		15,400		108,724
RCN Corp.		5,900		110,861
Salem Communications Corp., Class A*		1,600		17,744
Scholastic Corp.*		7,900		283,926
Sinclair Broadcast Group, Inc.		9,900		140,778
Spanish Broadcasting System, Inc.*		9,300		39,990
Sun-Times Media Group, Inc.		16,500		86,625
TiVo, Inc.*		19,700		114,063
Valassis Communications, Inc.*		9,700		166,743
Westwood One, Inc.		14,100		101,379
World Wrestling Federation Entertainment, Inc.		4,600		73,554
				6,394,957
Metals & Mining (1.4%)
A.M. Castle & Co.		1,600		57,456
AMCOL International Corp.		4,500		122,895
Apex Silver Mines Ltd.*		10,800		217,944
Brush Engineered Materials, Inc.*		3,900		163,761
Century Aluminum Co.*		5,000		273,150
Claymont Steel Holdings, Inc.*		600		12,834
Coeur d’Alene Mines Corp.*		62,000		222,580
Compass Minerals International, Inc.		6,500		225,290
Gibraltar Industries, Inc.		5,100		112,965
Haynes International, Inc.*		2,100		177,303
Hecla Mining Co.*		25,200		215,208
Idaho General Mines, Inc.*		13,000		82,420
Kaiser Aluminum Corp.		2,800		204,064
Metal Management, Inc.		5,200		229,164
Northwest Pipe Co.*		2,700		96,039
Oilsands Quest, Inc.*		14,000		34,580
Olympic Steel, Inc.		1,800		51,588
Quanex Corp.		7,500		365,250
Royal Gold, Inc.		6,200		147,374
RTI International Metals, Inc.*		4,700		354,239

 21

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Metals & Mining (continued)
Ryerson, Inc.		5,500	$	207,075
Schnitzer Steel Industries, Inc.		5,000		239,700
Stillwater Metals & Mining Co.*		8,000		88,080
U.S. Gold Corp.*		8,300		45,650
Universal Stainless & Alloy Products, Inc.*		1,900		66,937
Uranium Resources, Inc.*		12,500		137,875
Wheeling-Pittsburgh Corp.*		2,600		49,478
Worthington Industries, Inc.		14,500		313,925
				4,514,824
Multi-Utilities (0.5%)
Aquila, Inc.*		71,300		291,617
Avista Corp.		10,700		230,585
Black Hills Corp.		7,600		302,100
C.H. Energy Group, Inc.		3,200		143,904
Northwestern Corp.		6,700		213,127
PNM, Inc.		15,900		441,861
				1,623,194
Multiline Retail (0.2%)
99 Cents Only Stores*		9,500		124,545
Bon-Ton Stores, Inc.		1,600		64,096
Conn’s, Inc.*		1,700		48,552
Fred’s, Inc.		8,700		116,406
Retail Ventures, Inc.*		4,000		64,520
Tuesday Morning Corp.		6,100		75,396
				493,515
Oil, Gas & Consumable Fuels (2.8%)
Alon U.S.A. Energy, Inc.		2,600		114,426
Alpha Natural Resources, Inc.*		11,900		247,401
Apco Argentina, Inc. — KY		100		8,491
Arena Resources, Inc.*		2,700		156,897
Atlas America, Inc.		4,600		247,158
ATP Oil & Gas Corp.*		5,000		243,200
Aventine Renewable Energy Holdings, Inc.*		6,100		103,517
Berry Petroleum Co.		8,000		301,440
Bill Barrett Corp.*		5,400		198,882
Bois d’Arc Energy, Inc.*		1,800		30,654
BPZ Energy, Inc.*		13,000		72,540
Brigham Exploration Co.*		9,200		54,004
Callon Petroleum Corp.*		4,200		59,514
Carrizo Oil & Gas, Inc.*		5,300		219,791
Clayton Williams Energy, Inc.*		1,100		29,117
Clean Energy Fuel Corp.*		4,200		52,752
Comstock Resources, Inc.*		8,800		263,736
Contango Oil & Gas Co.*		3,200		116,128
Crosstex Energy, Inc.		7,400		212,602
Delek U.S. Holdings, Inc.		1,400		37,310
Delta Petroleum Corp.*		13,900		279,112
Edge Petroleum Corp.*		6,700		93,867
Encore Acquisition Co.*		10,700		297,460
Energy Infrastructure Acquisition Corp.*		5,200		50,752
Energy Partners Ltd.*		7,282		121,537
Evergreen Energy, Inc.*		14,600		88,038
EXCO Resources, Inc.*		10,800		188,352
F.X. Energy, Inc.*		9,400		86,010
Geoglobal Resources, Inc.*		5,300		26,977
Geokinetics, Inc.*		2,100		65,163
Geomet, Inc.*		600		4,596
GMX Resources, Inc.*		2,100		72,660
Goodrich Petroleum Corp.*		3,100		107,353
Gulf Island Fabrication, Inc.		3,000		104,100
Gulfport Energy Corp.*		5,300		105,894
Harvest Natural Resources, Inc.*		7,900		94,089
Hornbeck Offshore Services, Inc.*		5,300		205,428
International Coal Group, Inc*		22,300		133,354
Mariner Energy, Inc.*		16,300		395,275
Markwest Hydrocarbon, Inc.		1,800		103,374
McMoRan Exploration Co.*		5,700		79,800
Meridian Resource Corp. (The)*		18,000		54,360
NGP Capital Resources Co.		5,400		90,288
Nova Biosource Fuels, Inc.*		1,100		2,805
Pacific Ethanol, Inc.*		7,000		92,400
Parallel Petroleum Corp.*		7,700		168,630
Penn Virginia Corp.		7,600		305,520
Petrohawk Energy Corp.*		32,400		513,864
Petroleum Development Corp.*		3,600		170,928
Petroquest Energy, Inc.*		8,400		122,136
Rentech, Inc.*		41,400		107,226
Rossetta Resources, Inc.*		10,300		221,862
Star Maritime Acquisition Corp.*		4,900		60,074
Stone Energy Corp.*		4,900		167,874
Swift Energy Co.*		6,000		256,560
Toreador Resources Corp.*		4,400		66,000
TXCO Resources, Inc.*		8,300		85,324
U.S. Bioenergy Corp.*		4,300		48,848
USEC, Inc.*		16,900		371,462
Vaalco Energy, Inc.*		11,900		57,477
Venoco, Inc.*		1,000		18,670
Verasun Energy Corp.*		5,100		73,848
Warren Resources, Inc.*		12,000		140,160

22 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Oil, Gas & Consumable Fuels (continued)
Whiting Petroleum Corp.*		6,900	$	279,588
World Fuel Services Corp.		5,500		231,330
				9,179,985
Other Financial (0.1%)
Information Services Group, Inc.*		2,800		21,420
Kayne Anderson Energy Development		1,200		30,216
Marathon Acquisition Corp.*		7,200		56,736
NTR Acquisition Co.*		1,800		17,046
Patriot Capitol Funding, Inc.		5,900		87,615
Pennantpark Investment Corp.		5,900		82,836
Pinnacle Financial Partners, Inc.*		3,100		91,016
				386,885
Paper & Forest Products (0.3%)
Bowater, Inc.		11,400		284,430
Buckeye Technologies, Inc.*		5,800		89,726
Deltic Timber Corp.		2,100		115,122
Glatfelter Co.		9,100		123,669
Mercer International, Inc.*		6,400		65,280
Neenah Paper, Inc.		3,700		152,662
Schweitzer-Mauduit International, Inc.		3,200		99,200
Wausau-Mosinee Paper Corp.		9,000		120,600
				1,050,689
Personal Products (0.3%)
American Oriental Bioengineering, Inc.*		9,400		83,660
Chattem, Inc.*		3,900		247,182
Elizabeth Arden, Inc.*		5,700		138,282
Inter Parfums, Inc.		1,700		45,254
Mannatech, Inc.		4,600		73,094
Nu Skin Enterprises, Inc.		10,200		168,300
Playtex Products, Inc.*		9,700		143,657
Prestige Brands Holdings, Inc.*		4,900		63,602
Revlon Co., Inc.*		45,000		61,650
USANA Health Sciences, Inc.*		2,200		98,428
				1,123,109
Pharmaceuticals (2.4%)
Acadia Pharmaceuticals, Inc.*		7,700		105,259
Adams Respiratory Therapeutics, Inc.*		6,700		263,913
Akorn, Inc.*		14,400		100,656
Alexion Pharmaceuticals, Inc.*		7,900		355,974
Alexza Pharmaceuticals, Inc.*		1,800		14,886
Allos Therapeutics, Inc.*		12,400		54,808
Alnylam Pharmaceuticals, Inc.*		6,500		98,735
Alpharma, Inc., Class A		8,800		228,888
Altus Pharmaceuticals, Inc.*		2,500		28,850
Arena Pharmaceuticals, Inc.*		14,300		157,157
Auxilium Pharmaceuticals, Inc.*		5,300		84,482
Bentley Pharmaceuticals, Inc.*		2,800		33,992
Biomarin Pharmaceutical, Inc.*		20,800		373,152
Bionovo, Inc.*		4,000		15,440
Bradley Pharmaceutical*		2,600		56,446
Cadence Pharmaceuticals, Inc.*		1,600		19,408
Caraco Pharmaceutical Laboratories Ltd.*		700		10,626
Cubist Pharmaceuticals, Inc.*		12,300		242,433
Cypress Bioscience, Inc.*		8,000		106,080
Discovery Laboratories, Inc.*		10,900		30,847
Durect Corp.*		10,700		41,195
Encysive Pharmaceuticals, Inc.*		15,200		27,056
Enzon Pharmaceuticals, Inc.*		12,600		98,910
Idenix Pharmaceuticals, Inc.*		3,000		17,700
Indevus Pharmaceuticals, Inc.*		15,400		103,642
Isis Pharmaceuticals, Inc.*		19,100		184,888
Javelin Pharmaceuticals, Inc.*		5,300		32,807
K-V Pharmaceutical Co.*		7,100		193,404
Keryx Biopharmaceuticals, Inc.*		8,300		81,091
Ligand Pharmaceutical, Class B		15,200		104,576
Medicines Co. (The)*		10,300		181,486
Medicis Pharmaceutical Corp.		11,300		345,102
MGI Pharma, Inc.*		15,800		353,446
Minrad International, Inc.*		13,800		81,834
Momenta Pharmaceuticals, Inc.*		4,800		48,384
Nabi Biopharmaceuticals*		12,200		56,120
Nastech Pharmaceutical Co., Inc.*		5,100		55,641
Noven Pharmaceuticals, Inc.*		5,500		128,975
Obagi Medical Products, Inc.*		2,300		40,756
Omrix Biopharmaceuticals, Inc.*		2,200		69,212
Onyx Pharmaceuticals, Inc.*		9,700		260,930
OSI Pharmaceuticals, Inc.*		12,500		452,625
Pain Therapeutics, Inc.*		8,100		70,551
Par Pharmaceutical Cos., Inc.*		7,300		206,079
Penwest Pharmaceuticals Co.*		6,400		79,808
Perrigo Co.		17,200		336,776
Poniard Pharmaceuticals, Inc.*		7,800		53,040
Pozen, Inc.*		5,400		97,578
Progenics Pharmaceuticals, Inc.*		5,600		120,792
Regeneron Pharmaceuticals, Inc.*		11,700		209,664
Rigel Pharmaceuticals, Inc.*		3,800		33,858
Salix Pharmaceuticals, Inc.*		11,200		137,760

 23

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Pharmaceuticals (continued)
Santarus, Inc.*		9,800	$	50,666
Savient Pharmaceuticals, Inc.*		10,700		132,894
Sciele Pharma, Inc.*		7,500		176,700
Somaxon Pharmaceuticals, Inc.*		3,700		44,992
SuperGen, Inc.*		12,500		69,500
Trubion Pharmaceuticals, Inc.*		700		14,616
Valeant Pharmaceuticals International		18,800		313,772
Vanda Pharmaceuticals, Inc.*		6,400		129,664
Viropharma, Inc.*		13,800		190,440
Xenport, Inc.*		4,000		177,680
				7,988,642
Real Estate Investment Trusts (REITs) (5.8%)
Acadia Realty Trust		7,000		181,650
Agree Realty Corp.		1,600		50,000
Alesco Financial, Inc.		7,900		64,227
Alexander’s, Inc.*		400		161,700
Alexandria Real Estate Equities, Inc.		6,000		580,920
American Campus Communities, Inc.		5,100		144,279
American Financial Realty Trust		26,300		271,416
American Home Mortgage Investment Corp.		11,000		202,180
Anthracite Capital, Inc.		11,800		138,060
Anworth Mortgage Asset Corp.		9,200		83,260
Arbor Realty Trust, Inc.		3,500		90,335
Ashford Hospitality Trust		21,350		251,076
Associated Estates Realty Corp.		5,300		82,627
Biomed Realty Trust, Inc.		13,200		331,584
BRT Realty Trust		2,500		65,025
Capital Lease Funding, Inc.		7,500		80,625
Capital Trust, Inc., Class A		2,500		85,350
CBRE Realty Finance, Inc.		3,700		43,993
Cedarshopping Centers, Inc.		9,500		136,325
Corporate Office Properties Trust		7,900		323,979
Cousins Properties, Inc.		8,200		237,882
Crescent Real Estate Equities Co.		16,700		374,748
Crystal River Capital, Inc.		3,900		94,692
DCT Industrial Trust, Inc.		34,000		365,840
Deerfield Triarc Capital Corp.		10,400		152,152
Diamondrock Hospitality Co.		18,200		347,256
Digital Reality Trust, Inc.		9,900		373,032
EastGroup Properties, Inc.		4,600		201,572
Education Realty Trust, Inc.		8,000		112,240
Entertainment Properties Trust		5,400		290,412
Equity Inns, Inc.		12,800		286,720
Equity Lifestyle Properties, Inc.		4,100		213,979
Equity One, Inc.		6,800		173,740
Extra Space Storage, Inc.		13,000		214,500
Felcor Lodging Trust, Inc.		11,200		291,536
First Industrial Realty Trust		9,700		375,972
First Potomac Realty Trust		5,800		135,082
Franklin Street Properties Corp.		10,200		168,708
Friedman, Billings, Ramsey Group, Inc.		29,000		158,340
Getty Realty Corp.		2,800		73,584
Glimcher Realty Trust		8,200		205,000
GMH Communities Trust		7,500		72,675
Gramercy Capital Corp.		2,800		77,112
Healthcare Realty Trust, Inc.		10,800		300,024
Hersha Hospitality Trust		7,200		85,104
HFF, Inc., Class A*		3,000		46,530
Highland Hospitality Corp.		13,200		253,440
Highwood Properties, Inc.		11,500		431,250
Home Properties of New York, Inc.		7,300		379,089
Impac Mortgage Holdings		18,800		86,668
Inland Real Estate Corp.		11,700		198,666
InnKeepers U.S.A. Trust		8,300		147,159
Investors Real Estate Trust		9,700		100,201
JER Investors Trust, Inc.		4,300		64,500
Kite Realty Group Trust		5,200		98,904
Lasalle Hotel Properties		8,600		373,412
Lexington Corporate Properties Trust		13,400		278,720
LTC Properties, Inc.		3,500		79,625
Luminent Mortgage Capital, Inc.		12,200		123,098
Maguire Properties, Inc.		7,600		260,908
Medical Properties Trust, Inc.		10,000		132,300
MFA Mortgage Investments, Inc.		16,400		119,392
Mid-America Apartment Communities, Inc.		4,900		257,152
National Health Investors, Inc.		3,900		123,708
National Retail Properties, Inc.		13,500		295,110
Nationwide Health Properties, Inc.		18,000		489,600
Newcastle Investment Corp.		9,500		238,165
Northstar Realty Finance Corp.		10,900		136,359
Novastar Financial, Inc.		9,800		68,404
Omega Healthcare Investors, Inc.		13,600		215,288
Parkway Properties, Inc.		3,200		153,696
Pennsylvania Real Estate Investment Trust		6,600		292,578
Post Properties, Inc.		9,500		495,235
Potlatch Corp.		7,400		318,570
PS Business Parks, Inc.		3,000		190,110
Quadra Realty Trust, Inc.*		800		10,008

24 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Real Estate Investment Trusts (continued)
RAIT Financial Trust		13,300	$	346,066
Ramco-Gershenson Properties Trust		3,800		136,534
Realty Income		20,400		513,876
Redwood Trust, Inc.		4,300		208,034
Republic Property Trust		7,900		96,775
Resource Capital Corp.		2,500		34,950
Saul Centers, Inc.		2,900		131,515
Senior Housing Properties Trust		15,400		313,390
Sovran Self Storage, Inc.		4,200		202,272
Spirit Finance Corp.		20,800		302,848
Strategic Hotel Capital, Inc.		14,500		326,105
Sun Communities, Inc.		4,300		128,011
Sunstone Hotel Investors, Inc.		12,600		357,714
Tanger Factory Outlet Centers, Inc.		7,100		265,895
U-Store-It Trust		8,500		139,315
Universal Health Realty Income Trust		2,100		69,930
Urstadt Biddle Properties		3,700		62,937
Washington Real Estate Investment Trust		9,100		309,400
Winston Hotels, Inc.		4,000		60,000
Winthrop Realty Trust		5,300		36,623
				19,250,548
Real Estate Management & Development (0.2%)
Affordable Residential Communities*		9,000		106,380
Consolidated Tomoka Land Co.		1,200		83,148
Grubb & Ellis Co.*		5,100		59,160
Meruelo Maddux Properties, Inc.*		8,900		72,624
Mission West Properties, Inc.		1,600		22,304
Move, Inc.*		21,100		94,528
Tejon Ranch Co.*		1,800		79,560
Thomas Properties Group, Inc.		6,600		105,468
				623,172
Road & Rail (0.8%)
AMERCO*		2,000		151,000
Arkansas Best Corp.		5,400		210,438
Celadon Group, Inc.*		6,700		106,530
Dollar Thrifty Automotive Group, Inc.*		5,600		228,704
Florida East Coast Industries, Inc.		7,500		622,350
Genesee & Wyoming, Inc.*		6,900		205,896
Heartland Express, Inc.		11,700		190,710
Knight Transportation, Inc.		10,600		205,428
Marten Transport Ltd.*		2,141		38,559
Old Dominion Freight Line, Inc.*		6,000		180,900
Saia, Inc.*		3,500		95,410
Universal Truckload Services, Inc.*		900		17,883
Werner Enterprises, Inc.		11,000		221,650
				2,475,458
Semiconductors & Semiconductor Equipment (3.2%)
Actel Corp.*		5,300		73,723
Advanced Analogic Technologies, Inc.*		7,700		74,690
Advanced Energy Industries, Inc.*		7,100		160,886
Amis Holdings, Inc.*		10,900		136,468
Amkor Technology, Inc.*		20,700		326,025
Anadigics, Inc.*		11,900		164,101
Applied Micro Circuits Corp.*		59,900		149,750
Asyst Technologies, Inc.*		9,900		71,577
Atheros Communications*		11,200		345,408
ATMI, Inc.*		7,000		210,000
Axcelis Technologies, Inc.*		20,500		133,045
Brooks Automation, Inc.*		15,300		277,695
Cabot Microelectronics Corp.*		4,800		170,352
Cavium Networks, Inc.*		400		9,048
Cirrus Logic, Inc.*		17,800		147,740
Cohu, Inc.		4,600		102,350
Conexant Systems, Inc.*		97,500		134,550
Credence Systems Corp.*		20,400		73,440
Cymer, Inc.*		8,100		325,620
Diodes, Inc.*		4,000		167,080
DSP Group, Inc.*		7,200		147,384
Eagle Test Systems, Inc.*		1,900		30,514
Entegris, Inc.*		27,300		324,324
Exar Corp.*		8,100		108,540
FormFactor, Inc.*		9,200		352,360
Genesis Microchip, Inc.*		8,700		81,432
Hittite Microwave Corp.*		2,500		106,825
Intevac*		4,400		93,544
IXYS Corp.*		4,200		35,070
Kulicke & Soffa Industries, Inc.*		12,400		129,828
Lattice Semiconductor Corp.*		27,800		159,016
LTX Corp.*		12,500		69,500
Mattson Technology, Inc.*		10,600		102,820
Micrel, Inc.		11,400		145,008
Microsemi*		16,800		402,360
Microtune, Inc.*		10,000		52,300
MIPS Technologies, Inc.*		8,800		77,352
MKS Instruments, Inc.*		9,100		252,070
Monolithic Power System, Inc.*		3,400		59,330
Netlogic Microsystems, Inc.*		4,100		130,544
OmniVision Technologies, Inc.*		11,100		201,021

 25

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Semiconductors & Semiconductor Equipment (continued)
On Semiconductor Corp.*		47,000	$	503,840
PDF Solutions, Inc.*		3,100		36,673
Pericom Semiconductor Corp.*		5,200		58,032
Photronics, Inc.*		8,100		120,528
PLX Technology, Inc.*		3,800		42,408
PMC-Sierra, Inc.*		39,900		308,427
RF Micro Devices, Inc.*		42,000		262,080
Rudolph Technologies, Inc.*		4,900		81,389
Semitool, Inc.*		4,500		43,245
Semtech Corp.*		16,400		284,212
Sigma Designs, Inc.*		4,600		120,014
Silicon Image, Inc.*		17,700		151,866
Silicon Storage Technology, Inc.*		19,100		71,243
SiRF Technology Holdings, Inc.*		10,700		221,918
Skyworks Solutions, Inc.*		32,300		237,405
Spansion, Inc., Class A*		16,100		178,710
Standard Microsystems Corp.*		5,400		185,436
Supertex, Inc.*		3,200		100,288
Techwell, Inc.*		1,600		20,960
Tessera Technologies, Inc.*		9,100		369,005
Trident Microsystems, Inc.*		12,900		236,715
TriQuint Semiconductor, Inc.*		29,000		146,740
Ultra Clean Holdings, Inc.*		2,300		32,154
Ultratech Stepper, Inc.*		5,700		75,981
Veeco Instruments, Inc.*		6,300		130,662
Volterra Semiconductor Corp.*		3,900		55,380
Zoran Corp.*		10,000		200,400
				10,590,401
Service Companies (0.1%)
24/7 Real Media, Inc.*		9,800		114,954
Heidrick & Struggles International, Inc.*		4,300		220,332
				335,286
Software (3.0%)
Actuate Corp.*		8,900		60,431
Advent Software, Inc.*		3,700		120,435
Agile Software*		14,500		116,870
Ansoft Corp.*		2,900		85,521
Ansys, Inc.*		15,700		416,050
Aspen Technology, Inc.*		17,800		249,200
Blackbaud, Inc.		8,900		196,512
Blackboard, Inc.*		6,500		273,780
Borland Software Corp.*		19,100		113,454
Bottomline Technologies, Inc.*		4,400		54,340
Chordiant Software, Inc.*		8,100		126,846
Commvault Systems, Inc.*		8,600		148,522
Comverge, Inc.*		400		12,404
Concur Technologies, Inc.*		8,700		198,795
Double-Take Software, Inc.*		1,500		24,615
Epicor Software Corp.*		12,700		188,849
EPIQ Systems, Inc.*		6,900		111,504
eSPEED, Inc.*		6,500		56,160
Falconstor Software, Inc.*		8,700		91,785
Henry (Jack) & Associates, Inc.		15,400		396,550
I2 Technologies, Inc.*		3,100		57,784
Informatica Corp.*		19,300		285,061
Innerworkings, Inc.*		3,700		59,274
InterVoice-Brite, Inc.*		10,500		87,465
JDA Software Group, Inc.*		5,200		102,076
Lawson Software, Inc.*		26,300		260,107
Macrovision Corp.*		11,200		336,672
Magma Design Automation, Inc.*		9,300		130,572
Mentor Graphics Corp.*		15,600		205,452
MICROS Systems, Inc.*		8,200		446,080
MicroStrategy, Inc.*		2,200		207,878
Midway Games, Inc.*		5,400		34,344
MSC Software Corp.*		6,700		90,718
Net 1 UEPS Technologies, Inc.*		9,300		224,595
Nuance Communications, Inc.*		26,600		445,018
Opentv Corp.*		9,100		19,292
Parametric Technology Corp.*		24,500		529,445
Pegasystems, Inc.		700		7,651
Progress Software Corp.*		9,000		286,110
QAD, Inc.		900		7,470
Quality Systems, Inc.		3,400		129,098
Quest Software, Inc.*		13,800		223,422
Radiant Systems, Inc.*		5,300		70,172
Renaissance Learning, Inc.		600		7,890
Secure Computing Corp.*		11,500		87,285
Solera Holdings, Inc.*		3,800		73,644
Sonic Solutions*		4,500		56,745
Sourceforge, Inc.*		10,800		45,576
SPSS, Inc.*		3,700		163,318
Sybase, Inc.*		18,400		439,576
Take-Two Interactive Software, Inc.*		14,900		297,553
THQ, Inc.*		13,500		412,020
Tibco Software, Inc.*		45,400		410,870
Transaction Systems Architects, Inc.*		8,400		282,744
Ultimate Software Group, Inc. (The)*		5,700		164,901
Unica Corp.*		700		11,550

26 

Common Stock (continued)
	Shares or
	Principal Amount		Value
Software (continued)
Vasco Data Security International, Inc.*		6,200	$	141,112
Wind River Systems, Inc.*		15,100		166,100
				10,049,263
Specialty Retail (3.0%)
A.C. Moore Arts & Crafts, Inc.*		4,100		80,401
Aaron Rents, Inc.		8,500		248,200
Aeropostale, Inc.*		10,400		433,472
Asbury Automotive Group, Inc.		4,200		104,790
Bebe Stores, Inc.		4,900		78,449
Big 5 Sporting Goods Corp.		4,600		117,300
Blockbuster, Inc.*		40,400		174,124
Books-A-Million, Inc.		4,300		72,842
Borders Group, Inc.		13,500		257,310
Buckle (The)		2,200		86,680
Build-A-Bear-Workshop, Inc.*		2,900		75,806
Cabela’s, Inc.*		6,300		139,419
Cache, Inc.*		3,900		51,753
Casual Male Retail Group, Inc.*		9,500		95,950
Cato Corp.		6,000		131,640
Charlotte Russe Holding, Inc.*		5,100		137,037
Charming Shoppes*		27,700		299,991
Children’s Place Retail Store, Inc. (The)*		4,500		232,380
Christopher & Banking Corp.		7,400		126,910
Citi Trends, Inc.*		3,400		129,064
CSK Auto Corp.*		8,300		152,720
Dress Barn, Inc.*		10,900		223,668
DSW Inc., Class A*		3,400		118,388
Eddie Bauer Holdings, Inc.*		4,600		59,110
Finish Line, Inc., Class A (The)		8,600		78,346
G-III Apparel Group*		3,900		61,581
Genesco, Inc.*		5,000		261,550
Group 1 Automotive, Inc.		4,900		197,666
Guitar Center, Inc.*		6,600		394,746
Gymboree*		6,600		260,106
Haverty Furniture Co., Inc.		4,200		49,014
Hibbett Sports, Inc.*		6,700		183,446
Hot Topic, Inc.*		10,600		115,222
J Crew Group, Inc.*		7,400		400,266
Jos. A. Bank Clothiers, Inc.*		4,200		174,174
Lithia Motors, Inc., Class A		3,200		81,088
MarineMax, Inc.*		3,300		66,066
Men’s Wearhouse, Inc.		10,400		531,128
Monro Muffler, Inc.		2,500		93,625
New York & Co., Inc.*		2,900		31,784
Pacific Sunwear of California, Inc.*		15,400		338,800
Payless ShoeSource, Inc.*		12,600		397,530
Pep Boys — Manny, Moe & Jack (The)		9,700		195,552
Pier 1 Imports, Inc.*		17,800		151,122
Rent-A-Center, Inc.*		15,400		403,942
Sally Beauty Holdings, Inc.*		16,200		145,800
Select Comfort Corp.*		11,700		189,774
Shoe Carnival, Inc.*		2,800		76,972
Sonic Automotive, Inc.		5,200		150,644
Stage Stores, Inc.		7,400		155,104
Stein Mart, Inc.		6,400		78,464
Syms Corp.		100		1,973
Talbots, Inc.		4,200		105,126
Tween Brands, Inc.*		6,100		272,060
West Marine, Inc.*		3,900		53,664
Wet Seal, Inc. (The), Class A*		15,600		93,756
Zale Corp.*		10,000		238,100
Zumiez, Inc.*		3,200		120,896
				9,776,491
Technology (0.0%)
Arrowhead Research Corp.*		10,300		51,809
Telephones (0.1%)
Consolidated Communications Holdings, Inc.		3,400		76,840
Rural Cellular Corp.*		1,900		83,239
				160,079
Textiles, Apparel & Luxury Goods (1.4%)
Brown Shoe Co., Inc.		8,900		216,448
Carter’s, Inc.*		10,600		274,964
Cherokee, Inc.		2,300		84,042
Cole (Kenneth) Productions, Inc.		2,300		56,810
Columbia Sportswear Co.		2,800		192,304
Deckers Outdoor Corp.*		2,600		262,340
Fossil, Inc.*		9,400		277,206
Heelys, Inc.*		1,300		33,618
Iconix Brand Group, Inc.*		10,200		226,644
K-Swiss, Inc., Class A		5,200		147,316
Kellwood Co.		5,200		146,224
Maidenform Brands, Inc.*		3,700		73,482
Movado Group, Inc.		3,400		114,716
Oxford Industries, Inc.		3,100		137,454
Perry Ellis International, Inc.*		3,100		99,727
Quiksilver, Inc.*		25,100		354,663
Skechers U.S.A., Inc.*		3,900		113,880
Steven Madden Ltd.		5,100		167,076

 27

Statement of Investments (Continued)

June 30, 2007 (Unaudited)

NVIT Small Cap Index (Continued)

Common Stock (continued)
	Shares or
	Principal Amount		Value
Textiles, Apparel & Luxury Goods (continued)
Stride Rite Corp.		7,400	$	149,924
Timberland Co., Class A*		9,500		239,305
True Religion Apparel, Inc.*		3,900		79,287
Under Armour, Inc.*		5,000		228,250
UniFirst Corp.		2,400		105,720
Volcom, Inc.*		2,800		140,364
Warnaco Group, Inc. (The)*		9,300		365,862
Weyco Group, Inc.		200		5,386
Wolverine World Wide, Inc.		11,000		304,810
Xerium Technologies, Inc.		1,300		9,906
				4,607,728
Thrifts & Mortgage Finance (1.5%)
Accredited Home Lenders Holding Co.*		5,800		79,286
Anchor BanCorp Wisconsin, Inc.		4,000		104,760
Bank Mutual Corp.		12,400		142,972
BankAtlantic Bancorp, Inc., Class A		10,100		86,961
BankUnited Financial Corp., Class A		7,900		158,553
Berkshire Hills Bancorp, Inc.		1,800		56,718
Brookline Bancorp, Inc.		14,900		171,499
Centerline Holding Co.		10,300		185,400
City Bank		2,200		69,322
Clayton Holdings, Inc.*		1,500		17,085
Clifton Savings Bancorp, Inc.		400		4,336
Corus Bankshares, Inc.		7,900		136,354
Delta Financial Corp.		5,100		62,577
Dime Community Bancshares		5,500		72,545
Downey Financial Corp.		4,700		310,106
Federal Agricultural Mortgage Corp., Class C		2,200		75,284
First Busey Corp.		2,100		41,979
First Financial Holdings, Inc.		2,400		78,504
First Niagara Financial Group, Inc.		24,200		317,020
First Place Financial Corp.		2,100		44,352
FirstFed Financial Corp.*		3,900		221,247
Flagstar Bancorp		8,500		102,425
Franklin Bank Corp.*		6,900		102,810
Fremont General Corp.		15,500		166,780
ITLA Capital Corp.		1,700		88,604
Kearny Financial Corp.		2,900		39,092
KNBT Bancorp, Inc.		4,400		64,680
MAF Bancorp, Inc.		7,300		396,098
NASB Financial, Inc.		200		6,730
NewAlliance Bancshares, Inc.		22,900		337,088
Northwest Bancorp, Inc.		2,900		75,806
Ocwen Financial Corp.*		6,600		87,978
Partners Trust Financial Group		7,000		73,500
PFF Bancorp, Inc.		4,800		134,064
Provident Financial Services, Inc.		12,500		197,000
Provident New York Bancorp		6,900		93,219
Rockville Financial, Inc.		1,600		24,160
Roma Financial Corp.		300		4,971
Tierone Corp.		4,600		138,460
Triad Guaranty, Inc.*		2,300		91,839
TrustCo Bank Corp.		18,300		180,804
United Community Financial Corp.		4,200		41,916
ViewPoint Financial Group		700		12,047
Wauwatosa Holdings, Inc.*		400		6,616
Westfield Financial, Inc.		2,100		20,937
WSFS Financial Corp.		1,800		117,774
				5,042,258
Tobacco (0.2%)
Alliance One International, Inc.*		19,500		195,975
Universal Corp.		5,500		335,060
Vector Group Ltd.		7,600		171,228
				702,263
Trading Companies & Distributors (0.6%)
Applied Industrial Technologies, Inc.		8,700		256,650
Beacon Roofing Supply, Inc.*		9,500		161,405
BlueLinx Holdings, Inc.		1,600		16,784
Electro Rent Corp.		2,300		33,442
Global Sources Ltd. — BR*		4,200		95,340
H&E Equipment Services, Inc.*		3,600		99,864
Houston Wire & Cable Co.*		2,900		82,389
Interline Brands, Inc.*		5,000		130,400
Kaman Corp., Class A		6,000		187,140
Lawson Products, Inc.		800		30,960
NuCo2, Inc.*		3,100		79,577
Rush Enterprises, Inc., Class A*		4,200		91,224
TAL International Group, Inc.		2,200		65,362
Transdigm Group, Inc.*		1,600		64,736
UAP Holding Corp.		10,400		313,456
Watsco, Inc.		5,000		272,000
Williams Scotsman International, Inc.*		6,100		145,241
				2,125,970
Transportation (0.2%)
Golar LNG Ltd.		8,600		143,276
GulfMark Offshore Services, Inc.*		5,200		266,344
Horizon Lines, Inc.		5,800		190,008
Knightsbridge Tankers Ltd. — BR		4,500		137,295
				736,923

28 

Common Stocks (continued)
	Shares or
	Principal Amount		Value
Transportation Infrastructure (0.0%)
Interpool, Inc.		1,200	$	32,280
Water Utilities (0.2%)
American States Water Co.		3,400		120,938
Cadiz, Inc.*		1,300		29,211
California Water Service Group		4,000		149,960
Consolidated Water Co. Ltd.		1,700		49,827
Pico Holdings, Inc.*		2,800		121,128
SJW Corp.		2,500		83,250
Southwest Water Co.		6,700		85,559
				639,873
Wireless Telecommunication Services (0.4%)
Centennial Communications*		3,900		37,011
Dobson Communications Corp., Class A*		31,600		351,076
Fibertower Corp.*		26,100		113,013
Hughes Communications, Inc.*		700		36,526
ICO Global Communications (Holdings) Ltd.*		26,200		91,176
InPhonic, Inc.*		5,700		26,562
iPCS, Inc.		3,700		125,319
Nextwave Wireless, Inc.*		3,000		25,050
Novatel Wireless, Inc.*		7,000		182,140
Syniverse Holdings, Inc.*		3,969		51,041
U..S.A. Mobility, Inc.		5,100		136,476
				1,175,390
Total Common Stocks (Cost $289,983,958)				292,507,835
Nomura Securities, 5.20% dated 06/29/07, due 07/02/07, repurchase price $39,137,241, collateralized by U.S. Government Agency Mortgages with a market value of $39,902,695	$	39,120,289		39,120,289
Total Investments (Cost $329,104,247) (a) — 100.1%				331,628,124
Liabilities in excess of other assets — (0.1)%				(187,954	)
NET ASSETS — 100.0%			$	331,440,170

*	Denotes a non-income producing security.
(a)	See notes to financial statements for tax unrealized appreciation (depreciation) of securities.

BR	Brazil
KY	Cayman Islands
PA	Panama
PR	Puerto Rico
MH	Marshall Islands
BS	Bahamas

At June 30, 2007, the Fund’s open futures contracts were as follows:

					Market Value		Unrealized
Number of		Long			Covered by		Appreciation
Contracts		Contracts	Expiration		Contracts		(Depreciation)
	89	Russell 2000		09/21/07	$	37,473,450	$	(258,852	)
					$	37,473,450	$	(258,852	)

See accompanying notes to financial statements.

 29

Statement of Assets and Liabilities

June 30, 2007 (Unaudited)

			NVIT Small Cap
			Index
Assets:
Investments, at value (cost $289,983,958)			$	292,507,835
Repurchase agreements, at cost and value				39,120,289
		Total Investments		331,628,124
Interest and dividends receivable				500,695
Receivable for capital shares issued				321,713
		Total Assets		332,450,532
Liabilities:
Payable to custodian				784,851
Payable for variation margin on futures contracts				126,945
Accrued expenses and other payables:
	Investment advisory fees			54,993
	Fund administration and transfer agent fees			24,592
	Compliance program costs			1,450
	Other			17,531
		Total Liabilities		1,010,362
Net Assets			$	331,440,170
Represented by:
Capital			$	326,250,230
Accumulated net investment income				235,739
Accumulated net realized gains from investment transactions and futures				2,689,176
Net unrealized appreciation on investments and futures				2,265,025
Net Assets			$	331,440,170
Net Assets:
Class ID Shares			$	331,440,170
Shares outstanding (unlimited number of shares authorized):
Class ID Shares				32,651,339
Net asset value and offering price per share (Net assets by class divided by shares outstanding by class, respectively.):
Class ID Shares			$	10.15

See accompanying notes to financial statements.

30 

Statement of Operations

For the Six Months Ended June 30, 2007 (Unaudited) (a)

		NVIT Small Cap
		Index
INVESTMENT INCOME:
Interest income		$	492,279
Dividend income			1,168,087
	Total Income		1,660,366
Expenses:
Investment advisory fees			137,445
Fund administration and transfer agent fees			49,364
Custodian fees			4,595
Trustee fees			3,968
Compliance program costs (Note 3)			1,450
Other			16,259
	Total expenses before earnings credit		213,081
Earnings credit (Note 6)			(730	)
	Net Expenses		212,351
Net Investment Income			1,448,015
REALIZED/ UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains on investment transactions			2,061,876
Net realized gains on futures transactions			627,300
Net realized gains on investment transactions and futures			2,689,176
Net change in unrealized appreciation on investments and futures			2,265,025
Net realized/unrealized gains (losses) on investments and futures			4,954,201
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		$	6,402,216

(a) For the period from April 13, 2007 (commencement of operations) through June 30, 2007

See accompanying notes to financial statements.

 31

Statement of Changes in Net Assets

		NVIT Small Cap
		Index
		Six Months Ended
		June 30, 2007 (a)
		(Unaudited)
FROM INVESTMENT ACTIVITIES:
Operations:
Net investment income		$	1,448,015
Net realized gains on investment transactions and futures			2,689,176
Net change in unrealized appreciation on investments and futures			2,265,025
Change in net assets resulting from operations			6,402,216
Distributions to Shareholders from:
Net investment income:
	Class ID		(1,212,276	)
	Change in net assets from shareholder distributions		(1,212,276	)
	Change in net assets from capital transactions		326,250,230
	Change in net assets		331,440,170
Net Assets:
Beginning of period			—
End of period		$	331,440,170
Accumulated net investment income at end of period		$	235,739
CAPITAL TRANSACTIONS:
Class ID Shares
	Proceeds from shares issued	$	8,247,792
	Proceeds from in-kind transactions		320,652,408
	Dividends reinvested		1,212,265
	Cost of shares redeemed (b)		(3,862,235	)
Change in net assets from capital transactions		$	326,250,230
SHARE TRANSACTIONS:
Class ID Shares
	Issued		844,769
	Proceeds from in-kind transactions		32,065,241
	Reinvested		120,384
	Redeemed		(379,055	)
Total change in shares			32,651,339

(a)	For the period from April 13, 2007 (commencement of operations) through June 30, 2007.
(b)	Includes redemption fees, if any.

See accompanying notes to financial statements.

32 

Financial Highlights

(Selected data for a share of capital stock outstanding throughout the periods indicated)

NVIT Small Cap Index Fund

Investment Activities

Distributions

Ratios / Supplemental Data

Net Realized

Net Asset

and

Total

Net Assets

Value,

Net

Unrealized

from

Net

Net Asset

at End of

Beginning

Investment

Gains on

Investment

Investment

Total

Value, End

Total

Period

of Period

Income

Investments

Activities

Income

Distributions

of Period

Return (a)

(000s)

Class ID Shares

For the six months ended June 30, 2007 (Unaudited) (e)

$

10.00

0.05

0.14

0.19

(0.04

)

(0.04

)

$

10.15

1.87%

$

331,440

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Ratios / Supplemental Data
							Ratio of Net
			Ratio of		Ratio of		Investment
			Net		Expenses		Income
	Ratio of		Investment		(Prior to		(Prior to
	Expenses		Income to		Reimbursements)		Reimbursements)
	to Average		Average Net		to Average		to Average		Portfolio
	Net Assets (b)		Assets (b)		Net Assets (b) (c)		Net Assets (b) (c)		Turnover (d)
Class ID Shares
For the six months ended June 30, 2007 (Unaudited) (e)		0.30%		0.30%		0.30%		0.30%		13.41%

(a)	Not annualized for periods less than one year.
(b)	Annualized for periods less than one year.

(c)  During the period, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(d)  Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(e)  For the period from April 13, 2007 (commencement of operations) through June 30, 2007.

See accompanying notes to financial statements.

[Additional columns below]

[Continued from above table, first column(s) repeated]

See accompanying notes to financial statements.

 33

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

Nationwide Variable Insurance Trust (“NVIT” or the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust, dated October 28, 2004, as amended to date. Prior to May 1, 2007, the Trust was named “Gartmore Variable Insurance Trust”. The Trust, originally created under the laws of Massachusetts as a Massachusetts business trust pursuant to a Declaration of Trust dated, as of June 30, 1981, and as subsequently amended, redomesticated as a Delaware Statutory Trust after the close of trading on April 29, 2005, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The redomestication was a change in statutory status and did not affect the operations of the Trust. As of June 30, 2007, the Trust had authorized an unlimited number of shares of beneficial interest, without par value (“shares”). The Trust currently offers shares to life insurance company separate accounts to fund the benefits under variable life insurance or annuity policies. To date, only the separate accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company (collectively, “Nationwide”) have purchased shares of the NVIT Small Cap Index Fund (the “Fund”), (formerly, “GVIT Small Cap Index Fund”). The Trust currently operates forty (40) separate series, or mutual funds, each with its own investment objectives and strategies. This report contains the financial statements and financial highlights of the Fund.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

(a) Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no sale price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“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. Investment companies are valued at net asset value as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Fund’s investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The “Fair Value” of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a “Fair Value” may include the following non-exclusive list of acceptable methods: (i) a multiple of earnings; (ii) the discount from market value of a similar, freely traded security; (iii) the yield-to-maturity for debt issues; or (iv) a consolidation of the methods. The Trust’s Valuation & Operations Committee considers a non-exclusive list of factors to arrive at the appropriate method of determining “Fair Value.” For example, fair value determinations are required for securities whose value is affected by a “significant” event that materially affects the value of a domestic or foreign security which occurs subsequent to the time of the close of the principal market on which such domestic or foreign security trades and before the Valuation Time (i.e., a “subsequent event”). Typically,

34 

this will involve events occurring after the close of a foreign market on which a security trades and before the next Valuation Time.

The Fund values foreign securities at fair value in the circumstances described below. Generally, trading in foreign securities markets is completed each day at various times prior to the Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and the Valuation Time for the Fund, the Fund will fair value its foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Fund’s foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis.

(b) Repurchase Agreements

The Fund may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or another qualified sub-custodian or in the Federal Reserve/ Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Fund may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, with the counterparty of Nomura Securities, which is fully collateralized by U.S. Government Agency Mortgages.

(c) Futures Contracts

The Fund may invest in financial futures contracts (“futures contracts”) for the purpose of hedging its existing portfolio securities or securities that the Fund intends to purchase against fluctuations in value caused by changes in prevailing market interest rates or prices. Futures contracts may also be entered into for non-hedging purposes.

Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value/market value of the underlying assets. A gain or loss equal to the daily variation margin is recognized on a daily basis. Futures contracts are valued daily at their last quoted sale price.

A “sale” of a futures contract means the creation of a contractual obligation to deliver the securities or foreign currency called for by the contract at a fixed price at a specified time in the future. A “purchase” of a futures contract means the creation of a contractual obligation to acquire the securities or foreign currency at a fixed price at a specified time in the future.

Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions for hedging purposes involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the value of the underlying hedged assets.

 35

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

(d) Written Options Contracts

The Fund may write options contracts. A written option obligates the Fund to deliver (written call) or to receive (written put) a specified quantity of an underlying asset at the contract amount upon exercise by the holder of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. Options traded on an exchange are valued at the last quoted sale price, or in the absence of a sale, the bid price provided by an independent pricing service approved by the Board of Trustees. Non-exchange traded options are valued using dealer supplied quotes. The Fund as a writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

(e) Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.

(f) Securities Lending

To generate additional income, the Fund may lend its portfolio securities, up to 33 1/3% of the Fund, to brokers, dealers and other financial institutions provided that (1) the borrower delivers cash or securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter shall require the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Fund receives payments from borrowers equivalent to the dividends and interest that would have been earned on securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay in recovery of the securities should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Fund or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank serves as custodian for the securities lending program of the Fund. JPMorgan Chase Bank receives a fee based on the value of the collateral received from borrowers. As of June 30, 2007, the Fund did not have securities on loan.

(g) Distributions to Shareholders

The Fund’s dividends from net investment income, if any, are declared and paid quarterly. The Fund’s distributions from net realized capital gains, if any, are declared and distributed at least annually.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary in nature. In accordance with the American Institute of Certified Public Accountants Statement of Position 93-2, permanent differences (i.e., reclassification of market discounts, foreign exchange gain/loss, paydowns, and distributions from real estate investment trusts) are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the net asset value of the Fund. To the extent distributions exceed current and accumulated earnings and profits for federal income tax purposes, these distributions are reported as distributions of paid-in-capital.

36 

(h) Federal Income Taxes

It is the policy of the Fund to qualify or to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies, as defined in Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes.

As of June 30, 2007, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund was as follows:

							Net Unrealized
Tax Cost of		Unrealized		Unrealized			Appreciation
Securities		Appreciation		Depreciation			(Depreciation)
$	329,267,992	$	15,035,835	$	(12,675,703	)	$	2,360,132

(i) Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to the Fund are charged to the Fund. Expenses not directly attributable to the Fund are allocated proportionately among various or all funds within the Trust. The method used by the Fund for allocating income, fund level expenses, and realized and unrealized gains or losses is based on the fair value of shares outstanding relative to net assets. Under this method, each class of shares participates based on the total net asset value of that class’s shares in proportion to the total net assets of the Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (formerly, Gartmore Mutual Fund Capital Trust (“GMF”)) (“NFA” or the “Advisor”) manages the investment of the assets and supervises the daily business affairs of the Fund. NFA is a wholly-owned subsidiary of Nationwide Financial Services (“NFS”). In addition, NFA provides investment management evaluation services in initially selecting and monitoring, on an ongoing basis, the performance of the subadviser. BlackRock Investment Management, LLC (the “subadviser”), manages all of the Fund’s investments and has the responsibility for making all investment decisions for the Fund.

Under the terms of the Investment Advisory Agreement, the Fund pays the Fund’s adviser an investment advisory fee based on the Fund’s average daily net assets. Additional information regarding investment advisory fees and subadvisory fees for NFA and the subadviser is as follows for the period ended June 30, 2007:

	Total
Fee Schedule	Fees
$0 up to $1.5 billion		0.20%
$1.5 billion up to $3 billion		0.19%
$3 billion or more		0.18%

From such fees, pursuant to the subadvisory agreement, NFA paid the subadviser $48,106 for the period ended June 30, 2007.

NFA and the Fund have entered into a written contract (“Expense Limitation Agreement”) that limits operating expenses (excluding any taxes, interest, brokerage fees, Rule 12b-1 fees, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and may exclude other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.30% until at least May 1, 2008.

NFA may request and receive reimbursement from the Fund of the advisory fees waived and other expenses reimbursed by NFA, respectively, pursuant to the Expense Limitation Agreement at a later date not to exceed three years from the

 37

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

fiscal year in which the corresponding reimbursement to the Fund was made, (as described below), if the Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of the Fund to exceed the limits set forth above. No reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the Class making such reimbursement is less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Except as provided for in the Expense Limitation Agreement, reimbursement of amounts previously waived or assumed by NFA is not permitted.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management, LLC (formerly, Gartmore Investor Services, Inc. (“GISI”)) (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”), provides the Fund with various administrative and accounting services for the Fund (prior to May 1, 2007, this service was provided by Gartmore SA Capital Trust (“GSA”)), and serves as Transfer and Dividend Disbursing Agent for the Fund (prior to May 1, 2007, this service was provided by GISI, an indirect subsidiary of GSA). The fees for the services provided under this Agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionately among all funds within the Trust in relation to the average daily net assets of each fund and are paid to NFA. NFA pays NFM from these fees for NFM’s services.

Combined Fee Schedule*
Up to $1 billion	0.15%
$1 billion up to $3 billion	0.10%
$3 billion up to $8 billion	0.05%
$8 billion up to $10 billion	0.04%
$10 billion up to $12 billion	0.02%
$12 billion or more	0.01%

*  The assets of the Nationwide NVIT Investor Destinations Aggressive Fund, the Nationwide NVIT Investor Destinations Moderately Aggressive Fund, the Nationwide NVIT Investor Destinations Moderate Fund, the Nationwide NVIT Investor Destinations Moderately Conservative Fund, and the Nationwide NVIT Investor Destinations Conservative Fund (collectively, the “Investor Destinations Funds”) are excluded from the Trust asset level amount in order to calculate this asset-based fee. The Investor Destinations Funds do not pay any part of this fee.

NFA and NFM have entered into agreements with Citi Fund Services Ohio, Inc. (“Citi”), pursuant to which Citi provides sub-administration and sub-transfer agency services, respectively, to the Fund. Effective August 1, 2007, The BISYS Group Inc. was acquired by and became a wholly owned subsidiary of Citi.

Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors, LLC. (formerly, “Gartmore Distribution Services, Inc. (“GDSI”)) (“NFD” or “Distributor”), the Fund’s principal underwriter, is compensated by the Fund for expenses associated with the distribution of the Class II and Class VII shares of the Fund. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of Class II and Class VII shares of the Fund at an annual rate not to exceed 0.25% for Class II shares and 0.40% for Class VII shares.

Under the terms of an Administrative Services Plan, the Fund may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services include, but are not limited, to the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class II and Class VII shares of the Fund.

Under the terms of a letter agreement dated September 12, 2006, by and among NFA, the Audit Committee of the Trust and the Trust, the Trust has agreed to reimburse NFA certain costs related to the Fund’s portion of ongoing administration, monitoring and annual (audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the

38 

pre-approval of the Trust’s Audit Committee. For the period ended June 30, 2007, the Fund’s portion of such costs amounted to $1,450.

4. Investment Transactions

For the period ended June 30, 2007, (excluding short-term securities) the Fund had purchases of $55,803,578 and sales of $37,944,653.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase & Co., the Fund’s custodian bank, permitting the Trust to borrow up to $100,000,000. Borrowings under this arrangement bear interest at the Federal Funds rate plus 0.50%. The interest costs, if any, would be included in other fees in the Statement of Operations. No compensating balances were required under the terms of the line of credit. The line of credit is renewed annually, expiring on June 25, 2008, with a commitment fee of 0.07% per year on $100,000,000. There were no borrowings outstanding under this line of credit for the period ended June 30, 2007.

The Trust’s custodian bank has agreed to reduce the bank’s fees (earnings credit) when the Funds of the Trust maintain cash on deposit in non-interest-bearing custody and Demand Deposit Accounts. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with the Trust’s trustees and certain officers covering similar liabilities. Trust Officers receive no compensation from the Trust for serving as the Trust’s Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. Based on experience, however, the Trust expects that risk of loss to be remote.

7. Recently Issued Accounting Pronouncements

On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Adoption of FIN 48 was required no later than the last business day of the first financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Fund was required to implement FIN 48 in its net asset value per share (NAV) calculation on June 29, 2007. Management has evaluated the implications of FIN 48 and has concluded that there was no impact to the Fund’s financial statements as of June 29, 2007. The adoption of FIN 48 requires ongoing monitoring and analysis, future conclusions reached by management may be different and result in adjustments to the Fund’s NAV and financial statements.

In September 2006, the FASB issued Statement on Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value

 39

Notes to Financial Statements (Continued)

June 30, 2007 (Unaudited)

measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current accounting principles generally accepted in the United States of America from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Fund does not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

40 

Management Information

June 30, 2007 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Charles E. Allen c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since July 2000	Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).		89	None
Paula H.J. Cholmondeley c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since July 2000	Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America from April 2000 through December 2003.		89	Director of Dentsply International, Inc.(dental products), Ultralife Batteries, Inc., Terex Corporation (construction equipment), Minerals Technology, Inc. (specialty chemicals) and Albany International Corp. (paper industry)
C. Brent DeVore3 c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1940	Trustee since 1990	Dr. DeVore is President of Otterbein College.		89	None
Phyllis Kay Dryden c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Ms. Dryden was a partner of Mitchell Madison, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was formerly Managing Partner of marchFIRST, a global management consulting firm.		89	None
Barbara L. Hennigar c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1935	Trustee since July 2000	Retired.		89	None

 41

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are not Interested Persons (as defined in the 1940 Act) and Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Barbara I. Jacobs c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1950	Trustee since December 2004	Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 through January 2006. From 1998-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).		89	None
Douglas F. Kridler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1955	Trustee since September 1997	Mr. Kridler has served as the President and Chief Executive Officer of the Columbus Foundation (a Columbus, OH-based foundation which manages over 1,300 individual endowment funds) since February 2002. 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.		89	None
Michael D. McCarthy c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1947	Trustee since December 2004	Retired. Mr. McCarthy was Chairman of VMAC (commodity swaps) from October 2002 until January 2007; and a partner of Pineville Properties LLC (a commercial real estate development firm) from September 2000 until January 2007.		89	None
David C. Wetmore c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1948	Trustee since 1995 and Chairman since February 2005	Retired.		89	None

1	Length of time served includes time served with the Trust’s predecessors.
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. DeVore has served as President of Otterbein College since 1984. Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, currently serves as one of 30 of its trustees, and is currently one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.
	Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

42 

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Arden L. Shisler c/o Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1941	Trustee since February 2000	Retired. Mr. Shisler is the former President and Chief Executive Officer of KeB Transport, Inc., a trucking firm (2000 through 2002). He served as a consultant to KeB from January 2003 through December 2004. Since 1992, Mr. Shisler has also been Chairman of the Board for Nationwide Mutual Insurance Company.3		89	Director of Nationwide Financial Services, Inc., Chairman of Nationwide Mutual Insurance Company3
John H. Grady Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1961	President & Chief Executive Officer since December 2006	Mr. Grady is President, and Chief Executive Officer of Nationwide Funds Group which includes Nationwide Fund Advisors,3 Nationwide Fund Management LLC,3 Nationwide Fund Distributors LLC 3 and NWD Investments,2 the asset management operations of Nationwide Mutual Insurance Company, which includes Morley Capital Management, Inc.,2 Nationwide Separate Accounts LLC,2 NorthPointe Capital LLC,2 and Nationwide SA Capital Trust2. From March 2004 until March 2006, Mr. Grady was Chief Executive Officer of Constellation Investment Management Co., L.P. (registered investment adviser), and President and Chief Executive Officer of Constellation Funds Group (registered investment companies). He also was President of Constellation Investment Distribution Co., Inc. (registered broker-dealer) from March 2004 until June 2006. From February 2001 until February 2004, Mr. Grady was Chief Operating and Chief Legal Officer; Managing Director, Mutual Funds Group, Turner Investment Partners, Inc. (registered investment adviser); Executive Vice President of Turner Funds and Turner Institutional Portfolios (registered investment companies); and President, Turner Investment Distributors, Inc. (registered broker-dealer).		N/A	None
Gerald J. Holland Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken,PA 19428 1951	Treasurer since March 2001	Mr. Holland is Senior Vice President — Operations for Nationwide Funds Group3.		N/A	N/A

 43

Management Information

June 30, 2007 (Unaudited) (Continued)

Trustees who are Interested Persons (as defined in the 1940 Act) and/or Officers of the Trust as of June 30, 2007 (Continued)

			Number of
	Position(s) Held		Portfolios in the
	with the Trust	Principal Occupation(s)	Nationwide Fund		Other
Name, Address	and Length of	During Past	Complex Overseen		Directorships
and Year of Birth	Time Served1	Five Years	by Trustee		Held by Trustee2
Michael A. Krulikowski Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1959	Chief Compliance Officer from June 2004 to August 20074	Mr. Krulikowski is Vice President and Chief Compliance Officer of Nationwide Funds Group3, Morley Capital Management, Inc.3 , Nationwide SA Capital Trust (since 1999)3, and Nationwide Separate Accounts LLC (since August 2005).3 Since June 2004, Mr. Krulikowski has also served as Chief Compliance Officer of the Trust. From November 1999 through May 2007, he served as Vice President and Chief Compliance Officer of NorthPointe Capital LLC. 3		N/A	N/A
Eric E. Miller Nationwide Funds Group 1200 River Road, Suite 1000 Conshohocken, PA 19428 1953	Secretary since December 2002	Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group3 and NWD Investments.2 From August 2000 to August 2002, Mr. Miller was a Partner with Stradley Ronon Stevens & Young, LLP.		N/A	N/A

1	Length of time served includes time served with the Trust’s predecessors.
2	Directorships held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.
3	This position is held with an affiliated person or principal underwriter of the Trust.
4	Effective August 3, 2007, the Board of Trustees approved Carol Baldwin Moody as Chief Compliance Officer of the Trust. Since November 2005, Ms. Moody has been Senior Vice President, Chief Compliance Officer of Nationwide Financial Services, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company, and Nationwide Investment Advisors, LLC. From February 2004-November 2005, she was Chief Compliance Officer of TIAA-CREF and from April 2000-February 2004, she was Managing Director and General Counsel, TCW/ Latin America Partners, LLC and Baeza & Co., LLC.
	Federal law requires the Trust, each of its investment advisers and sub-advisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Funds. The Funds’ proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Funds’ website at www.nationwidefunds.com, or (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

44 

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why the registrant has not done so.

Not applicable — The information required by this item is required only in an annual report on the Form N-CSR.

Item 3. Audit Committee Financial Expert.

(a)(1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i)	Has at least one audit committee financial expert serving on its audit committee; or
(ii)	Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i)	Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii)	Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. § 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, the registrant must explain why the registrant does not have an audit committee financial expert.

Not applicable — The information required by this item is required only in an annual report on the Form N-CSR.

Item 4. Principal Accountant Fees and Services.

     (a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

     (b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

     (e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

     (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

     (f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

     (g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

     (h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the

registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable — The information required by this item is required only in an annual report on the Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable. The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

Item 6. Schedule of Investments.

File Schedule I — Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

This schedule is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

     A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. § 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 8. Portfolio Managers of Closed-End Management Investment Company.

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR § 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. § 781).

Not applicable. The registrant is an open-end management investment company, not a closed-end management investment company.

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR § 240.14a-101), or this Item.

The Independent Trustees and the Board of Trustees of the registrant adopted a formal, written “Policy Regarding Shareholder Submission of Trustee Candidates,” as well as a formal, written “Statement of Policy On Criteria For Selecting Trustees,” on June 9, 2005, and June 10, 2005, respectively. Neither this policy nor this statement of policy has been materially changed since the Board of Trustees adoption of the policy and the statement of policy, respectively. The Nominating and Fund Governance Committee of the Board of Trustees (the “NFGC”) and the Board of Trustees, however, on November 11, 2005, and January 12, 2006, respectively, approved amendments to this policy; these amendments to the policy, though, concern the

criteria for selecting candidates for Trustees and the characteristics expected of candidates for Trustees, as set forth in the Exhibit A, “Statement of Policy On Criteria For Selecting Trustees,” to the policy and, arguably, may not be deemed to be material changes to the policy.

Item 11. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company’s management, including the investment company’s certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable — The information required by this item is required only in an annual report on the Form N-CSR.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2).

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR § 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to ten (10) or more persons.

Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	NATIONWIDE VARIABLE INSURANCE TRUST
By (Signature and Title)	/s/ GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	September 6, 2007

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

By (Signature and Title)	/s/ JOHN H. GRADY
	Name:	John H. Grady
	Title:	President & Principal Executive Officer
	Date:	September 6, 2007
By (Signature and Title)	/s/ GERALD J. HOLLAND
	Name:	Gerald J. Holland
	Title:	Treasurer
	Date:	September 6, 2007

EX-99.CERT

SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, John H. Grady, certify that:

1.	I have reviewed this report on Form N-CSR of Nationwide Variable Insurance Trust (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during second quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 6, 2007	/s/ John H. Grady
Date	John H. Grady
	Principal Executive Officer

2

SARBANES-OXLEY ACT SECTION 302 CERTIFICATIONS

I, Gerald J. Holland, certify that:

1.	I have reviewed this report on Form N-CSR of Nationwide Variable Insurance Trust (the “registrant”);
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.	The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including the registrant’s consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within ninety (90) days prior to the filing date of this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are

reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

September 6, 2007	/s/ GERALD J. HOLLAND
Date	Gerald J. Holland
	Principal Financial Officer

2

EX-99.906CERT

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2007, of Nationwide Variable Insurance Trust (the “Registrant”).

I, John H. Grady, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1.	the Form N-CSR fully complies with the requirements of Section 13(a) and Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and
2.	the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

September 6, 2007

Date

/s/ John H. Grady

John H. Grady

Principal Executive Officer

Nationwide Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or the Commission’s staff upon request.

SARBANES-OXLEY ACT SECTION 906 CERTIFICATIONS

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2007, of Nationwide Variable Insurance Trust (the “Registrant”).

I, Gerald J. Holland, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1.	the Form N-CSR fully complies with the requirements of Section 13(a) and Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. § 78m(a) and § 78o(d)); and
2.	the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

September 6, 2007

Date

/s/ GERALD J. HOLLAND

Gerald J. Holland

Principal Financial Officer

Nationwide Variable Insurance Trust

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or the Commission’s staff upon request.